WEST PERTH, May 11, 2026, 00:18 (AWST)
Mitsubishi UFJ Financial Group Inc. disclosed a 5.11% voting power in PLS Group Limited, putting a fresh spotlight on the Australian lithium producer’s register after a separate filing showed State Street lifting its stake. The notices landed on May 8, ASX records showed.
The timing matters. A substantial holder generally owns at least 5% of a company’s voting shares, so these notices give the market a sharper read on large institutional positioning just as lithium sentiment has improved from last year’s bruising downturn.
PLS has become one of the cleaner ASX bets on hard-rock lithium, the mined feedstock used to make battery chemicals. Its March-quarter update had already drawn attention after CEO Dale Henderson told Reuters the sector was seeing “deepening and broadening demand” and “strong tailwinds for lithium operators.” Reuters
The May 8 ASX list showed PLS releases at 6:17 p.m. for “Becoming a substantial holder from MUFG,” 5:24 p.m. for “Change in substantial holding,” and 10:52 a.m. for a notification regarding unquoted securities, meaning securities not quoted for trading on the exchange. Australian Securities Exchange
The MUFG filing said the Japanese financial group became a substantial holder on May 5 and became aware of that status on May 7. It listed 164.47 million PLS shares and 5.11% voting power, with relevant interests tied to First Sentier Group and other holdings described in the form.
First Sentier’s earlier notice showed the same 5.11% voting power and said MUFG indirectly owns 100% of First Sentier Group Limited. The filing added that MUFG had informed First Sentier it had a relevant interest in shares covered by the notice.
State Street’s notice was larger in scale. It showed voting power rising to 9.77%, or 314.67 million votes, from 8.49%, or 273.46 million votes, with the change dated May 6.
PLS, formerly Pilbara Minerals, owns the Pilgangoora operation in Western Australia and the Colina lithium project in Brazil. It is also linked to battery-grade lithium hydroxide production through a South Korean joint venture with POSCO Pilbara Lithium Solution.
The ownership filings follow a run of balance-sheet and operating updates. In April, PLS closed a US$600 million senior unsecured note issue due 2031; senior unsecured notes are bonds not backed by specific assets. The company said part of the proceeds refinanced a A$375 million drawn revolving credit facility, while Henderson said the notes would “extend the maturity profile” of debt.
Operationally, Reuters reported PLS produced a record 232,436 dry metric tonnes of spodumene concentrate in the March quarter and reaffirmed 2026 production guidance of 820,000 to 870,000 tonnes. RBC Capital analyst Kaan Peker called the result “a clear beat,” citing stronger output and cost performance. Reuters
The competitive backdrop has shifted too. Albemarle, the world’s largest lithium producer and a key global peer, reported first-quarter profit more than double Wall Street expectations last week after lithium prices and volumes rose, though CEO Kent Masters said the company remained focused on “operational excellence, cost and productivity discipline.” Reuters
But the filings do not say why investors changed positions, and they are not the same as an operating upgrade. Lithium remains a sharp-cycle commodity; Reuters has noted some mines curtailed output or delayed expansions after a steep price fall, and PLS itself has said final investment decisions on growth projects remain subject to studies, market conditions, funding and board approval.
The next test is whether the register moves line up with the numbers. Market Index lists PLS’s next forecast quarterly report date as July 29, with preliminary and annual reports forecast for Aug. 24.
