Sydney, June 16, 2026, 05:04 AEST
- ASX:PLS closed at A$6.48 on Monday, dropping 0.61%. Shares surged 9.76% Friday.
- Lithium prices dropped in the last month, but they remain much higher than this time last year.
- Pilbara Minerals plans to restart Ngungaju in early July. The June-quarter update will follow after that.
PLS Group Limited dropped 0.61% to close at A$6.48 on Monday, giving back some of Friday’s 9.76% jump that pushed ASX:PLS to A$6.52. Shares are close to the 52-week high of A$6.81 and are still up for the week. The S&P/ASX 200 rose 1.25% to 8,914.00, so PLS shares looked like a bit of profit-taking after the big move, not a reaction to weaker markets. Investing
PLS trades in Australia as a pure-play lithium stock. The company, which used to be called Pilbara Minerals, operates Pilgangoora in Western Australia and owns Colina in Brazil. Its business is tied to spodumene concentrate it sells to the battery market. On June 15, spot lithium carbonate in China was quoted at 170,500 yuan a tonne, unchanged during the session, down 10.97% on the month but still up 181.82% from a year ago, Trading Economics data showed. PLS shares tend to move in line with these price changes. Lithium miners often trade as leveraged bets on lithium, reacting fast to changes in spot prices, costs, and investor sentiment. PLS
PLS hit a record in March quarter production at 232.4kt and reported revenue of A$567 million, up 52% from the prior quarter. Unit operating cost on an FOB basis dropped to A$520/t. These FOB numbers exclude freight and royalties. PLS also secured a multi-year offtake deal with Canmax for 150kt of spodumene concentrate per year from 2026. The contract includes a US$100 million unsecured prepayment, and a US$1,000/t SC6 floor price, so if the market weakens the price won’t drop below that level.
Pilgangoora’s Ngungaju plant is set to restart after PLS signed off on the plan. PLS says it’s targeting around 200ktpa, with production kicking off in July 2026 and ramp-up running into the September quarter. CEO Dale Henderson said the restart fits with PLS’s “disciplined through-the-cycle strategy.” He noted the company kept its staff and stayed financially solid through the downturn. The June-quarter activities update, scheduled for July 29 on Market Index, is next. Investors are waiting for numbers on restart spending, how much will be produced, and whether better lithium prices are lifting cash flow. PLS
PLS bulls tout the miner’s size, the recent move up in lithium prices, and the plant restart on the way. Cash came in at A$1.455 billion at March-end. Bears point to the valuation and trading swings. The shares don’t screen as cheap: Investing.com has the 12-month target at A$5.64 from 17 analysts, under the last close of A$6.48. Google Finance, from 12 analysts, shows an average of A$5.89. That doesn’t mean the stock drops, but plenty of lithium optimism is priced in. If you want lithium exposure and expect a smooth Ngungaju return, PLS still fits. If not, and with the stock near the top of its range, risk is harder to ignore. Investing
