SYDNEY, June 18, 2026, 04:01 AEST
- ASX trading wrapped up before Thursday’s open. PLS Group finished at A$6.36, gaining 2.75%. That was ahead of the S&P/ASX 200, which ended up 0.54% at 8,966.30.
- Ganfeng Lithium’s GFL International unloaded 35.1 million shares in PLS for around A$222 million, slashing its stake from 4.36% down to 3.27%, according to a filing.
- Pilbara Minerals’ (PLS) April quarter numbers are still propping up the stock. Record production, stronger realised prices, cash at A$1.46 billion.
PLS Group traded higher Wednesday, outpacing the Australian market, after Ganfeng Lithium said it cut its stake in the lithium miner but would keep commercial links.
The stock finished at A$6.36, gaining 17 cents, or 2.75%. The Australian market was already closed before Thursday’s session. The S&P/ASX 200 rose 0.54%. Non-energy miners and other cyclical names pushed the index higher.
Ganfeng’s stake cut got attention since it’s more than just a financial investor. The big Chinese lithium company is an important Pilbara Minerals (PLS) customer, so its stock sale raised questions. Was Ganfeng just cashing out, or was this a signal about its ties with PLS?
Ganfeng said its unit sold 35,092,999 ordinary shares in secondary-market block trades, raising around A$222 million after transaction costs. After the sale, GFL International holds 105.4 million PLS shares, or 3.27% of the company. Ganfeng said the share sale would not impact its offtake agreements or other cooperation with PLS.
PLS gave investors something to focus on beyond the sale. In April, the company reported record March-quarter production of 232,400 tonnes of spodumene concentrate, which is used to make battery chemicals. Revenue jumped 52% over the prior quarter to A$567 million. PLS said its average realised price rose 61% to US$1,867 a tonne on an SC5.2 basis.
PLS CEO Dale Henderson said in April the company is seeing “deepening and broadening demand” for lithium, citing energy security worries, stationary batteries and e-mobility uses like electric trucks. He gave the comments to Reuters. Reuters
Demand swings have taken center stage in the market. Reuters said in January that battery storage demand lifted lithium’s outlook for 2026. Fubao analyst Jinyi Su told Reuters that energy storage was “likely to become a game changer” for lithium, but he also warned that prices that are too high could hit storage economics. Reuters
The playing field is changing again. Mineral Resources said in May it plans to reopen the Bald Hill lithium mine in Western Australia. Core Lithium has also been taking steps to restart its Finniss project, and last week made a deal to sell 25,000 tonnes of Finniss lithium fines to Glencore. These steps suggest producers are ready to bring more supply as prices bounce back.
PLS is keeping its size lead. The company says it controls all of Pilgangoora, calling it the world’s top independent hard-rock lithium operation. PLS also owns the Colina project in Brazil.
Lithium’s comeback still looks shaky. Reuters said in March that China lithium prices dropped almost 13% in one day, blaming weak EV sales and unrest in the Middle East for hurting demand. PLS warned that its June-quarter costs will go up since restart outlays at Ngungaju will hit expenses before new supply comes online.
PLS has set July 28 for its June-quarter activities report and August 27 for its full-year financials. The company said the next test is about operations, not just markets. Investors will watch these dates to see if higher prices, costs, and restart work are all lining up.
