Sydney, June 17, 2026, 02:03 AEST
- PLS Group ended Tuesday, June 16 down 4.48% at A$6.19. Shares had hit recent highs earlier before retreating.
- Bell Potter kept its Hold rating and raised its price target, but the new level is still just below where the shares are now.
- Ngungaju’s July restart is the next big test, as the market waits to see if higher lithium prices hold.
PLS Group Ltd ended 4.48% lower at A$6.19 on Tuesday as the ASX moved higher. There was no fresh company news, but lithium stocks pulled back after recent gains. Shares traded from A$6.13 to A$6.40 and closed down 29 cents. Figures from Google Finance, checked at 4:11 p.m. Sydney.
Bell Potter has kept its Hold on PLS, but raised the price target to A$6.15 from A$5.50, according to The Bull’s market wrap. The new target is still a shade below PLS’s last close. That signals much of the expected benefit from better lithium prices, cash flow and the Ngungaju restart might already be in the stock.
Pilbara Minerals, now known as PLS, is one of the leading lithium players in Australia. It ships out spodumene concentrate, used to make chemicals for batteries in electric vehicles and energy storage. Reuters lists PLS as the largest independent lithium producer in the country. PLS owns the Pilgangoora mine in Western Australia and runs the Colina project in Brazil. Its joint venture with POSCO in South Korea gives it battery-grade lithium hydroxide.
PLS will push forward with reopening the Ngungaju plant at Pilgangoora, targeting July 2026 to restart the 200,000-tonne-a-year site. The company pointed to better market conditions and stronger demand. PLS added it expects the P2000 feasibility study, which could lift Pilgangoora’s output to 2.0 million tonnes a year, to wrap up in the December quarter of 2026. The Colina feasibility study is set to finish in the December quarter of 2027.
Lithium is cyclical, and PLS can see sharp swings in earnings depending on lithium prices. PLS reported a record 232,436 dry metric tonnes of spodumene for the March quarter, Reuters said. But unit costs are set to rise this quarter, according to Reuters, with Ngungaju restart costs landing ahead of more output. Investors are watching how this timing plays on margins.
PLS is around fair value at current prices. It doesn’t look obviously cheap here. Google Finance shows the average 12-month analyst target at A$5.98, under today’s A$6.19. Targets range widely—from A$2.60 up to A$7.50. So there’s not much consensus on the lithium recovery case. The shares might only suit investors who can take the hit if lithium stays choppy, Ngungaju hits a snag, or new supply ramps before demand.
