Perth, May 3, 2026, 22:01 AWST
AustralianSuper has reduced its stake in PLS Group Limited to 12.87%, down from 13.88%, according to a substantial-holder filing released Friday. That’s a decrease of roughly 32.5 million votes, though the fund still ranks as a top shareholder in the lithium producer. The filing put AustralianSuper’s current relevant interest at 414.8 million ordinary shares.
It’s a notable step, coming as the rally picks up pace. PLS shares finished Friday at A$6.14, up 1.99%—a touch under the 52-week high of A$6.17—after more than 21 million shares changed hands on the Sydney market.
The move sets a hefty institutional sell order alongside improved operational results. AustralianSuper, overseeing over A$410 billion for upwards of 3.6 million members, tends to draw scrutiny whenever it changes positions in major ASX stocks—even when filings offer no hint at underlying motive.
PLS posted a record 232.4 kilotonnes of spodumene concentrate for the March quarter—its highest yet. That’s the lithium-rich feedstock used in battery chemicals. Revenue jumped 52% from the December quarter, hitting A$567 million. The company also saw its realised price climb 61%, reaching US$1,867 per tonne on a CIF China basis, which covers cost, insurance and freight to China.
The results topped forecasts. RBC Capital’s Kaan Peker described the update as “a clear beat,” crediting strong output and costs. Chief Executive Dale Henderson told Reuters that PLS was experiencing wider lithium demand—stationary batteries and electric trucks are both helping, he said. Reuters
There’s action on the balance sheet front as well. PLS wrapped up a US$600 million sale of 6.875% senior unsecured notes maturing in 2031—these aren’t secured against particular assets. With part of the funds, the company paid back A$375 million it had tapped from its revolving credit line, which it’s now trimmed down to A$500 million from A$1 billion. “More flexible and resilient capital structure,” is how Henderson summed up the move. PLS
The company is moving to revive idle production, too. PLS gave the green light for the Ngungaju plant restart at Pilgangoora, aiming to get production up and running again by July 2026. Feasibility work is still ongoing on the P2000 expansion at Pilgangoora as well as the Colina project in Brazil.
Competition isn’t on an even playing field. IGO slashed its Greenbushes guidance last month, blaming “systemic” problems at the world’s largest hard-rock lithium mine. Greenbushes is still co-owned through the IGO-Tianqi partnership and Albemarle. That backdrop puts Pilbara Minerals’ Pilgangoora execution under a brighter spotlight, but sector risk is far from off the table. Mining Weekly
But after the rally, there’s less of a cushion. Simply Wall St, in a Sunday note, pointed out PLS’s A$6.14 close topped its own fair value estimate of A$4.78. The firm also warned about lingering lithium price softness and the possibility of project cost blowouts, both of which could squeeze margins and put the growth story at risk.
PLS—previously Pilbara Minerals—holds assets at Pilgangoora in Western Australia, plus the Colina project over in Brazil. It’s also plugged into the battery supply chain via its joint venture with POSCO in South Korea. The market, for its part, has backed companies with scale, strong cash flow, and exposure to lithium prices. AustralianSuper’s latest filing indicates that at least one big investor has trimmed their stake.
