SYDNEY, June 29, 2026, 01:05 (AEST)
- PLS Group fell 6.32% on Friday to A$5.04 and was down 18.31% over seven days, while the S&P/ASX 200 rose 0.18% on Friday.
- The seven-day slide erased about A$3.64 billion in market value, roughly 21 times PLS’s A$175 million pre-FID spend for P2000, based on reported shares on issue.
- China lithium carbonate fell to CNY 152,500 a tonne on June 26, down 13.84% for the month, after speculation over a possible CATL mine restart.
- Reported short positions equalled 281.5 million PLS shares, or 8.74% of stock, worth about A$1.42 billion at Friday’s close.
Australian cash equities were closed at the dateline before Monday’s session. ASX normal trading starts at 09:59:45 Sydney time and runs to 16:00, with closing auction activity after that.
PLS Group Limited ASX:PLS, the lithium producer formerly known as Pilbara Minerals, enters the new week with a market value near A$16.2 billion after Friday’s 6.3% fall to A$5.04. The stock’s drop from A$6.17 around its June 19 P2000 announcement to A$5.04 wiped about A$3.64 billion from market value, based on 3.221 billion shares on issue.
That price damage is about 21 times the A$175 million pre-final investment decision capital PLS approved for P2000 at Pilgangoora. The comparison matters because P2000 is not yet a full build decision: PLS said the feasibility study is due in the December quarter and any FID depends on study outcomes, funding capacity and market conditions.
PLS wants P2000 to lift Pilgangoora concentrate production capacity to about 2.0 million tonnes a year. If the board later backs the project, first ore is targeted for mid-2029. The pre-FID money covers processing plant procurement and engineering, early site work, operational preparation and Wodgina Road East infrastructure.
Chief Executive Dale Henderson said the spend “preserves optionality” and keeps work on the critical path. He also said any final investment decision would only be taken where “study outcomes, funding capacity and market conditions support.” PLS
The commodity signal has turned against the stock. China lithium carbonate dropped 2.87% on June 26 to CNY 152,500 a tonne, the lowest in three months, after a government land-use notice fed expectations that Contemporary Amperex Technology Co Ltd’s SHE:300750 Jianxiawo lithium mine could restart in the second half of 2026.
That is still not confirmed supply. Trading Economics said the notice did not confirm reopening plans, while OilPrice reported that Jianxiawo could produce about 46,000 tonnes of lithium carbonate a year, or about 3% of global supply, and still needs further permits, environmental reviews and tailings approval.
Short interest adds a second pressure point. Shorted.com.au reported 281,486,660 PLS shares as short positions, or 8.74%, based on official ASIC data with a T+4 delay. ASIC says its aggregate short-position reports depend on reports from individual short sellers and that it cannot verify all individual reports.
At Friday’s A$5.04 close, that reported short line was worth about A$1.42 billion. ShortInterest.au put PLS short interest up 2.24 percentage points over 30 days, though down 1.53 points over seven days.
The bear case still has to clear the operating data. PLS produced a record 232,436 dry metric tonnes of spodumene concentrate in the March quarter, shipments rose to 195,691 dmt, unit operating costs fell 11% to A$520 a tonne, and the company kept its 2026 output outlook at 820,000 to 870,000 tonnes. RBC Capital analyst Kaan Peker called the March quarter “a clear beat.” Reuters
The week ahead has no scheduled PLS quarterly report; the company calendar lists the next quarterly release for July 29. Until then, the public price inputs are lithium carbonate, spodumene price data, short-position updates and any official filings on CATL or PLS.
