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    PLS   AU000000PLS0

PILBARA MINERALS LIMITED

(PLS)
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Pilbara Minerals : Australian lithium producer Pilbara Minerals Limited - Exceptional Initial Drilling Results Adjacent to Former Altura Tenement Boundary

05/11/2021 | 06:04am EDT

Australian lithium producer Pilbara Minerals Limited (ASX: PLS) is pleased to report significant initial assay results from exploration and resource extension drilling programs at its 100%-owned Pilgangoora Lithium-Tantalum Project (Project) in Western Australia.

The results continue to demonstrate the world-class endowment of the Pilgangoora deposit and provide strong support for the continued growth in the Project's mineral endowment. Current drilling is targeting the previously under-explored region adjacent to the recently acquired Altura Lithium Operations (ALO) tenement boundary, with the intention of further optimising the future pit inventories in the area.

Zones of high-grade pegmatite mineralisation have been further defined outside of the current Mineral Resource, adjacent to the historical Altura tenement boundary and Pilbara Minerals' planned future South Pit development. Results from this drill program will be incorporated into an updated combined Pilgangoora Project Mineral Resource (including the compilation and integration of the former Altura Lithium Operations resource), which is scheduled for release in the September Quarter 20211.

Pilbara Minerals Managing Director and CEO, Ken Brinsden, said the initial drilling results and interpreted pegmatite intercepts were exceeding expectations. 'The area adjacent to the old Altura tenement boundary has always offered significant exploration potential and was considered one of the benefits for Pilbara Minerals undertaking the Altura asset acquisition,' he said. 'These results from the current program confirm the potential endowment of this area and we intend to work hard on this area in the coming months to add further value to the integrated operations.

'The Pilgangoora Project is one of the world's great lithium resources which will play an important part in raw materials supply across the globe, including value-added products, as the global decarbonisation push and electrification drive gathers significant momentum.'

Contact:

Ken Brinsden

Tel: +61 (0)8 6266 6266

ABOUT PILBARA MINERALS

Pilbara Minerals is the leading ASX-listed pure-play lithium company, owning 100% of the world's largest, independent hard-rock lithium operation. Located in Western Australia's resource-rich Pilbara region, the Pilgangoora Project and Operation produces a spodumene and tantalite concentrate. The significant scale and quality of the operation has attracted a consortium of high quality, global partners including Ganfeng Lithium, General Lithium, Great Wall Motor Company, POSCO, CATL and Yibin Tianyi.

While it continues to deliver a low-cost, quality spodumene to market, Pilbara Minerals is pursuing a growth and diversification strategy to become a sustainable, low-cost lithium producer and fully integrated lithium raw materials and chemicals supplier in the years to come. Through execution of this strategy, Pilbara Minerals is positioned to become a major player in the rapidly growing lithium supply chain, underpinned by increasing demand for clean energy technologies such as electric vehicles and energy storage as the world pursues a sustainable energy future

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results and Exploration Targets is based on and fairly represents information and supporting documentation prepared by Mr John Holmes (full-time Exploration and Geology Manager of Pilbara Minerals Limited). Mr Holmes is a shareholder of Pilbara Minerals. Mr Holmes is a member of the Australasian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Holmes consents to the inclusion in this report of the matters based on his information in the form and context in which they appear

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 186 M 137 M 137 M
Net income 2021 -13,4 M -9,89 M -9,89 M
Net Debt 2021 51,9 M 38,3 M 38,3 M
P/E ratio 2021 -311x
Yield 2021 -
Capitalization 5 977 M 4 406 M 4 412 M
EV / Sales 2021 32,5x
EV / Sales 2022 12,1x
Nbr of Employees 109
Free-Float 82,8%
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Number of Analysts 6
Last Close Price 2,06 AUD
Average target price 1,59 AUD
Spread / Average Target -22,7%
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Managers and Directors
Kenneth Edward Brinsden Chief Executive Officer, MD & Executive Director
Brian Lynn Chief Financial Officer
Anthony William Kiernan Non-Executive Chairman
Dale Henderson Chief Operating Officer
Stephen John Scudamore Independent Non-Executive Director
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