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FY22 - December 2021 Half Year Results

February 2022

ASX: PLS / BBG: PLS AU

Important Notices

Not an Offer of Securities

This document has been independently prepared by Pilbara Minerals Limited ("Pilbara" or "Pilbara Minerals" or the "Company") and is dated 23 February 2022. This document is provided for informational

purposes and does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Pilbara. This document is not a prospectus, product

disclosure statement or other offering document under Australian law or any other law, will not be lodged with the Australian Securities and Investments Commission, and may not be relied upon by any

person in connection with an offer or sale of Pilbara Minerals' securities.

Summary Information

This document contains a summary of information about Pilbara Minerals and its activities that is current as at the date of this document unless otherwise stated. The information in this document is

ge

eral in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in Pilbara Minerals or that would be required in a prospectus or a

product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) ("Corporations Act") or the securities laws of any other jurisdiction. The information in this document should be

read in conjunction with Pilbara Minerals' other periodic and continuous disclosure announcements lodged with the ASX.

No Liability

onlyThe information contained in this document has been prepared in good faith by Pilbara Minerals, however no guarantee, representation or warranty expressed or implied is or will be made by any person

(including Pilbara Minerals and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements,

estimates, options, conclusions or other information contained in this document. No person other than Pilbara Minerals is responsible for the preparation of this document. To the maximum extent

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rmitted by law, Pilbara Minerals and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any

liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or

completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including,

without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this

document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by Pilbara Minerals or any of its affiliates (or their

directors, officers, employees, associates, advisers and agents) for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-

descriptions of which Pilbara Minerals and any of its affiliates or advisers may become aware.

Forward Looking Statements

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates,

ersonal

potential growth of Pilbara Minerals, the timing and amount of synergies, the future strategies, results and outlook of the combined Pilgangoora Project, industry growth, commodity or price forecasts, or

other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as 'project', 'foresee',

'pl

n', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. Forward looking statements including all statements in this presentation regarding the outcomes of

preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of

future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Pilbara

Mi

erals. Actual results, performance, actions and developments of Pilbara Minerals may differ materially from those expressed or implied by the forward-looking statements in this document. Such

forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted

by law, Pilbara Minerals and any of its affiliates and their directors, officers, employees, agents, associates and advisers: disclaim any obligations or undertaking to release any updates or revisions to the

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rmation in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the

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rmation in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and

liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this document will under any circumstances create an implication that there has been no

change in the affairs of Pilbara Minerals since the date of this document.

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Important Notices

Not Financial Product Advice

This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. An investment in Pilbara Minerals is considered to be speculative in nature and is subject to known and unknown risks, some of which are beyond the control of Pilbara Minerals. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document.

onlyRecipients of this presentation outside Australia should note that it is a requirement of the Australian Securities Exchange listing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"), whereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). Such estimates of reserves are largely dependent on the interpretation of data and may prove to be incorrect over time. No assurance can be given that the reserves and contingent resources presented in the document will be recovered at the levels presented. Recipients should n te that while Pilbara Minerals' mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7. In particular, SEC Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources, including indicated and inferred resources, in SEC filings. Accordingly, if Pilbara Minerals were reporting in accordance with SEC Industry Guide 7, it would not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by Pilbara Minerals may be lower than its estimates. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that Pilbara Minerals will be able to legally and economically extract them. In addition, investors should note that

Mineral Resources and Ore Reserves

useund r SEC Industry Guide 7, mine life may only be reported based on ore reserves. Mine life estimates in this presentation assume that a portion of non-reserve resources will be converted to ore reserves, which would not be permitted under SEC Industry Guide 7.

Important Information regarding Mineral Resources, Ore Reserves and Project Expansions

Information in this presentation regarding expansions in nameplate capacity of the Pilgan Plant and the Ngungaju Plant are underpinned by the Company's existing Ore Reserves that have been prepared by a Competent Person in accordance with the JORC Code (2012 Edition) and were released by the Company to ASX on 6 October 2021. The relevant proportions of proven Ore Reserves and probable Ore Reserves are 13% proven Ore Reserves and 87% probable Ore Reserves. The Company confirms it is not aware of any new information or data that materially affects the information included in that release or report and that all material assumptions and technical parameters underpinning the Ore Reserves estimates continue to apply and have not materially changed.

Information in this presentation relating to Mineral Resource and Ore Reserve estimates is extracted from the ASX releases dated 6 September 2021 and 6 October 2021. Pilbara Minerals confirms that it is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions and technical parameters underpinning the Mineral Resource ersonal

and Ore Reserve estimates continue to apply and have not materially changed. Pilbara Minerals confirms that the form and context in which the competent persons' findings are presented in this presentation h ve not been materially modified from the original market announcements.

Information in this presentation relating to production targets and forecast information derived from the production targets (including information relating to the proposed expansions of the Pilgangoora Project including the Pilgan Plant and Ngungaju Plant), is extracted from the ASX announcement dated 3 August 2018 entitled "Outstanding DFS Results Support Pilgangoora Expansion", the ASX a ouncement dated 27 August 2019 entitled "Update on Partnering Process and Revised Stage 2", ASX announcement dated 11 May 2021 (Pilbara Minerals and the Pilgangoora Project - Ready for the Global E ergy Transformation), ASX announcement dated 25 June 2021 (Board Approves Staged Restart at Ngungaju Plant), ASX announcement dated 26 August 2021 (Annual Financial Results and FY2022 Guidance Presentation), ASX announcement dated 6 September 2021 (Significant Increase in Pilgangoora Resource), ASX announcement dated 6 October 2021 (Material Increase in Pilgangoora Ore Reserves), ASX ann uncement dated 13 October 2021 (Ramp-up of Pilgan Plant Improvement Project Commences), ASX announcement dated 13 October 2021 (First Concentrate Produced from the Ngungaju Processing Plant), ASX announcement dated 31 January 2022 (December 2021 Quarterly Activities Report) and the 30 June 2021 Annual Report. Pilbara Minerals confirms that it is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions and technical parameters underpinning the Minerals Resource and Ore Reserve estimates, production targets and forecast financial information derived from the production targets in the announcements continue to apply and have not materially changed. Pilbara Minerals confirms that the form and context in which the competent persons' findings are presented in this presentation have not been materially modified from the original market announcements.

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Important Notices

Scoping and other technical studies in respect of any revised project expansions for the Pilgan Project have been undertaken to determine the potential viability of the revised expansions and to reach a decision to proceed with more definitive studies. Each scoping study has been prepared to an accuracy level of ±30%. Each scoping and technical study is based on low-level technical and economic onlyassessments and is insufficient to provide assurance of an economic development case at this stage or provide certainty that the conclusions of the studies will be realised. The results of the studies should

not be considered a profit forecast or production forecast.

Past performance

Statements about past performance are not necessarily indicative of future performance.

References to Australian dollars

All references to dollars ($) and cents in this report are to Australian currency, unless otherwise stated.

Acceptance

By accepting, accessing or reviewing this document you acknowledge, accept and agree to the matters set out above. useAuthorisation of release

Release of this market announcement is authorised by Ken Brinsden, Pilbara Minerals Limited's Managing Director and CEO.

Online Communications

Pilbara Minerals encourages investors to be paperless and receive Company communications, notices and reports by email. This will help further reduce our environmental footprint and costs while also ensuring efficient and timely communication during COVID-19.

Shareholder communications available online include the Annual Report, Voting Forms, Notice of Meeting, Issuer Sponsored Holding Statements and other company related information. Investors can ersonalview, download or print shareholding information by choice.

To easily update communication preferences, please visit: www.computershare.com.au/easyupdate/PLS.

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December Half Year FY 2022

Pilgangoora Operation

One Operation, Two Processing Plants

Targeting expanded combined production capacity of ~ 560-580,000 tpa spodumene concentrate from September Quarter 2022, maximising participation in the rapid growth in battery raw material demand

  • Products:
    • ~5.5% - 6% Li2O (typical) spodumene concentrate
    • +5% Ta2O5 (typical) primary tantalite concentrate
  • Pilgan Plant
    • In production with a nameplate capacity of ~330,000tpa
    • Plant Improvement Project ramp-up underway to increase production capacity by a further ~ 30-50,000tpa(10-15% increase) for installed capacity of ~ 360-380,000tpa
  • Ngungaju Plant
    • Acquired from receivers during FY2021, whilst on care and maintenance
    • FID made for staged restart in June 21, targeting ~180-200,000tpa in production capacity from September Quarter 2022
    • Coarse circuit commissioned and undergoing ramp up, with first concentrate produced in October 2021.
    • Commissioning of fines circuit targeted to commence from late March Quarter 2022.
  • Future Expansion Opportunities
    • Potential for future incremental expansions of the Pilgan Plant subject to prevailing market conditions, completion of studies and final investment decision of the Board (FID):
      • P680 Project, +100,000tpa incremental brownfields expansion
      • P1000 Project, +320,000tpa project, increasing aggregate nameplate capacity of Pilgan to ~780-800,000tpa
  • Aimed at achieving a combined nameplate processing capacity supporting production of +1 Mtpa spodumene concentrate with the potential for production

of "mid stream" value-added products.

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Pilbara Minerals Limited published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 21:28:29 UTC.