Pilbara Minerals (ASX: PLS) Share Price Today: AGM Guidance, Lithium Price Rebound Keep the Stock in Focus

Sydney — Thursday, 27 November 2025

Pilbara Minerals Limited (ASX: PLS) remains one of the most closely watched lithium stocks on the ASX today, as investors digest fresh guidance from the company’s 2025 Annual General Meeting (AGM) and a sharp rebound in global lithium prices.

PLS shares were recently trading around A$4.09, up about 1.2% for the session and within sight of their 52‑week high of A$4.26. ^[1] That follows a 7.2% jump on Wednesday, when the stock closed at A$4.04, taking its two‑week gain to almost 18%. ^[2]

With a market capitalisation of roughly A$13 billion, Pilbara Minerals is now firmly established as a large‑cap lithium name on the Australian market. ^[3]

Pilbara Minerals share price today: what the market is reacting to

Strong short‑term momentum

Technical analysts at StockInvest upgraded PLS to a “Buy” candidate after Wednesday’s surge, noting that the share price has risen in seven of the last ten sessions and is up almost 18% over the past two weeks. ^[4] They also highlight elevated trading volumes – around 33 million shares changing hands on Wednesday – as a supportive sign for the current uptrend.

Investing.com data shows today’s intraday range between A$4.04 and A$4.11, with the stock hovering near the top end of that band by late afternoon. The 52‑week range now spans from about A$1.07 to A$4.26, underlining how far the stock has recovered since the depths of the lithium downturn. ^[5]

That price action is being driven less by a single new announcement today and more by a cluster of recent catalysts:

The 2025 AGM presentation and chairman’s address on Tuesday, 25 November
A Q1 FY26 trading uplift on higher realised spodumene prices
A rebound in global lithium prices during November
Fresh media coverage today spotlighting Pilbara’s growth plans

Today’s news round‑up for Pilbara Minerals (27 November 2025)

1. Australian Mining: “PLS powers ahead at Pilgangoora”

Industry outlet Australian Mining today ran a feature under the headline “PLS powers ahead at Pilgangoora”, reporting that Pilbara Minerals used its AGM to showcase the scale and growth runway of its Pilgangoora lithium operation in Western Australia. ^[6]

Drawing on AGM material, the article highlights that Pilbara has:

Commissioned what it describes as the world’s largest lithium ore sorter
Completed the P1000 expansion, lifting nameplate production capacity to around 1 million tonnes per annum (Mtpa) of spodumene concentrate
Delivered record annual production of about 755,000 tonnes in FY25
Increased contained lithium in the Pilgangoora resource by roughly 23% following a June 2025 resource upgrade, making it one of the largest hard‑rock lithium resources globally ^[7]

Australian Mining also notes the restart of construction at Pilbara’s mid‑stream demonstration plant – a joint project with Calix designed to produce a higher‑value, lithium‑rich product at site – backed by funding from the Western Australian government. ^[8]

2. Kalkine Media: PLS featured as a growth stock

A second piece of fresh coverage today comes from Kalkine Media, whose “Growth Insights” column profiles Pilbara Minerals alongside WiseTech Global as ASX companies that help “shape global industries”. ^[9]

Kalkine’s article points to:

Pilbara’s role as a key supplier of lithium raw materials to the global electric‑vehicle (EV) and battery storage supply chain
The stock’s strong price momentum in November as investors rotate back into lithium names
The company’s multi‑asset growth strategy, spanning upstream expansions at Pilgangoora, the Colina project in Brazil and downstream integration via its joint venture with POSCO in South Korea ^[10]

3. AGM documents and results still driving discussion

While not released today, two items lodged with the ASX on 25 November are still central to the PLS story this week:

The 2025 AGM presentation – a 31‑page deck that sets out Pilbara’s FY25 performance and FY26 strategy ^[11]
The official results of the AGM, confirming that all resolutions – including director elections and the remuneration report – were carried. ^[12]

Investor forums and professional news services have been unpacking those documents over the past 48 hours, and today’s media coverage is essentially amplifying the key messages to a broader audience.

AGM 2025: what Pilbara told shareholders this week

The 2025 AGM has become the anchor event for the latest PLS rally. Here are the main takeaways being repriced into the stock:

Record production and completed investment cycle

According to the AGM deck, FY25 marked the end of a heavy investment phase at Pilgangoora. Across the P680 and P1000 expansion projects and other site investments, Pilbara says it has now deployed about A$1.9 billion in growth capital. ^[13]

Key operating highlights include:

Record annual production of around 755,000 tonnes of spodumene concentrate in FY25, ahead of prior guidance. ^[14]
Commissioning of a large‑scale ore‑sorting facility, aimed at improving recoveries and lowering unit costs. ^[15]
Implementation of the P850 operating model, a suite of efficiency initiatives designed to squeeze more tonnes and lower costs out of the enlarged asset base. ^[16]

Mining.com’s earlier on‑site coverage underscores how transformational this investment cycle has been: Pilgangoora’s resource now stands at about 446 million tonnes at 1.28% Li₂O, making it one of the largest hard‑rock lithium resources globally and enabling production capacity of 1 Mtpa after P1000. ^[17]

Financial reset after the lithium price crash

The AGM presentation and Reuters’ company profile show just how brutal the lithium downturn has been for Pilbara’s income statement:

FY25 revenue fell to about A$769 million, down from A$1.25 billion in FY24 and A$4.06 billion in FY23.
Net profit swung from a A$257 million profit in FY24 to a A$196 million loss in FY25, reflecting weaker prices and impairments. ^[18]

Even so, Pilbara stressed its balance‑sheet strength at the AGM, pointing to:

Unit operating costs of about A$627 per tonne FOB in FY25, equivalent to roughly US$406/t, and trending lower as efficiency measures bed in ^[19]
Total liquidity – including cash and undrawn facilities – of roughly A$1.6 billion at 30 June 2025
Around A$800 million returned to shareholders via dividends over the current cycle, alongside that A$1.9 billion growth capex and modest net cash retained on the balance sheet ^[20]

FY26 guidance: more tonnes, lower costs

In a follow‑up report on the AGM, RTT News summarised Pilbara’s FY26 outlook:

Spodumene production is targeted to rise to about 845,000 tonnes, a step up from FY25’s record output.
Unit operating costs are expected to fall further to around A$580 per tonne FOB, down from A$627/t in FY25, as the P1000 expansion and ore‑sorting plant run through a full year. ^[21]

Pilbara also reiterated that:

The P2000 feasibility study – which contemplates doubling Pilgangoora’s capacity to more than 2 Mtpa – is progressing, with results anticipated in FY27 and any development decision dependent on lithium prices and funding conditions. ^[22]
The Ngungaju plant (Pilgangoora’s smaller processing hub) will remain in care and maintenance through FY26, preserving optional upside if the market tightens. ^[23]

Lithium prices are surging again – and PLS is highly leveraged to that move

One of the biggest tailwinds behind PLS this month has been a sharp rebound in lithium prices.

Benchmark data from Trading Economics shows Chinese lithium carbonate futures at about 92,800 yuan per tonne on 26 November – up 0.8% on the day and more than 21% over the past month, and around 18% higher year to date. ^[24]
Metal.com’s spodumene concentrate index (CIF China, SC6 equivalent) is quoted at roughly US$1,113/t, up about 4.3% on 26 November. ^[25]

The rally has been anything but smooth. Only five days ago, Reuters reported that Chinese lithium carbonate prices plunged 9% in a single session after regulators moved to curb speculative trading and reports emerged that CATL may restart a major mine in Jiangxi. ^[26]

Still, sector commentators such as Streetwise Reports note that the broader move since early November represents the strongest upswing in lithium prices since mid‑2024, driven by:

Better‑than‑expected EV sales
Rapid growth in grid‑scale battery storage
Tightness in higher‑grade spodumene supply ^[27]

Pilbara, as a pure‑play spodumene producer with high operating leverage, tends to move disproportionately when prices swing – both up and down. The combination of AGM guidance for higher FY26 volumes and this latest upswing in prices goes a long way towards explaining why PLS has outperformed the broader ASX over the past fortnight.

Growth pipeline: from Pilgangoora to Brazil and South Korea

Beyond near‑term price moves, investors following PLS today are also weighing the company’s longer‑term growth options.

Pilgangoora: from build‑out to optimisation

Mining.com’s August site visit dubbed Pilgangoora “ready for a recovery in the lithium price,” highlighting that: ^[28]

The P1000 project has lifted nameplate production to 1 Mtpa, with FY25 production already at 755,000t.
Unit costs in the June 2025 quarter fell about 10% to roughly US$397/t, thanks to ore sorting, truck‑fleet upgrades and process‑plant tweaks.
FY26 is positioned as a “steady‑state and optimisation” year, with a target of around 72% lithium recovery through the plant.

The AGM materials echo this, emphasising that the investment cycle at Pilgangoora is largely complete, and that the focus now is on “building long‑run cost advantage” through:

Higher pit benches and faster haul speeds
An owner‑operator mining model to increase flexibility and reduce contractor margins
Renegotiated input contracts and process‑plant modifications to boost throughput and recoveries ^[29]

Colina project, Brazil

Pilbara’s international growth ambitions are centred on the Colina hard‑rock lithium project in Brazil, acquired via the takeover of Latin Resources earlier this year. ^[30]

Current status:

Drilling is in progress, with optimisation of development studies underway.
The company expects to release an updated study for Colina in the June 2026 quarter.
Development timing will depend on study outcomes, funding and the lithium price environment. ^[31]

Colina, together with Pilgangoora and the Ngungaju restart option, forms a portfolio of upstream “growth optionality” that can be switched on as market conditions warrant.

POSCO joint venture and mid‑stream demonstration plant

Downstream, Pilbara is deepening its participation in the battery value chain via two main initiatives:

POSCO Pilbara Lithium Solutions (P‑PLS), South Korea
- PLS holds an 18% stake in POSCO’s 43,000tpa lithium hydroxide plant in Gwangyang.
- Both Train 1 and Train 2 have produced battery‑grade lithium hydroxide; customer qualification is underway with major Korean battery and EV makers. ^[32]
Mid‑Stream Demonstration Plant, Pilgangoora
- Construction, paused during the worst of the lithium slump, was restarted in February 2025 after a A$15 million grant from the WA government. ^[33]
- The plant is on track for completion in the December 2025 quarter, targeting the production of a higher‑value, lithium‑enriched intermediate product. ^[34]
- Separately, Pilbara and long‑time customer Ganfeng have extended their joint downstream study sunset date from December 2025 to December 2027, giving more time to decide on a full‑scale chemical plant in a yet‑to‑be‑determined location. ^[35]

Together, these steps are meant to de‑risk the business from raw material price swings and capture more value from each tonne of spodumene.

Insider buying and derivatives: what positioning tells us

Insider buying earlier in the year

A November analysis syndicated via Yahoo and Simply Wall St – echoed on the Carigold forum – notes that Pilbara insiders have been net buyers over the past 12 months, with no recorded sales. ^[36]

Key points from that piece:

CEO Dale Henderson made the largest disclosed purchase, buying roughly A$1.1 million of shares at about A$2.23 each.
Across the year, insiders paid an average of roughly A$1.74 per share.
Insiders collectively hold around 0.1% of the company, valued at about A$15 million at recent prices. ^[37]

While insider ownership remains small in percentage terms, the absence of selling – and the CEO’s open‑market buying – is being read by some investors as a vote of confidence in the long‑term story.

Options expiring today

For traders, 27 November 2025 is also options expiry for several PLS derivatives on the ASX.

Two notable lines highlighted by Intelligent Investor include:

A put option (PLSU49) with a strike of A$3.21, expiring today and giving holders the right to sell PLS shares at that price. ^[38]
A call option (PLS9U8) with a strike of A$4.31, likewise expiring today and giving holders the right to buy at that level. ^[39]

With the underlying share price trading around A$4.09, the A$3.21 put is deep out‑of‑the‑money, while the A$4.31 call is just out‑of‑the‑money. That positioning can add a little extra volatility near the close as market makers rebalance, but these expiries are part of normal derivatives activity around a liquid large‑cap stock.

Key risks and catalysts to watch after today

Even as sentiment turns more positive, today’s PLS buyers are still weighing a familiar set of risks:

Lithium price volatility – Futures in China have whipsawed in November, surging to multi‑month highs before a sudden 9% drop last week on regulatory moves. ^[40]
Project execution – The ramp‑up of P1000, completion of the mid‑stream plant, and eventual decisions on P2000 and Colina all carry cost and schedule risks. ^[41]
Global policy and supply‑chain shifts – Moves like Britain’s new critical‑minerals strategy and ongoing US–China tensions could reshape trade flows for lithium and battery materials. ^[42]

On the positive side, upcoming catalysts that may keep PLS in the headlines include:

December‑quarter completion of the mid‑stream demonstration plant and initial performance updates
The February 2026 earnings release, where management will update FY26 guidance in light of current lithium prices ^[43]
Ongoing news from battery makers, EV producers and policy‑makers that could further influence lithium demand expectations

Bottom line

As of 27 November 2025, Pilbara Minerals sits at the intersection of three powerful forces:

A completed investment phase and record production at Pilgangoora
A rebounding but still volatile lithium price environment
A deepening growth pipeline spanning Brazil, South Korea and innovative mid‑stream processing

Today’s share price strength appears to reflect growing investor confidence that the company can convert its heavy capex spending into sustained cash flow and strategic advantage as the lithium cycle moves into its next phase.

As always, anyone considering PLS or other lithium stocks should remember that this is general information, not personal financial advice, and should weigh their own risk tolerance and investment objectives before making decisions.

References

DroneShield (ASX:DRO) Stock Today: European Contracts, Governance Storm and Share Price Action on 27 November 2025

Lynas Rare Earths (ASX: LYC) Holds at A$15 as Power Shocks Collide With Strong AGM Support – 27 November 2025

Pilbara Minerals (ASX: PLS) Share Price Today: AGM Guidance, Lithium Price Rebound Keep the Stock in Focus – 27 November 2025