Pilbara Minerals (PLS Group) Share Price in December 2025: Lithium Rally, Name Change and What Comes Next for ASX:PLS

Pilbara Minerals – now rebranding as PLS Group Limited – has quietly turned into one of the wildest comeback stories on the ASX. After a brutal lithium bear market, the stock has roared back, sparked a sector-wide short squeeze, bought a major Brazilian asset, and is now changing its name just as analysts argue over whether it’s still cheap or wildly overvalued.

Here’s a deep, up‑to‑date look at the Pilbara Minerals / PLS Group (ASX:PLS) story as of 1 December 2025, including the latest news, forecasts and analysis.

PLS share price today: near highs despite a sharp pullback

In Monday afternoon trade on 1 December 2025, PLS was changing hands around A$3.915, down about 3.3% on the day, according to StockAnalysis and other price feeds. ^[1]

Even after that pullback, the numbers show how far the stock has run in 2025:

52‑week range: roughly A$1.07 to A$4.26, so shares are trading close to the top end of their one‑year range. ^[2]
Market cap: about A$13.0 billion as of late November, up ~40% year‑on‑year. ^[3]
12‑month price gain: ~69% based on Fintel’s one‑year price change data. ^[4]
2025 performance: MarketScreener has the year‑to‑date move around +79%, placing PLS among the top performers in the ASX 200. ^[5]

So despite today’s red numbers, Pilbara / PLS Group is still sitting on a huge rebound from the 2024 lows around A$1.14. ^[6]

From Pilbara Minerals to PLS Group: a rebrand with global intent

The most obvious change in late November wasn’t the share price, but the name on the door.

At the company’s 2025 AGM on 25 November, shareholders approved a resolution to change the name from Pilbara Minerals Limited to PLS Group Limited. ^[7]

Key details:

ASIC recorded the new name on 27 November 2025. ^[8]
The ASX is implementing the change from the start of trading on Wednesday 3 December 2025, though the ticker PLS remains the same. ^[9]
The rebrand is explicitly positioned as aligning the company with the global energy transition and a broader, multi‑asset lithium strategy rather than just a single Pilbara project. ^[10]

On top of that, PLS Group today announced the appointment of Alex Willcocks as Chief Financial Officer, effective May 2026. Willcocks brings over 20 years’ finance experience including senior roles at Wesfarmers, and the company is framing the hire as part of its push to become a global, multi‑asset lithium business spanning Australia, Brazil and South Korea. ^[11]

Put simply: the business is trying to signal “we are no longer just a Pilgangoora pure‑play.” At least on paper, that’s true.

Operations: from a bruising FY25 to a margin‑rebuilding FY26 start

PLS had a rough FY25 on the income statement, followed by a much better start to FY26.

FY25: lower prices, lower revenue, but a strong balance sheet

According to Q4 FY25 commentary, the company:

Delivered Q4 2025 revenue of about A$193 million, up 28% quarter‑on‑quarter, but
Logged a ~39% decline in full‑year revenue versus the previous year as spodumene prices normalised from 2022’s bubble, and
Reported a net loss of around A$196 million for FY25, despite maintaining a cash balance north of A$1 billion. ^[12]

That “strong cash, ugly earnings” combo is exactly what you’d expect from a leveraged commodity producer in a down‑cycle: plenty of operating leverage, for better and for worse.

Q1 FY26: production up, costs down, revenue surging

The September‑quarter / Q1 FY26 update marked an inflection point:

Spodumene production:224.8 kt, up 2.1% year‑on‑year and sharply higher than Q4’s ~127 kt. ^[13]
Revenue:A$251 million, up ~19.5% year‑on‑year and roughly 30% quarter‑on‑quarter. ^[14]
Unit operating costs (FOB): cut from A$606/t to A$540/t, a 10.9% reduction. ^[15]
Revenue per tonne: lifted from A$954 to A$1,116, reflecting better realised pricing / product mix. ^[16]

Brokers described it as a “clean” quarter, highlighting the combination of higher volumes, better pricing and materially lower costs. ^[17]

The market liked it: DiscoveryAlert notes the stock jumped about 6.4% to A$3.15 on the day of the Q1 update, marking its highest level since late 2024 at that point. ^[18]

FY26 guidance: more tonnes, lower costs

At the AGM and in related commentary, PLS Group set out its FY26 priorities and outlook:

Production guidance: about 845,000 tonnes of spodumene concentrate for FY26.
Unit operating cost target:A$580/t FOB, down from A$627/t in the prior year.
Growth projects:
- The P2000 expansion (which would push Pilgangoora beyond nameplate capacity) remains under evaluation, with feasibility work targeted for FY27.
- The Colina Project in Brazil and the POSCO Pilbara Lithium Solutions (PPLS) joint venture in South Korea (lithium hydroxide plant) are progressing. ^[19]

That combination – more volume, lower unit cost, diversified feed‑through to downstream chemicals – is the textbook way to surf a cyclical upswing.

Strategy: from Pilgangoora pure‑play to multi‑asset lithium group

For most of its life, Pilbara was essentially “that giant hard‑rock lithium mine in WA.” That’s still the core, but 2024–25 added genuine geographic and value‑chain diversification.

Brazil: the Colina lithium project via Latin Resources

In early February 2025, PLS completed the A$560 million all‑scrip acquisition of Latin Resources, issuing ~205.5 million new shares (about 6.4% of the enlarged register) to Latin shareholders. ^[20]

This deal delivered:

The Salinas hard‑rock lithium project in Minas Gerais, now renamed Colina, widely described as having potential to become one of the world’s larger non‑African hard‑rock lithium operations by production. ^[21]

PLS is now working through updated project design and development studies to integrate Colina into its growth pipeline. ^[22]

Downstream: POSCO joint venture in South Korea

PLS also owns an 18% stake in POSCO Pilbara Lithium Solutions (PPLS) in Gwangyang, South Korea. The hydroxide plant:

Has potential capacity of up to ~43,000 tonnes of lithium hydroxide per year, enough for around 1 million EVs at full run‑rate.
Is backed by a long‑term offtake agreement: Pilgangoora feedstock flows into the JV, which produces battery‑grade hydroxide for Asian customers. ^[23]

Between Pilgangoora (WA), Colina (Brazil) and PPLS (Korea), the “PLS Group” name suddenly makes more sense: it’s a small cluster of lithium assets rather than a single mine.

Lithium market backdrop: from panic to cautious optimism

None of this happens in a vacuum. The lithium price cycle is the invisible hand yanking PLS’ share price around.

2023–24: oversupply fear and EV fatigue

After the 2022 mania, lithium prices cratered through 2023 and into 2024 as:

New supply from Australia and elsewhere hit the market.
EV sales growth, especially in Europe and North America, undershot the more euphoric forecasts. ^[24]

Morningstar flagged this early in 2025, describing the lithium market as “more challenged than expected” but arguing that Pilbara’s low cost position and strong balance sheet meant it could “weather the storm” better than higher‑cost peers. ^[25]

That fear helped drive PLS to the top of the ASX short‑interest tables during 2024, with short positions over 20% of issued capital at one point. ^[26]

2025: energy storage and upgraded price forecasts

By late 2025, the narrative had shifted.

JPMorgan sharply raised its 2026–27 spodumene price forecasts to US$1,100–1,200/t (from about US$800/t), arguing that grid‑scale energy storage systems (ESS) are emerging as a major demand driver alongside EVs. ^[27]
FNArena and other brokers note a surge in ESS deployments in China and elsewhere, driven by intraday price spreads, renewables integration and AI‑related power demand. ^[28]
UBS and Morgan Stanley, while acknowledging the ESS boom, also warn that today’s spot prices might not be sustainable once idled supply restarts and demand pulled forward by temporary incentives fades. ^[29]

Against that backdrop, it’s not surprising that PLS’ CEO Dale Henderson has been busy on the policy stage. At Brazil’s COP30 climate summit, he argued that:

Lithium prices should largely be left to markets and emerging futures contracts, but
Governments can materially help by supporting processing and supply chains outside China – via industrial parks and trade agreements – to diversify global lithium flows. ^[30]

So the macro picture today is neither “everything is doomed” nor “back to the 2022 party.” It’s more like: structural demand looks stronger than feared, but the supply response is real and volatility isn’t going anywhere.

Analyst views: from “cheap survivor” to “expensive hero”

Unsurprisingly, valuation opinions on PLS are all over the map.

Fundamental / DCF‑driven models

Alphaspread’s blended intrinsic value model pegs fair value at about A$1.83 per share, versus a market price near A$3.9–4.0, implying ~50–55% downside in its base case. ^[31]
A recent Simply Wall St note, cited via Longbridge, emphasised that PLS recently hit a new 52‑week high, forecasts FY28 revenue around A$1.4 billion and earnings of ~A$247 million, but still concluded the stock trades above their estimate of fair value, with roughly 28% downside baked into the model. ^[32]

Both frameworks are very sensitive to long‑run lithium price assumptions, discount rates, and how much value investors assign to Colina and downstream projects.

Broker and research commentary

Morningstar has previously called Pilbara a “cheap ASX miner that can weather the storm in lithium”, focusing on its low‑cost position and strong balance sheet. ^[33]
FNArena’s broker roundup notes Canaccord remains constructive on lithium and highlights PLS as a sector leader, albeit in a still‑volatile commodity. ^[34]
A detailed October 2025 analysis from DiscoveryAlert describes PLS as a stand‑out recovery story:
- Share price up roughly 200% from mid‑2024 lows,
- A$1+ billion cash,
- double‑digit cost reductions, and
- scale advantages that could compound as the cycle turns. ^[35]

Latest formal rating: Sell, with a low target

On the more cautious side, TipRanks reports that the most recent analyst rating on AU:PLS is a Sell, with a price target of A$2.10 – well below current levels. ^[36]

In other words:

Some value‑oriented analysts still see upside, viewing PLS as a quality operator in a cyclical downturn that hasn’t fully recovered.
Others, especially DCF‑heavy models, see a lot of good news already priced in and assume long‑term lithium prices will settle lower than today’s bullish scenarios.

Both camps can be “right” depending on what lithium price you plug into the spreadsheet.

Short interest: still high, but the squeeze is slowly deflating

One of the big under‑the‑hood stories for PLS in 2024–25 has been short interest.

On 1 December 2025, Motley Fool listed PLS as one of the 10 most shorted ASX shares, with short interest around 10.9% of issued capital – down from earlier in the month. ^[37]
MarketIndex and ASIC data show PLS sitting consistently in the top tier of shorted ASX stocks through November, with short percentages around 14–16% earlier in the month before easing. ^[38]
Fintel estimates short float at ~11.4% and notes a ~69% one‑year price gain. ^[39]
For the US OTC listing PILBF, MarketBeat shows about 48.7 million shares short and a very high days‑to‑cover figure – a bit exaggerated by thin OTC trading volumes, but another sign of heavy global short interest. ^[40]

So:

Short interest remains elevated, which can amplify both down‑days (when the shorts are right) and squeeze‑rallies (when they’re wrong).
The trend through November suggests gradual covering as the share price and lithium sentiment have improved.

High short interest plus strong operational momentum is exactly the cocktail that produced PLS’ sharp rally this year – but it also means any disappointment can get punished quickly.

Key catalysts to watch in 2026

For investors watching Pilbara / PLS Group from here, several catalysts stand out.

1. Lithium price and ESS deployment

The single biggest driver remains lithium prices, which in turn depend on:

EV sales momentum, especially in China, Europe and North America.
The pace of grid‑scale battery storage deployment, which JPMorgan and others see as a structural growth engine. ^[41]
How quickly high‑cost or delayed projects ramp, and whether idled supply comes back online faster than demand.

If JPMorgan’s upgraded forecast (US$1,100–1,200/t in 2026–27) proves conservative, PLS’ operating leverage cuts in its favour. If the market sinks back towards their prior US$800/t assumption, today’s equity valuation starts to look punchy.

2. FY26 execution vs AGM guidance

Investors will be watching whether PLS can actually deliver:

~845 kt of spodumene in FY26, and
Unit costs around A$580/t FOB, especially through the seasonal challenges of the WA wet season. ^[42]

The Q2 and Q3 FY26 updates will be critical in proving (or disproving) that the Q1 cost and volume gains are sustainable.

3. Colina and global growth pipeline

Colina isn’t just a shiny asset in a new time zone; it’s a test of whether PLS can replicate Pilgangoora‑style execution abroad.

Key questions:

How large and high‑quality does the Colina resource prove to be in updated studies? ^[43]
Can PLS maintain its cost discipline while building in Brazil’s regulatory and infrastructure environment?
How will Colina feed into downstream partnerships or offtake deals?

Positive drilling / study updates here could meaningfully change long‑term growth assumptions.

4. POSCO JV ramp‑up and downstream margins

As the PPLS hydroxide facility ramps:

Realised margins on Pilgangoora feed could change depending on the pricing formula and operating performance of the plant.
The JV’s success will influence whether PLS pursues more downstream integration, either alone or via partnerships. ^[44]

5. Governance & leadership

The CFO transition in May 2026 will be watched closely given the capital intensity of growth projects and the importance of disciplined capital allocation in a volatile commodity. ^[45]

Investors will want to see consistent messaging from the new CFO on:

Balance sheet gearing (or lack thereof).
Capital returns vs growth capex.
Hedging and pricing strategies as lithium futures markets deepen.

Bottom line: high‑quality operator, high‑beta exposure

Putting it all together, Pilbara Minerals / PLS Group (ASX:PLS) today looks like:

A globally relevant lithium producer with:
- A Tier 1 hard‑rock asset at Pilgangoora,
- A serious growth option in Brazil’s Colina project, and
- A strategic foothold in lithium chemicals via the POSCO JV. ^[46]
A company that has demonstrably cut costs and lifted volumes during a tough part of the cycle, while preserving a fortress‑like cash position. ^[47]
A stock that has already rallied 70–80% over the past year, carries double‑digit short interest, and divides analysts between “structural winner” and “cycle‑top risky.” ^[48]

For anyone following lithium or the ASX resources space, PLS is likely to remain a high‑beta, high‑attention barometer of how the market really feels about the energy transition: euphoric when the narrative is “permanent shortage,” brutal when the mood flips to “eternal oversupply.”

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