PLS said Pilgangoora’s Ore Reserve at the coarse ore stockpile reference point increased 23% to 249.2 million tonnes at 1.24% Li2O, containing about 3.1 million tonnes of Li2O. The company said this represents a 31% increase in contained lithium from the Ore Reserve reported in its FY26 annual report.
The update includes a maiden underground Ore Reserve of 46.5 million tonnes at 1.50% Li2O. PLS said the underground reserve establishes a higher-grade inventory beneath the existing open pits, while the combined reserve consists of 6% Proved and 94% Probable reserves.
PLS reported an updated Mineral Resource of 403 million tonnes at 1.33% Li2O and 121ppm Ta2O5, containing 5.3 million tonnes of Li2O. The company said the resource tonnage is 8% lower than its FY26 reported figure, with the change arising entirely from a revised reasonable prospects for eventual economic extraction assessment rather than changes to the geological model or grade estimates.
The company said the expanded Ore Reserve supports an operating horizon of about 20 years on an open-pit basis under the P2000 feasibility-study processing schedule, and more than 25 years when open-pit and underground mining are included. These outcomes remain subject to assumptions and approvals, including approvals for expanded pits, the underground mine and increased borefield abstraction.
Source: Download PLS official ASX announcement, 2026-10-16.
Pilgangoora optimised pit shells and potential underground inventories, from PLS Group's company announcement dated 16 October 2026.