PLS Group (PLS) investor relations material

P2000 expansion

• P2000 FID approved; targets ~2Mtpa 10-year average production at steady state and ~A$620/t average FOB unit costs in real terms; first production targeted for Sep quarter CY29, subject to construction and commissioning.

• Project capex ~A$1.9B; incremental post-tax NPV A$2.7B at an 8% real discount rate and IRR 29.5%, based on disclosed pricing assumptions.

• Jimmagunya includes a 9.0 Mtpa dry plant and 6.3 Mtpa wet plant, with ~70% target lithium recovery and a ~6-month ramp-up to steady state.

• Improved processing adds ~67Mt of previously uneconomic mineralised material to the mine plan and reduces the life-of-mine strip ratio from 7.7x to 5.6x.

Ore Reserve and production potential

• Updated Ore Reserve totals 249.2Mt at 1.24% Li₂O; reserve tonnes increased 23% and contained lithium increased 31%.

• The updated reserve includes a maiden underground reserve of 46.5Mt at 1.50% Li₂O, reported at the coarse ore stockpile reference point.

• Underground mining could support potential combined production of ~2.2Mtpa on a 10-year steady-state average and a 25+ year Pilgangoora mine life; further study and Board sanction required.

Infrastructure and funding

• Enhancing infrastructure investment of A$600-650M targets lower costs and higher productivity, including a ~24km sealed access road, 1,200-bed village and 8-bay mine services facility.

• Ultra-quad haulage is expected to reduce truck movements by ~35%; onsite servicing and major lifecycle maintenance target higher equipment uptime and efficiency.

• A$2.3B cash at 30 June 2026 and ongoing operating cash generation underpin the investment program; FY27 capex guidance includes A$500M for P2000 and A$165M for enhancing infrastructure.