The Pilbara Minerals Ltd (ASX: PLS) share price is in focus after the ASX lithium share gave its quarterly update for June.
Pilbara Minerals is one of the largest lithium miners in the world.
Pilbara Minerals June 2025 quarter
The company announced how it performed in the three months to June 2025 compared to the three months to March 2025.
Pilbara Minerals said its production increased 77% to 221.3kt and its volume of sales rose 72% to 216kt, thanks to the increased output from the completion of the P1000 expansion.
However, on the negative side of things, the realised price for its lithium fell another 20% to US$599 per tonne.
But, the company also reported that its unit operating cost (free on board – FOB) declined 8% to US$397 per tonne. The unit operating cost (CIF) declined 7% to US$462 per tonne. The costs were lower than the prior quarter because of higher production volume from the expanded Pilgan plant and the benefits of the P850 operating model.
FOB costs includes mining, processing, transporting, port charges and site general expenses, but excludes freight and royalties. CIF is FOB costs plus freight and royalties.
The stronger production outweighed the decline in revenue per tonne, leading to total revenue rising 28% to A$193 million.
Pilbara Minerals said it has an ongoing focus on cost control, with continued implementation of cost reduction initiatives across the business.
Profitability
The company reported that its cash margin from operations of $98 million was supported by “higher sales volume and favourable cash timing”.
The cash balance declined by $88 million over the three months because of capital expenditure including infrastructure and completion of the P1000 project.
Guidance
For the 2025 financial year, the business said it achieved or exceeded across all three metrics of production volume, unit operating costs (FOB) and capital expenditure.
Guidance for FY26 suggests an increase in planned production with decreases in unit operating costs (FOB) and capital expenditure.
Production is expected to be between 820kt to 870kt.
Unit operating costs (FOB) are expected to be between A$560 to A$600 per tonne.
Total capital expenditure is guided to be between A$300 million to A$330 million.
Final thoughts on the Pilbara Minerals share price
The ASX lithium share has risen, but more importantly it has held onto the almost 40% rise since 23 June 2025.
I think it will take an increase of the lithium price to take the business higher from here, and the longer-term success is dependent on what happens with lithium/EV demand. Chinese EV brands are certainly doing a lot of the heavy lifting for growth in this area.
It’s difficult to say what a good price to buy this business is after a strong surge, so there are other ASX growth shares I’d focus on first.
