Pilbara Minerals lifts resource estimate by 36%

The news: Lithium producer Pilbara Minerals has announced a substantial increase in the mineral resource estimate at its main Pilgangoora operation in Western Australia.

The numbers: The company said it now estimates the site contains 4.75 million tonnes of lithium oxide, a 36% increase compared to a previous estimate in June 2022. Pilbara Minerals shares were up 3.7% to $5.18 in early trading on the ASX.

The context: Pilbara Minerals operates the Pilgangoora project in WA — the world’s largest, independent hard-rock lithium operation. The company has been a key beneficiary of the global electric vehicle boom that has seen demand for lithium, used in EV batteries, surge in recent years.