Pilbara Minerals shares jump on resource increase at Pilgangoora
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The news: Pilbara Minerals was one of the best performing ASX 200 companies in morning trade after the lithium miner confirmed a 23% increase in contained lithium at its Pilgangoora operation in Western Australia.
The numbers: Pilbara shares were up 6.9% to $1.44 at 11:15am AEST, having retreated nearly 60% over the last 12 months.
The context: The miner said a recent drill program at Pilgangoora led to a "substantial increase" in mineral resource at the project, including a 10% increase in total mineral resource tonnage and a 23% increase in contained lithium oxide when compared with its last estimate on 30 June 2024.
What they said: "The significant uplift in the mineral resource reaffirms our 100% owned Pilgangoora operation as one of the world's largest and highest-quality hard rock lithium assets," said Pilbara's managing director and CEO Dale Henderson.
"This outcome is aligned with our strategy to optimise the operating base and unlock the full potential of this world-class asset, driving long-term value for our shareholders."
The source: ASX
