Pilbara Minerals, owner of the biggest hard-rock lithium mine in the world, revealed its half-year earnings this morning
The numbers may be lacklustre, but the words were positive
PUR, WML, POS, all trading up nicely today amid a mixed day for the leading battery metal
Our lithium roundup for Thursday, February 22.
With a 65% decline in revenue to $757 million, a 77% decline in EBITDA to $415 million, and a 78% drop in underlying profit after tax to $273 million, it certainly wasn’t Pilbara Minerals’ greatest ever half yearly results today, and the Aussie titan’s share price today somewhat reflects the earnings slump with a -1.23% intraday loss.
Attributed by the company, as you might expect, to the tanked lithium prices over the past several months – with an average realised price down 67% year on year from US$4,993 per tonne to US$1,645 per tonne.
The PLS figures were below some analysts expectations – Goldman Sachs, for instance had forecast revenue for the company of $774 million and underlying EBITDA of $469 million.
Were there silver linings, though? There was certainly plenty of long-lensing, which is pretty much a prerequisite for all lithium players right now – hopefuls and even major producers like PLS.
Here were some of the good bits:
• Cash flow for PLS is still very good, with a positive cash margin from operations of $536 million for the half and a healthy cash balance of $2.1 billion at the end of December.
• “Long-term outlooks [for the lithium market] remain incredibly positive,” said CEO Dale Henderson, noting the growth of electric vehicle sales globally increasing 31% on the prior year.
Source: PLS half-yearly results webcast.
• “Moving to short term observations, over the recent while it [lithium pricing] appears to have levelled,” added Henderson. “As it relates to new sales inquiries, we have seen more activities, more inbound inquiries. And I think we’ve had more of the past eight weeks than we’ve had in quite some period.”
• Something that also caught our ears during the PLS webcast this morning – a question Henderson fielded regarding the speculation going around that Chinese lithium mining giant CATL could be shutting down its Jianxiawo mine, which could have a huge affect on global lithium supply, and a potentially positive one for the Aussie sector.
While Henderson noted he had no unique insight around it, he did acknowledge that the news, “if true, is very interesting, because it would signal a swing price, potentially, for spodumene – and a price which would knock out a lot of lepidolite supply… certainly in some ways it cold be a positive signal.
Watch this space.
ASX lithium form guide
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. (Note: figures accurate per ASX at 3pm.)
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CODE COMPANY TODAY WEEK 1 MONTH % 12 MONTH % PRICE MARKET CAP ADV Ardiden Ltd -6% -6% -11% -49% 0.155 $10,315,388 AGY Argosy Minerals Ltd 0% 26% 14% -83% 0.125 $175,550,937 1MC Morella Corporation 0% -13% -13% -71% 0.0035 $21,625,798 AML Aeon Metals Ltd. -13% 0% -22% -73% 0.007 $8,771,205 ASN Anson Resources Ltd 1% 10% -20% -54% 0.088 $111,945,354 AVZ AVZ Minerals Ltd 0% 0% 0% 0% 0.78 $2,752,409,203 CXO Core Lithium -2% 7% 5% -77% 0.22 $480,810,497 EMH European Metals Hldg -3% -10% -2% -50% 0.305 $39,590,937 EUR European Lithium Ltd 0% 0% 1% 19% 0.086 $119,904,569 GLN Galan Lithium Ltd -4% 19% -39% -71% 0.34 $138,216,355 INF Infinity Lithium -8% -6% -24% -36% 0.074 $37,007,367 INR Ioneer Ltd -4% 8% 13% -68% 0.13 $285,121,640 JLL Jindalee Lithium Ltd 2% 14% -20% -60% 0.925 $54,743,556 LIT Lithium Australia 0% 5% 0% -33% 0.029 $35,443,558 LKE Lake Resources 2% 28% 23% -81% 0.1225 $170,888,461 LPD Lepidico Ltd 0% 0% -14% -60% 0.006 $45,829,848 LPI Lithium Pwr Int Ltd 0% -1% -4% 45% 0.5375 $342,683,100 LTR Liontown Resources -2% 6% -7% -17% 1.115 $2,750,387,074 MIN Mineral Resources. 3% 7% 5% -28% 60.96 $11,533,566,031 MLS Metals Australia 3% 3% -12% -38% 0.03 $18,097,050 AKE Allkem Limited 0% -100% -100% -100% 0 $6,304,350,967 PLL Piedmont Lithium Inc -1% 4% -24% -77% 0.2175 $84,877,870 PLS Pilbara Min Ltd 0% 5% 5% -17% 3.66 $11,014,652,679 QPM Queensland Pacific 0% 8% -13% -59% 0.039 $78,489,072 PSC Prospect Res Ltd -4% -10% -16% -62% 0.072 $34,749,897 RLC Reedy Lagoon Corp. 0% 0% 0% -43% 0.005 $3,097,704 SYA Sayona Mining Ltd -27% 3% 3% -78% 0.0465 $658,770,945 TKL Traka Resources 0% -25% -25% -73% 0.0015 $2,625,988 TON Triton Min Ltd 0% 6% -18% -44% 0.018 $28,105,068 VUL Vulcan Energy 0% 1% 0% -67% 2.06 $356,191,127 GL1 Globallith 2% 11% -8% -69% 0.51 $130,132,650 BMM Balkanminingandmin 5% 10% -22% -79% 0.078 $5,256,998 LEL Lithenergy 2% 29% -12% -46% 0.44 $44,294,300 ARN Aldoro Resources -4% -4% 20% -49% 0.096 $13,462,374 NMT Neometals Ltd 0% -10% -15% -82% 0.14 $87,176,644 IGO IGO Limited 3% 4% 1% -46% 7.26 $5,346,310,760 AAJ Aruma Resources Ltd 0% -12% -40% -77% 0.015 $2,953,373 PAM Pan Asia Metals 0% 0% -3% -54% 0.16 $26,850,684 AX8 Accelerate Resources -4% 4% -7% -7% 0.027 $17,079,197 AM7 Arcadia Minerals 16% 2% -4% -70% 0.067 $6,324,906 AS2 Askarimetalslimited -2% 0% -41% -85% 0.082 $6,547,818 BYH Bryah Resources Ltd 0% -20% -33% -68% 0.008 $3,468,858 EMS Eastern Metals 0% 0% 11% -43% 0.04 $3,297,050 FG1 Flynngold -4% -4% 0% -44% 0.05 $8,535,327 FRS Forrestaniaresources 0% -8% -24% -86% 0.022 $3,559,286 GSM Golden State Mining 0% -8% -8% -73% 0.011 $3,073,077 IMI Infinitymining -14% -5% -27% -49% 0.095 $13,062,873 LRV Larvottoresources 0% -6% -3% -54% 0.062 $13,863,922 MMC Mitremining 4% 0% 23% -8% 0.27 $23,182,878 RAG Ragnar Metals Ltd 0% 0% -9% 38% 0.021 $9,953,600 CTN Catalina Resources 0% -20% 33% -50% 0.004 $4,953,948 TMB Tambourahmetals 1% 6% -4% -19% 0.089 $7,298,751 TEM Tempest Minerals 0% 0% -13% -71% 0.007 $3,633,871 EMC Everest Metals Corp -1% 3% 3% -11% 0.08 $13,306,932 WCN White Cliff Min Ltd -6% 7% -21% 25% 0.015 $21,373,749 WML Woomera Mining Ltd 25% 25% -38% -64% 0.005 $4,872,556 AZL Arizona Lithium Ltd -4% -17% -4% -61% 0.025 $98,447,571 CRR Critical Resources 12% 46% 12% -63% 0.019 $30,223,455 KGD Kula Gold Limited -10% 13% -31% -64% 0.009 $4,232,119 LRS Latin Resources Ltd 0% 8% 8% 72% 0.215 $601,219,435 PNN Power Minerals Ltd -9% 0% -14% -66% 0.155 $14,853,937 WR1 Winsome Resources -3% 16% 2% -66% 0.695 $136,411,311 KZR Kalamazoo Resources -9% -13% 1% -42% 0.096 $18,354,371 MTM MTM Critical Metals 7% 72% 52% 40% 0.105 $12,181,043 QXR Qx Resources Limited -5% -14% -14% -55% 0.018 $21,091,479 SCN Scorpion Minerals -6% -15% -45% -76% 0.017 $7,370,211 AZI Altamin Limited 0% 9% -14% -23% 0.05 $21,942,452 ENT Enterprise Metals 0% 0% -25% -63% 0.003 $2,405,913 KAI Kairos Minerals Ltd -7% 0% 0% -29% 0.013 $36,692,771 STM Sunstone Metals Ltd 0% 0% -15% -69% 0.011 $38,507,167 PGD Peregrine Gold 0% 8% -16% -36% 0.27 $18,089,050 AVW Avira Resources Ltd 0% -25% -25% -40% 0.0015 $3,200,685 NVA Nova Minerals Ltd 2% 0% -18% -54% 0.265 $54,831,416 GT1 Greentechnology -7% 4% -32% -81% 0.13 $44,625,294 BNR Bulletin Res Ltd -6% -5% -27% -27% 0.077 $24,076,292 CAI Calidus Resources 5% 12% -19% -35% 0.1625 $94,957,209 MRR Minrex Resources Ltd 0% 8% -13% -61% 0.013 $14,103,278 A8G Australasian Metals -2% -18% -36% -52% 0.086 $4,586,603 EFE Eastern Resources -13% -13% -13% -59% 0.007 $9,935,572 MQR Marquee Resource Ltd 5% 28% 0% -28% 0.023 $9,094,456 SRZ Stellar Resources 14% 0% 14% -20% 0.008 $8,043,185 LSR Lodestar Minerals 0% -33% -33% -50% 0.002 $4,046,795 NWM Norwest Minerals -3% 18% 32% -50% 0.033 $9,811,363 AOA Ausmon Resorces -33% -33% -33% -67% 0.002 $3,176,998 VKA Viking Mines Ltd -17% -9% -23% -17% 0.01 $12,303,101 IPT Impact Minerals 0% 20% 0% 20% 0.012 $34,376,447 SRI Sipa Resources Ltd -5% -5% -16% -28% 0.021 $5,019,479 VMC Venus Metals Cor Ltd 0% -4% -2% 10% 0.096 $18,213,954 RGL Riversgold 11% 11% 0% -58% 0.01 $8,708,953 ZNC Zenith Minerals Ltd -1% -22% -43% -59% 0.094 $33,476,184 RAS Ragusa Minerals Ltd 0% -4% -34% -78% 0.025 $3,564,970 G88 Golden Mile Res Ltd 8% 0% -24% -36% 0.013 $4,934,674 EPM Eclipse Metals -6% 7% -6% -63% 0.0075 $16,600,434 EVR Ev Resources Ltd 8% 8% 17% -10% 0.014 $15,009,648 WC8 Wildcat Resources 0% 18% 18% 1867% 0.59 $705,544,493 MNS Magnis Energy Tech 0% 0% 0% -90% 0.042 $50,378,922 RIO Rio Tinto Limited -1% -3% -3% -2% 124.23 $46,698,999,721 THR Thor Energy PLC 0% 0% -32% -53% 0.026 $4,830,075 YAR Yari Minerals Ltd -14% -25% -40% -67% 0.006 $3,376,505 MXR Maximus Resources 0% -9% -29% -17% 0.03 $9,628,373 DRE Dreadnought Resources Ltd 0% -5% -26% -78% 0.02 $69,631,459 MM1 Midasmineralsltd 0% -7% -22% -47% 0.09 $7,807,252 M2R Miramar 0% -5% -21% -72% 0.019 $2,828,521 LLI Loyal Lithium Ltd -4% 15% -13% -21% 0.27 $23,320,449 LRD Lordresourceslimited 0% -3% -11% -70% 0.0525 $1,949,436 WMC Wiluna Mining Corp 0% 0% 0% 0% 0.205 $74,238,031 AUN Aurumin -11% -6% 13% -36% 0.034 $13,620,837 ZEO Zeotech Limited 3% 41% -6% -23% 0.031 $52,002,692 ALY Alchemy Resource Ltd 0% 0% -11% -50% 0.008 $9,424,610 LIS Lisenergylimited 2% -2% 2% -49% 0.1525 $96,030,035 GW1 Greenwing Resources 3% -11% -38% -68% 0.075 $13,231,358 KTA Krakatoa Resources -6% -12% -32% -64% 0.015 $7,553,716 TYX Tyranna Res Ltd 0% 0% -7% -48% 0.014 $46,023,955 DAF Discovery Alaska Ltd 0% -13% -26% -26% 0.02 $4,684,694 FTL Firetail Resources 0% 8% -35% -71% 0.043 $6,402,939 IR1 Irismetals -7% -5% -19% -51% 0.57 $79,016,339 LNR Lanthanein Resources 0% 0% -33% -70% 0.006 $7,738,871 DAL Dalaroometalsltd 0% 0% -13% -75% 0.02 $1,655,000 TKM Trek Metals Ltd -7% -7% -5% -45% 0.038 $21,036,151 CY5 Cygnus Metals Ltd -4% -9% -36% -80% 0.064 $19,534,462 TUL Tulla Resources 0% -100% -100% -100% 0 $118,262,971 WES Wesfarmers Limited 0% 8% 11% 28% 63.68 $72,383,193,754 LLL Leolithiumlimited 0% 0% 0% -10% 0.505 $498,553,663 OCN Oceanalithiumlimited 0% -4% -27% -83% 0.055 $2,974,208 A11 Atlantic Lithium 0% 1% 0% -40% 0.395 $256,619,276 CMD Cassius Mining Ltd 0% -3% -14% -3% 0.032 $17,344,144 VSR Voltaic Strategic 6% 19% 19% -10% 0.019 $8,695,870 SGQ St George Min Ltd 5% -16% -32% -71% 0.021 $19,770,809 LLO Lion One Metals Ltd 0% 0% -30% -37% 0.62 $9,586,267 PAT Patriot Lithium 6% -14% -32% -74% 0.095 $6,265,542 PL3 Patagonia Lithium 0% 30% 15% 0% 0.15 $7,369,275 BUR Burleyminerals -1% 0% -48% -78% 0.07 $7,334,070 CHR Charger Metals -4% -7% -19% -65% 0.125 $10,064,633 RMX Red Mount Min Ltd 25% 25% -17% -50% 0.0025 $5,347,152 DLI Delta Lithium 2% 15% 9% -25% 0.315 $220,664,089 LM1 Leeuwin Metals Ltd 0% -3% -37% 0% 0.088 $4,122,947 ENT Enterprise Metals 0% 0% -25% -63% 0.003 $2,405,913 FIN FIN Resources Ltd 0% -13% -26% -22% 0.014 $9,089,762 DTM Dart Mining NL -7% 0% -7% -67% 0.013 $3,186,115 NIS Nickelsearch -6% -8% -27% -66% 0.033 $7,473,986 EG1 Evergreenlithium 5% 15% -8% 0% 0.115 $6,185,300 MAN Mandrake Res Ltd -3% -8% -18% -30% 0.037 $23,398,877 FBM Future Battery 0% -2% -5% 0% 0.059 $31,491,603 XTC XTC Lithium Limited 0% 19900% 19900% -72% 0.2 $17,528,272 LPM Lithium Plus 5% 15% -25% -43% 0.195 $15,907,817 KOB Kobaresourceslimited 0% -13% 17% 0% 0.14 $18,258,333 EMC Everest Metals Corp -1% 3% 3% -11% 0.08 $13,306,932 LRD Lordresourceslimited 0% -3% -11% -70% 0.0525 $1,949,436 IEC Intra Energy Corp 50% 50% 0% -50% 0.003 $3,381,563 REC Rechargemetals 0% 12% -7% -39% 0.076 $8,462,750 SLM Solismineralsltd 0% 4% 4% -25% 0.12 $9,418,650 AZS Azure Minerals -4% -4% -5% 984% 3.47 $1,655,833,266 DYM Dynamicmetalslimited -3% 0% 6% 0% 0.175 $6,480,000 TOR Torque Met 0% -8% -19% 17% 0.175 $26,784,367 SBR Sabre Resources -5% -5% -33% -42% 0.02 $7,859,501 ICL Iceni Gold -3% 3% -27% -64% 0.035 $8,876,198 TMX Terrain Minerals 13% -10% -25% -25% 0.0045 $5,726,683 MHC Manhattan Corp Ltd 0% 0% -25% -50% 0.003 $8,810,939 MHK Metalhawk. -7% -3% -16% -46% 0.07 $7,456,083 NKL Nickelxltd -9% -11% 22% -42% 0.039 $3,776,052 TMB Tambourahmetals 1% 6% -4% -19% 0.089 $7,298,751 ANX Anax Metals Ltd -5% -5% -21% -74% 0.019 $10,848,959 PMT Patriotbatterymetals 2% 8% 8% -46% 0.83 $455,476,908 BM8 Battery Age Minerals 0% 18% -11% -67% 0.165 $15,140,452 L1M Lightning Minerals 0% 1% -38% -58% 0.071 $2,997,980 ADG Adelong Gold Limited 25% 0% 11% -50% 0.005 $2,798,623 TOR Torque Met 0% -8% -19% 17% 0.175 $26,784,367 AL8 Alderan Resource Ltd 13% 50% -10% -36% 0.0045 $4,427,445 OZM Ozaurum Resources 1% 0% -25% 14% 0.074 $11,588,750 FL1 First Lithium Ltd -2% -9% -19% 42% 0.255 $18,213,433 PLN Pioneer Lithium -11% 14% -3% 0% 0.16 $5,116,500 WYX Western Yilgarn NL 0% 1% -13% -8% 0.0875 $4,345,032 RDN Raiden Resources Ltd -4% -8% -20% 405% 0.024 $66,414,628 PFE Panteraminerals 0% -2% -4% -52% 0.053 $7,028,995 GRE Greentechmetals -2% 13% -31% 50% 0.225 $19,338,394 OLY Olympio Metals Ltd 4% 57% 4% -47% 0.088 $5,405,957 SUM Summitminerals -9% -7% -32% -49% 0.071 $3,717,256 JBY James Bay Minerals 0% 32% -26% 0% 0.185 $6,002,325 SCN Scorpion Minerals -6% -15% -45% -76% 0.017 $7,370,211 JNO Juno 0% -6% -28% -16% 0.076 $13,827,840 CC9 Chariot Corporation -2% -8% -27% 0% 0.29 $24,126,976 OBM Ora Banda Mining Ltd -2% 2% 4% 129% 0.24 $418,217,935 RON Roninresourcesltd 0% 9% -19% -24% 0.125 $4,603,126 CXB0 ASRA MINERALS LTD. 0% -14% -14% -63% 0.00003 $4,959,487 ASR Asra Minerals Ltd -17% -17% -17% -64% 0.005 $9,918,974 PFE Panteraminerals 0% -2% -4% -52% 0.053 $7,028,995 TG6 Tgmetalslimited -11% 29% 5% 164% 0.29 $17,578,004 HAW Hawthorn Resources -6% -7% -21% -25% 0.077 $27,471,280 KM1 Kalimetalslimited 3% -2% -33% 0% 0.41 $30,536,838 AEV Avenira Limited 10% 0% -8% -31% 0.011 $21,925,716
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