PLS Group (PLS) Investor presentation summary

Market dynamics and demand outlook

• Lithium demand is driven by EV and energy storage system growth, with long-term demand embedded in electrification trends.

• Supply remains selective, with ongoing debates around supply chains, processing routes, and technology pathways.

• Forecasts indicate a significant supply gap by 2040, as constrained supply and energy security concerns support a strong long-term outlook.

Pricing trends and supply chain concentration

• Long-run price expectations for spodumene concentrate have doubled from $1,235/t in Q2 2025 to $2,465/t in Q2 2026.

• The lithium refining landscape is highly concentrated, with China controlling 65% of global refining capacity.

• Most South American lithium is exported to China for re-processing into battery-grade chemicals.

Investable supply and operational execution

• Not all lithium tonnes are equal; investable tonnes require quality, capital, and execution.

• Reliable supply is achieved through strong economics, conservative balance sheets, and strategic partnerships.

• Tier-1 assets like Pilgangoora and Colina, along with record production and a $600M bond, underpin growth.