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Pilbara Minerals saw lithium prices and performance hold steady throughout the first quarter of 2024.

The major saw solid operational performance with production volume of 179.0 thousand dry metric tonnes (dmt) of spodumene concentrate in the quarter.

While revenue declined 27 per cent to $192 million compared to the prior quarter, March set a new monthly production record with over 80,000 dmt produced at a unit operating cost (FOB) of less than $625/dmt.

“(Pilbara Minerals had) strong balance sheet position with March quarter end cash balance of $1.8 billion, (and) cash reduced by $362 million in the march quarter due to lower pricing and continued capital expenditure for P680 and P1000 expansion projects,” Pilbara Minerals said.

Other highlights from the quarter included the expansion and extension of offtake agreements with Ganfeng and Chengxin and a new offtake agreement signed with Yahua allocating medium-term volumes while preserving long-term optionality.

“Pilbara Minerals has committed to six new multi-year partnerships in the 2024 financial year (FY24), increasing from four held in FY23, taking the total number of multi-year community partnerships to ten,” Pilbara Minerals said.

“In the March quarter Pilbara Minerals signed an agreement with Foodbank WA to deliver a new program, Nom! Schools. The program will be delivered to 40 schools across Perth, the Pilbara, Geraldton, and Bunbury.”