Pilbara Minerals issues new shares after performance rights convert

Pilbara Minerals Limited (ASX:PLS) will add 580,275 new fully paid ordinary shares to the ASX, bringing the total number of ordinary shares on issue to 3,219,074,471. The additional securities are the result of performance rights being exercised and converted, with no cash consideration payable upon vesting. The rights were issued under the company's "Pilbara Minerals Award Plan," approved by shareholders on November 23, 2023.

The conversion events occurred on September 3, 2025, and September 4, 2025. The first tranche involved 149,572 ordinary shares from performance rights expiring on December 31, 2026, followed by 57,689 ordinary shares from performance rights also expiring on December 31, 2026. A further 373,014 ordinary shares were generated from performance rights expiring on September 30, 2025.

The performance rights were assessed against a three-year vesting period ending June 30, 2025 for the first two tranches, and a service-based vesting condition over a 12-month period to August 31, 2025 for the third tranche. The new shares are expected to rank equally with existing issued securities. The estimated value of consideration provided per security is AUD0.000000.