Pilbara Minerals expands securities with performance right conversion

Pilbara Minerals Limited, an ASX-listed company, has applied for the quotation of an additional 74,155 ordinary fully paid securities (ASX: PLS) following the conversion of performance rights. These new securities, issued on September 17, 2025, will rank equally with existing issued securities from their issue date. The conversion resulted from performance rights issued under the company's "Pilbara Minerals Award Plan," approved by shareholders on November 23, 2023. Vesting was assessed against performance conditions for set targets over a three-year period ending June 30, 2025. No cash consideration was payable for the vesting and exercise of these performance rights.

The total number of performance rights converted for the new quotation was 74,155, with 52,770 originating from performance rights expiring on December 31, 2026 (PLSAT). An additional 21,385 performance rights, also expiring on December 31, 2026 (PLSAT), were converted by a key management personnel (KMP), Mr. Brett McFadgen. These conversions indicate ongoing remuneration and incentive strategies within the company.

Following this application, the total number of quoted ordinary fully paid securities for Pilbara Minerals will increase to 3,219,213,746. The company also maintains several classes of unquoted securities, including various performance rights with different expiry dates and convertible bonds, totaling over 89 million unquoted securities.