Pilbara Minerals adjusts equity following performance right changes

Pilbara Minerals Limited (PLS) has reported a cessation of 210,658 unquoted performance rights across several tranches. This was due to conditions not being met or becoming incapable of being satisfied. This includes 135,893 PLSAT (Performance Rights expiring 31-Dec-2026), 73,623 PLSAV (Performance Rights expiring 30-Nov-2025), and 22,432 PLSAAF (Performance Rights expiring 31-Jul-2026) securities, with cessation dates ranging from October 2 to December 16, 2025. These forfeitures occurred under the company's employee share purchase plan.

In a related development, Pilbara Minerals also announced the application for quotation of 1,193,817 ordinary fully paid shares on the ASX, issued on December 10, 2025. These shares resulted from the auto exercise and conversion of Tranche Two (60%) of PLSAV Performance Rights expiring 30-Nov-2025. The conversion, which involved no cash consideration, was assessed against a service condition and a performance condition over a three-year vesting period ending November 30, 2025.

Following these adjustments, the total number of quoted ordinary fully paid shares on ASX will increase to 3,220,853,253. The unquoted equity securities now comprise 1,170,901 PLSAT, 3,699,698 PLSAAC, 903,506 PLSAAG, 9,226 PLSAZ, 130,540 PLSAAE, 73,623 PLSAV, 79,603,050 PLSAR, 935,647 PLSAAF, and 2,831,274 PLSAAA securities.