Pilbara Minerals is one of the largest pure-play lithium producers listed on the ASX and operates the 100%-owned Pilgangoora Lithium-Tantalum Project in Western Australia’s Pilbara region. The project is widely regarded as one of the most significant hard-rock lithium assets globally and forms the core of the company’s production and growth strategy.

The Pilgangoora project hosts a massive mineral resource of approximately 446 million tonnes grading 1.28% lithium oxide (Li₂O), containing about 5.7 million tonnes of lithium oxide following a major resource upgrade in 2025. This expansion came after extensive drilling programs across FY2024 and FY2025, which added roughly 39 million tonnes of additional resources and significantly increased the proportion of higher-confidence measured and indicated resources. The scale and grade of Pilgangoora place it among the world’s largest hard-rock lithium deposits and provide the foundation for long-term mining operations.

Pilbara Minerals has rapidly expanded production capacity over the past several years as demand for lithium from electric vehicles and battery storage technologies has increased. In FY25 the company produced approximately 754,600 tonnes of spodumene concentrate, exceeding previous production guidance and demonstrating the scale of the operation. Production surged particularly in the June quarter, with around 221,300 tonnes of spodumene concentrate produced during the period, reflecting improved plant performance and increased processing capacity.

Looking ahead, the company has guided toward FY26 production of roughly 820,000 to 870,000 tonnes of spodumene concentrate, which would further cement Pilgangoora as one of the largest hard-rock lithium operations globally. Longer term, the company is targeting production capacity of around 1 million tonnes annually, supported by its extensive resource base and ongoing processing plant expansions.

Because Pilbara Minerals already operates a large-scale producing asset with a long resource life, it is often viewed as one of the core lithium exposures on the ASX. The company’s strong resource base, expanding production profile and strategic position within the global battery supply chain make it a key participant in the rapidly evolving lithium market.

Liontown Resources is an Australian lithium producer focused on its flagship Kathleen Valley Lithium Project in Western Australia’s Goldfields region. The project is considered one of the most significant new hard-rock lithium developments in Australia and is positioned within a globally important mining jurisdiction.

Kathleen Valley hosts a large mineral resource of approximately 155 million tonnes at 1.3% Li₂O, making it one of the largest undeveloped spodumene deposits globally prior to production. The resource includes multiple pegmatite bodies extending over more than 1.7 km of strike and up to 600 m depth, providing the basis for a long-life lithium mining operation.

The project entered production in mid-2024, marking Liontown’s transition from developer to lithium producer. Early operational results have been encouraging. During the ramp-up phase, the processing plant produced approximately 116,854 dry metric tonnes of spodumene concentrate, with around 100,240 tonnes sold during the initial production period. These figures highlight the scale of the new operation and its ability to generate revenue shortly after commissioning.

Kathleen Valley has been designed as a long-life underground and open-pit operation supported by a large ore reserve of around 68.5 million tonnes at 1.34% Li₂O, providing an estimated mine life of more than 20 years. The processing plant is designed for roughly 3 million tonnes per annum throughput, although production plans have been adjusted as lithium prices weakened in recent years.

Liontown has also secured offtake agreements with major global battery and automotive companies, including electric vehicle manufacturers and battery producers. These partnerships provide a pathway for long-term lithium supply into the global battery supply chain.

While lithium price volatility has affected near-term profitability across the industry, Kathleen Valley remains a Tier-1 lithium asset with significant scale and high-grade mineralisation, positioning Liontown as a key emerging producer in the global lithium market.

We believe Liontown offers compelling growth exposure for investors willing to accept higher volatility than Pilbara. The company is transitioning from construction to full production, which typically drives margin expansion and cash flow generation. However, execution risk remains until the operation demonstrates sustained production at target rates.

Mineral Resources (MinRes) is one of Australia’s largest diversified mining and mining services companies and has become a major lithium producer through its joint ventures at the Wodgina and Mt Marion lithium mines in Western Australia. Unlike many pure-play lithium companies, MinRes combines lithium production with iron ore mining and mining services, giving it a more diversified earnings base.

The Wodgina Lithium Mine, located in the Pilbara region, is one of the largest hard-rock lithium deposits in the world. The project has an estimated mineral resource of about 217.4 million tonnes at 1.15% Li₂O and an ore reserve of roughly 164.6 million tonnes, supporting decades of potential production. The operation is run as a joint venture with US lithium giant Albemarle.

MinRes is also a 50% partner in the Mt Marion Lithium Project, located near Kalgoorlie in Western Australia. Mt Marion hosts a mineral resource of about 64.8 million tonnes at 1.42% Li₂O, with ore reserves of around 35.7 million tonnes. The mine is operated in partnership with Ganfeng Lithium, one of the world’s largest lithium chemical producers.

Production across these operations makes MinRes one of the larger lithium suppliers globally. At Wodgina, FY26 production guidance is approximately 260,000–280,000 tonnes of spodumene concentrate, while Mt Marion is expected to produce around 190,000–210,000 tonnes during the same period. In earlier quarters, Wodgina alone produced around 126,000 tonnes of lithium concentrate in a single quarter, highlighting the scale of the operation.

Because of its diversified mining operations, strong resource base and large-scale lithium assets, Mineral Resources is often considered one of the most significant lithium exposures on the ASX, offering investors leverage to both lithium and broader commodities markets.