Fund Manager Summary
The fund managers believe the outlook for Pilbara Minerals Ltd is promising, particularly as the lithium market stabilizes following significant volatility. In their opinion, the lithium price is forming a bottom due to curtailments in production and suspensions of development at various mines, indicating that current prices are unsustainable. With the anticipated surge in demand from electric vehicles, they expect a considerable rise in lithium prices, which will stimulate necessary supply responses. Pilbara's Tier 1 asset at the Pilgangoora mine, characterized by low operating costs and expanding volumes, positions the company favorably. The fund managers also highlight Pilbara's robust net-cash balance sheet, enabling it to withstand low prices while capitalizing on opportunities, such as a recent acquisition in Brazil. Overall, they consider the shares to be attractively priced for this highly prospective miner.
Source: Trading View
Commentary From The Managers
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DMX Asset Management
31 Oct 2025
$3.30
Summary
- DMX Asset Management sold their investment in Pilbara Minerals after a 36% rise, contributing 1% to performance.
- The lithium sector has seen renewed investor enthusiasm, potentially driven by a short squeeze.
- Original investment thesis was materially impaired due to disappointing lithium pricing.
- Despite the impairment, DMX Asset Management retained and even added to their position near the lows in June.
- Perceived value gap widened, prompting the decision to hold the investment longer.
- Recent rally and moderated expectations created an opportunity for DMX Asset Management to exit the investment.
- The exit was executed near month-end.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
DMX Asset Management
31 Oct 2025
$3.30
- DMX Asset Management sold their investment in Pilbara Minerals after a 36% rise, contributing 1% to performance.
- The lithium sector has seen renewed investor enthusiasm, potentially driven by a short squeeze.
- Original investment thesis was materially impaired due to disappointing lithium pricing.
- Despite the impairment, DMX Asset Management retained and even added to their position near the lows in June.
- Perceived value gap widened, prompting the decision to hold the investment longer.
- Recent rally and moderated expectations created an opportunity for DMX Asset Management to exit the investment.
- The exit was executed near month-end.
Summary
Ten Cap
31 Oct 2025
$3.30
- Ten Cap has increased its exposure to Pilbara Minerals (PLS).
- Stabilising lithium prices have positively influenced the investment outlook.
- The company boasts a strong production profile.
- Its robust balance sheet enhances its positioning in the market.
- Ten Cap believes Pilbara is well-placed to benefit from an improving lithium price outlook.
Summary
Blackwattle Investment Partners
31 Oct 2025
$3.30
- Blackwattle Investment Partners notes that PLS was one of the largest positive contributors to performance during the month.
- PLS rallied 31% in October, driven by an exceptional quarterly production report and an 18% increase in lithium prices.
- PLS is the largest pure play lithium stock on the ASX.
- As the 100% owner-operator of low-cost, long-life spodumene mines, PLS has a competitive edge.
- With a strong net cash balance sheet, PLS enjoys flexibility compared to its indebted peers.
- Despite a multi-year bear market, lithium prices appear to have bottomed, with supply constrained by low prices and growing demand.
- Further recovery in lithium prices is expected by 2026 if demand remains strong, despite anticipated volatility.
- Blackwattle Investment Partners continues to see material upside for PLS as an improving quality business.
- PLS delivered an outstanding September quarter production result, achieving record production and industry-leading recoveries.
- The benefits from the P1000 expansion have solidified PLS’s position as a best-in-class lithium spodumene operator.
- PLS is poised to benefit from any further recovery in lithium prices, ensuring continued shareholder value creation through the cycle.
Summary
Pendal Group
27 Oct 2025
$3.28
- Pendal Group continues to hold its position in Pilbara Minerals Ltd (PLS) due to strong operational performance.
- Reported a 20.5% increase in share price, reflecting positive market sentiment.
- Demonstrated better recoveries, production, and pricing compared to peers.
- Operationally, Pilbara Minerals is recognized as the best among lithium producers.
- Despite strong performance, cash reserves declined by $122m, primarily due to $50m in working capital adjustments.
Summary
Equity Trustees Asset Management
30 Sept 2025
$2.52
- Equity Trustees Asset Management sold their investment in Pilbara Minerals (PLS) due to a strong stock rally.
- Despite strong performance in the September quarter, the decision was influenced by uncertainty around lithium supply restrictions in China.
- PLS had benefited from a recovery in lithium prices, which were previously at unsustainable levels.
- Newly announced curtailments in China contributed to the price recovery.
- Equity Trustees viewed PLS as a high-quality play in the lithium sector, supported by a strong balance sheet and operations.
- The August results exceeded expectations, and management expressed optimism about future prices.
Summary
Monash Investors
31 Aug 2025
$2.43
- Monash Investors continues to hold Pilbara Minerals (PLS) due to a recovery of 53% this month.
- The stock contributed 2% to the portfolio's performance.
- Additional purchases were made near the stock's lows in June, enhancing portfolio benefits.
- Following the recent re-rate, Monash Investors has halved their weighting to the 2% zone.
- PLS is recognized as a top tier lithium producer with a bottom quartile cost structure.
- The company boasts a 30+ year mine life and a rock-solid cash-rich balance sheet.
- Monash Investors will continue to reposition their small holding in response to sector volatility.
Summary
Monash Investors
31 July 2025
$1.61
- Pilbara Minerals is viewed as a clean and effective exposure to lithium, a key commodity for hybrid and electric vehicles.
- The lithium market is relatively immature, with prices swinging wildly due to supply meeting exponentially growing demand.
- High previous prices led to over-supply, resulting in current prices being considered unsustainably low.
- The majority of current lithium supply is estimated to be loss-making.
- China is curtailing inefficient supply, leading to signs of price recovery.
- Monash Investors maintains a favourable long-term view on lithium and Pilbara Minerals as a principal exposure.
- Pilbara has a bottom-quartile cost structure, multi-decade high-grade reserves, and a strong balance sheet.
- It is well-positioned to navigate lithium market price swings and generate significant free cash flows as prices improve.
- Despite share volatility and a derating from the $3-range to low $1's, Monash Investors has maintained conviction in long-term fundamentals.
- Monash Investors added to their holding around $1.30 in late June, increasing the weighting to 3%.
- Negative sentiment and tax loss selling contributed to share price decline, while the recent recovery added over 0.5% to NAV.
- Pilbara remains a key holding for the Fund as shares continue to appreciate.
Summary
Ten Cap
31 May 2025
$1.14
- Ten Cap continues to hold a short position in Pilbara Minerals (PLS).
- Recent performance: The short position has benefited as lithium prices remain under pressure.
- Financial concerns: A 30% drop in quarterly revenue has raised ongoing cash burn concerns.
- Market sentiment: These factors have weighed on sentiment, validating Ten Cap's cautious view.
- Supply fundamentals: Weakening supply fundamentals are contributing to the decline in lithium prices.
- Balance sheet strength: There are increasing concerns over cash burn and balance sheet strength.
- Near-term outlook: Near-term pricing remains challenged for Pilbara Minerals.
Summary
Monash Investors
30 Sept 2024
$3.27
- Monash Investors notes significant volatility in the lithium market, with the material gaining equity market focus.
- Current lithium prices appear unsustainable due to reduced production at various mines and halted developments.
- Anticipated strong demand growth from electric vehicles suggests lithium prices may rise considerably.
- Pilbara Minerals is well-positioned to benefit from this market backdrop.
- Its principal asset, the Pilgangoora mine, is a Tier 1 asset with low operating costs and expanding volumes.
- Pilbara's robust net-cash balance sheet allows it to endure low lithium prices while capitalizing on opportunities.
- Recently, the company acquired an interesting development project in Brazil.
- Monash Investors rates the Pilbara management team highly and sees shares as attractively priced for this miner.
Summary
Monash Investors
30 June 2024
$3.08
- Pilbara Minerals (ASX: PLS) has decreased by 19%.
- Pilbara owns the world’s largest, independent hard-rock lithium operation.
- Located in Western Australia’s Pilbara region, it produces spodumene and tantalite concentrates.
- Over the quarter, the price of lithium fell significantly, with the Wuxi Lithium Carbonate Index down 15%.
- Monash Investors continues to hold due to the operation's significant market position and resource potential.
Summary
Clime Investment Management
31 May 2024
$3.79
- Clime Investment Management sold their investment in PLS due to valuation concerns.
- Proceeds from the sale have been allocated to higher conviction ideas.
- An oversupply of lithium has led to a muted price outlook.
- Clime retains a stronger conviction in investing in copper for exposure to the energy transition and electrification thematic.
Summary
Clime Investment Management
31 Mar 2024
$3.85
- Clime Investment Management updates their investment thesis on Pilbara Minerals Ltd (PLS).
- March saw lithium miners struggle with metal prices remaining flat.
- Current lithium prices are at cyclical lows.
- Despite market conditions, PLS is viewed as the highest quality miner for pure play exposure to lithium.
- Clime continues to hold a small exposure to PLS.
Summary
Clime Investment Management
31 Jan 2024
$3.55
- Clime Investment Management continues to hold its position in Pilbara Minerals Ltd (PLS).
- The PLS share price has faced challenges, reflecting trends in the broader lithium mining sector.
- Weaker than anticipated lithium prices have led to indiscriminate downgrades in earnings expectations across the sector.
- Despite these challenges, PLS reported a strong quarterly result.
- PLS is focusing on reducing capital expenditure and costs to maintain margins.
- Clime Investment Management maintains a small allocation to high-quality lithium producers via PLS.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With the lithium market seemingly poised for a rebound, Pilbara Minerals could emerge as a prime beneficiary. As supply constraints mount and demand from electric vehicles surges, this Tier 1 asset may redefine its value proposition for savvy investors."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Pilbara Minerals Ltd (ASX:PLS)?
Fund managers including Monash Investors, Ten Cap, Clime Investment Management, Equity Trustees Asset Management, Pendal Group, Blackwattle Investment Partners and DMX Asset Management have invested in Pilbara Minerals Ltd (ASX:PLS).
Why do fund managers invest in Pilbara Minerals Ltd?
Fund managers invest in Pilbara Minerals Ltd due to its strong positioning in the lithium market, which is expected to rebound as demand from electric vehicles grows. The company's Pilgangoora mine is a Tier 1 asset with low operating costs and increasing production capacity. Additionally, Pilbara's robust cash balance allows it to withstand current low lithium prices while capitalizing on opportunities in the market. The management team is highly regarded, making the shares an attractive investment.
What happened to Pilbara Minerals Ltd (ASX:PLS)?
Fund managers are investing in Pilbara Minerals Ltd due to its strong position in the lithium market, characterized by a bottom-quartile cost structure, a long mine life, and a solid balance sheet. Despite recent volatility, they view Pilbara as a key player benefiting from recovering lithium prices driven by supply constraints and robust demand, especially as the transition to electric vehicles accelerates. The company's operational excellence and cash flow generation potential further enhance its attractiveness as a top-tier lithium producer.