Pilbara Minerals Limited announced that it has secured a 10-year debt facility (Facility) from the Australian Government, through the Export Finance Australia (EFA) and Northern Australia Infrastructure Facility (NAIF) agencies, to support the expansion of its Pilgangoora Operation in the Pilbara region of Western Australia. EFA has approved finance of the USD equivalent of AUD 125 million, whilst NAIF has agreed toprovide up to A$125M in funding following NAIF Board's Investment Decision. This funding demonstrates the Australian Government's willingness to support businesses to play a keyrole in supplying critical minerals that will aid the global transition towards renewable energy sources.

The senior secured Facility of up to A$250M will support the construction of: the P680 Project expansion to the Pilgan Plant to deliver an additional 100,000tpa, the 5Mtpa crushing and ore sorting facility, that will replace the existing contracted crushing facility and will facilitate future expansions that could ultimately deliver up to 1Mtpa of spodumene concentrate capacity across the entire Pilgangoora Operation at a capital cost of $194M. The Facility is subject to final negotiation of Facility terms, completion of detailed financing documents, as well as satisfaction of conditions precedent for financial close and drawdown, with the NAIF funding also subject to final approval from the Western Australian Government. It is expected that key terms of the Facility will reflect current market conditions for the type and size of the debt being provided and is expected to be finalised during this Quarter.

This support from the Australian Government will enhance the capital structure of the Company and provide Pilbara Minerals with additional financial flexibility as it looks to expand and diversify its operations to participate further down the battery materials supply chain.