At time of writing, the share price of Pilbara Minerals Ltd [ASX:PLS] is up 2.67%, to trade at 38.5 cents.
The PLS share price has bounced strongly from the March market low, but is still a long way off the heady days of late 2017:
PLS share price gets small uptick on update
While there weren’t any real surprises with this update, they are continuing to optimise their Pilgangoora project.
Perhaps the key takeaway is that they are using their plant a lot more than they were in the June quarter.
As per the announcement, they noted:
‘An increase in plant run-time and utilisation, which represented approximately 70-75% utilisation across the quarter (compared with 40% in the June quarter).’
So, after getting smashed in the June quarter, they are back to almost full steam.
Among the other optimisations was an almost doubling of their spodumene concentrate production.
Lithium prices remain depressed, but with EV sales holding up remarkably well in Europe so far, there is a case to be made that the lithium bottom is in.
It will be a very intriguing investment space to watch over the coming months.
Outlook for PLS share price
There are a couple key levels to be aware of:
The PLS share price is on the verge of cracking the first level marked out here.
If it can puncture the second one at around 41 cents, then something larger could be afoot.
Pilbara Minerals is one of the three companies we profile in this free report.
In it, you will find our reasoning behind our thesis that 2020 could see a big finish for lithium stocks.
You’ll also get two other companies’ names, one with unique exposure to the European lithium supply chain.
For Money Morning