Last month saw a rocky performance from the Pilbara Minerals Ltd (ASX: PLS) share price. But it was ultimately a good one.
As of the end of May the Pilbara Minerals share price was $2.95, 3.51% higher than where it ended April.
For context, the S&P/ASX 200 Index (ASX: XJO) slipped 3.01% over the course of last month.
So, what led the ASX 200 lithium producer to outperform in May? Let's take a look.
What drove Pilbara Minerals' stock last month?
Pilbara Minerals' stock cratered through the first half of last month before regaining ground and lifting into the green.
Between the final close of April and 12 May, the stock tumbled 14%. Fortunately, the second half of May brought both good news from the company and a rebound for its stock.
Pilbara Minerals announced it and its project partner, Calix Ltd (ASX: CLX), won a $20 million grant for the Pilgangoora lithium project on 17 May.
The cash is specifically earmarked to fund a demonstration scale chemicals facility at the project.
The Pilbara Minerals share price lifted on the back of the grant. However, it tumbled the next time the company released news to the market.
The company released the results of its fifth lithium auction on 25 May.
There, the company offered a cargo of 5,000 dry metric tonnes at a target grade of around 5.5% lithia to bidders. The highest bidder put forward an offer of US$5,955 per dry metric tonne.
On a pro rata basis for lithia content (including freight costs) that came to around US$6,586 per dry metric tonne.
Sadly, the stock tumbled nearly 4.5% on the back of the seemingly positive news.
Pilbara Minerals share price snapshot
As lithium-focused market watchers will be aware, the Pilbara Minerals share price has suffered a major tumble in June. It's now 22.7% lower than it was at the end of May.
It has also fallen 35% since the start of 2022.
Though, the stock is still swapping hands for 75% more than it was this time last year.
