The PLS Group Ltd (ASX: PLS) share price is marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock formerly known as Pilbara Minerals closed yesterday trading for $4.59. In morning trade on Friday, shares are changing hands for $4.66 apiece, up 1.5%.
For some context, the ASX 200 is up 0.2% at this same time.
With today's intraday lift factored in, the PLS share price is now up a whopping 308.8% since plumbing a multi-year closing low on 3 June.
Here's what's grabbing ASX investor interest today.
Image source: Getty Images
PLS share price jumps on revenue surge
Before market open this morning, PLS released its December quarterly update (Q2 FY 2026).
Highlights included a 49% quarter-over-quarter increase in revenue to $373 million. Management credited this to a big boost in the average realised price PLS received, along with higher sales volumes.
The PLS share price also looks to be catching tailwinds with the company reporting that sales volumes were up 8% from Q1 FY 2026 to 232,000 tonnes of spodumene concentrate (a lithium bearing ore).
And the average realised sales price the ASX 200 lithium miner received for its spodumene leapt to US$1,161 per tonne (SC5.2 basis, CIF China). That's up 57% from the prior quarter.
Costs were up too, however. PLS reported an 8% quarter-on-quarter increase in unit operating cost (FOB) to $585 per tonne. The miner said this was driven by lower production volumes and spodumene inventory drawdown, as sales volumes exceeded production.
Pleasingly, the miner's cash operating margin from operations surged from $8 million in Q1 to $166 million in the December quarter. Margins were supported by improved pricing and ongoing cost optimisation.
As at 31 December, PLS had $954 million in cash, up 12% from the prior quarter.
What else is happening with the ASX 200 lithium stock?
Looking at what might impact the PLS share price in the months ahead, the miner said that the Ngungaju processing plant restart is under review, with early works completed "amid strong inbound interest". Management placed Ngungaju into temporary care and maintenance in December 2024 amid plunging lithium prices.
The miner said it is evaluating the potential for a 200,000 tonne per year restart. The crusher upgrade has been completed and operational readiness assessed. The PLS Board expects to consider a decision in the March quarter.
Should the restart get the green light, it will take approximately four months to resume production if approved.
The PLS share price could gain longer-term support, with the P2000 feasibility study also ongoing. That study is looking into the potential expansion of Pilgangoora production capacity to two million tonnes per year. Investors can expect an update on the study results in the March quarter.
And drilling and study optimisation are continuing at the miner's Colina lithium project, located in Brazil.
