Pilbara Minerals Ltd (ASX:PLS) saw its stock price soar by 10.37% in intraday trading on Wednesday, following the announcement of a substantial mineral resource update at its Pilgangoora lithium-tantalum project in Western Australia. The update revealed impressive growth in both resource tonnage and contained lithium oxide, significantly boosting the company's lithium assets.

According to the report filed with the Australian Securities Exchange, Pilbara Minerals' total mineral resource tonnage increased by 10% compared to the June 30, 2024 estimate. More importantly, the company reported a striking 23% increase in contained lithium oxide. The updated mineral resource now stands at 446 million tonnes, grading 1.3% lithium oxide, 122 parts per million (ppm) tantalum pentoxide, and 0.6% iron oxide.

The substantial upgrade in mineral resources is attributed to successful drilling programs conducted by the company in fiscal years 2024 and 2025. This positive development has likely fueled investor optimism, driving the significant uptick in Pilbara Minerals' stock price. As the global demand for lithium continues to grow, driven by the electric vehicle and energy storage sectors, such resource expansions position Pilbara Minerals favorably in the competitive lithium market.