Shares of Pilbara Minerals Ltd (ASX:PLS) surged 10.37% in intraday trading on Wednesday, following a highly positive update on the company's mineral resources at its flagship Pilgangoora lithium-tantalum project in Western Australia.

The lithium producer announced a substantial increase in its mineral resource estimates, with total tonnage growing by 10% and contained lithium oxide jumping by an impressive 23% compared to the previous estimate from June 30, 2024. This significant upgrade has evidently boosted investor confidence in the company's growth prospects.

According to the report filed with the Australian Securities Exchange, Pilbara Minerals' 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. This translates to 5.7 million tonnes of contained lithium oxide and 120 million pounds of tantalum pentoxide. The company attributed this growth to successful drilling programs conducted during fiscal years 2024 and 2025, underscoring its commitment to expanding its resource base in a booming lithium market.