PLS Bull Cheers Progress on Expansion Project -- Market Talk

Dow Jones
04/28

0426 GMT - PLS Group's plan to expand the P2000 project appear to be speeding up, says Macquarie. The bank highlights progress on the project as a key positive in the miner's recent quarterly result. PLS says it expects to update the market on its plans in 4Q 2026. "We see early signs of acceleration, with PLS flagging potential pre-FID [final investment decision] spend in FY27," Macquarie says. Macquarie's base case now includes A$120 million of pre-FID capex in FY27 and total capex of A$1.32 billion, roughly 10% higher than the miner's 2024 study. It reiterates an outperform rating on PLS and raises its target by 13%, to A$6.20/share, to reflect the inclusion of a P2000 project. Shares are up 3.2% at A$6.12. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

 

(END) Dow Jones Newswires

April 28, 2026 00:26 ET (04:26 GMT)

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