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- Pilbara Minerals
Pilbara Minerals Revenue, Valuation, Funding & Investors
Pilbara Minerals is valued at $727M as of September 2019, a 24.2x multiple on its last reported $30M revenue.
Last Pilbara Minerals valuation
$727M
Strategic investment · Sep 2019
Last Pilbara Minerals funding round
$62M
Strategic investment · Sep 2019
Pilbara Minerals revenue
$30M
Strategic investment · Sep 2019
Key investors in Pilbara Minerals
About Pilbara Minerals
Pilbara Minerals is a Perth-headquartered producer of lithium and tantalum from its 100 percent-owned Pilgangoora project, located 120 kilometers from Port Hedland in Western Australia's Pilbara region. Recognized as one of the world's largest hard-rock lithium mines, Pilgangoora yields spodumene concentrate and tantalite byproducts, supplying battery manufacturers globally. The operation ramped up production in 2018, exporting via Port Hedland to markets in China and Europe amid rising electric vehicle demand.
Founded
2005
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$30M (Sep 2019)
Valuation
$727M (Sep 2019)
Sectors
Pilbara Minerals Valuation
Pilbara Minerals is currently valued at $727M, based on its strategic investment round in September 2019.
The $62M round was led by CATL.
Pilbara Minerals valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2019 | Strategic investment | $727M | 24.2x |
Pilbara Minerals Revenue
Pilbara Minerals' latest recorded revenue is $30M, as of its strategic investment round in September 2019. At a $727M valuation, that implies a 24.2x revenue multiple.
Pilbara Minerals revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2019 | $30M | $727M | 24.2x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Pilbara Minerals Funding History
Pilbara Minerals has raised a total of $62M across 1 funding round.
Pilbara Minerals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2019 | Strategic investment | CATL (lead) | $62M | $727M | Pilbara Minerals, an Australian lithium mining company, developed the Pilgangoora Lithium-Tantalum Project in Western Australia, one of the world's largest spodumene deposits, with stage one commissioned in 2018 and plans to expand to 5 million tonnes per annum processing capacity. In early September 2019, it raised A$91.5 million in equity, including a A$55 million strategic placement to Contemporary Amperex Technology (CATL), the leading Chinese battery manufacturer, for an 8.5% stake at A$0.30 per share, equating to a company valuation of A$646 million. The institutional placement portion was A$36.5 million, with potential additional funds from a share purchase plan up to A$111.5 million total. The funds were allocated to strengthen Pilbara's balance sheet, provide working capital during the ramp-up of Pilgangoora to nameplate capacity, and support its 21% equity in the proposed POSCO Downstream joint venture for lithium hydroxide processing in South Korea. CATL's investment, at a 14% discount to recent trading prices, validated the project's quality amid weak lithium market conditions, and included rights for CATL to nominate a board member. Pilbara had recently halted a sale process for a Pilgangoora stake due to inadequate offers and cut sales guidance for Q3 2019. At the time, Pilbara's share price had declined significantly from early 2019 highs, trading around A$0.32-A$0.35 post-announcement, with market cap around A$602 million. The company faced funding pressures with cash dropping to A$63 million by June 2019 end, low lithium prices, and reduced volumes, but the raise provided runway through the downturn. CATL, with substantial market cap and cash reserves, became a key strategic investor in the lithium-ion supply chain. |
Who has invested in Pilbara Minerals?
1 investor has backed Pilbara Minerals across its funding rounds, including CATL.
Lead investors include CATL.
Pilbara Minerals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Pilbara Minerals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Pilbara Minerals
Pilbara Minerals has acquired 1 company to date.
Last acquisition by Pilbara Minerals was on August 15th 2024. Pilbara Minerals acquired Latin Resources for $349M.
Latest Acquisitions by Pilbara Minerals
| Description | Latin Resources is an Australian mineral exploration company developing projects in battery metals and critical minerals for net-zero transitions. Perth-headquartered, it holds the Salinas Lithium Project in Brazil with 85,000 hectares and the Cloud Nine Graphite Project in Mozambique. The firm advances drilling programs and feasibility studies, targeting spodumene and flake graphite deposits for EV battery supply chains. |
| HQ Country | |
| HQ City | Perth |
| Deal Date | 15 Aug 2024 |
| Valuation | $349M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Pilbara Minerals acquisitions and their M&A valuation multiples. Start Free Trial | |
Pilbara Minerals Competitors
Pilbara Minerals competitors include listed companies like Pantoro Gold, Arafura Rare Earths, IMC Rare Earths and Brazilian Rare Earths, and private ones like Pioneer Aluminium Industries and McEwen Copper.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $254M | $124M | $724M | 1.8x | ||
| Publicly listed | $20K | ($41M) | $734M | 14002.0x | ||
| Publicly listed | - | ($3M) | $713M | - | ||
| Publicly listed | $3M | ($33M) | $705M | 738.0x | ||
| Private | - | - | $939M | - | ||
| Private | - | - | $947M | - |
Pilbara Minerals Public Comps
Pilbara Minerals is still privately-owned, but its public comps include Pantoro Gold, Arafura Rare Earths, IMC Rare Earths, Brazilian Rare Earths, IperionX, Sonasid, Viscaria, United States Antimony, St Barbara and Metals Exploration.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $254M | $124M | 2.5x | 1.8x | 5.2x | 3.4x | |||
| $20K | ($41M) | 10933.1x | 14002.0x | (5.4x) | (6.9x) | |||
| - | ($3M) | - | - | (240.0x) | - | |||
| $3M | ($33M) | 210.3x | 738.0x | (18.7x) | (18.5x) | |||
| - | ($35M) | - | 72.3x | (18.1x) | (13.5x) | |||
| $687M | $60M | 1.0x | 1.0x | 11.9x | 10.8x | |||
| - | ($6M) | - | - | (103.5x) | (65.3x) | |||
| $39M | ($4M) | 16.4x | 11.2x | (161.7x) | (229.9x) | |||
This data is available for Pro users. Sign up to see all Pilbara Minerals competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pilbara Minerals
| When was Pilbara Minerals founded? | Pilbara Minerals was founded in 2005. |
| Where is Pilbara Minerals headquartered? | Pilbara Minerals is headquartered in Perth, Australia. |
| Is Pilbara Minerals publicly listed? | No, Pilbara Minerals is a private, VC-backed company. |
| What is Pilbara Minerals' valuation? | Pilbara Minerals was last valued at $727M in its strategic investment round in September 2019. |
| How much funding has Pilbara Minerals raised? | Pilbara Minerals has raised $62M across 1 funding round. |
| What was Pilbara Minerals' last funding round? | Pilbara Minerals' last funding round was a $62M strategic investment round in September 2019, led by CATL. |
| Who are Pilbara Minerals' investors? | Pilbara Minerals' investors include CATL. |
| What is Pilbara Minerals' revenue? | Pilbara Minerals' latest recorded revenue is $30M (September 2019). |
| What is Pilbara Minerals' revenue multiple? | Pilbara Minerals' latest valuation implies a 24.2x revenue multiple ($727M valuation on $30M of revenue). |
| Which companies are comparable to Pilbara Minerals? | Companies comparable to Pilbara Minerals include Pantoro Gold, Arafura Rare Earths, IMC Rare Earths, Brazilian Rare Earths, Pioneer Aluminium Industries and McEwen Copper. |
| How many companies has Pilbara Minerals acquired? | Pilbara Minerals has acquired 1 company, including Latin Resources. |
| What was the largest acquisition by Pilbara Minerals? | The $349M acquisition of Latin Resources in August 2024 is the largest acquisition Pilbara Minerals has made to date. |
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