The Pilbara Minerals (ASX:PLS) Board has decided to increase the nameplate production capacity of the Pilgangoora project by 47% from 680,000 tpa to 1,000,000 tpa.

The P1000 Project includes an expanded concentrator with increased throughput at the Pilgan Plant along with a range of supporting site infrastructure.

P1000 is targeting first ore in the March quarter of 2025 and full production following commissioning and ramp-up at the end of the September quarter 2025.

Pilbara Minerals says the project has an estimated capital cost of $560M and is expected to be funded from a combination of its strong balance sheet and ongoing cashflow from existing operations.