Lithium is no longer just an electric vehicle (EV) story – the metal is emerging as a cornerstone of a much wider technological transformation, says Pilbara Minerals MD and CEO Dale Henderson.

Speaking at the Diggers and Dealers conference in Kalgoorlie on Tuesday, Henderson said the lithium industry was entering a new wave of demand, driven not only by EVs and battery storage, but also by the rapid growth of artificial intelligence (AI), humanoid robotics and next-generation mobility.

“We are entering potentially another wave of lithium demand, and it is coming fast – albeit in its infancy,” Henderson said.

While the lithium market remains volatile and pricing remains below sustainable levels for much of the supply base, Henderson said Pilbara Minerals had used the downturn to strengthen its foundations – expanding processing capacity, preserving capital and positioning itself for long-term growth.

“Electrification is not slowing – if anything, it is broadening,” he said. “Think AI and robotics, grid-scale storage, vertical mobility. These are not distant possibilities, they are arriving now.”

Despite current market headwinds and subdued lithium pricing, Henderson said Pilbara Minerals had used the downturn to strengthen its business. The company has completed a major brownfield expansion at its Pilgangoora operation, added lithium hydroxide exposure through its South Korean joint venture with Posco, and established an international growth platform with the acquisition of the Colina project in Brazil.

“This winter is different for PLS,” he said. “We have used this part of the cycle to fortify our foundations, expand our operating platform, and position PLS for what comes next.”

Pilgangoora, already one of the world’s largest hard rock lithium operations, has undergone significant transformation in recent years. The commissioning of the P1000 project has lifted nameplate production capacity, while ore sorting and advanced processing technologies are improving recoveries and reducing costs.

“Scale matters, but independence matters more,” Henderson added. “It gives us flexibility, agility and control – a competitive advantage you can’t match.”

He said the company had also preserved its “fortress” balance sheet, closing the 2025 financial year with A$1-billion in cash, and was now well positioned to respond when the market turns.

“The demand is real and the long game is only just beginning,” said Henderson. “We have advanced through the storm – and now we are not just ready to rise with the cycle, but to help shape its future.”