A corporate presentation out of emerging lithium and tantalum producer Pilbara Minerals Ltd (ASX: PLS) has seen its share price drop 2% to 88c per share today, despite the company revealing a 36% increase in lithium resources at its Pilgangoora Project in Western Australia.
Updates on the resource estimate underpins the company's Stage 2 development of the project with Pilbara CEO Ken Brinsden saying the company is poised to "take full advantage of burgeoning demand for lithium raw materials – which keeps surprising to the upside".
Pilbara recently reached a landmark agreement with South Korea's POSCO for spodumene concentrate from Pilgangoora, with a presentation earlier this month naming the project as "the world's leading lithium development".
With a $1.57 billion market cap, Pilbara has plenty of room for expansion and its shares have sunk lower alongside lithium peers this week.
Elsewhere in the sector Orocobre Limited (ASX: ORE) shares were down 4.5% to $5.65 at the time of writing while Galaxy Resources Limited (ASX: GXY) was down 2.1% to $3.34.
