The Pilbara Minerals Ltd (ASX: PLS) share price is outperforming its ASX lithium peers today.
Pilbara shares are surging 7.1% and are currently trading at $5.47 each. Earlier in the day, they hit a new all-time high of $5.61 before partially retreating.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is edging 0.06% higher at the time of writing.
Let's take a look at what is going on with the Pilbara Minerals share price.
Image source: Getty Images
Storming ahead
Pilbara is not the only ASX lithium share in the green today, however, it is soaring higher than its peers. For example, the Sayona Mining Ltd (ASX: SYA) share price is 5.1% in the green today, while Allkem Ltd (ASX: AKE) shares are up 3.1%. Core Lithium Ltd (ASX: CXO) shares are climbing 1.1%.
Pilbara advised today Brian Lynn has decided to step down as chief financial officer of the company to spend more time with family. CEO Dale Henderson highlighted Pilbara is "well placed for the future". He said:
We are incredibly well placed for the future, and this is in no small part due to Brian's hard work and very significant contribution. We thank him for this and wish him well for the future
Lynn, who will remain in the role until a suitable replacement is found, added:
Pilbara Minerals has been at the vanguard of a new industry, and it has been incredible to be part of the Company's journey from the 'Tin Shed' in North Fremantle to the ASX-100 company we are today, with a clear growth path into the future.
Earlier this week, the Federal Industry Department predicted lithium exports will soar 180% in the 2023 financial year to $13.8 billion.
Analysts at Macquarie have recently placed an outperform rating on the Pilbara Minerals share price. Analysts were impressed with the company's latest battery material exchange (BMX) auction. At this auction, Pilbara accepted a bid of US$6,988 per dry metric tonne for Pilbara's 5.5% lithia.
Pilbara produces lithium from the Pilgangoora Project, based in the Pilbara region of Western Australia.
Meanwhile, Wilsons analysts forecast demand for lithium will increase six to eight fold by the end of this decade. Wilsons said:
We don't believe lithium supply can keep up with this level of demand growth. Lead times for lithium mines (from discovery to production) can take 5+ years, so there is no quick fix.
Pilbara Minerals share price snapshot
The Pilbara share price has risen 194% in the past year, while it has gained 72% this year to date.
Pilbara has a market capitalisation of more than $16.6 billion based on the current share price.
