reason for drop, page-5

From Announcement 4th July:

"As part of the binding off-take agreement, the off-taker has executed a binding Equity Subscription Agreement under which it has agreed to invest approximately A$17.75 million directly into Pilbara Minerals to acquire an initial 3% stake in the Company. This subscription, of 35.5million fully-paid Pilbara shares at an issue price of 50 cents per share, will be undertaken within Pilbara’s existing placement capacity. The shares to be issued under the Subscription Agreement will be subject to escrow for a period of 12 months from the date of issue."