10 February 2026
PLS is pleased to announce a new offtake agreement with Canmax Technologies (Canmax), a leading global manufacturer of lithium-ion battery materials, for spodumene concentrate from our Pilgangoora Operation in the Pilbara region of Western Australia.
Under the agreement, PLS will supply up to 150,000 tonnes per annum of spodumene concentrate over an initial two-year term, with an option for PLS to supply additional volumes each year. The agreement can also be extended for one more year.
There is a minimum price of US$1,000/t (on a 6% spodumene concentrate grade basis) for all material supplied under the agreement. There is no maximum price limit therefore the agreement protects PLS against negative market volatility while preserving full exposure to price increases.
The offtake agreement is subject to receipt of a US$100 million interest-free prepayment to PLS, which will be repaid as spodumene concentrate is sold under the agreement.
PLS Managing Director and CEO, Dale Henderson, said the agreement highlights the quality of Pilgangoora’s product and PLS’ position as a reliable supplier.
“This agreement builds on our established relationship with Canmax and reflects both the quality and consistency of Pilgangoora’s spodumene and PLS’ proven capability as a reliable, large-scale operator.
“The US$100M interest-free prepayment and floor price structure demonstrate strong commercial confidence in our product and performance, while preserving full exposure to price upside.
“The agreement strengthens our near-term liquidity and preserves operational flexibility through optional volumes, supporting disciplined production and sales decisions as lithium market fundamentals continue to improve.
“Deepening our partnership with Canmax further diversifies our customer base and reinforces PLS’ position as a leading, reliable supplier at scale to the lithium materials market.”
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