【SMM New Energy】PLS Signs Spodumene Offtake Deal with Canmax, Sets USD1000/t Floor Price and Secures USD100M Prepayment

Published: Feb 10, 2026 10:31

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PLS announced that it has entered into a 2-year spodumene concentrate offtake agreement with Canmax Technologies, covering annual supply of 150kt, with an option to extend the agreement for an extra 12 months.

The agreement sets a floor price of USD1,000/t on an SC6 basis, with no upside price cap, providing downside protection while retaining full exposure to price increases. Meanwhile, Canmax will provide a USD100 million unsecured, interest-free prepayment, which will be offset against future spodumene deliveries.

Supply is scheduled to commence in 2026, subject to receipt of the prepayment, with material sourced from PLS’ Pilgangoora operation. The agreement is expected to enhance PLS’ near-term liquidity while maintaining production and sales flexibility through optional volumes.

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