PLS lithium offtake reinforces structural support in spodumene market

Australian lithium miner PLS has executed a two-year binding offtake agreement with Canmax, a Chinese battery materials producer, for up to 150ktpa of spodumene concentrate (SC) starting in mid-2026. The deal includes a floor price of US$1,000/t and is subject to a US$100m unsecured, interest-free prepayment. There is an option to extend the offtake a further 12 months. The price floor is comfortably above the costs of PLS’ Ngungaju plant. It is also consistent with Benchmark’s view that hard-rock feedstock will be supported above US$1,000/t through 2026.