• Two-year binding offtake agreement for 150kt per annum of spodumene concentrate
• Floor price of US$1,000/t (SC6 basis) with full upside leverage
• US$100M unsecured interest-free prepayment to enhance near-term liquidity

Pilbara Minerals Ltd (PLS) has executed a binding two-year offtake agreement with Canmax Technologies Co. Ltd (Canmax) for the supply of 150 thousand tonnes (kt) per annum of spodumene concentrate, with an option for PLS to supply additional volumes per annum. The agreement also includes an option for PLS to extend the contract for an additional 12 months. The agreement provides a floor price of US$1,000/t (SC6 basis) without any upside price limitation, offering downside protection while preserving full upside leverage. Canmax will also provide a US$100M unsecured interest-free prepayment to PLS, which will be repaid through an offset against spodumene concentrate sold under the offtake agreement. This agreement enhances PLS' near-term liquidity and demonstrates Canmax's conviction in the partnership and the long-term lithium market fundamentals. The pricing methodology is aligned with the prevailing market price of spodumene concentrate, and PLS has the flexibility to supply offtake commitments from its Pilgangoora Operation, including either the Pilgan Plant or Ngungaju Plant or a combination of both.