PLS Group (ASX:PLS) signed a two-year binding offtake agreement with battery materials manufacturer Canmax Technologies for the supply of 150,000 tonnes of spodumene concentrate per year, according to a Tuesday filing with the Australian bourse.

The supply will start this year, subject to the receipt of a $100 million advanced payment, the filing said.

The company has an option to extend the deal for a further 12 months, per the filing.

Shares rose past 4% in morning trade Tuesday.