Sydney, Feb 26, 2026, 17:04 AEDT — Market closed.
- PLS Group finished the day up 8.25% at A$5.25, just a tick below its 52-week high after touching A$5.26 during the session.
- China lithium carbonate futures rose after Zimbabwe abruptly banned exports of raw minerals and lithium concentrates.
- Friday’s focus lands on lithium prices—traders are eyeing any follow-through. There’s also the question of if Harare backs off or clears up the ban.
PLS Group Limited PLS.AX finished Thursday’s session up 8.25% at A$5.25, just a cent below its intraday high of A$5.26 and wrapping up the day close to its 52-week peak. Volume spiked, with roughly 50.23 million shares traded—nearly twice the company’s three-month average, according to data.
Lithium prices snapped higher following Zimbabwe’s abrupt halt to exports of raw minerals and lithium concentrates—restrictions applying even to material already en route. China’s top-traded lithium carbonate contract jumped 6.07% to 178,020 yuan per metric ton on the Guangzhou Futures Exchange, according to Reuters, after spiking more than 9% at one point during the session.
That’s key for PLS, which relies on spodumene concentrate sales—lithium-rich ore whose prices are tightly linked to trends in the lithium market. Last week’s half-year report showed underlying EBITDA up 241% to A$253 million, margins climbing to 41% thanks to stronger pricing and cost gains.
PLS is gearing up for stronger demand. On Feb. 19, the company gave the green light to restart its Ngungaju processing plant, which will bring in an extra 200,000 tonnes per year (ktpa) of capacity. Production is now slated for a July 2026 relaunch. PLS left its FY26 cost and capex guidance unchanged. “The restart of the Ngungaju plant demonstrates the disciplined through-the-cycle strategy we have executed,” Chief Executive Dale Henderson said. Company Announcements
This move has gained steam in a hurry. After finishing at A$4.72 on Feb. 24, then A$4.85 the next day, the share price now sits about 19% higher than its close a week ago, price history data show.
Back in February, PLS inked a multi-year offtake agreement with China’s Canmax, locking in a floor price of US$1,000 per tonne for SC6 spodumene—a standard 6% lithium oxide product—plus secured a US$100 million interest-free prepayment. These offtake contracts, which run for years at a time, can help smooth out cash flow during rough patches in the spot market.
There’s been movement in positioning as well. Morgan Stanley and its subsidiaries dropped below the substantial holder threshold as of Feb. 20, according to a Form 605 notice. The filing doesn’t comment on the reasoning, but it does put a spotlight on shifts among major holders.
Still, there are clear hurdles. Zimbabwe’s ban rests on a policy choice—it could easily be rolled back, postponed, or simply redefined. Lithium prices, too, have a track record of slipping after initial buying surges cool. For PLS, restarting the plant opens the door to execution setbacks and cost headaches, especially if labour or input supplies tighten up once more.
On Friday, Feb. 27, eyes are on China lithium futures to see if Thursday’s sharp jump can stick. Zimbabwe’s stance on the duration of its export freeze is also in focus. For PLS, there’s no change on its main timeline: July 2026 is still the target for restarting Ngungaju.
