Shares of Pilbara Minerals (ASX:PLS) saw an increase of up to 4.8%, reaching A$4.19 and marking their largest intraday gain since March 1st.

The stock achieved its highest level in a week.

The substantial rise is due to the lithium miner signing an agreement with Sichuan Yahua Industrial Group for the supply of spodumene concentrate from its Pilgangoora operation located in Western Australia.

The agreement further establishes a supply at market price for a period of three years.

Pilbara Minerals' stock had been up by 1.3% year-to-date as of the prior close.

Pilbara Minerals is a major lithium miner with operations centered in Western Australia.