Ann: Pilbara Minerals Signs Offtake Agreement with Yahua, page-6

Well, well, well.... this announcement has put paid to Morgan Stanley's flimsy theory that PLS's uncontracted tonnes remains an issue for them!!
Just a few days ago MS put out the following tripe:

"PLS's pursuit of its downstream strategy poses risks, we think the focus should be on long-term offtakes: As PLS pushes on with its strategy to enter conversion via a JV partnership, we see the better strategy being increasing contracted tonnes (~63% uncontracted of total CY25e volumes (Exhibit 1) as opposed to committing capital to the downstream. In our opinion, uncontracted tonnes create pricing and ramp-up risks for the company. For us to be positive on PLS's downstream strategy, (1) location (ex-China), (2) capital intensity, and (3) JV partner quality need to align, which can be a hard mix to achieve."
Morgan Stanley Research. "Spot Sales and Valuation risks remain. Stay UW." March 8, 2024

Based on the announcement from PLS today, MS' assessment hasn't aged well.