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Liontown Resources (LTR) investor relations material
Liontown Resources H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Sep, 2025
Executive summary
FY2025 marked the first full year of production at Kathleen Valley, with successful construction, commissioning, and transition to operations, producing 294,521 dmt concentrate and selling 283,443 dmt.
Nearly A$298 million in revenue and A$55 million underlying EBITDA were generated despite challenging lithium market conditions and ramp-up impacts.
Balance sheet was strengthened post-year-end with a A$372 million equity raise, increasing cash from A$156 million at year-end to A$528 million pro forma.
Sustainability achievements included 81% renewable power penetration and recognition for excellence in decarbonized mining, with expanded partnerships with Traditional Owners.
Financial highlights
Revenue for FY2025 was A$298 million, with an average realized price of $673 USD per DMT and underlying EBITDA of A$55 million (18% margin).
Statutory net loss after tax was A$193 million, mainly due to A$81 million non-cash inventory write-down and A$159 million depreciation.
Operating cash flow was break-even in the foundation year; cash balance at year-end was A$156 million, rising to A$528 million pro forma after the capital raise.
CapEx totaled A$331 million, focused on Kathleen Valley plant completion and underground development.
H2 FY25 unit operating cost was A$802 per dmt sold (FOB).
Outlook and guidance
FY2026 is a transition year: open pit mining ends in December, shifting to 100% underground operations, with production guidance of 365–450 kdmt concentrate.
FY26 unit operating costs are guided at A$1,060–1,295/dmt sold and capital expenditure at A$100–125 million.
Targeting 70% lithium recovery by Q3 FY26 as underground feed increases; FY27 run rate expected at 2.8 million tons per annum.
CapEx for FY26 and FY27 to remain elevated before declining; sustaining CapEx expected at $50–$70 million from FY28.
FY27+ expected to deliver lower costs and higher production as underground operations reach steady state.
What is the long-term underground CapEx run rate?
What is the target lithia recovery post-transition?
Assess the threat of sodium-ion batteries to mobility
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Next Liontown Resources earnings date
Q1 202629 Oct, 2025
Next Liontown Resources earnings date
Q1 202629 Oct, 2025
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Frequently asked questions
Liontown Resources Limited is an Australian company engaged in the discovery, development, and supply of battery minerals, primarily serving the electric vehicle and energy storage industries. It controls two significant lithium deposits in Western Australia and has plans for expansion through exploration, partnerships, and acquisitions. Notably, its projects include the Kathleen Valley and Buldania projects, which are significant for their lithium resources, with Kathleen Valley also producing tantalum pentoxide, a material used in electronics and optics manufacturing. The company's ambition extends to becoming a globally significant provider of battery minerals amidst the growing demand in the clean energy market. It is headquartered in West Perth, Western Australia, and its shares are listed on the ASX.
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