Liontown (LTR) H2 2024 earnings summary

Executive summary

• Completed major construction and commissioning of the Kathleen Valley Lithium Project, enabling first production on 31 July 2024.

• Achieved 3,500 metres of underground development and commissioned a 95MW hybrid power station.

• Secured key contracts for mining, construction, and operations, and executed a pre-feasibility downstream agreement with Sumitomo Corporation.

• Raised $389.6 million in equity and announced post-balance date strategic funding with LG Energy Solution.

Financial highlights

• Total assets increased from $655.1 million to $1,384.9 million year-over-year, mainly due to project construction.

• Interest-bearing loans and borrowings rose by $202.5 million, primarily from a $300 million debt facility with Ford.

• Reported statutory net loss after tax of A$64.9 million for FY24, including exceptional items.

• Underlying net loss after tax, excluding exceptional items, was A$39.6 million.

Outlook and guidance

• First production from Kathleen Valley Lithium Project commenced post year-end, setting the foundation for future growth.

• Strategic funding with LG Energy Solution positions the company for long-term development.