Liontown (LTR) H2 2026 earnings summary

Executive summary

• Achieved maiden NPAT of $93 million and strong operating cash flow of $182 million, underpinned by higher production, price recovery in H2, and disciplined cost management.

• Transitioned Kathleen Valley to 100% underground mining, completing open pit operations as planned and ramping up development to support a 2.8 Mtpa run-rate by end of FY27.

• Strategic decisions during weak market conditions preserved cash and optionality, enabling reinvestment as prices rebounded.

• Capital efficient expansion underway, with early works and reinvestment supporting incremental production growth.

• Focus remains on safe, stable operations, ramping up to 2.8 Mtpa, and disciplined expansion.

Financial highlights

• Revenue reached a record $639 million, up 115% year-over-year, driven by a 35% increase in tonnes shipped and a 75% rise in realized price.

• Underlying EBITDA was $147 million, up from $20 million in the prior year; underlying NPAT was $14 million.

• Operating cash flow totaled $182 million, with cash balance closing at $561 million, providing a strong platform for expansion.

• NPAT improved to $93 million from a $193 million loss in FY25, aided by a $113 million deferred tax asset recognition.

• Unit operating cost increased 23% year-over-year to $984/t, reflecting the transition to underground mining.

Outlook and guidance

• FY27 production guidance: 390,000–440,000 tonnes of concentrate at 5.1% grade, with cost guidance of $1,050–1,250/tonne sold.

• Ramp-up to 2.8 Mtpa by end of FY27 remains on track, with further production increases expected in FY28.

• Total CapEx for FY27 is $320–370 million, excluding expansion capital, with sustaining capital of $90–110 million.

• Expansion FID targeted for end of Q1 FY27, with early works already commenced.

• Deferred shipments in Q1 FY27 due to port maintenance are expected to be made up during the year.