Liontown (LTR) Q1 2027 earnings summary

Executive summary

• Underground ramp-up advanced with record 4,021 m development, supporting a 2.8 Mtpa mine run-rate target by FY27-end; quarter-end cash was A$502.1m and underlying operating cash flow A$69m.

• A$389m Kathleen Valley expansion was approved, alongside a staged Centenario lithium-brine farm-in with NEXT Lithium.

Financial highlights

• Revenue was A$199m from 82,561 dmt of sales; average realised price was US$1,966/dmt SC6e and A$2,400/dmt sold.

• Cash receipts were A$193.1m; statutory operating cash flow was A$46.6m versus A$69m underlying after a one-off A$21.6m settlement payment.

• Net cash outflow was A$58.2m, including A$81.7m investing outflows and A$23.2m financing outflows; closing cash was A$502.1m.

• Total operating costs were A$104m; FOB unit operating cost was A$1,259/dmt sold, up from A$995/dmt in Q4 FY26 as sales volumes and recovery declined.

Outlook and guidance

• FY27 guidance: concentrate production 390–440 kdmt at 5.1% grade, FOB unit operating costs A$1,050–1,250/dmt sold and total capex A$435–495m.

• Underground mining is expected to reach 450–500 kt in Q2 FY27 (~1.9 Mtpa), progressing to a 2.8 Mtpa run rate by FY-end; unit costs are expected to decline as output rises.

• Kathleen’s Corner first ore is targeted for Q1 FY28, with expansion completion by end-Q2 FY29.

• Expansion targets five-year average concentrate production of ~780 kdmtpa from FY30 and average unit operating costs of A$840–920/dmt.