Liontown (LTR) Q3 2026 TU earnings summary

Executive summary

• Achieved strongest financial quarter since production commenced, with record revenue, $33 million positive net cash flow, and operating cash flow fully funding the business for the first time.

• Underground ramp-up ahead of schedule, reaching 1.5 Mtpa run-rate early in the quarter, supporting operational momentum.

• Closed quarter with $424 million cash and 26,270 dmt saleable inventory, despite shipment delays from Cyclone Narelle.

• Market conditions remain robust, with an 87% quarter-over-quarter increase in average realised price to US$1,845/dmt (SC6e CIF).

• Early works and long-lead procurement for Kathleen Valley expansion underway, with up to $77 million total cash expenditure ahead of FID.

Financial highlights

• Revenue for Q3 FY2026 was $197 million, up 51% from Q2, driven by higher realised prices.

• Operating cash flow for Q3 was $55 million, with net cash flow of $33 million.

• Average realised price was US$1,845/dmt, up 87% quarter-on-quarter.

• Unit operating costs rose 8% to A$981/dmt sold; AISC increased 18% to A$1,251/dmt sold.

• Ended quarter with $424 million cash and net cash position of $61 million after $482 million in debt and derivatives removed.

Outlook and guidance

• FY2026 guidance maintained for production (365,000–450,000 tons), unit operating costs, and all-in sustaining costs.

• Feed mix transitioning to predominantly underground ore, supporting sustained ~70% recovery.

• FY2027 costs under review, considering geopolitical and fuel-related headwinds and brownfield expansion impacts.

• Expansion to 2.8 million ton run rate by end FY2027; further growth to 4 million tons under study.

• Expansion study underway, with FID targeted for end of Q1 FY2027.