Lithium Royalty (LIRC) Q2 2025 earnings summary

Executive summary

• Repurchased C$4 million in shares, retiring ~9% of free float during the quarter.

• Lower shipments and a 36% year-over-year drop in spodumene prices led to a 92% decline in royalty revenue compared to Q2 2024.

• Key portfolio projects advanced, with Ganfeng's Mariana and Zijin's Tres Quebradas expecting first production and revenue in 2H25.

• Atlas Lithium and Core Lithium released studies supporting strong project economics and reduced costs.

• Ended the quarter with $28 million in cash and no debt, maintaining a strong pipeline of opportunities.

Financial highlights

• Royalty revenue was $127,000, down 92% year-over-year from $1.55 million due to project suspensions and shipment delays.

• Gross profit fell 92% to $102,000 from $1.34 million year-over-year.

• Net loss of $2.3 million versus net income of $317,000 in Q2 2024.

• Adjusted EBITDA was negative $1.55 million, compared to positive $138,000 in Q2 2024.

• Cash balance of $28 million at quarter-end, with no debt.

Outlook and guidance

• Inaugural royalty revenue from Mariana and Tres Quebradas projects expected in 2H25.

• Core Lithium's Finniss project restart and Atlas Lithium's $40 million pre-payment funding anticipated in 2H25.

• Power Metals' Case Lake cesium project to begin production in 2H26.

• Lithium prices have rebounded 52% since late June, supporting improved market conditions.