The Liontown Ltd (ASX: LTR) share price is in focus after the lithium miner reported a 70% jump in production to 192,514 dmt and more than doubled half-year revenue to $207.5 million.
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What did Liontown report?
- Production: 192,514 dmt at 5.0% Li₂O (up 70% year-on-year); sales 189,596 dmt (up 106%)
- Revenue: $207.5 million, up 107% from H1 FY2025
- Underlying EBITDA: $(7.7) million, reflecting ramp-up costs
- Statutory loss after tax: $(184.0) million, driven by a one-off $(104.4) million non-cash charge
- Unit operating cost: A$985/dmt (FOB); all-in sustaining cost A$1,179/dmt (FOB)
- Cash balance: $390.5 million at 31 December 2025
What else do investors need to know?
The transition to 100% underground mining at Kathleen Valley has been completed, with operational targets achieved on schedule. Liontown reached a run-rate of 1 million tonnes per annum and is targeting 1.5 Mtpa by the end of March 2026.
Liontown's balance sheet has been reshaped following the conversion of convertible notes held by LG Energy Solution to equity, reducing pro forma gearing (excluding leases) from 48% to 22%. The company also amended its loan facility with Ford, deferring repayments by 12 months to September 2026.
A 4 million tonne per annum expansion study is underway, aiming to leverage existing infrastructure and capitalise on favourable market trends.
What did Liontown management say?
Liontown's Managing Director and CEO, Tony Ottaviano, said:
Kathleen Valley is now a 100% underground operation. We have delivered a one million tonne per annum underground run-rate on schedule, sold 190,000 tonnes of concentrate across ten shipments, and more than doubled revenue period to period. The underground ramp-up is on track and we expect the second half to be materially stronger as volumes, recoveries, and pricing all continue to improve.
What's next for Liontown?
The company is expecting a stronger second half in FY2026 as higher volumes, improving recoveries, and rising lithium prices flow through. Guidance for unit costs and production remains unchanged.
Liontown is actively progressing the 4 Mtpa brownfield expansion study, aiming to position itself as one of the very few producers able to bring additional tonnes to the lithium market quickly. The refreshed balance sheet and deferred debt repayments provide a foundation for both ongoing ramp-up and future growth.
Liontown share price snapshot
Over the past 12 months, Liontown shares have risen 167%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 12% over the same period.
