Highlights

  • Kathleen Valley produced 77,982 dry metric tonnes of spodumene concentrate in the September quarter.
  • The operation sold 82,561 dry metric tonnes across five parcels at an average grade of 5.2% lithium oxide.
  • Underground development reached a record 4,021 metres, up 21% from the preceding quarter.
  • The approved expansion targets average steady-state production of about 780,000 dry metric tonnes annually from FY30.

Liontown Limited (ASX:LTR) is progressing its latest operating and corporate priorities following developments during 2026. Its shares closed at AUD 0.615 on 3 November 2026, a daily change of 1.65%, with Market Capitalisation of approximately AUD 1.96B. The session ranged from AUD 0.600 to AUD 0.628. The operating developments and financial figures below relate to the reporting periods identified, rather than establishing a cause for the share-price movement.

Underground Ramp-Up Establishes a New Operating Base

Liontown recorded 4,021 metres of underground development at Kathleen Valley in the September quarter, a 21% increase from the June quarter and a record for the operation. The company linked this work to a planned increase in annualised ore Mining rates from approximately 1.6Mt to 1.9Mt during the second quarter of FY27. Development metres and ore mining rates measure different parts of the underground ramp-up. The reported metres are completed work, while the higher mining rate remains a target for a later period.

Concentrate Sales and Cash Flow Add Context

The operation produced 77,982 dry metric tonnes of spodumene concentrate and sold 82,561 dry metric tonnes across five parcels. Average product grade was 5.2% lithium oxide. Customer receipts totalled AUD 193M, with underlying Operating Cash Flow of AUD 69M and reported operating cash flow of AUD 47M after a one-off customer settlement. Capital Expenditure reached AUD 82M. The company ended September with AUD 502M in cash and 16,223 dry metric tonnes of saleable inventory. Production, shipments, receipts and cash flow are separate reporting measures.

Expansion Approval Changes the Longer-Term Plan

Liontown approved an expansion at Kathleen Valley targeting average steady-state concentrate output of approximately 780,000 dry metric tonnes a year, expressed on an SC5.4 basis, over five years from FY30. It also targeted average steady-state operating costs of AUD 880 per dry metric tonne, using the midpoint of its disclosed range. These are future operating objectives, not results achieved during September. The expansion decision sits alongside the immediate underground ramp-up and sets a longer time horizon for development and operating expenditure.

Argentina Farm-In Adds a Separate Lithium Route

The company announced a staged farm-in to the Centenario lithium brine project in Argentina, marking an entry into lithium brine alongside its hard-rock concentrate business. The initial AUD 7M upfront payment was included in September-quarter capital expenditure. A staged farm-in is not the same as immediately owning and operating a completed project. Liontown’s near-term priorities remain underground mining progress at Kathleen Valley, while the expansion and Centenario activities provide additional development workstreams. Subsequent disclosures will clarify progress against each stated milestone.