Highlights

  • Liontown (ASX:LTR) shares were quoted at AUD 0.69, up 2.22%, on 10 November 2026.
  • FY26 Revenue reached AUD 639 million, with underlying EBITDA of AUD 147 million.
  • September-quarter concentrate output was 77,982 dry metric tonnes; cash stood at AUD 502 million.
  • A first new underground portal was blasted at Kathleen’s Corner in November 2026.

Liontown Ltd (ASX:LTR) produces spodumene concentrate at its Kathleen Valley lithium operation in Western Australia and is pursuing a lithium brine project in Argentina. Its shares were quoted at AUD 0.69 on 10 November 2026, a gain of 2.22% for the trading session. The company’s latest operational developments include the first new underground portal at Kathleen’s Corner, following approval of a larger Kathleen Valley expansion and publication of September-quarter production and cash-flow figures.

Kathleen Valley and the Underground Mining Model

Kathleen Valley, in Western Australia’s northern Goldfields, is Liontown’s principal producing asset. The operation mines lithium-bearing ore and processes it into spodumene concentrate for sale to customers. The transition to fully underground mining was completed during FY26, replacing open-pit extraction with development and production from underground areas. Liontown Ltd (ASX:LTR) is now working to increase underground ore availability and improve the consistency of plant feed as mining activity expands.

November Portal Milestone and September-Quarter Activity

On 9 November 2026, Liontown reported blasting the first of three planned new underground portals from the Kathleen’s Corner open pit. The initial portal is designated for ventilation. Once the three are completed, the operation is expected to have nine portals in total. Preparatory work included temporary power, substations and air, water and communications services. The company said the revised access approach reduces required underground development by approximately 45,000 metres compared with an earlier mine design.

For the September 2026 quarter, Liontown Ltd (ASX:LTR) reported 4,021 metres of underground development, 21% above the preceding quarter. Spodumene concentrate production totalled 77,982 dry metric tonnes, while sales reached 82,561 dry metric tonnes across five parcels, averaging 5.2% lithium oxide grade. The company expected development to support an increase in the annualised underground ore mining rate from approximately 1.6 million to 1.9 million tonnes per annum during Q2 FY27.

In September, the board approved the Kathleen Valley expansion, with AUD 389 million of total approved capital, including previously announced pre-decision spending and contingency, planned across FY27–FY29. First incremental tonnes are targeted in FY28. Liontown’s longer-range plan targets average annual output of approximately 780,000 dry metric tonnes of concentrate on an SC5.4 basis over five years from FY30. These are project targets rather than achieved production figures.

FY26 Results, Cash Flow and Lithium Exposure

For the year ended 30 June 2026, Liontown Ltd (ASX:LTR) recorded AUD 639 million in revenue, underlying EBITDA of AUD 147 million and attributable net profit after tax of AUD 93 million. Underlying net profit after tax was AUD 14 million, excluding one-off items. Operating Cash Flow reached AUD 182 million. The company produced 391,992 dry metric tonnes of concentrate and shipped 381,997 dry metric tonnes during FY26, both at a weighted average grade of 5.1% lithium oxide.

September-quarter customer cash receipts were AUD 193 million. Reported operating cash flow was AUD 47 million after a one-off customer settlement payment, compared with underlying operating cash flow of AUD 69 million. Capital expenditure of AUD 82 million contributed to a net quarterly cash outflow of AUD 58 million, leaving AUD 502 million in cash at 30 September 2026. For Liontown Ltd (ASX:LTR), the balance between operating receipts, underground development and expansion expenditure will remain important as construction and mining activity proceed.

Execution Risks and What Comes Next

Investors can monitor the remaining portal works, quarterly development metres, concentrate production and sales, operating cash flow and changes to capital spending. Liontown Ltd (ASX:LTR) has identified a 2.8 million-tonne-per-annum underground mining run-rate target by the end of FY27. Its next operating reports should provide evidence of progress against that target and the approved expansion schedule.

Key Insights

Liontown enters the remainder of FY27 with a producing lithium operation, FY26 profitability and a funded programme of underground development and expansion. The November portal milestone adds physical access to Kathleen’s Corner, while September-quarter figures show ongoing Investment alongside concentrate sales and positive operating cash flow. Delivery against mining-rate, cost and construction targets will determine how the reported plans develop.