By Digifin Pty Ltd · About this coverage
Key Points
- The $286m improvement on FY25 was driven primarily by $94m gross profit from operations and a $113m deferred tax asset
- Revenue $639m from $298m, on 35% more concentrate tonnes sold and a 75% higher SC6 equivalent USD realised price
- Underlying EBITDA $147m against $20m in FY25, operating cash flow $182m and underlying NPAT $14m
- 391,992 dmt of concentrate produced and 381,997 dmt shipped, both at 5.1% Li2O
- Current interest-bearing borrowings down $312m to $53m, primarily on conversion of the LG Energy Solution notes
About Liontown (ASX:LTR)
Liontown Limited is an ASX-listed lithium mining company headquartered in Perth. It owns and operates the Kathleen Valley lithium operation in the Northern Goldfields of Western Australia, where it mines and processes spodumene into lithium concentrate for export to battery and chemical customers. It also holds the Buldania lithium project in Western Australia.
Liontown Limited (ASX:LTR) released its full-year results for the year ended 30 June 2026, reporting a maiden net profit after tax of $93 million against a net loss after tax of $193 million in FY25. The company said the $286 million improvement was primarily driven by a gross profit from operations of $94 million, compared with a loss of $144 million in FY25, and by the recognition of a $113 million deferred tax asset for tax losses carried forward from prior years. Underlying net profit after tax was $14 million. Revenue rose to a record $639 million from $298 million, reflecting a 35 per cent increase in concentrate tonnes sold and a 75 per cent increase in the SC6 equivalent USD realised price of concentrate sold. Underlying EBITDA was $147 million, against $20 million in FY25, and operating cash flow was $182 million. Liontown also recognised a net $44 million tax-effected charge for fair value movements and a foreign currency gain related to the convertible notes issued to LG Energy Solution, which converted to equity on 4 February 2026.
Kathleen Valley produced 391,992 dry metric tonnes of concentrate and shipped 381,997 dmt, both at a weighted average grade of 5.1 per cent Li2O, and the company said FY26 guidance was delivered. Open pit mining concluded on schedule during the year and the operation transitioned to a 100 per cent underground mine, with the underground ramp-up on track for a 2.8 million tonne per annum run-rate by the end of FY27. Capital expenditure was $129.2 million on an incurred basis, which Liontown described as a transition year with capex moderating from FY25 project expenditure. Current interest-bearing loans and borrowings fell by $312 million to $53 million at 30 June 2026 and derivatives reduced to nil, which the company said was primarily due to the conversion of the LG Energy Solution notes, while non-current interest-bearing loans and borrowings of $316 million relate primarily to the fully drawn $300 million Ford term loan facility and capitalised interest. Managing Director and Chief Executive Officer Tony Ottaviano said a final investment decision on the Kathleen Valley expansion is due next month.
Source: Liontown Limited (ASX:LTR), 31 August 2026. Summary content supplied by Digifin Pty Ltd.
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