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Liontown Resources
Liontown Resources (LTR) investor relations material
Liontown Resources Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Completed transition to 100% underground mining at Kathleen Valley, exceeding production targets and marking a key operational milestone.
Underground ore mined increased 37% quarter-over-quarter, with production momentum and operational leverage driving cost improvements.
Achieved neutral operating cash flow and ended the quarter with A$390 million in cash, providing strong financial flexibility.
Plant recoveries improved to 63%, with a clear path to 70% as underground ore becomes the dominant feed.
Inaugural spot market auction and new offtake agreement with Canmax enhanced sales flexibility and customer diversification.
Financial highlights
Revenue rose 91% quarter-over-quarter to A$130 million, the strongest since operations began, driven by higher sales volumes and improved pricing.
Unit operating costs reduced 17% to A$910/dmt sold, and all-in sustaining costs improved 22% to A$1,059/dmt sold.
Sales volumes rose 45% to 112,000 tons, and production increased 21% to 105,000 tons at 5.1% Li₂O.
Realised pricing improved 29% to US$900/dmt (SC6 equivalent: A$1,365/ton).
Cash balance at quarter-end was A$390 million, with 13,800 dmt of saleable concentrate inventory.
Outlook and guidance
FY26 is a transition year; guidance unchanged with underground production expected to reach 1.5 Mtpa and 70% recovery by end of Q3.
Unit costs expected to trend lower in FY27 as underground mine reaches 2.8 Mtpa steady state.
FY26 production guidance: 365–450 kdmt concentrate, AISC of A$1,060–1,295/dmt, and unit operating costs of A$855–1,045/dmt.
Expansion study for 4 Mtpa case underway, aiming for low-capital, high-return growth pathway.
Cash flow projected to improve as higher-grade underground ore becomes dominant feed.
What market conditions trigger 4Mtpa expansion?
How will Q3 price upside be realized?
Future of Ford facility post LGES conversion?
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Next Liontown Resources earnings date
H1 202612 Mar, 2026
Liontown Resources
Next Liontown Resources earnings date
H1 202612 Mar, 2026
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Frequently asked questions
Liontown Resources Limited is an Australian company engaged in the discovery, development, and supply of battery minerals, primarily serving the electric vehicle and energy storage industries. It controls two significant lithium deposits in Western Australia and has plans for expansion through exploration, partnerships, and acquisitions. Notably, its projects include the Kathleen Valley and Buldania projects, which are significant for their lithium resources, with Kathleen Valley also producing tantalum pentoxide, a material used in electronics and optics manufacturing. The company's ambition extends to becoming a globally significant provider of battery minerals amidst the growing demand in the clean energy market. It is headquartered in West Perth, Western Australia, and its shares are listed on the ASX.
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