Liontown has delivered strong growth in production and revenue for the fiscal half-year ended December 31, 2025 as its Kathleen Valley mine ramped up underground production.
The company doubled its revenue for the half year to AU$207.5 million from AU$100.4 million in the prior-year period, driven by a 106 per cent increase in sales volume to 189,596 dry metric tonnes.
Liontown’s CEO, Tony Ottaviano, said: “Kathleen Valley is now a 100 per cent underground operation.
“We have delivered a one million tonne per annum underground run-rate on schedule, sold 190,000 tonnes of concentrate across 10 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.”
Liontown reported a statutory net loss of AU$184 million, which includes AU$104.4 million of non-cash charges on the LGES derivative charge, primarily driven by Liontown’s share price appreciation from 70 cents to AU$1.575 over the period.
The company noted this charge will not recur following the conversion of the LGES notes to equity in February.
Ottaviano said that an estimated AU$58 million gain from the conversion will be recognised in full-year results.
The CEO said Liontown’s balance sheet has been reset with pro forma gearing dropping from 48 per cent to 22 per cent. The company has AU$390 million in cash at December 31, 2025.
“This provides us with a strong financial foundation to complete the ramp-up, progress the four million tonnes per annum expansion study and continue to grow the company to its full potential,” Ottaviano said.
“We are one of a small number of producers globally that can bring additional lithium tonnes to market quickly through brownfield expansion of an operating asset. The expansion study is underway, and we are advancing critical path procurement now.”
