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2026-11-06
◂ Monitor LTR ASX

LIONTOWN LIMITED

Ramping Producer · Lithium · AU · AR Rating locked: sign in to view v8 · ltr-20261024t195920-full
Last 2026-11-06
A$0.645
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$2.1B
EV
A$2B
Cash
A$560M
Debt
A$368.7M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$560M Not Meaningful
Debt A$368.7M Net cash A$191.3M
Basic shares 3.2B 2026-09-15
Runway Not Meaningful Positive June-quarter operating cash does not establish funding across the expansion. The full nominal liquidity calendar is evaluated separately for each scenario.

Liquidity

Financial position

Reported June30 bank cash A$559.957m. October13 cash is independently estimated A$452.401m in the valuation bridge. Fully drawn facilities; no new committed funding assumed. Full nominal cash calendar includes all repayments and operating/closure needs.

Inventory composition2

A$84.001m inventory includes A$22.184m consumables. Operating stocks are retained inside the DCF, without an additional inventory bridge credit. Appendix5B bank balances A$559.957m exclude A$0.644m retention trust funds; rounded components differ A$0.001m from audited cash A$560.602m. A$11.35m cash guarantee deposits sit in financial assets outside reported cash.

Saleable spodumene concentrate on hand
A$29.3M carrying · 21,384 dmt concentrate
ROM ore stockpile
A$32.5M carrying · 239,000 dmt ore

Capital structure

Ownership and dilution

Ordinary shares
3.2B
Fully diluted
3.2B

July31 ordinary3,179,110,946 + September2 farm-in12,024,954 + September7 trust692,835 + September15 trust152,232 =3,191,980,967. Remaining rights11,087,976 give3,203,068,943 fully diluted ordinary equivalents. Converted rights are delivered from existing trust shares; eliminated LG notes are not counted again.

Security classes7
ClassTypeQuantityStrikeExpiry
Ordinary fully paidOrdinary Share3.2B——
FY24 LTPerformance Right385.4KA$0—
FY25 LTPerformance Right4.6MA$0—
FY26 LTPerformance Right2.5MA$0—
FY25 STPerformance Right2.9MA$0—
FY23 LTPerformance Right349.7KA$0—
FY26employeePerformance Right284.2KA$0—

KPI history

Operating metrics · Kathleen Valley

Concentrate production shown
029,49658,99288,487117,983Q1FY26: 87,172 dmt concentrateQ1FY26Q2FY26: 105,342 dmt concentrateQ2FY26Q3FY26: 96,367 dmt concentrateQ3FY26Q4FY26: 103,111 dmt concentrateQ4FY26
MetricUnitTrendQ1FY26Q2FY26Q3FY26Q4FY26
Concentrate productiondmt concentrateQ1FY26: 87,172 dmt concentrateQ2FY26: 105,342 dmt concentrateQ3FY26: 96,367 dmt concentrateQ4FY26: 103,111 dmt concentrate87,172105,34296,367103,111
Lithia recovery%Q1FY26: 59.00 %Q2FY26: 63.00 %Q3FY26: 61.00 %Q4FY26: 63.00 %59636163
Realised SC6 equivalent priceUSD/dmt SC6 CIFQ1FY26: 691 USD/dmt SC6 CIFQ2FY26: 985 USD/dmt SC6 CIFQ3FY26: 1,845 USD/dmt SC6 CIFQ4FY26: 1,880 USD/dmt SC6 CIF6919851,8451,880
Operating metric source table15
MetricProjectPeriodPeriod typeValueStatus
Concentrate productionProject KvQ1FY26Quarter87,172 dmt concentrateReported
Lithia recoveryProject KvQ1FY26Quarter59 %Reported
Realised SC6 equivalent priceProject KvQ1FY26Quarter691 USD/dmt SC6 CIFReported
Concentrate productionProject KvQ2FY26Quarter105,342 dmt concentrateReported
Lithia recoveryProject KvQ2FY26Quarter63 %Reported
Realised SC6 equivalent priceProject KvQ2FY26Quarter985 USD/dmt SC6 CIFReported
Concentrate productionProject KvQ3FY26Quarter96,367 dmt concentrateReported
Lithia recoveryProject KvQ3FY26Quarter61 %Reported
Realised SC6 equivalent priceProject KvQ3FY26Quarter1,845 USD/dmt SC6 CIFReported
Concentrate productionProject KvQ4FY26Quarter103,111 dmt concentrateReported
Lithia recoveryProject KvQ4FY26Quarter63 %Reported
Realised SC6 equivalent priceProject KvQ4FY26Quarter1,880 USD/dmt SC6 CIFReported
FY26 consolidated revenueCompanyFY26Year639,136,000 AUDReported
FY26 company-defined underlying EBITDACompanyFY26Year147,353,000 AUDReported
FY26 CFO less cash capex, before financing cash flowsCompanyFY26Year47,871,000 AUDSource Derived
Company guidance3
MetricProjectPeriodLowHighStatus
Concentrate Productionproject-kvFY27390,000440,000 dmt concentrateCurrent
Unit Operating Cost Fob,Excludesroyaltiesproject-kvFY271,0501,250 AUD/dmt concentrateCurrent
Total Capital Spendingproject-kvFY27435,000,000495,000,000 AUDCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-02RaisingLtr Ordinary Fully PaidA$13.9M12MA$1.16CompletedInitial Centenario farm-in share consideration already included in ordinary capital.Max 12M · Period 2026-09-02 to 2026-09-02
2026-08-31RaisingA$372.1M509.7M—Completed—
2026-02-04Raising—239.5M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Latest annual and ASX amendments support the main arrangements. Confidential realization formulas, individual royalty schedules, FX hedge notionals and exact LG supply profiles remain incomplete.

Fully drawn secured Ford facility; quarterly payments include scheduled principal and interest, with maturityJune2030. Book debtA$354.718m includes capitalized interest; no new proceeds assumed.

Other · Active
Counterparties
Ford Motor Company
Applies to
Kathleen Valley · Lithium
Economic direction
Burden
Period
Through 2030-06-30; start date not stated
Key terms
Carrying debt: 354,718,000 AUD
Facility fully drawn: 300,000,000 AUD
Margin: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

WA Lithium Industry Support Program funding repayableover2yearsafterJune2026; includedconsolidateddebt.

Other · Active
Counterparties
Western Australian Government
Applies to
Kathleen Valley · Lithium
Economic direction
Burden
Period
Through 2028-06-30; start date not stated
Key terms
Carrying loan: 13,563,000 AUD
Face amount: 15,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing power and other lease cash is treated as operating rent in every forecast year, including replacement/expanded service; no additional lease-liability equity deduction.

Other · Active
Counterparties
Zenith Energy and other lessors
Applies to
Kathleen Valley · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Lease carrying liabilities: 136,151,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

FY26 combined royalty burden A$47.345m / product revenue A$629.831m =7.5171%; applied once to forecast FOB product revenue, outside UOC.

Royalty · Active
Counterparties
Western Australian Government and disclosed private holders
Applies to
Kathleen Valley · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
FY26royaltyexpense: 47,345,000 AUD
Effectiveburden: 7.52 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Repriced future deliveries toSCindices, end2029; no disclosed fixed floor or premium modelled.

Offtake · Active
Counterparties
Tesla Inc.
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Through 2029-12-31; start date not stated
Key terms
Price reference: Spodumene concentrate indices text
How it affects our valuation

No valuation treatment is available for this arrangement.

Fordcan elect release fromallremainingtakeorpay; no unconditional revenue floor. Chengxinback-to-backcontinuesend2026.

Offtake · Active
Counterparties
Ford Motor Company
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Remaining volume: 256,250 dmt concentrate
2027–2028 volume: 0 dmt
How it affects our valuation

No valuation treatment is available for this arrangement.

Formula references spodumeneindices; do not convertwetvolume todry withoutmoisture.

Offtake · Active
Counterparties
Canmax Technologies
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Through 2028-12-31; start date not stated
Key terms
Annualvolume: 150,000 wmt concentrate
Payment: Irrevocable letter of credit text
How it affects our valuation

No valuation treatment is available for this arrangement.

Original LGES supply100kt year1,150kt years2–5,160kt years6–10,140kt years11–15, plus conditional additional volumes. No price floor assumed; converted debt not deducted again.

Offtake · Active
Counterparties
LG Energy Solution
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
LGconvertiblenotes: Converted to equity4February2026 text
Offtake term: 15 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Back-to-backFordvolumes throughDecember2026; commissionsincludednetrealization/operatinghistoricalcomparisons, notperpetuatedinfutureDCF.

Offtake · Active
Counterparties
Chengxin Lithium
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Commission expense: 7,519,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Forecast USD capital-purchase hedge gain A$0.432m disclosed; notional, strike and expiry missing. No quantified hedge benefit assigned; FX driver remains exposed.

FX Hedge · Active
Counterparties
Approved banking counterparties
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Unrealisedgain: 432,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Initial consideration buys farm-in rights, valued as a recently acquired option. No current Vertex equity. Optional future gates are not charged as unconditional debt or credited with mine cashflows.

Farm In · Active
Counterparties
NEXT Lithium Corp.
Applies to
Centenario farm-in rights · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Initialcash: 5,000,000 USD
Initialshares: 10,000,000 USD
Phase1spend: 15,000,000 USD
Phase2consideration: 15,000,000 USD
Phase3spend: 25,000,000 USD
Phase4cap: 125,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

100% lithiumrights throughLithiumRightsAgreement; doesnot imply100%allmineralownership.

Other · Active
Counterparties
Avoca Resources
Applies to
Buldania · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Lithiumandrelatedmetalrights: 100 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Disclosed downstream feasibility collaboration; no approved refinery, ownership economics or construction funding established at cutoff. No separate refinery value or unconditional build commitment.

Strategic Partnership · Announced
Counterparties
LG Energy Solution
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Disclosed downstream feasibility collaboration; no approved refinery, ownership economics or construction funding established at cutoff. No separate refinery value or unconditional build commitment.

Strategic Partnership · Announced
Counterparties
Sumitomo Corporation
Applies to
Kathleen Valley · Lithium
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.