Liontown Limited delivered a maiden net profit after tax of $93 million for the 2026 financial year, marking a sharp operational and financial turnaround from the net loss after tax of $193 million recorded in FY25.

The full-year result was underpinned by record revenue of $639 million, generated from higher prices and increasing production and sales across the period. Operations at the Kathleen Valley lithium project in Western Australia produced 391,992 dry metric tonnes of concentrate and shipped 381,997 dry metric tonnes, both at a weighted average grade of 5.1% Li₂O.

Underlying net profit after tax reached $14 million, accompanied by underlying EBITDA of $147 million and operating cash flow of $182 million. Capital expenditure for the period totalled $129.2 million as spending shifted from initial construction toward underground development and sustaining capital.

During the year, Liontown concluded open-pit mining on schedule with the completion of the Kathleen's Corner open pit in December 2025, fully transitioning the operation to a 100% underground mine. The underground ramp-up is now scaling toward a 2.8 Mtpa run-rate targeted for the end of FY27.

“In this financial year, Kathleen Valley produced its maiden profit and strong operating cash while still ramping up, helped in the second half by better prices. We generated $182 million in operating cash, with NPAT of $93 million and underlying NPAT of $14 million.”

— Tony Ottaviano, Managing Director and CEO

Liontown expects a final investment decision regarding the Kathleen Valley expansion in September 2026.

Read the full announcement: FY26 full-year results