Liontown deepens first-half loss after $104m accounting charge

The news: Lithium miner Liontown widened its first-half net loss after recording a $104 million non-cash accounting charge linked to a convertible note held by LG Energy Solution.

The numbers: Liontown reported a statutory loss of $184 million, compared to a $15 million loss in the prior corresponding period.

Revenue climbed 107% year on year to $207.5 million. Sales volumes rose 106% to 189,596 dry metric tonnes as the miner’s flagship Kathleen Valley operation ramped up underground production.

What they said: Liontown’s managing director and CEO Tony Ottaviano said the underground ramp-up is “on track” and expected to be “materially stronger” in the second half, as volumes, recoveries and pricing continues to improve.