Liontown Resources posts $193m loss, flags 'transition year' in FY26

The news: Liontown Resources has reported a statutory loss after tax of $193 million for the 2025 financial year, following the first full 12 months of operations at its flagship Kathleen Valley lithium mine.

The context: The miner said the statutory loss was expected during Kathleen Valley's commissioning year, and reflects depreciation and the treatment of stockpiles built up during ramp-up.

Liontown generated $298 million in revenue and $55 million in earnings before interest, taxes, depreciation and amortisation.

The company said FY26 will be a "transition year" and a "tale of two halves". It expects elevated unit costs in the first-half period as the mine runs dual open pit and underground operations, resulting in lower recoveries, production and sales. Liontown plans to see recoveries improving in the second half as it processes mostly higher-grade underground ore.