Mine / resource · Australia

Kathleen Valley

RampingVerified 24 Oct 2026As of 24 Oct 2026
Owner
Liontown Resources
Listed via
LTR.AX
Product
Spodumene
Deposit type
Spodumene
Capacity
FY27 guidance 390–440 kt SC; expansion targets ~780 kt/yr SC5.4 from FY30
≈ 52 kt LCE/yr (guidance)
Location
-27.43°, 120.58°
Source
Filing used for verification

Expansion FID approved 30 Sep 2026, targeting ~780 kt/yr SC5.4 from FY30 with first incremental tonnes in FY28.

Ownership structure

Effective economic interest of listed owners · As of 24 Oct 2026
LiontownLTR.AX100%Kathleen ValleyMine / resource

Attributable capacity

Listed ownerStakekt SC/yrkt LCE/yr
Liontown LTR.AX100%≈417≈52

Capacity × effective stake. kt SC ≈ kt LCE × 8.0 (grade-based, 90% recovery).

Structure: Liontown Resources.

Value chain

Owners, buyers and the refineries on Li3atlas they feed · As of 24 Oct 2026
Listed ownersLiontownLTR.AX · 100%
Mine / resourceKathleen ValleyFY27 guidance 390–440 kt SC; expansion targets ~780 kt/yr SC5.4 from FY30
Buyers (offtakes)Canmax TechnologiesSpodumene concentrate · 150,000 wmt per annum

Quarterly production

As of 30 Jun 2026
050100150UnverifiedJun Q 2025: 85.9 kt SC85.9AUD 898Sep Q 2025: 87.2 kt SC87.2AUD 1,093Dec Q 2025: 105 kt SC105AUD 910Mar Q 2026: 96.4 kt SC96.4AUD 981Jun Q 2026: 103 kt SC103AUD 995Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26Cost/t

kt SC, as reported · Source: Mar Q 2025, Jun Q 2025, Sep Q 2025, Dec Q 2025, Mar Q 2026, Jun Q 2026

112$1,880Production (kt SC): 95.7Sales (kt SC): 93.9Mar Q 25Production (kt SC): 85.9Sales (kt SC): 97.3Jun Q 25Production (kt SC): 87.2Sales (kt SC): 77.5Sep Q 25Production (kt SC): 105.3Sales (kt SC): 112.1Dec Q 25Production (kt SC): 96.4Sales (kt SC): 83.9Mar Q 26Production (kt SC): 103.1Sales (kt SC): 108.5Jun Q 26
Production (kt SC)Sales (kt SC)Realised price (US$/t) (US$, right axis)Unit cost (≈ US$)
Jun Q 26Mar Q 26Dec Q 25Sep Q 25Jun Q 25Mar Q 25
Production (kt SC)103.196.4105.387.285.995.7
Sales (kt SC)108.583.9112.177.597.393.9
Implied inventory change (prod − sales)−5.4+12.5−6.8+9.7−11.4+1.8
Unit cost (AUD/t)995 ≈$647981 ≈$638910 ≈$5921,093 ≈$710898 ≈$584816 ≈$530
Realised price (US$/t)$1,880$1,845$985$691$740$815
Implied cash margin (US$/t)+$1,233 66%+$1,207 65%+$394 40%−$19 -3%+$156 21%+$285 35%

Production minus sales in the same unit: positive = stockpile built at the mine or port, negative = drawn down. Margin = realised price − unit cost converted at fixed FX. Bases can differ (price often CIF and SC6-equivalent, cost FOB per t of the actual grade, before royalties), so treat it as indicative.

Resource and mine life

As of 24 Oct 2026
Resource
4.83 Mt LCE
Reserve
2.24 Mt LCE
Grade
1.33% Li2O (resource); 1.32% Li2O (reserve)
Mine life
21 years
As of
30 Jun 2026

Unit cost

Basis
FOB per dmt sold (guidance A$1,050–1,250)
Period
FY27 guidance

Cost bridge to US$/t LCE

Reported unit cost
AUD 1,150/t SC
In US$ (fixed FX)
× 0.65 = $748/t SC
× t concentrate per t LCE
× 8.02 (5.6% Li₂O, 90% recovery)
Mine cost per t LCE
$6,002/t LCE
+ Conversion to chemicals (assumption)
$3,500 · China Merchant Toll
+ Royalty (WA 5% of realised price)
$701 (5% × SC6 $1,873/t, latest average realised)
Landed cost
$10,203/t LCE
Cost-curve quartile Q4 of 14 operations with a cost

Reported cash costs exclude the 5% WA royalty; it is modelled separately here. The conversion, freight and royalty settings are shared with the cost curve on the map page (Economics).

Position on the cost curve

Landed US$/t LCE, same assumptions as the cost curve · As of 24 Oct 2026
Hombre Muerto West (HMW): $3,963/t LCEQarhan Salt Lake: $4,292/t LCE (implied)Cauchari-Olaroz: $5,897/t LCEYichun lepidolite belt: $6,012/t LCE (implied)Greenbushes: $6,201/t LCEPilgangoora: $7,330/t LCEMibra: $7,416/t LCEWodgina: $7,489/t LCEFinniss: $7,913/t LCEZabuye Salt Lake: $8,265/t LCE (implied)Mt Marion: $9,166/t LCEGrota do Cirilo: $9,503/t LCEKathleen Valley: $10,203/t LCENorth American Lithium: $11,166/t LCE$11,1660

$10,203/t LCE · cheaper than about 3% of costed supply

Grey: every producing mine with a cost (width = capacity). Highlighted: this asset. Lighter dashed bars are implied costs (no reported unit cost).

Milestones

As of 24 Oct 2026

Upcoming (5)

  • 29 Oct 2026September 2026 quarterly activities reportReport · source
  • Q2 2027Underground mining run-rate of 2.8 Mtpa by end of FY27Other · source
  • 2027First incremental tonnes from expansion (FY28)Expansion · source
  • Q4 2028Expansion construction completion (end of Q2 FY29)Expansion · source
  • H2 2029Expansion steady state ~780 ktpa SC5.4 (five-year average from FY30)Expansion · source

Completed (7)

  • 30 Sept 2026Expansion final investment decisionFID · source
  • Dec 2025Kathleen's Corner open pit mining completed; operation 100% undergroundOther · source
  • Dec 2025Binding offtake with Canmax Technologies (150 kwmt pa in CY2027 and CY2028)Offtake · source
  • Oct 2025Ford debt facility and offtake amended (12-month repayment deferral; committed offtake cut to nil)Financing · source
  • Aug 2025Equity capital raising completedFinancing · source
  • Apr 2025Underground production stoping commenced at Mt MannFirst production · source
  • 1 Jan 2025Commercial production declared at Kathleen Valley process plant (effective 1 Jan 2025)Other · source

Offtakes and supply chain

As of 24 Oct 2026

Sells to

  • Canmax TechnologiesSpodumene concentrate · 150,000 wmt per annum · 2027–2028 · source

Country risk · Australia

Policy risk: Low As of 24 Oct 2026
Royalty
Western Australia: 5% of gross sales revenue on spodumene concentrate, at first point of sale (since 28 Mar 2020)

Stable fiscal regime; royalty set by the state. source

Change history

Approved changes with their source · As of 24 Oct 2026
DateFieldChangeSource
24 Oct 2026Realised pricenew: Spodumene US$740/dmt · Jun Q 2025 · SC6 equiv.Liontown June 2025 Quarterly Activities Report (29 July 2025)
24 Oct 2026Milestonenew: Apr 2025 · Underground production stoping commenced at Mt Mann First production CompletedLiontown June 2025 Quarterly Activities Report (29 July 2025)
24 Oct 2026Realised pricenew: Spodumene US$815/dmt · Mar Q 2025 · SC6 equiv.Liontown March 2025 Quarterly Activities Report (24 April 2025)
24 Oct 2026Quarterly figuresnew: Jun Q 2025 · production 85.892 kt SC · sales 97.33 kt SC · cost AUD 898 (FOB per dmt sold)Liontown June 2025 Quarterly Activities Report (29 July 2025)
24 Oct 2026Quarterly figuresnew: Mar Q 2025 · production 95.709 kt SC · sales 93.94 kt SC · cost AUD 816 (FOB per dmt SC6e sold)Liontown March 2025 Quarterly Activities Report (24 April 2025)
24 Oct 2026Milestonenew: 1 Jan 2025 · Commercial production declared at Kathleen Valley process plant (effective 1 Jan 2025) Other CompletedLiontown March 2025 Quarterly Activities Report (24 April 2025)
24 Oct 2026Milestonenew: Q4 2028 · Expansion construction completion (end of Q2 FY29) Expansion ExpectedLiontown: Kathleen Valley Expansion Final Investment Decision (30 September 2026)
24 Oct 2026Milestonenew: 29 Oct 2026 · September 2026 quarterly activities report Report ExpectedLiontown: September 2026 Quarterly Webcast – Update (22 October 2026)

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