Liontown Ltd. (LTR.AX): 4Q26 in-line; Softer FY27 production/cost outlook dependent on mine ramp up; Neutral

Research evidence excerpt

Liontown Ltd. (LTR.AX): 4Q26 in-line; Softer FY27 production/cost outlook dependent on mine ramp up; Neutral

Equity Research

29 July 2026 | 8:59PM AEST

Liontown Ltd. (LTR.AX): 4Q26 in-line; Softer FY27 production/cost

outlook dependent on mine ramp up; Neutral

LTR reported 4Q26 spodumene production of ~103kt of spodumene (@5.0%; ~86kt Hugo Nicolaci

+61(2)9321-8323 |

SC6), in-line with expectations and up ~7% QoQ, with sales catching up on the last Q, hugo.nicolaci@gs.com

Goldman Sachs Australia Pty Ltd

where unit operating costs were broadly flat QoQ at A$995/t (FOB; A$1,194/t SC6),

Paul Young

above GSe, with AISC at A$1,314/t (A$1,577/t SC6) also above. Realised pricing +61(2)9321-8302 |

improved more moderately QoQ to US$1,880/t SC6 impacted by a greater weighting paul.young1@gs.comGoldman Sachs Australia Pty Ltd

to chemicals prices. Combined this broadly saw FY26 guidance met. Marcus Dosanjh

+61(2)9321-8780 |

However, FY27 guidance was below prior expectations, with production of marcus.dosanjh@gs.comGoldman Sachs Australia Pty Ltd

390-440kt below market expectations of ~470kt, with UG mining rates flat into 1Q

at ~1.5Mtpa and a largely linear run rate to the unchanged FY27 exit rate at

~2.8Mtpa (including some early North West Flats). We expect spodumene

production be fairly evenly distributed throughout the year, with most of the

remaining stockpiles drawn down in 1Q (at lower recovery), before increased UG

mine feed QoQ sees an uplift in recovery over the rest of the year at lower

throughput with the UG mine largely the constraint (4Q impacted by ~10 days tie

ins on the long-lead ball mill pre-ordered in Apr-26 to support future expansion).

While the production guidance is below the previously implied offtake volumes