Liontown Resources reports first annual profit on lithium gains

Liontown Resources has reported its first annual profit of A$93 million ($67 million) for the year, a significant turnaround from a loss of A$193 million in the previous year. The profit is attributed to a recovery in lithium prices during the second half of the year and increased production at its Kathleen Valley mine. Revenue rose to A$639 million from A$298 million, driven by a 35% increase in concentrate tonnes sold and a 75% rise in realised prices.

The company's underlying net profit after tax reached A$14 million, reversing an underlying loss of A$140 million. CEO Tony Ottaviano noted the year had two distinct halves, with cost discipline taken early due to weak early prices, followed by reinvestment once prices improved. The company is focusing on reinvestment in Kathleen Valley as it transitions to fully underground operations.

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