SYDNEY, June 29, 2026, 07:02 AEST
- Liontown Limited ASX:LTR last traded at A$1.66, falling 5.68% on the previous ASX session, ahead of the regular Monday open.
- The stock dropped more than the ASX 200 on Friday. It’s down 26.9% over the past four weeks, after climbing 130.6% in the last year.
- The price minus cost spread at Kathleen Valley climbed to A$1,284 per dmt for the March quarter, up from A$366 per dmt the previous quarter, company numbers show.
- Liontown Ltd’s next key event is its June quarter report, due July 28.
Liontown Limited ASX:LTR starts Monday trading on the ASX with shares slipping, even as its most recent mine economics saw a big boost.
As of 07:02 AEST, the ASX cash market was still in pre-open. Regular trading is set to begin at 09:59:45 Sydney time. June 29 isn’t shown as a holiday on the exchange’s 2026 schedule.
| Last available market data | Price / level | Latest move | 4-week / 1-month move | 12-month move |
|---|---|---|---|---|
| Liontown Limited | A$1.66 | fell 5.68% | dropped 26.87% in past month | up 130.56% on the year |
| Lithium CFD benchmark | 152,500 yuan/t | lost 2.87% | down 13.84% over four weeks | gained 149.39% in 12 months |
| ASX 200 | 8,764 | added 0.18% | up 0.53% this month | rose 2.94% on the year |
Liontown slid harder than lithium prices and a lot worse than the main index. The stock is still a high-beta play on lithium, strong over 12 months but losing a lot of its May-June gains now.
Lithium stocks dropped across the board on Friday after Chinese lithium carbonate futures slid 6.3% early to 145,320 yuan a tonne and neared a 10% loss for the week, Market Index said. The lithium board at 12:31 p.m. showed PLS Group ASX:PLS off 4.7%, Core Lithium ASX:CXO down 4.7%, and Liontown down 3.3% at A$1.70, before last trading at A$1.66.
The bigger issue is if the selloff is signaling another downturn for lithium or just seeing how much cash Kathleen Valley can generate if prices stay weak. Liontown’s March quarter showed the mine had more cushion than it did a quarter ago. But the comparison below is rough since the realised price is CIF while the costs are FOB.
| Liontown March-quarter numbers | Q3 FY26 | Q2 FY26 | Change |
|---|---|---|---|
| Average realised price, A$/dmt | 2,265 | 1,276 | +78% |
| Operating cost per dmt, A$ | 981 | 910 | +8% |
| Margin per dmt (price minus cost), A$ | 1,284 | 366 | +251% |
| AISC per dmt, A$ | 1,251 | 1,059 | +18% |
| Price minus AISC, A$/dmt | 1,014 | 217 | +367% |
| Total revenue, A$m | 197 | 130 | +51% |
| End-quarter cash, A$m | 424 | 390 | +9% |
The spread doesn’t get much coverage. It matters because it shows why Liontown’s next quarterly report could matter more than daily lithium futures. Last period, the company’s realised price jumped far ahead of its costs.
Managing Director and CEO Tony Ottaviano said in the March-quarter update that Liontown is generating positive net cash flow. He said the company remains on track to meet the FY2026 guidance set for the market.
Flows remain a risk here. Liontown’s most recent ASX filing was a June 24 statement from Van Eck Associates saying it was no longer a substantial holder as of June 19. The annexure showed REMX sold 26.9 million Liontown shares for A$53.3 million on June 19, while UCTREMX sold 13.6 million shares for A$27.0 million the same day.
This doesn’t confirm new selling this week, but it lines up with why the register matters after a big rally. A stock up 130% in 12 months can still move on fund flows, even with solid mine results.
Kathleen Valley is still the key test for operations. In the March quarter, underground ore mined was up 31% on the previous quarter to 402 kt, with average grades around 1.4% Li2O. Liontown reported it hit the 1.5 Mtpa annualised underground run-rate target earlier in the quarter.
The second test is growth spending. Liontown said it has started early works on expanding Kathleen Valley, with cash spend between A$15 million and A$18 million expected in FY26 for early works, and total cash outlay could reach up to A$77 million before it makes a final investment decision, which is targeted for the end of Q1 FY2027.
The market isn’t completely one-way bearish. Reuters said last week lithium producers at the Fastmarkets conference in Las Vegas are looking more to battery storage demand as appetite for EVs gets bumpier. “The period of market overcorrection is over,” Fastmarkets CEO Raju Daswani told Reuters. Fastmarkets has battery storage lithium demand growing 40% a year. Reuters
Rio Tinto ASX:RIO executive Jérôme Pécresse told Reuters he sees lithium demand balancing out between EVs and energy storage over the next two years. Albemarle NYSE:ALB commercial chief Eric Norris said, “Grid storage is much more evenly distributed around the world.” Reuters
Liontown’s focus next week shifts from filings to confirming its price. The miner has its June quarterly set for July 28, with FY26 results down for Aug. 31, per its own timetable.
