SYDNEY, June 30, 2026, 07:04 AEST
- ASX cash shares sat in pre-open with regular trading set for 09:59:45 Sydney.
- Liontown traded at A$1.66, falling 16.16% from A$1.98 across the last seven sessions.
- Monday’s rights activity was light against the overall equity base, with 2.017 million rights lapsing and 146,958 new FY26 long-term performance rights issued.
Liontown Limited ASX:LTR heads into Tuesday’s ASX pre-open at A$1.66, with the stock under pressure from a week-long selloff that bucked a stronger local market. The S&P/ASX 200 index (INDEXASX:XJO) finished Monday up 0.7% at 8,823. Liontown’s own site last showed shares at A$1.66 early Tuesday. Normal matching on ASX is set for 09:59:45 Sydney time.
The key number is the gap between Liontown’s share move and its operating numbers. Liontown shares have fallen 16.16% from A$1.98, but the stock is still up 137.14% for FY2026 and 5.73% in 2026 so far. China lithium carbonate, which is used as a rough proxy but isn’t Liontown’s spodumene, dropped 15.22% over the last month to 151,750 yuan a tonne as of June 29.
| Marker | Latest read | Investor read-through |
|---|---|---|
| Liontown latest price | A$1.66 | trading near late-June levels again |
| Fall from A$1.98 | -16.16% | rough de-rating over the past week |
| Fall from 2026 high of A$2.65 | -37.4% | can’t reclaim the May high |
| FY2026 move | +137.14% | rerate still holding up big for the year |
| China lithium carbonate proxy, one month | -15.22% | lithium prices backing off |
At A$1.66 per share, Liontown’s 3,179,110,946 shares put its value at about A$5.28 billion. New securities filings out Monday didn’t move that figure much. The company reported that 2.017 million employee and performance rights lapsed, about 0.063% of its ordinary shares. It issued another 146,958 FY26 long-term performance rights, or roughly 0.0046%.
| Monday capital item | Securities | Scale versus ordinary shares |
|---|---|---|
| Expired employee and performance rights | 2,016,783 | 0.063% |
| New performance rights for FY26 LTI | 146,958 | 0.0046% |
| Listed ordinary shares | 3,179,110,946 | base capital |
The stock now looks pinned more to lithium prices and what happens in the June quarter, not Monday’s rights paperwork. Liontown’s next update is set for July 28, then it’s the FY26 results on Aug. 31, per the investor calendar.
Liontown’s last results looked better operationally than the recent stock move suggests. The company posted A$55 million operating cash flow, A$33 million positive net cash flow, and finished the quarter with A$424 million cash. Liontown sold 83,912 dmt of spodumene concentrate at an average realised price of US$1,845/dmt SC6e for the March quarter. “Liontown is generating positive net cash flow,” Managing Director and CEO Tony Ottaviano said, adding the company is “on track to meet the FY2026 guidance.”
| March quarter metric | Q3 FY2026 | Q2 FY2026 | Change |
|---|---|---|---|
| Concentrate output | 96,367 dmt | 105,342 dmt | -9% |
| Concentrate sales | 83,912 dmt | 112,122 dmt | -25% |
| Avg realised price | US$1,845/dmt SC6e | US$985/dmt SC6e | +87% |
| Total revenue | A$197 million | A$130 million | +51% |
| Cash balance | A$424 million | A$390 million | +9% |
| AISC | A$1,251/dmt sold | A$1,059/dmt sold | +18% |
Revenue climbed as realised prices nearly doubled from the December quarter, offsetting weaker sales volumes. The focus now shifts to June-quarter realised prices, recovery rate, and sales tonnage, which look more important for the next move in the shares than Monday’s small rights notices.
The expansion case brings another test. Liontown said April 29 that early works and long-lead procurement for the Kathleen Valley expansion are underway before a final investment decision, which is expected by end of Q1 FY2027. The company expects to spend about A$12 million on a ball mill over the next year, with another A$15 million to A$18 million going to early works in FY2026. Liontown flagged total pre-FID cash outlay could reach up to A$77 million. That’s about 18% of its cash at March end.
Lithium names aren’t just trading lower. Reuters last week quoted Fastmarkets CEO Raju Daswani saying, “The period of market overcorrection is over,” and added that “Energy storage has become a primary driver of growth.” Albemarle Corp NYSE:ALB exec Eric Norris said to Reuters: “Grid storage is much more evenly distributed around the world.” Reuters
Rio Tinto Group ASX:RIO is making a push into lithium. Jérôme Pécresse, who runs its aluminium and lithium unit, told Reuters the company is aiming for 200,000 tonnes of lithium capacity by 2028, and said Rio wants to “build on time and on budget.” But he also described lithium as “a market that is trying to find itself.” Reuters
