LTR +11.9%: The lithium producer announced 2nd quarter production today, surprising the market with better than expected spodumene volumes.
- 88,683 dry metric tonnes vs. 28,171 prior quarter
- All-in-sustaining-cost (AISC) of $1,170 per tonne
- Underground mining progressed; first shipment scheduled Q4 FY25
We wrote about conditions in the lithium market this morning as the battery metal ticked up around $US805/MT. LTR has significant operational leverage to take advantage of a price rebound as it expands projects and achieves scale to reduce costs to its guided 2H A$775-$855 per tonne – we like the upside and hold the stock in our Emerging Companies portfolio.
MM remains long and bullish LTR
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