LTR popped +6.2% on Monday, not as strong as PLS and IGO on the day, but it’s been more resilient on the downside during 2025. LTR ended the December half with $192m cash, down ~$70m QoQ, another example of cash burn in the space. However, on an SC6 basis (Spodumene Concentrate 6%), FOB (Free on board) costs were US$652/t and AISC of US$763/t, which compared with a realised price of US$806/t SC6 CIF, helped the company delivered $16.7m cash flow from operations. FY26 is likely to be a transitional year for LTR, with cashflow inflection not likely until FY27, but with the lithium prices slowly improving ~US$900/t, it could come earlier.
- We can see LTR testing 90c in the coming months, or 30% higher—MM holds LTR in our Emerging Companies Portfolio.
MM is long and bullish LTR
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