LTR +0.89%: Released a solid quarterly production update, though only released the half-yearly a month ago so there was little left to the imagination on the upside or downside in today’s release.
- Spodumene concentrate production was 95,709 dry metric tonnes (dmt), +12% qoq
- Spodumene sales of 93,940 dmt, +15% qoq
- Revenue of $104m, +16% qoq
Management reaffirmed guidance for the full-year, with production tracking in-line while costs look to land at the upper end of the range. Encouragingly, All-In Sustaining Cost (AISC) was $1,081 in 3Q vs $1,170 in 2Q highlighting a continuing improvement as the operation scales. Importantly, preparation for commencing underground production is well progressed, with first blast occurring on schedule in early April.
MM remains long and bullish LTR
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