LTR -4.05%: Releases an okay set of production numbers today, though FY26 guidance underscores a wide range of outcomes:
- 4Q Spodumene concentrate production 85,892 dmt, down -10% q/q
- 4Q Revenue of $96 million, down -7.7% q/q
For FY26, they forecast spodumene concentrate production for the full year of 365,000 to 450,000 dmt at an All in Sustaining Cost (AISC) of A$1,060 – 1,295 per dmt sold relative to unit operating costs A$855 – 1,045 per per dmt sold. The 1Q26 will be used to prepare the plant for underground operations, including targeted modifications and ROM restructuring as they transition some time in December 2025.
They said market conditions remain challenging, and they continue to focus on costs (as much as they can).
MM is long & cautiously bullish LTR
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