We are initiating coverage on Liontown Resources (LTR) with a BUY rating and set a A$1.60 price target. Construction of the Kathleen Valley spodumene project is progressing well and LTR remains on track to achieve project completion and first production in the next few months. Spodumene flotation plants have been notoriously difficult to ramp up, however, the additional risk mitigating measures LTR has taken are likely to enable a faster ramp up than most projects in our view. Funding remains a risk with the A$550m bridging facility needing to be refinanced by October 2025, however, our estimates suggest only ~A$350m of additional funding is required during FY26.
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