Join our daily newsletter At The Bell to receive exclusive market insights
- Liontown Resources (LTR) completed its first quarter under new CEO and Managing Director Tony Ottaviano
- Mr Ottaviano began with LTR in May, with a focus on helping the company develop and finance its Kathleen Valley project
- LTR expects a definitive feasibility study to be completed on the Lithium project by the end of 2021
- The company ended June with $12.45 million in the bank and raised an extra $52 million post-quarter-end to fund growth
- Liontown shares have jumped up 8.88 per cent following today’s quarterly update to trade at 92 cents each
Liontown Resources (LTR) has completed its first quarter under new CEO and Managing Director Tony Ottaviano.
Mr Ottaviano joined the materials business in May, to manage the financing and development of its flagship Kathleen Valley Lithium Project.
The lithium asset is located in Western Australia, along with LTR’s Koojan Joint Venture (JV) Project and Buldania Lithium Project.
The company spent much of the June quarter focussed on progressing the definitive feasibility study on Kathleen Valley, which should be completed in the fourth quarter of 2021.
LTR also carried out geochemical sampling and soil sampling programs at its Koojan JV and Buldania projects, respectively.
In terms of finances, the materials stock ended Q4 FY21 with $12.45 million worth of cash in the bank, spending $2.66 million on operating activities during the three-month period.
LTR has since raised an additional $52 million worth of cash earlier this month, with the funds to be spent on development programs at Kathleen Valley.
This includes funding additional testwork at the site, securing long-lead items and potential off-site infrastructure, as well as hiring key personnel.
Following today’s update, Liontown Resources’ shares were trading up 8.88 per cent at 92 cents per share at 12:55 pm AEST.
