LTR Liontown (2.9bn aud MC), Kathleen Valley project:
- 951m aud (625m usd) latest capex estimate
- now starting at 3mpta DMS+float = 567 ktpa SC6
- expanding to 4mtpa in Y6 = 658 ktpa SC6
- 2021 DFS had a 68.5mt @ 1.34% reserve
- 78% recovery (DMS+float)
- latest opex estimate 650 aud/t C1 costs (427 usd/t, compare with AKE James Bay 405 /t) over initial 10 year LOM
- 500m cash
So on paper a pretty attractive project imo, but the capex has significantly increased since the DFS, and there may be some additional execution risk with UG mining from Y3. Good grades, low opex, low capital intensity for expansion to 4mtpa.
What do we think, how does this compare to WR1?
Currently WR1 MC is just 7.5% of LTR's.
Ann: Exclusive option to Acquire Renard Project, page-427
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