Liontown has just wrapped up its first full year of production,...

Liontown has just wrapped up its first full year of production, delivering over 300,000 tonnes of spodumene concentrate, generating a $23M positive operating cash flow, and ending the year with $156M in the bank — all while lithium prices have been in freefall. Yet the market still treats them like a wounded player that’s fallen from the heights of the lithium rally, with the share price almost halved from last year’s levels.
Now they’re entering a pivotal phase: the transition to underground mining at Kathleen Valley, and exploring customer-led financing from China, with backing from Gina Rinehart’s Hancock Prospecting.So, is this a resilient strategy that will restore them to industry leader status — or simply a survival move in a tough market?

Is partnering with China’s Chengxin a smart play or a sign of weakness?How much will the underground mine development drain the balance sheet over the next 6–12 months while lithium prices remain low?Can Liontown outperform peers like Sunrise, Dubbo, and Caravel in the current climate?Share your thoughts — bullish, bearish, or just holding.