# LTR: Kathleen Valley Expansion Final Investment Decision Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145704 Publisher: asx Original announcement: 2026-09-29T22:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:34:54.399Z Atlas analysis updated: 2026-09-29T23:34:54.399Z - Company: Liontown - Ticker: LTR - Exchange: ASX - Region: Western Australia - Primary commodity: Lithium - Secondary commodities: Tantalum - Document categories: Production, Capital raise, Resource update, Metallurgy - Extracted: 2026-09-29 23:34:55 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Liontown has approved the Final Investment Decision for the Kathleen Valley Expansion, targeting a five-year average spodumene concentrate production of 780,000 dmt per year from FY30, peaking at over 800,000 dmt in FY34. The expansion, with an approved capital of $389 million, will increase ore processing capacity to 4.2 Mtpa and is expected to be funded through existing cash and operating cash flow, with a forecast payback of approximately 2.5 years. The company also updated its FY27 capital expenditure guidance to $435-495 million to include the expansion capital. Reasoning: Liontown's Final Investment Decision to expand the Kathleen Valley project is a highly positive and material development, significantly increasing future spodumene concentrate production and processing capacity. The expansion is well-funded internally with a rapid payback, leveraging existing infrastructure for capital efficiency. While a portion of the production inventory includes Inferred resources, the company has mitigated this risk by scheduling minimal Inferred material in the early mine plan. - Positive factor: Significant increase in production targets for spodumene concentrate, positioning Kathleen Valley as a major global hard-rock operation. - Positive factor: Expansion is fully funded through existing cash and operating cash flow, indicating strong financial health and minimal dilution risk. - Positive factor: Relatively quick payback period of 2.5 years from incremental cashflows, suggesting a high return on investment. - Positive factor: The expansion leverages existing infrastructure and design, leading to efficient capital expenditure and faster time to market. - Positive factor: Low percentage of Inferred material \(less than 9%\) scheduled for mining in the early years, de-risking the production profile. - Negative factor: A portion of the production inventory \(21.5%\) is based on Inferred Mineral Resources, which carry a lower level of geological confidence. Facts used in scoring: 38 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The expansion is lifting the five-year steady-state average concentrate production to ~780,000 dmt a year, representing a significant increase in output. Evidence · text > lifting five-year steady-state average concentrate production to ~780,000 dmt a year **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resources and Ore Reserves underpinning the production targets have been prepared by a Competent Person in accordance with the JORC Code \(2012 Edition\). Evidence · text > prepared by a Competent Person in accordance with the JORC Code \(2012 Edition\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources and Ore Reserves are stated to be in accordance with the JORC Code \(2012 Edition\). Evidence · text > JORC Code \(2012 Edition\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document includes updated Mineral Resource and Ore Reserve tables effective 30 June 2026. Evidence · text > Kathleen Valley Mineral Resource at 30 June 2026 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The Final Investment Decision \(FID\) implies that the resource estimate and associated studies are at a Definitive Feasibility Study level to support such a significant capital commitment. Evidence · text > Board approves Kathleen Valley Expansion, lifting five-year steady-state average concentrate production **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The production inventory includes 21.5% Inferred Mineral Resources. Evidence · text > comprise Proved Ore Reserves \(6%\), Probable Ore Reserves \(72.5%\) and Inferred Mineral Resources \(21.5%\) **Low Inferred in Early Mine Plan** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Less than 9% of the Inferred material is scheduled to be mined in the first five years, mitigating the risk associated with lower confidence resources. Evidence · text > less than 9% of the Inferred material is mined in the first five years **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document announces a Final Investment Decision for an expansion with approved capital expenditure of $389 million. Evidence · text > Approved expansion capital of $389 million **Production Guidance** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides updated FY27 guidance for total capital expenditure and reiterates unchanged production and operating cost guidance. Evidence · text > FY27 guidance for concentrate production \(390,000–440,000 dmt\) and unit operating costs \($1,050–1,250/dmt sold FOB\) is unchanged. FY27 total capital expenditure guidance is updated to $435–495 million **Funding Secured** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The expansion is intended to be funded through existing cash and operating cash flow, indicating secure financing. Evidence · text > Expansion intended to be funded through existing cash and operating cash flow **Quick Payback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The expansion has a forecast payback period of approximately 2.5 years from incremental cashflows. Evidence · text > forecast payback from incremental cashflows of approximately 2.5 years from the end of construction **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Resource Estimates (14) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-24) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:adc8f4d599d95e77a022 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 14000000 - Grade: 1.32 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Mineral Resource for underground material at Kathleen Valley provides a high-confidence estimate for a portion of the project's resource base. - Positive factor: Measured resources represent the highest level of geological confidence, supporting robust mine planning. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 1.32 Context: 14 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-25) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:adc8f4d599d95e77a022 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 14000000 - Grade: 140 - Grade Unit: ppm - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Mineral Resource for tantalum in the underground material indicates potential byproduct value, contributing to the overall project economics. - Positive factor: Measured resources for tantalum provide additional value potential from the deposit. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 140 Context: 14 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-26) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1f99400f7971411dfa52 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 106000000 - Grade: 1.36 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Mineral Resource for underground material at Kathleen Valley represents a significant portion of the resource with good geological confidence. - Positive factor: Indicated resources provide a good level of geological confidence for mine planning and economic studies. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 1.36 Context: 106 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-27) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:1f99400f7971411dfa52 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 106000000 - Grade: 130 - Grade Unit: ppm - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Mineral Resource for tantalum in the underground material further highlights the polymetallic nature and potential byproduct value of the deposit. - Positive factor: Indicated resources for tantalum provide additional value potential from the deposit. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 130 Context: 106 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-28) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:88c5eaea9c1f2aa52844 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 26000000 - Grade: 1.24 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Mineral Resource for underground material contributes to the overall resource base but requires further work to upgrade confidence for detailed mine planning. - Positive factor: Inferred resources add to the overall resource base, indicating future potential for conversion to higher confidence categories. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. - Negative factor: Inferred resources have a lower level of geological confidence and cannot be used for economic studies without further drilling. Evidence · table > 1.24 Context: 26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-29) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:88c5eaea9c1f2aa52844 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 26000000 - Grade: 120 - Grade Unit: ppm - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Mineral Resource for tantalum in the underground material adds to the overall resource potential but requires further work to confirm its economic viability. - Positive factor: Inferred resources for tantalum add to the overall resource base, indicating future potential byproduct value. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. - Negative factor: Inferred resources have a lower level of geological confidence and cannot be used for economic studies without further drilling. Evidence · table > 120 Context: 26 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-30) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8c38819c3611fe6fb2b3 - Deposit or zone: Stockpiles - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 1.02 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Mineral Resource in stockpiles provides a high-confidence, readily accessible source of lithium for the operation. - Positive factor: Proved resources in stockpiles represent readily available and high-confidence material. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 1.02 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-31) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8c38819c3611fe6fb2b3 - Deposit or zone: Stockpiles - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 140 - Grade Unit: ppm - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Mineral Resource for tantalum in stockpiles adds to the immediate byproduct potential of the operation. - Positive factor: Proved resources for tantalum in stockpiles represent readily available byproduct material. - Positive factor: Resource is JORC compliant and signed off by a Competent Person. Evidence · table > 140 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-32) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8c38819c3611fe6fb2b3 - Deposit or zone: Stockpiles - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 1.02 - Grade Unit: % Li2O - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Ore Reserve in stockpiles provides a high-confidence, economically extractable source of lithium. - Positive factor: Proved reserves in stockpiles represent economically viable and readily available material. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 1.02 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-33) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8c38819c3611fe6fb2b3 - Deposit or zone: Stockpiles - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 300000 - Grade: 139 - Grade Unit: ppm - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Ore Reserve for tantalum in stockpiles adds to the immediate economically extractable byproduct potential. - Positive factor: Proved reserves for tantalum in stockpiles represent economically viable byproduct material. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 139 Context: 0.3 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-34) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:51620475dc1ff26d7e16 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 5400000 - Grade: 1.3 - Grade Unit: % Li2O - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Ore Reserve for underground lithium provides a high-confidence, economically extractable portion of the resource. - Positive factor: Proved underground reserves represent high-confidence, economically viable material for the primary mining method. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 1.30 Context: 5.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-35) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:51620475dc1ff26d7e16 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 5400000 - Grade: 110 - Grade Unit: ppm - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Ore Reserve for underground tantalum adds to the high-confidence, economically extractable byproduct potential. - Positive factor: Proved underground reserves for tantalum provide high-confidence byproduct potential. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 110 Context: 5.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-36) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:89e8a4cf051f3edf6a46 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 63100000 - Grade: 1.32 - Grade Unit: % Li2O - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Ore Reserve for underground lithium represents a substantial portion of the economically extractable material, providing confidence for long-term operations. - Positive factor: Probable underground reserves represent a significant portion of economically viable material, supporting long-term mine plans. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 1.32 Context: 63.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-resource-facts-37) Kathleen Valley · tantalum #### Identity - Project: Kathleen Valley - Commodity: tantalum - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:89e8a4cf051f3edf6a46 - Deposit or zone: Underground - Mining method: combined - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 63100000 - Grade: 119 - Grade Unit: ppm - Cutoff Grade: 0.8 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Ore Reserve for underground tantalum adds significant byproduct potential to the economically extractable material. - Positive factor: Probable underground reserves for tantalum provide significant byproduct potential. - Positive factor: Reserve is JORC compliant and signed off by a Competent Person. Evidence · table > 119 Context: 63.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/ltr-kathleen-valley-expansion-final-investment-decision--9340b66b-d2ce-4819-b522-e4bc1171b8d8#fact-metallurgical-facts-18) Kathleen Valley · lithium #### Identity - Project: Kathleen Valley - Commodity: lithium - Region: australia\_wa - Reported Region: Western Australia - Ticker: LTR #### Recovery - Recovery: 78 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The target average plant recovery of 78% from FY30 is a crucial operational parameter for the expanded production. - Positive factor: Targeted plant recovery provides a key operational metric for future production forecasts. Evidence · table > 78 Context: Target average plant recovery from FY30 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.