Liontown Resources posted a first-half loss of $184.1 million, compared to a loss of $15.6 million in the equivalent period.
The half had been an "inflection point" for the West Australian business, Â chief executive Tony Ottaviano said on Thursday.
"Firstly, Kathleen Valley is delivering as designed," Mr Ottaviano told analysts at an earnings briefing.
"We completed the transition to 100 per cent underground mining during the first half and generated over $208 million of revenue, more than double the prior corresponding period."
The Perth-based miner's production of spodumene, the primary source of lithium, surged 70 per cent on the equivalent half to 193 kilotonnes.
Lithium's price jumped during the second half of 2025 as a projected supply glut and concerns around EV demand in China proved overcooked.
"We're realising higher prices, they continue to strengthen in the second half," Mr Ottaviano said.
"The market is also helping: we're now seeing BESS (battery energy storage systems) emerging as a second demand engine alongside EVs."
Access to several brownfield projects and restarts gave Liontown a major competitive advantage as lithium demand continued to rise, as new projects faced years of approvals and planning.
"Which brings me to the four million tonne expansion study underway at Kathleen Valley," Mr Ottaviano said.
"This is a brownfield growth option from an operating asset, and there is only very few around the world that can bring on additional tonnes to the market as quickly as this option can."
Liontown's underlying loss was $7.7 million, which was an improvement from $10.7 million in the prior corresponding half.
Its statutory $184 million loss included a $104 million accounting charge due to a convertible note deal that was impacted by Liontown's share price more than doubling over the half.
"An estimated $58 million gain is expected to be recognised upon conversion into equity and will be reflected in our full year results," Mr Ottaviano said.
South Korea's LG Energy sold its 7.5 per cent stake in Liontown in a block trade in February, but it remains one of the miner's major off-takers alongside Ford and Tesla.
The miner left its 2026 forward guidance unchanged and projected minor impacts from surging oil prices due to the Middle East conflict.
"We're 80 per cent renewable," Mr Ottaviano said.
"On average, our total diesel cost is about four to five per cent of our overall cost base ... so we're pretty confident from that perspective."
Liontown's share price fell about 2.7 per cent by the afternoon to $1.59, on par with a similar dip in competitor PLS as the broader sector slumped.
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