0022 GMT - The economics of Liontown's Kathleen Valley--the first global large-scale, bulk underground lithium operation--don't look great, according to Jarden. It says that while "the cost base is still being established...it is much higher than consensus estimates reflect." The remarks follow updated project numbers alongside a final investment decision by Liontown. "While we hold the Kathleen Valley orebody in high regard (and equally LTR management for building a high-quality underground mine and processing plant), we have long questioned the economics of this highly capital-intensive extraction method for what is ultimately a low-grade, high-volume commodity," Jarden says. The bank has an underweight rating on the stock. It cuts its stock target to A$0.75 from A$0.88. Shares are up 5.1% at A$0.83, after losing 15% Thursday.