Liontown delivers strong first year finish with positive operating cash flows for the Quarter and underground ramp up on schedule.

We have produced over 300,000 wet metric tonnes of spodumene concentrate in its first 11 months of operation, demonstrating the successful design and ramp up of the Kathleen Valley process plant, laying a strong foundation for future growth.

The June Quarter results highlight the Company’s resilience, responsiveness to rapid market changes, capital management and continued progress against key milestones, including:

• Record net positive operating cash flows of $23 million, the Company’s third consecutive quarter of positive operating cash flows, achieved in a low-price environment
• Strong cash balance of $156M, despite a 9% or ~US$75/t SC6 quarter-on-quarter drop in average realised price
• $109 million in sales receipts during the Quarter, contributing to the record operating cash result and strong cash balance
• Open pit mining remains on schedule for completion in December 2025, with access to the final major ore zone on track for Q2 FY26
• Underground production ramp up continued, with stoping commencing on schedule in April 2025 and blasting and stoping performance in line with expectations
• Commissioned Australia’s largest paste plant, with paste delivered for first stoping and ventilation infrastructure on track for completion in Q1 FY26
• Record process plant performance, with >95% availability and concentrate quality maintained while processing stockpiles of low-grade ore with high gabbro content, reinforcing the decision to back whole of ore flotation design of the process plant
• 85,892 dmt of spodumene concentrate produced at an average grade of 5.2% and 97,330 dmt sold across six parcels generating revenue of $96 million
• 2H FY25 AISC delivered within guidance
• Business optimisation program delivers $112 million in cumulative cost savings and deferrals realised, exceeding the A$100M target set in November 2024

Liontown enters FY26 focused on transitioning to Australia’s first fully underground lithium operation, and unlocking long-term value through continued cost and capital optimisation while maintaining expansion optionality should the market conditions improve.