The Kathleen Valley Lithium Project is now more than 50% complete with a clear line of sight to first production mid-2024.

During the September quarter, we awarded the final major mining and construction contracts for Kathleen Valley, bringing capital costs committed to approximately 90 percent and de-risking the pathway to first production.

Highlights

• No Lost-time Injuries were recorded, with around 530,000 site hours worked, up from 326,000 in the June quarter.
• Kathleen Valley is more than 50 percent complete.
• Updated estimate of the Kathleen Valley Project capital cost (including pre-production mining) to first production
  of A$951 million.
• All major mining and construction contracts were awarded and approximately 90 percent of Project capital costs
  committed, de-risking the pathway to first production.
• Average cash cost (C1) expected to be A$651 per SC6 dry metric tonne over the initial 10 years of production.
• General Manager Operations appointed and 47 people hired during the quarter, in-line with workforce plan.
• Underground Mining Services contract awarded to Tier 1 contractor Byrnecut.
• Structural, Mechanical, Piping and Electrical & Instrumentation contract awarded to Tier 1 contractor
  Monadelphous.
• Total material movement during the quarter was 1.4 million bulk cubic metres from both Kathleen’s Corner and
  Mount Mann pits including 132,813 tonnes of ore.
• Steel and plate fabrication reached 2,423 tonnes, totalling more than 70 percent completed.
• More than 3,000m3 of structural concrete was poured at the Process Plant throughout the quarter. Process Plant
  total structural concrete poured to date is over 8,800m3 from a total of 10,900m3
  , and remains on schedule.
• Hybrid Power Station substantially advanced with the solar farm now 82 percent complete, thermal power station
  and LNG facilities 50 percent complete, and the first wind turbine footing poured.
• A revised conditional and non-binding indicative proposal was received from Albemarle on 4 September to acquire
  100% of Liontown for A$3.00 in cash per share via scheme of arrangement. Subsequent to the end of the quarter,
  Albemarle advised Liontown of its decision to withdraw due to the growing complexities associated with executing
  the transaction.
• During the quarter the Company drew down A$128.6 million under the A$300 million finance facility with Ford, with
  A$52.7 million remaining undrawn.
• The Company’s cash balance as at 30 September 2023 was A$285.0 million