• Stoping has commenced on schedule at Kathleen Valley underground with the first production stope fired at the Mt Mann orebody
• The first firing extracted ~1,500t of ore, part of an initial stope designed to extract ~12kt of ore, equivalent to ~two days of plant production
• Trial processing of previously extracted development ore (grading ~1.5% Li2O) has confirmed the expected processability of underground ore, delivering lithia recoveries exceeding 70%

Liontown Resources Limited (ASX:LTR) is pleased to announce the successful commencement of underground production stoping at Kathleen Valley Lithium Operation's Mt Mann orebody, with the first blast fired on schedule. This marks a key milestone in the transition from open pit to underground operations over FY26. As Australia's first underground lithium mine, it is expected to offer distinct advantages over traditional open-pit operations, through cleaner ore extraction by reducing ore dilution from waste contamination, supporting higher lithia recoveries and improved ore fragmentation for optimised throughput. During March, trials confirmed the processability of the underground ore (utilising previously extracted development ore), with a head grade of ~1.5% Li2O and recoveries exceeding 70%, with further optimisation through recovery improvement projects still to come. The focus remains firmly on continuing the mine development to advance the decline, opening additional working areas and ramping up the underground operations progressively. The key objective of the underground operations, in the short to medium term, is to safely target high-margin ore and maximise value with the mill expected to be supplied solely by underground volumes (and stockpiles) by Q4 FY26.

The key objective of the underground operations, in the short to medium term, is to safely target high-margin ore and maximise value with the mill expected to be supplied solely by underground volumes (and stockpiles) by Q4 FY26.