• Record net positive operating cash flows of $23 million
• Strong cash balance of $156M despite lower lithium prices
• Successful transition to underground mining operations

Liontown Resources Ltd (ASX: LTR) has 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. The June Quarter results highlight the Company's resilience, responsiveness to rapid market changes, capital management, and continued progress against key milestones. Key achievements include record net positive operating cash flows of $23 million, a strong cash balance of $156M despite a 9% drop in average realised lithium price, and $109 million in sales receipts. Open pit mining remains on schedule for completion in December 2025, and underground production ramp-up continued with stoping commencing on schedule in April 2025. The process plant delivered record performance, with >95% availability and concentrate quality maintained while processing stockpiles of low-grade ore. 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.

Liontown is targeting 70% recovery by Q3 FY26 as the underground operations scale and deliver higher grade, cleaner ore.

Liontown's focus in FY26 will be on completing the underground transition, managing costs and cash tightly, and preparing the plant to fully leverage high-grade, low-contamination underground ore in the second half of the year.