• Over 294,000 dmt of spodumene concentrate produced at 5.2% grade in FY25
• Commenced underground production on schedule, with paste plant and ventilation progress
• Executed $112M in FY25 cost savings and deferrals, exceeding $100M target

Liontown Resources Ltd has reported strong operational and financial performance in Q4 and FY25. The company produced over 294,000 dmt of spodumene concentrate at 5.2% grade in FY25, exceeding 320,000 wmt at 8% moisture. Underground production stoping commenced on schedule, with the paste plant commissioned and primary ventilation progressing well. Liontown delivered $112M in FY25 cost savings and deferrals, exceeding its $100M target. The company maintained a robust cash balance of $156M at 30 June 2025 and its H2 FY25 all-in sustaining cost (AISC) was delivered within guidance. Liontown continued to demonstrate its capability to execute during the ramp-up and in a low-price environment, with the company being agile and responsive to a 36% fall in spodumene price over 12 months to 30 June. The November 2024 revised mine plan focused on optimizing the mining and processing schedules to preserve cash. Liontown also committed capital to deploy technology and complete debottlenecking projects to further improve plant performance. Looking ahead, the company is transitioning towards long-term advantage, with 100% underground production planned by Q3 FY26 and a 70% lithia recovery target by Q3 FY26 remaining unchanged. FY26 is expected to be a transition year, setting Liontown up for low-cost, scalable operations from FY27.

For H2 FY25, Liontown expects to sell 170-185 kdmt of spodumene concentrate, produce 170-185 kdmt, with unit operating costs (FOB) of A$775-855/dmt sold, capital expenditure of A$97-113M, and all-in sustaining costs of A$1,170-1,290/dmt sold.

Liontown is transitioning towards long-term advantage, with 100% underground production planned by Q3 FY26 and a 70% lithia recovery target by Q3 FY26 remaining unchanged. FY26 is expected to be a transition year, setting the company up for low-cost, scalable operations from FY27.