• First year milestones delivered with Kathleen Valley constructed, commissioned, and transitioned into production
• Positive underlying performance with A$55M Underlying EBITDA and breakeven cash flow
• Balance sheet strengthened with A$528M pro forma cash post capital raising

Liontown Resources' FY25 financial results presentation highlights the company's successful first year of operations at the Kathleen Valley Lithium Operation. In the 11 months of production, including a six-month ramp-up, the operation produced 294,521 dmt of lithium concentrate at a weighted average grade of 5.2% Li2O, with 283,443 dmt sold. Despite weaker lithium prices throughout the year, the company generated A$298M in revenue and achieved positive Underlying EBITDA of A$55M, demonstrating the operation's strong underlying performance and rapid ramp-up. The company's balance sheet was further strengthened with a A$372M capital raising, increasing its pro forma cash balance to A$528M as of 30 June 2025. This provides Liontown with the financial flexibility to fund the transition to underground mining at Kathleen Valley in FY26, which is expected to deliver lower costs and a platform for future growth. The company's sustainability efforts were also highlighted, with 81% renewable power penetration, zero reportable environmental incidents, and expanded partnerships with Traditional Owners and the local community.

FY26 guidance: Concentrate produced 365-450 kdmt, unit operating costs A$855-1,045/dmt sold, all-in sustaining costs A$1,060-1,295/dmt sold, capital expenditure A$100-125M (sustaining capital A$45-55M, growth capital A$55-70M).

FY26 is a transition year as Liontown moves from open pit to underground mining at Kathleen Valley. This is expected to result in lower unit costs from FY27 onwards, providing a platform for future growth and value creation.