• A$420 million cash balance with 20,912 dmt of saleable concentrate on hand
• 105% increase in underground ore mined, achieving 1Mtpa run-rate in September
• Final major ore zone reached at Kathleen's Corner open pit, on schedule for December 2025

Liontown Resources delivered another quarter of solid execution, advancing the underground ramp-up and achieving key transition milestones at the Kathleen Valley Lithium Operation. The open pit is nearing completion, underground production is scaling, and the process plant continues to perform strongly, treating Run-of-Mine stockpiles and direct feeding Ore Sort Potential stockpiles with higher proportions of gabbro material. While processing of OSP is impacting recoveries, this is expected to improve as cleaner, higher-grade underground ore becomes the dominant mill feed. The company completed a capital raising in August, fortifying the balance sheet and providing a prudent liquidity buffer. This strengthened position enables Liontown to capitalize on a recovery in lithium prices and pursue growth opportunities. The amendment to the Ford debt facility and offtake agreement provided additional near-term liquidity and enhanced strategic flexibility in the company's sales strategy. Operational and financial results were consistent with expectations and factored into the company's guidance for FY26, with stronger outcomes anticipated in subsequent quarters as underground production continues to scale.

The company expects stronger outcomes in subsequent quarters as underground production continues to scale, with a recovery target of ~70% by the end of the third quarter of FY26.

Liontown is focused on continued execution, cost discipline, and unlocking the full performance of the Kathleen Valley operation as it transitions to steady-state 100% underground operations in Q3 FY26.