• Executing to plan with maintenance and Ore Sorting Potential (OSP) feed strategy delivered as guided
• Underground ramp-up rapidly scaling and on track, achieving 1Mtpa run-rate on schedule
• Open pit completion on track with final clean ore zone reached in September

Liontown Resources Ltd has delivered a strong September 2025 quarter, with the company executing to plan, ramping up underground operations, and progressing towards the completion of open pit mining at the Kathleen Valley Lithium Operation. The quarter saw a 105% increase in underground ore mined, with underground operations achieving a 1Mtpa run-rate on schedule in September. Open pit mining also remained on track, with the final clean ore zone reached in September. The company's financial position was further strengthened, with a cash balance of A$420 million following a capital raise and amendments to the Ford debt facility. Safety and ESG performance remained a focus, with the company piloting a program to support psychosocial wellbeing. The processing plant continued to perform well, with 580kt processed at 92% availability, though recoveries were impacted by the planned OSP feed strategy. The company expects recoveries to improve progressively through FY26 as clean underground ore becomes the dominant feed. Financially, revenue was impacted by lower shipping volumes due to port congestion and backward-looking pricing, while unit costs increased due to the drawdown of OSP stockpiles and lower recoveries. However, the company expects these metrics to trend lower as underground operations scale up and recoveries improve.

For FY26, Liontown is targeting a lithia recovery of around 70% by March 2026 as clean underground ore becomes the dominant feed. The company is also aiming to ramp up underground mining to an annualised rate of 1.5Mtpa by Q3 FY26.

Liontown is well-positioned to complete open pit mining in the December quarter and transition fully to underground operations. The company is focused on optimising stope turnover, increasing the rate of development, and optimising paste-fill to support the continued ramp-up of underground mining. Liontown also sees opportunities to unlock greater commercial value through its business optimization initiatives, which include challenging the status quo, driving leadership ownership and accountability, and unlocking greater value from key contracts and supplier relationships.