• 192,514 dmt produced at 5.0% Li₂O (up 70%); 189,596 dmt sold
• Underground ore mined 533 kt across 31 stopes -- 1 Mtpa run-rate delivered on schedule. Targeting 1.5 Mtpa by end March 2026
• Revenue $207.5M (up 107%). Underlying EBITDA $(7.7)M reflecting ramp-up phase with unit costs declining through the half

Liontown Resources Ltd (ASX: LTR) has reported its financial results for the half-year ended 31 December 2025, delivering strong growth in production and revenue. Revenue of $207.5 million for the half year more than doubled the prior corresponding period, driven by a 106% increase in sales volumes to 189,596 dmt as Kathleen Valley ramped up underground production. The average realised price was US$888/dmt SC6, with Liontown's inaugural Metalshub spot auction in November 2025 clearing at US$1,254/dmt SC6. Unit operating costs of A$985/dmt and AISC of A$1,179/dmt both declined through the half. The statutory net loss of $(184.0) million includes $(104.4) million of non-cash charges on the LGES convertible note derivative, primarily driven by Liontown's share price appreciation. This charge will not recur following the conversion of the LGES notes to equity in February 2026. The underlying net loss of $(88.7) million reflects $(91.1) million of depreciation and $(21.2) million of net finance costs against a production base still in ramp-up. Cash at 31 December 2025 was $390.5 million, and pro forma gearing excluding leases has dropped from 48% to 22% following the LGES conversion. The Company expects cash generation to improve through the second half with FY2026 guidance unchanged.

FY2026 guidance unchanged. The Company expects cash generation to improve through the second half as volumes, recoveries, and pricing all continue to improve.

Liontown is one of a small number of producers globally that can bring additional lithium tonnes to market quickly through brownfield expansion of an operating asset. The 4 Mtpa expansion study is underway, and the Company is advancing critical path procurement now.