Liontown (LTR) investor relations material

Executive summary

• Net cash flow of AUD 137 million for the quarter increased cash reserves to AUD 561 million, supporting a pivot from cash preservation to growth investment.

• Record underground development of 3,316 metres, up 35% quarter-over-quarter, underpins the ramp-up to 2.8 Mtpa by end of FY27.

• FY26 guidance delivered across all key metrics, reflecting strong operational and financial discipline.

• Kathleen Valley expansion study is well progressed, with FID expected by end of Q1 FY27.

Financial highlights

• Quarterly revenue reached AUD 235 million, up 19% quarter-on-quarter, driven by higher production and firm pricing.

• Operating cash flow was AUD 180 million in Q4, with customer receipts over AUD 300 million, an 83% increase from the prior quarter.

• Unit operating cost was AUD 995/dmt sold, up 1.4% quarter-on-quarter, within guidance.

• Cash at bank increased from AUD 156 million at June 2025 to AUD 561 million at June 2026.

Outlook and guidance

• FY27 guidance: concentrate production of 390,000–440,000 tons, unit cost of AUD 1,050–1,250 per ton, and total CapEx of AUD 320–370 million.

• Ramp-up to 2.8 Mtpa by end of FY27 remains on track, with increased mining activity and early mobilisation to de-risk production growth.

• Expansion FID for Kathleen Valley expected by end of Q1 FY27.