Liontown (LTR) Investor presentation summary

Financial and operational performance

• Achieved strongest financial quarter since production began, with $33m net cash flow and $424m cash on hand at Q3 FY2026 close.

• Average realised price rose 87% QoQ to US$1,845/dmt (SC6e CIF), driving record revenue and cash receipts.

• Unit operating costs were A$981/dmt sold, within FY2026 guidance, and all-in sustaining costs increased to A$1,251/dmt.

• 96 kt dmt produced and 84 kt dmt sold in Q3, with 26 kt saleable inventory on hand.

• Cash flow from operations was $55m, fully funding business activities.

Underground mining and production ramp-up

• Underground ramp-up ahead of schedule, achieving 1.5 Mtpa run-rate early in Q3 FY2026.

• 402 kt underground ore mined in Q3, up 31% QoQ at ~1.4% Li₂O grade.

• Stope performance and dilution outcomes in line with expectations; infrastructure and fleet capacity expanding.

• Targeting 2.8 Mtpa run-rate by end of FY2027, with next extraction rate step-up expected in Q2 FY2027.

Recovery and processing

• Plant recovery averaged 61% in Q3, improving to ~64% in March and ~70% in early April as underground ore became dominant feed.

• Pathway to 70% recoveries confirmed and demonstrated on clean underground feed.

• Underground ore expected to be the main feed source in Q4 FY2026.