Earnings release
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 1 of 21 Quarterly Activities Report For the period ended 30 June 2025 29 July 2025 Liontown delivers strong first year finish with positive operating cash flows for the Quarter and underground ramp up on schedule Liontown has produced over 300,000 wet metric tonnes of spodumene concentrate in its first 11 months of operation, demonstrating the successful design and ramp up of the Kathleen Valley process plant, laying a strong foundation for future growth. The June Quarter results highlight the Company ’s resilience , responsiveness to rapid market changes , capital management and continued progress against key milestones, including: • Record net positive operating cash flows of $23 million, the Company’s third consecutive quarter of positive operating cash flows, achieved in a low-price environment • Strong cash balance of $15 6M, despite a 9% or ~US$ 75/t SC6 quarter-on-quarter drop in average realised price • $109 million in sales receipts during the Quarter, contributing to the record operating cash result and strong cash balance • Open pit mining remains on schedule for completion in December 2025, with access to the final major ore zone on track for Q2 FY26 • Underground production ramp up continued, with stoping commencing on schedule in April 2025 and blasting and stoping performance in line with expectations • Commissioned Australia’s largest paste plant, with paste delivered for first stoping and ventilation infrastructure on track for completion in Q1 FY26 • Record process plant performance, with >95% availability and concentrate quality maintained while processing stockpiles of low-grade ore with high gabbro 1 content, reinforcing the decision to back whole of ore flotation design of the process plant • 85,892 dmt of spodumene concentrate produced at an average grade of 5.2% and 97,330 dmt sold across six parcels generating revenue of $96 million • 2H FY25 AISC delivered within guidance • Business optimisation program delivers $112 million in cumulative cost savings and deferrals realised, exceeding the A$100M target set in November 2024 Liontown enters FY26 focused on transitioning to Australia’s first fully underground lithium operation, and unlocking long-term value through continued cost and capital optimisation while maintaining expansion optionality should the market conditions improve. Liontown Resources Limited ( ASX: LTR) (Liontown or the Company) continued to execute in line with its plan at the Kathleen Valley Lithium Operation (Kathleen Valley) during the June 2025 Quarter (Quarter) and remains on track with its transition to 100% underground operations. T he operational and financial results for the Quarter underscore the Company’s responsiveness to rapid market changes , operational efficiency, and prudent financial management while positioning it for a strong future. As planned, t he Company has drawn down its strategic Run -of-Mine (ROM) stockpiles to support the transition to underground operations. The flexibility of the plant’s whole of ore flowsheet has enabled the Company to progressively increase the proportion of low-grade ore with high gabbro content (OSP) processed as part of the feed blend. While the For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 2 of 21 processing of OSP has impacted recovery, it is expected to be temporary as the scaling of the underground operations delivers higher grade, cleaner ore, and the Company’s target of 70% recovery by Q3 FY26 remains unchanged. Table 1: Summary Operational and Financial Metrics (unaudited): Production and Sales Units Q4 FY25 Q3 FY25 Δ (%) YTD FY25 Concentrate production dmt 85,892 95,709 (10) 294,521 Concentrate sales dmt 97,330 93,940 4 283,443 Average Li2O grade shipped % 5.2 5.2 - 5.2 Concentrate inventories dmt 11,081 22,519 (51) 11,081 Average realised price US$/dmt SC6e 2 740 815 (9) 788 US$/dmt ~SC5.2 3 633 698 (9) 680 Tantalite concentrate production dmt 270 253 7 768 Financial Metrics Units Q4 FY25 Q3 FY25 Δ (%) YTD FY25 Revenue A$m 96 104 (8) 301 Cash4 A$m 156 173 (10) 156 Cost Metrics Units Q4 FY25 Q3 FY25 Δ (%) H2 FY25 Unit Operating Costs (FOB) 5 A$/ dmt sold 898 702 28 802 US$/ dmt sold 6 576 440 31 508 All In Sustaining Cost (FOB) 7 A$/ dmt sold 1,227 929 32 1,081 US$/ dmt sold6 786 583 35 685 Liontown’s Managing Director and CEO, Tony Ottaviano, said: “We’ve delivered a strong finish to our first year of operations, with over ~300kwmt of spodumene concentrate produced, $301 million in revenue secured and a breakeven net operating cash inflow from activities in a ramp up year . Th is Quarter we delivered our third consecutive quarter of positive net operating cashflow of $23 million which was a record and a standout result given the sustained pressure on lithium prices. This performance, along with sale proceeds received of $109 million for the Quarter, underpins a strong cash balance of $156 million at 30 June 2025. With lithium prices falling 24% (~US$203/t) during the quarter, our strategy to process stockpiles enabled us to preserve cash and maintain a strong cash balance at year end. This has been enabled by the leading design and the performance of our fourth-generation process plant and the team’s focus on preserving cash. With underground production commencing during the Quarter, we are ramping up to plan and producing excellent early results. Fragmentation, dilution and recovery are all better than expected, and key enabling infrastructure such as our paste plant and the main ventilation shafts are now in place. We remain firmly on track for 100% underground production and 70% recovery target in Q3 FY26. FY26 will be a transition year. Our focus is clear , we need to complete the underground transition, manage cost s and cash tightly, and prepare the plant to fully leverage high-grade, low-contamination underground ore in the second half. We’re confident that by executing our plan in FY26, the Company will emerge stronger from this low-price environment”. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 3 of 21 1. Sustainability 1.1. Health and Safety Liontown’s rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) increas ed to 6.93 (March 2025: 6.78), and the Lost Time Injury Frequency Rate (LTIFR) decreased to 0.92 (March 2025: 1.13). Leading indicators such as safety observations per 1,000 hours at Kathleen Valley increased to 2.61 (March 2025: 2.36). Whilst fewer injuries were recorded in FY25 compared to FY24, improving both lead and lag indicators remains a key focus for the Company in FY26. To ensure Liontown has robust systems in place to deal with both an emergency or crisis , training was conducted with the site emergency management team, in Perth with the crisis management team and with the Company’s Board of Directors to increase awareness of processes in place to protect business continuity. A psychosocial audit was conducted across multiple w ork groups, and a mental health awareness strategic plan was developed. The Company remains committed to enhancing safety and fostering a culture of continuous improvement across all operations, with ongoing safety programs continuing to be a key focus. 1.2. Environment, Heritage and Community During the Q uarter, the Company made significant progress on key regulatory updates, including securing our Department of Water and Environmental Regulation (DWER) operating licence and amending the current mining proposal. Regulatory compliance remains a core focus. The Company maintained strong community engagement, supporting art and education initiatives and prio ritising Tjiwarl trainee programs. The Company also provided support for the newly launched ROM loading contract awarded to a Tjiwarl business. In May, t he Company was recognised at the 2025 Decarbonisation Awards, part of the Energy and Mines Summit in Perth, receiving the Excellence in Renewable Energy in Mining award for its innovative approach to approvals and decarbonisation. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 4 of 21 2. Production Table 2: Physicals Mining Units Q4 FY25 Q3 FY25 Δ (%) YTD FY252 Open pit ore mined kt 165 555 (70%) 2,448 Open pit waste mined kt 2,241 1,913 17% 9,028 Strip ratio (BCM) waste:ore 12.8 3.3 288% 3.4 Average Li2O grade mined (open pit) % 1.1 1.0 10% 1.2 Underground mining development metres m 1,682 1,849 (9%) 7,302 Underground ore mined kt 110 53 108% 214 Underground waste mined kt 97 118 (18%) 527 Average Li2O grade mined (underground) % 1.5 1.5 - 1.5 Processing Units Q4 FY25 Q3 FY25 Δ (%) YTD FY25 Ore processed kdmt 631 583 8% 2,022 Lithia feed grade (weighted average) % 1.2 1.3 (8%) 1.3 Plant availability % 96 91 5% 89.3 Lithia recovery % 57 64 (11%) 58.3 Stock inventory Units Q4 FY25 Q3 FY25 Δ (%) H2 FY25 ROM stockpile kt 828 1,302 (36%) 828 Concentrate inventory Kt 11 23 (51%) 11 2.1. Mining Open Pit Mining Open pit mining progressed to plan during the Quarter , with activity focused on waste stripping at Kathleen’s Corner pit ahead of accessing the final major ore zone in Q2 FY26. Mining has now reached a depth of approximately 100 metres and remains on track to reach the final design depth of 150 metres by the end of 2025. An updated grade control model was completed during the Q uarter to optimise the remaining open pit mine schedule and maximise the grade, quality and quantity of ore recovered from the pit. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 5 of 21 Looking ahead, ~1.6 million Bank Cubic Metres (BCM) is scheduled to be mined in the first half of FY26. The September quarter (Q1 FY26) will continue to focus on waste stripping, positioning the operation to access the final major ore zone in Q2 FY26. Final works on tailings storage facility batters and supporting infrastructure are also progressing. The open pit remains on schedule for completion in December 2025. Figure 1: Kathleen’s Corner open pit Underground Mining Underground mining activities materially progressed during the Quarter, achieving several key milestones as the operation transitioned from development into production. Production stoping commenced on schedule in April 202 5 at the Mt Mann orebody, with the first stope successfully fired, delivering approximately 12,000 tonnes of clean ore at an average grade of 1.5% Li2O. Since then, underground mining activity has continued its ramp up , finishing June at an annualised run rate of ~0.5Mtpa. Given the mine plan design calls for large stope tonnages and the orebody has high tonnes per vertical metre, the Company is confident that it can deliver the targeted increase in underground production run rates of 1Mtpa by September 2025 and 1.5Mtpa by March 2026. Underground mining conditions have been excellent, with drill density, observed fragmentation, and ore -to-waste reconciliation all aligning with plan and delivering clean, high-quality ore as expected. Geotechnical conditions have also been favourable, with no dewatering required and ground support progressing in line with design. These outcomes reinforce the view that underground mining at Kathleen Valley offers material processing advantages for lithium ore, supported by consistent geological conditions and clean ore presentation. Underground development rates from the two jumbos remained above 550m per month on average whilst transitioning to simultaneous stoping activities. A total of 1,682 development meters were achieved for the Quarter, brin ging the cumulative total to ~10,800 development metres since the commencement of underground mining in November 2023. This strong performance supports access to the thicker, high -grade zones of Mt Mann, scheduled for development in CY2026. The Quarter also saw completion of several long -lead infrastructure items critical to sustaining production and improving efficiency. Australia’s largest paste -fill plant was commissioned on schedule, with ~10,000 m3 of cemented paste produced and an initial three stopes were filled successfully as scheduled in the June Quarter . Raise bore works for primary underground ventilation were completed, with the first of two permanent fans on track for commissioning in August and the second in September. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 6 of 21 Operational focus has now shifted from development to production, with the Liontown and Byrnecut teams working closely to implement detailed daily scheduling, optimise short-term mine planning and ramp-up execution. Operational productivity improvements are being supported by the installation of permanent primary ventilation, the deployment of surface-based tele-remote bogging and streamlining of mine planning systems. These initiatives support a disciplined ramp -up toward full -scale underground operations, which remains on track for Q3 FY26. Chart 1: FY25 PTD Underground development metres and total ore (July 2024 to June 2025): Figure 2: Fan assembly for main underground ventilation Figure 3: Blasted open stope in Underground For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 7 of 21 Figure 4:4Mtpa capacity Paste Plant Figure 5: Underground Paste reticulation 2.2. Processing The process plant ha d a solid quarter and demonstrated its excellent performance capabilities , producing a saleable concentrate processing a blend of both clean ore and OSP from the strategic ROM s tockpiles, which are primarily associated with the open pit. This draw down from the ROM stockpiles to support the transition to 100% underground operations by Q 3 FY26 has been part of the November 2024 mine plan optimisation. The excellent performance capabilities and flexibility of the plant flowsheet enabled the Company to progressively increase the proportion of OSP processed as part of the feed blend during the Quarter. The process plant delivered record performance for both throughput and availability, processing 631kt of ore with an average mill availability of 96%. The average mill feed grade reduced to 1.2% Li₂O (Q3 FY25 1.3% Li₂O) with the increased proportion of OSP processed . The plant produced 85,892 tonnes of saleable spodumene concentrate at ~5.2% Li₂O grade, with the increased gabbro dilution having a direct impact on lithia recoveries of 57% (Q3 FY25 64%). Ore sorting also recommenced during the Quarter, crushing 191,065 tonnes and sorting 110,350 tonnes with a 57% mass recovery. While Dense Media Separation (DMS) float plants typically struggle to process ore with gabbro content above 5% due to limited separation selectivity , Liontown’s whole-of-ore flotation plant has successfully processed ore containing up to 18% gabbro . This performance capability and flexibility allows the Company to process the OSP that has been previously mined as part of the open pit schedule and produce a saleable concentrate. OSP volumes remaining on hand will continue to blend with clean ore throughput during underground ram p-up and trials feeding 100% OSP only ore commenced in July. The processing of OSP material is expected to be temporary, as OSP is primarily associated with the open pit mine which is scheduled to conclude in December 2025. Recovery rates are expected to improve as underground operations scale. The target of 70% recovery by Q3 FY26 remains unchanged. Tantalite concentrate production increased 7% quarter-on-quarter, with 270 dry metric tonnes produced which are sold to Global Advance Metals (GAM) on a spot basis. The Company executed planned minor maintenance shutdowns during the Quarter , ensuring ongoing operational efficiency and reliability. Key sustaining capital optimisation initiatives, such as the tails regrind (on track for commissioning in August ), revised static grizzly, new static magnet station and revised vibrating grizzly, continue to progress well, with a particle size analyser commissioned in June. The Kathleen Valley Hybrid Power Station continues to deliver reliable power, maintaining over 79% renewable penetration for the quarter. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 8 of 21 Chart 2: Plant availability (average per Quarter): Chart 3: Lithia recovery and Li2O grade shipped (average per Quarter): For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 9 of 21 Chart 4: Plant throughput and spodumene concentrate production (average per Quarter): Figure 6: Material being trucked from Kathleen’s Corner Open Pit Figure 7: Aerial view of thickener and process water tanks Figure 8: SAG mill in operation Figure 9: Aerial view of crusher circuit, fine ore bin and plant For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 10 of 21 2.3. Sales and Marketing Liontown generated $9 6 million in revenue for the June Quarter, an 8% decrease on the prior quarter, reflecting the impact of a lower average realised lithium price. During the Quarter, 97,330 dmt of spodumene concentrate at ~5.2% Li₂O was sold, bringing total sales since production commenced in July 2024 to 283,443 dmt. The average realised sales price for the June Quarter was US$740/dmt SC6e8, 9% lower than the March quarter, reflecting broader weakness in lithium pricing across the sector. Tantalite production also remained stron g, with 270 dmt produced and 351 dmt sold during the Quarter, generating net revenue (after freight) of $1.7 million. The Company has agreed to re -sell a portion of Ford Motor Group ’s quantity from its Offtake Agreement , which commenced on 1 July 2025. A back-to-back offtake agreement for up to 150,000 wmt has been agreed with a subsidiary of global integrated lithium chemicals producer, Chengxin Lithium Group. Pricing is determined using a formula -based mechanism referencing index pricing as previously disclosed, with payment on irrevocable letter of credit. The Company continues to see a robust outlook for lithium, underpinned by strong demand for high-quality spodumene concentrate. In the first six months of 2025, lithium demand has continued its double-digit growth rates , driven by strong electric vehicle (EV) sales and energy stationary storage (ESS) installations. Global EV sales increased by 28% and ESS installations increased by 54%, both compared to the first six months of 2024. The current lithium price environment reflects evolving supply -demand dynamics, and we anticipate a return to more normalised conditions as demand continues its robust long-term growth trajectory. 2.4. Unit Operating Costs Unit operating costs for the Quarter were A$898 per dmt sold (FOB), a 28% increase from Q3 FY25. The increase in unit operating costs from Q3 FY25 reflects the introduction of ore sorting costs and a drawdown of stockpiles. The drawdown of the stockpiles increases reported unit costs, however the underlying cash costs for the Quarter are lower given most of the cash outflows related to the build-up of the ROM stockpiles was incurred during H1 FY25. AISC for the Quarter was $1,227 per dmt sold (FOB) which was 32% higher than Q3 FY25. In addition to the factors outlined above for the unit operating costs, the current Quarter had a large increase in sustaining capital costs primarily driven by the capitalisation of deferred waste as the open p it mine entered the final phases of the mine plan , which sees higher waste stripping. 3. Exploration No substantive mining exploration work was undertaken during the quarter. 4. Corporate 4.1. Cash Position The Company had a closing cash balance of $156 million (excluding $25M held as cash security with EFA and is expected to be refunded in Q1 FY26), and approximately 11,000 dmt of saleable concentrate on hand as at 30 June 2025. Liontown delivered $2 3 million net operating cash flow during the Quarter , its third consecutive quarter of positive operating cash flow . Total proceeds from sales reached $109 million for the Quarter, contributing to the strong cash result. Quarterly net cash outflow was limited to $1 7 million, underpinned by the continued delivery of Liontown’s business optimisation program, which has achieved ~$112 million in cumluative savings and deferrals, exceeding the $100 million For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 11 of 21 target set in November 2024. This disciplined approach to capital management was further supported by a $15 million interest-free loan from the WA State Government under the Lithium Industry Support Program. As the lithium market e volves, t he Company continues to monitor its liquidity requirements and sources of capital, including customer -led financing and government support mechanisms . Cash preservation will remain a strategic priority in FY26 given the low -price envirnoment . The Company will maintain a disciplined approach to capital and operating efficiencies, by leveraging existing ROM stockpiles while underground operations ramp up. 4.2. ROM ore stockpile valuation In the preparation of its FY25 full -year financial statements, the Company expects to recognise a non -cash write-down of certain ore stockpile inventory balances. The estimated pre -tax write -down is between $75 million and $85 million, subject to finalisation of the Company’s annual financial audit. This adjustment reflects the application of the Company’s inventory accounting policy, which requires stockpiles to be carried at the lower of cost and net realisable value. This write -down primarily relates to OSP stockpiles, which were accumulated during the operational ramp -up period and accordingly carry a higher historical cost base. In the current lithium price environment, the estimated net realisable value of these stockpiles is below their recorded cost. This is a non-cash accounting adjustment and does not impact: • the Company’s cash position; and • reported unit operating costs or all -in sustaining cost (AISC) metrics, as these are calculated on an accrual basis and exclude non-cash inventory movements. From FY26 , OSP inventory represents a minor proportion of Liontown’s overall ore production and is primarily associated with material mined from the open pit, which remains scheduled for completion in December 2025. 4.3. Tenement Schedules and Expenditure In accordance with ASX Listing Rule 5.3, refer to Appendix 4 for a listing of tenements. During the Quarter, the Company spent A$27. 6 million on development activities associated with Kathleen Valley, A$0. 3 million on exploration and evaluation activities and A$5.3 million on administration costs. Payments reported in Appendix 5B, Section 6.1 and 6.2, relate to Directors’ salaries and fees and consulting fees paid to Director related parties. 5. Guidance 5.1. H2 FY25 Guidance The Company issued its maiden guidance for H2 FY25 in November 2024 shortly after first production, during an early ramp-up phase with limited operational visibility. Guidance outcomes for H 2 FY25 are detailed below: Units H2 FY25 Guidance range Actual Concentrate Produced SC6 kdmt 170 - 185 155 Concentrate Sold SC6 kdmt 170 - 185 165 Unit Operating Costs (FOB) A$/SC6 dmt sold 775 - 855 931 AISC (FOB) A$/SC6 dmt sold 1,170 - 1,290 1,256 Capital Expenditure A$M 97 - 113 94 For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 12 of 21 Production for H2 FY25 was 182 kdmt of spodumene concentrate at an average grade of 5.2%, equivalent to 155 kdmt on a 6% basis. Production against guidance was impacted by lithium recoveries as we continued to increase the quantities of OSP processed in Q4 FY25. The processing of OSP material is expected to be temporary, as OSP is primarily associated with the open pit mine which is scheduled to conclude in December 2025. The Company has continued to refine the blending strategy and recommenced ore sorting to support the use of ROM stockpiles in the transition to 100% underground production by Q3 FY26. As noted in the March 2025 Quarterly, unit operating costs were expected to track toward the upper end of the guidance range. The result is 9% above the guided level primarily impacted by the lower concentrate production and a subsequent higher than forecast non-cash inventory charge. AISC was delivered within the guided range as a result of capital cost savings and deferrals resulting from the Business Optimisation Program. 5.2. FY26 Guidance FY26 will be a pivotal year for the Company as it transitions from dual open pit and underground mining in FY25 to 100% underground production. The Company will continue to focus on operational an d strategic discipline, with a focus on optimising the business to operate solely on underground ore. Market conditions remain challenging, and the Company will continue its focus on business optimisation and cash improvement initiatives. The first quarter of FY26 will be used to prepare the plant for underground operations, including targeted modifications and ROM restructuring. This period will also coincide with scheduled planned shutdown for maintenance, including a full mill reline and equipment refurbishments following 12 months of high availability. During the first half of the year, the Company will continue to directly process existing ROM stockpiles of OSP, preserving cash and preparing the plant for improved performance when higher grade, low impurity underground ore is expected to become the primary feed in the second half of FY26. As previously advised, unit operating costs are expected to remain elevated during this transitional period due to the drawdown of stockpiles, and direct feed of OSP into mill feed. The scheduled plant shutdown for maintenance and processing of ROM stockpiles of OSP outlined above will impact concentrate production and sales in Q1 FY26 and is reflected within the FY26 guidance ranges provided below. The FY26 production guidance is expected to be in the range of 365 – 450kt which represents a 24 – 53% increase from FY25 result, reflecting the ongoing confidence in both the mining and processing operations . The Company’s guidance reflects a deliberate balance between operational efficiency, capital preservation and long -term underground readiness. FY26 guidance is outlined below: Units FY26 Guidance Production kdmt 365 – 450 Unit Operating Costs (FOB) A$/dmt 855 – 1,045 AISC (FOB) A$/dmt 1,060 – 1,295 Capital Expenditure A$M 100 – 125 Sustaining A$M 45 - 55 Growth A$M 55 - 70 For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 13 of 21 6. Quarterly Investor, Analyst and Media Webcast Access the Quarterly investor, analysts and media webcast today at 9 :00am (AWST) / 11:00am (AEST): Liontown Resources - Q4FY25 Results This announcement has been approved for release by the Board of Directors. Further Information Investors Leanne Kite Investor Relations T: +61 401 438 850 E: lkite@ltresources.com.au Media Luke Forrestal GRA Partners T: +61 411 479 144 E: luke.forrestal@grapartners.com.au Follow us on: For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 14 of 21 About Liontown Resources Liontown Resources (ASX:LTR) is a responsible battery minerals provider . With our tier -one credentials, world -class assets and strategic partners, our mission is to power a sustainable future by ensuring a reliable supply of essential minerals. We currently control two major lithium deposits in Western Australia and aim to expand our portfolio through exploration, partnerships and acquisitions. In addition, we look to participate in downstream value -adding where control of the deposit provides a strong competitive advantage. To learn more, please visit: www.ltresources.com.au . Important Information This Report contains forward -looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, 'guides', ‘expects’, 'anticipates', 'indicates' or ‘intends’ and variations of these words other similar words that involve risks and uncertainties. Forward looking statements in this Report include, but are not limited to, the FY26 Guidance. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Report , are considered reasonable. Key assumptions on which the Company's forward- looking statements are based include, without limitation, assumptions involved in the estimation of the Kathleen Valley Ore Reserve as well as, in particular, assumptions regarding the mining method and schedule (including the transition to underground mining in FY26), targeted throughput volumes and grade, recoveries, operating and capital costs. Forward- looking statements may be further based on internal estimates and budgets existing at the time of assessment which may change over time, impacting the accuracy of those statements. These estimates have been developed in the context of an uncertain operating environment resulting from, among other things, inflationary macroeconomic conditions, general market for ces applying to the price of the Company's targeted commodity and the risks and uncertainties associated with mining and project development, including in particular, the commissioning and ramp up of the Kathleen Valley Project which may delay or impact the production and sales estimates set out in this Report. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. This Report is not exhaustive of all factors which may impact the forward -looking statements. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward -looking statements contained in this Report will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward -looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Report , except where required by law or the ASX listing rules. All references to dollars ($) and cents in this announcement are to Australian dollars, unless otherwise stated. For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 15 of 21 Appendix 1 Table 3: Physicals Quarterly Historical Summary Mining Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 YTD FY25 Open pit ore mined kt 590 1,138 555 165 2,448 Open pit waste mined kt 3,368 1,506 1,913 2,241 9,028 Strip ratio (BCM) waste:ore 5.1 1.2 3.3 12.8 3.4 Average Li2O grade mined (open pit) % 1.2 1.3 1.0 1.1 1.2 Underground mining development metres m 1,869 1,902 1,849 1,682 7,302 Underground ore mined kt 19 32 53 110 214 Underground waste mined kt 168 145 118 97 527 Average Li2O grade mined (underground) % 1.7% 1.5% 1.5% 1.5% 1.5% Processing Units Q1 FY25 9 Q2 FY25 10 Q3 FY25 Q4 FY25 YTD FY25 Ore processed kdmt 253 555 583 631 2,022 Lithia feed grade (Quarter average) % 1.2 1.4 1.3 1.2 1.3 Plant availability % 78 89 91 96 89.3 Lithia recovery % 47 58 64 57 58.3 Stock Inventory Units Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 YTD FY25 ROM stockpile kt 683 1,302 1,346 828 828 Concentrate inventory kt 17 25 23 11 11 Table 4: Production and Sales Quarterly Historical Summary Production and Sales Units Q1 FY259 Q2 FY2510 Q3 FY25 Q4 FY25 YTD FY25 Concentrate production dmt 27,223 85,698 95,709 85,892 294,521 Concentrate sales dmt 10,831 81,341 93,940 97,330 283,443 Average Li2O grade shipped % 5.3 5.2 5.2 5.2 5.2 Realised price US$/dmt SC6e 846 806 815 740 788 US$/dmt ~SC5.2 745 707 698 633 680 Tantalite concentrate production dmt - 246 253 270 768 For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 16 of 21 Appendix 2 Kathleen Valley Lithium Operations - Overview The Kathleen Valley Lithium Operation (Kathleen Valley) is located in Western Australia, approximately 680km north- east of Perth and 350km north- north-west of Kalgoorlie, within the Eastern Goldfields of the Archaean Yilgarn Craton (Figure I). With a world -class Mineral Resource Estimate of 155Mt @ 1. 34% Li2O and 13 1ppm Ta2O5, Kathleen Valley achieved first production in July 2024. Figure I: Kathleen Valley Lithium Operation – Location and Geology Map For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 17 of 21 Appendix 3 Competent Person Statement The Information in this Report that relates to Mineral Resources for the Kathleen Valley Project is extracted from the ASX announcement “Strong progress with Kathleen Valley Definitive Feasibility Study as ongoing work identifies further key project enhancements” released on 8 April 2021 and as updated in the “Ore Reserve and M ineral Resources Statement” contained within the “FY24 Annual Report” released on 27 September 2024 which are available at www.ltresources.com.au. Kathleen Valley – Mineral Resource Estimate as at 30 June 2024 Resource category Tonnes (Million) Li2O (%) Ta2O5 (ppm) Measured 19 1.29 149 Indicated 109 1.37 131 Inferred 26 1.27 118 Total 155 1.34 131 Notes: 1. Reported above a Li2O cut-off grade of 0.4% for open pit and 0.6% for underground material. 2. Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate. The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements . For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 18 of 21 Appendix 4 The following information is provided in accordance with ASX Listing Rule 5.3 for the Quarter. 1. Listing of tenements held in Australia (directly or beneficially): Country Project Tenement No. Registered Holder Nature of interests Australia Kathleen Valley M36/264 LRL (Aust) Pty Ltd (wholly owned subsidiary of Liontown Resources Limited). 100% - nickel claw back rights retained by other party M36/265 M36/459 M36/460 E36/879 LRL (Aust) Pty Ltd 100% G36/52 L36/55 L36/106 L36/236 L36/237 L36/248 L36/250 L36/251 L36/255 L36/256 L36/265 L36/267 L36/268 L36/270 L36/271 L36/272 L36/273 L36/274 L36/275 L36/276 L36/278 L36/279 L36/280 L36/282 L53/272 L53/273 L53/279 L53/282 L53/285 L53/288 L53/289 L53/290 For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 19 of 21 Country Project Tenement No. Registered Holder Nature of interests M36/696 E36/1041 LRL (Aust) Pty Ltd 0% - pending application E36/1094 E36/1096 E53/2347 E53/2348 E53/2349 L36/264 L36/291 L36/292 L36/293 L36/294 L36/295 L36/296 L36/297 L36/298 L36/299 L36/305 L36/306 L36/307 L36/308 L36/309 L36/310 L53/274 L53/309 Buldania E63/856 Avoca Resources Pty Ltd 100% of rights to lithium and related metals secured by Lithium Rights Agreement M63/647 P63/1977 M63/676 0% - pending application E63/1660 Buldania Lithium Pty Ltd 100% E63/2369 E63/2267 LRL (Aust) Pty Ltd 0% - pending application E63/2268 2. Listing of tenements acquired (directly or beneficially) during the Quarter: Nil 3. Tenements disposed, relinquished, reduced or lapsed (directly or beneficially) during the Quarter: Country Project Tenement No. Registered Holder Nature of interests Australia Monjebup E70/6042 LBM (Aust) Pty Ltd 100% Australia Monjebup E70/6043 LBM (Aust) Pty Ltd 100% Australia Monjebup E70/6044 LBM (Aust) Pty Ltd 100% For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 20 of 21 4. Listing of tenements applied for (directly or beneficially) during the Quarter: Country Project Tenement No. Registered Holder Nature of interests Australia Kathleen Valley L36/308 LRL (Aust) Pty Ltd 0% - pending application Australia Kathleen Valley L36/309 LRL (Aust) Pty Ltd 0% - pending application Australia Kathleen Valley L36/310 LRL (Aust) Pty Ltd 0% - pending application For personal use only
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ben.wood@wilsonsadvisory.com.au Liontown Resources Quarterly Activities Report June 2025 ASX: LTR www.ltresources.com.au Page 21 of 21 Appendix 5 Notes 1 Gabbro is the host rock which comprises of hornblende, pyroxenes, plagioclase, and biotite, it is silica -poor and contains no lithium, making it a waste rock and contaminant when mixed with ore 2 SC6 equivalent basis. 3 Based on accredited site laboratory assays managed by SGS Australia Pty Ltd 4 The Company’s cash balance excludes a further $25 million which is held by Export Finance Australia (EFA) as a cash security in relation to a guarantee under the power purchase agreement with Zenith Energy. As the Company is now in operations, it is working with Ford, Zenith and EFA to release these funds through the provision of alternative security. 5 Unit operating cost (FOB excluding sea freight and royalties) includes mining, processing, transport, port charges, and site based general and administration costs and is net of any tantalite by-product credits. It is calculated on an incurred basis and includes inventory movements and credits for capitalised mine costs. Depreciation of fixed assets, depreciation of right of use leases, amortisation of capitalised mine costs and net realisable value adjustments are excluded from unit operating costs and the inventory movement. 6 Based on an average AUD:USD exchange rate of 0.6340 for the June Quarter, 0.6273 for the March Quarter and 0.6520 for the December Quarter. 7 AISC includes unit operating costs, royalties, lease payments and sustaining capital. 8 Average realised sales price for the Quarter includes 42.1kt of provisionally priced sales which were marked to market as at 30 June 2025. Actual realised prices will be adjusted based on prevailing prices at the end of the relevant quotation period. 9 Processing commenced 31 July 2024. 10 Physicals for the September 24 Quarter have been adjusted to reflect a reconciliation completed as part of the process for the declaration of commercial production at the Kathleen Valley processing plant. The impact of the reconciliation includes an increase in recovery from 44.7% to 47.0% and a decrease in ore processed of 29kdmt, resulting in a 948dmt reduction in concentrate produced in Q1 FY25. There is no impact on concentrate sales. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Liontown Resources Ltd ABN Quarter ended (“current quarter”) 39 118 153 825 30/06/2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 109,113 302,119 1.1 Receipts from customers 1.2 Payments for (309) (1,361) (a) exploration & evaluation (b) development - - (c) production (82,348) (276,760) (d) staff costs (3,056) (16,654) (e) administration and corporate costs1 (1,888) (16,252) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1,516 11,283 1.5 Interest and other costs of finance paid (15) (1,400) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (Business Development) 2 (364) (965) 1.9 Net cash from / (used in) operating activities 22,649 10 1. Includes GST arising from investing and financing activities in accordance with UIG 1031. 2. Relates to business development costs including due diligence and financing activities. 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) Entities (b) Tenements - - (c) property, plant and equipment (21,731) (28,478) (d) exploration & evaluation - - (e) investments - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (f) other non-current assets – assets under construction3 (27,628) (301,508) 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (49,359) (329,986) 3. Includes costs associated with the development and commissioning of the Kathleen Valley Lithium Operation. 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (4) 3.5 Proceeds from borrowings4 15,000 387,286 3.6 Repayment of borrowings5 (5,708) (22,046) 3.7 Transaction costs related to loans and borrowings - (2,634) 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 9,292 362,602 4. Proceeds from the Lithium Industry Support Program loan (refer section 7 below for details). 5. Repayments related to lease liabilities and hire-purchase agreements. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 172,993 122,949 4.2 Net cash from / (used in) operating activities (item 1.9 above) 22,649 10 4.3 Net cash from / (used in) investing activities (item 2.6 above) (49,359) (329,986) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 9,292 362,602 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 155,575 155,575 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 154,956 172,381 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) 6 619 612 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 155,575 172,993 6. Retention funds held in trust under the Building and Construction Industry (Security of Payment) Act 2021. 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 351 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities7 696,679 696,679 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 696,679 696,679 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. On 29 June 2022 Liontown executed a Funding Facility with a Ford subsidiary (see ASX announcement “Liontown executes Binding Offtake Agreement with Ford” on 29 June 2022). The senior-secured debt facility of A$300 million has an interest rate of BBSW + 1.5% and a maturity date of 5 years from supply commencement date 8. The facility has security over the Kathleen Valley Lithium Operation assets and shares in the borrower (a wholly owned subsidiary of Liontown Resources Limited). On 2 July 2024, the Company announced to the market (see ASX announcement “Strategic partnership to deliver long-term funding” dated 2 July 2024) that it has secured a five-year US$250 million Convertible Note with LG Energy Solution Ltd with a conversion price of $1.80 per share, and an interest rate equal to the Secured Overnight Financing Rate (SOFR), paid semi-annually up to the maturity date (or earlier if redeemed or converted). On 7 May 2025, the Company executed a Deed of Loan with the State Government for an interest free loan of A$15 million (see ASX announcement "Lithium Industry Support Program" on 7 May 2025). The Company will be required to repay the loan through regular quarterly payments over two years following the end of the interest-free period, which will cease after average lithium spodumene prices have exceeded US$1,100 per tonne for two successive quarters, or by 30 June 2026, whichever occurs earlier. 7. Balance excludes capitalised interest of $37.2 million for Ford facility and $17.9 million for the convertible notes issued to LG Energy Solution, Ltd. 8. Supply commencement date being the date that Commercial Production (as defined in the associated offtake agreement) has commenced. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 22,649 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) 22,649 8.4 Cash and cash equivalents at quarter end (item 4.6) 155,575 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 155,575 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ....29 July 2025..................................................... Authorised by: ....By the board........................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only