Earnings release
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 1 of 15 Quarterly Activities Report For the period ended 30 June 2026 29 July 2026 Net cash build of $137 million lifts cash at bank to $561 million The June Quarter delivered another strong financial performance, with $137 million of net cash flow taking the cash balance to $561 million at quarter- end. Underground development hit a record 3,316 metres (up 35 per cent QoQ), building toward the 2.8 Mtpa ore mining run -rate target by end of FY27. Highlights: Financial performance • $137 million of net cash flow for the quarter • $561 million cash at quarter-end with 21,384 dmt of saleable inventory on hand • $302 million cash receipts from customers Operational performance • 103 kdmt spodumene concentrate produced • 108 kdmt concentrate sold across five parcels at an average grade of 5.0 per cent Li2O • Record 3,316 underground mining development metres achieved, setting the foundation for production growth from Q2 FY27 Strategic milestones • Expansion study progressing with FID on schedule for end of Q1FY27. • FY26 guidance delivered Overview Liontown Limited (ASX: LTR) (Liontown or the Company) delivered another strong financial performance for the June Quarter with $137 million of net cash flow. The Company closed the reporting period with a cash balance of $561 million and 21,384 dmt saleable inventory on hand. The spodumene market has stabilised following the strong rally earlier in the calendar year with an average realised price SC6e1 of US$1,880 / dmt achieved for the quarter. Pricing at these levels , coupled with solid operational performance, supports strong cash generation. For the quarter, 356 kt of underground ore was mined while development advanced to a record 3,316 metres (up 35 per cent QoQ). This development is opening additional mining fronts, building the ore access and flexibility needed to lift underground mining rates. It underpins the pathway to a 2.8 Mtpa run rate by the end of FY27, with the next step-up in production expected from Q2 FY27. The target remains on track. Total spodumene concentrate produced for the quarter was 103,111 dmt, while 108,489 dmt of concentrate was sold at an average grade of 5.0 per cent Li2O. 1 SC6 equivalent basis
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 2 of 15 Processing improved, with lithia recovery averaging ~63 per cent for the quarter. The process plant itself performed strongly, with 92 per cent availability and working as designed. Recovery results were driven by feed mix. Contamination has the strongest correlation with recovery. During the quarter, 55 per cent underground ore and 45 per cent open pit ore was fed through the process plant. When fed consistent, clean underground ore, recovery reliably averaged 70 per cent . Mixed blends and contamination impact the recovery result . The operations team continues to trial and optimise different methods to maximise recoveries. Table 1: Summary – Operational and financial metrics: Production and sales Units Q4 FY26 Q3 FY26 QoQ Δ FY26 Concentrate production dmt 103,111 96,367 7% 391,992 Concentrate sales dmt 108,489 83,912 29.3% 381,997 Average Li2O grade shipped % 5.0 5.1 (2%) 5.1 Concentrate inventories dmt 21,384 26,270 (18.6%) 21,384 Average realised price2 US$ / dmt SC6e 1,880 1,845 1.9% 1,379 A$ / dmt sold 2,182 2,265 (3.7%) 1,681 Tantalite concentrate production dmt 99 235 (57.9%) 925 Financial metrics Units Q4 FY26 Q3 FY26 QoQ Δ (%) FY26 Revenue $m 235 197 19.3% 640 Cash $m 561 424 32.3% 561 Cost metrics Units Q4 FY26 Q3 FY26 QoQ Δ (%) FY26 Unit operating costs (FOB) A$ / dmt sold 995 981 1.4% 987 All in sustaining cost (FOB) A$ / dmt sold 1,314 1,251 5% 1,233 Liontown’s Managing Director and CEO, Tony Ottaviano, said: “I’m pleased to announce to our shareholders that following a record $137 million of net cash flow, Liontown now holds more than half a billion dollars in cash. It confirms what we have said about this operation and this market. “We have confidence in our operational plan, and our team delivered 3,316 development metres this quarter, which is a record for the Company. This is the development that opens the ore access we need to step up to our 2.8 Mtpa mining run-rate by the end of FY27. “Six months ago, our discipline was focused on building balance-sheet strength. Today, that same discipline is directed at value-accretive growth. We have the financial strength and the market to pursue what comes next.” 2 Average realised sales price for the June Quarter reflects management's estimate for tonnes shipped in the period, incorporating available pricing information for quotation periods settling after period end. Final realised prices may vary.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 3 of 15 Sustainability 1.1. Health and Safety Liontown regards the safety and well-being of all personnel at our Kathleen Valley Lithium Operation as a core value and one that is fundamental to the way we operate. The Company recorded a rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) of 10.99 at quarter end (March 2026: 10.53) and a Lost Time Injury Frequency Rate (LTIFR) of 1.00 (March 2026: 1.00). Safety observations per 1,000 hours worked increased to 4.74 during the quarter (March 2026: 3.89), reflecting a continued focus on proactive hazard identification and field engagement across the workforce. During the quarter, Liontown completed an independent safety culture diagnostic to assess the maturity of safety culture, systems and leadership across the Kathleen Valley Lithium Operation. The diagnostic drew on a workforce safety perception survey completed by 263 personnel, together with interviews, field observations and focus group workshops. It identified a strong foundation of care, trust and empowerment across the workforce, alongside clear opportunities to further mature safety systems, strengthen the management of critical risk, and continue the transition of safety from a priority to a deeply embedded value. 1.2. Environment, Heritage and Community Environmental performance has remained positive; all regulatory monitoring was conducted and completed in line with approvals, and no material environmental incidents were reported. The updated Groundwater Operating Strategy was accepted by the Department of Water and Environmental Regulation and implemented on site in May. Additionally, both the Kathleen Valley and Mt McClure Groundwater Licence amendments were granted, increasing our water abstraction limits across the project. The Kathleen Valley Hybrid Power Station performed reliably and delivered approximately 71 per cent renewable power during the quarter (down from 85 per cent March Quarter). The reduction in renewable penetration for the June quarter was primarily due to seasonal change and lower wind resource observed for the period. Wind accounts for 30 MW of the 46 MW renewable generation capacity at the Power Station. Our community and heritage team maintained active engagement with Traditional Owners and local stakeholders throughout the quarter. Heritage activities included completing the second survey for the Mt McClure borefield expansion, and monitoring works near Mt Mann and Kathleen Corner ahead of early works for the underground expansion. The community team supported Wiluna Remote Community Schools' NAIDOC Week celebrations, sponsored the Leonora Golden Gift, and supported the Leonora Blazers basketball team to attend a regional competition. The Company also presented at the inaugural Tjiwarl Meet the Buyers forum, where Tjiwarl businesses showcased their capabilities to mining proponents, followed by presentations from mining companies and large contractors on upcoming contracting opportunities.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 4 of 15 Production Table 2: Physicals Mining Units Q4 FY26 Q3 FY26 QoQ Δ FY26 Open pit ore mined kt - - - 917 Open pit waste mined kt - - - 3,082 Strip ratio (BCM) Waste : ore - - - 3.0 Average Li2O grade mined (open pit) % - - - 1.2 Underground mining development m 3,316 2,455 35% 9,737 Underground ore mined kt 356 402 (12%) 1,291 Average Li2O grade mined (underground) % 1.4 1.4 - 1.4 Processing Units Q4 FY26 Q3 FY26 QoQ Δ (%) FY26 Ore processed kdmt 647 614 5% 2,483 Lithia feed grade (average) % 1.3 1.3 - 1.3 Plant availability % 92 90 2% 92 Lithia recovery % 63 61 3% 62 Stock inventory Units Q4 FY26 Q3 FY26 QoQ Δ (%) FY26 ROM stockpile kt 239 550 (57%) 239 Concentrate inventory dmt 21,384 26,270 (19%) 21,384 2.1. Mining Kathleen Valley recorded its strongest quarter of underground development to date, while continuing its ramp- up to full underground operations. Underground ore mined for the quarter totalled 356 kt at a consistent average of 1.4 per cent Li₂O, achieved while completing 3,3 16 metres of underground development (up 35 per cent QoQ). Across H2 FY26, a 1.5 Mtpa run rate was maintained during two of the biggest quarters of underground development Liontown has had.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 5 of 15 Liontown continues to grow fleet capacity on site to support development and production. During the quarter, the Company added an additional jumbo, truck, loader, cable bolt rig and two integrated tool loaders. This development effort is opening additional mining fronts, building the ore access and flexibility needed to lift underground mining rates. A 1.5 Mtpa run rate average is planned to continue through Q1 FY27, with the next step-up in production expected from Q2 FY27. This underpins the pathway to the 2.8 Mtpa run rate, which remains on track to be met by the end of FY27. Figure 1: Remote bogging from the surface underway Figure 2: Jumbo development in Mt Mann orebody 2.2. Processing The Kathleen Valley process plant performed strongly on plant availability at 92 per cent. During the quarter, a total of 647 kt of ore was processed at an average feed grade of 1.3 per cent Li₂O, producing 103,111 dmt of spodumene concentrate at an average grade of 5.0 per cent Li₂O. Average lithia recovery for the quarter was 63 per cent, the strongest result for the year, up from 61 per cent in the March Quarter. The improvement was driven by underground ore reaching its highest proportion of ore blend for the year (55 per cent underground ore, 45 per cent open-pit ore) . Ore c ontamination has the strongest correlation with recovery, and the 45 per cent open-pit share of the blend carries more contamination than underground ore. Notwithstanding this, the plant continues to perform as designed , with further optimisation ongoing. When fed clean underground ore, as for most of April 2026, recovery reliably averaged 70 per cent. Tantalite concentrate production totalled 99 dmt for the reporting period, down on the previous quarter, as the Company deprioritised tantalite production during the quarter to calibrate and trial different processing methods to optimise lithium recoveries.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 6 of 15 Figure 3: Automated wireless lubrication technology Figure 4: Aerial view of process plant 2.3. Sales and Marketing Revenue of $235 million was generated from sales of 108,489 dmt of spodumene concentrate across five parcels at an average grade of 5.0 per cent Li₂O. The recent rally in spodumene pricing has stabilised, reflected by an average realised price (CIF) slightly higher in USD than the previous quarter at US$1,880 / dmt SC6e, but slightly lower in AUD at A$2,182 / dmt sold due to FX rates. Concentrate inventory of 21,384 dmt was on hand at quarter end. 2.4 Unit Operating Costs The Company met guidance on its unit costs for FY26 in the face of a volatile external market and geopolitical backdrop. Unit operating costs for the quarter remained relatively stable at A$995 / dmt sold (FOB), a ~1 per cent increase on the prior q uarter. Increase in unit operating costs were primarily driven by higher transport cost due to increase in diesel cost following the conflict in the Middle East. AISC for the quarter was A$1,314 / dmt sold (FOB), a ~5 per cent increase quarter-on-quarter, driven by higher sustaining capex reflecting recognition of underground mine development costs following the commencement of commercial production. Exploration Scoping work was completed at Buldania during the quarter, ahead of study activities planned for H1 FY27. This included a review of historic drilling, planning of the upcoming drill program, a site visit for scoping of the study area, engagement with key stakeholders for upcoming works, and planning of outstanding studies required for mine development. Desktop studies have also recommenced to identify exploration targets within trucking distance of Kathleen Valley.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 7 of 15 Figure 5: Aerial view of Buldania Figure 6: A team member inspects the scoping area Corporate 4.1. Cash Position Liontown closed the quarter with $561 million of cash and 21,384 dmt of saleable concentrate on hand. Operating cash flow of $ 180 million was generated, driven by cash receipts from customers of $302 million, after production and other operating costs of $ 126 million. Net cash flow for the quarter was $137 million following investing outflows of $39 million and financing outflows of $4 million. Cash receipts were driven by the sustained strength of lithium price indices, and offtake agreements with lagged quotation periods now exposed to higher pricing . Operating cash costs were $13 million higher than FY26 Q3 reflecting higher processing volumes and planned maintenance to support increased production and additional fleet mobilisation to support underground ramp up. Investing cash flows of $39 million were higher than FY26 Q3 as result of expenditure on early works for the Kathleen Valley expansion program, and an increase in underground capital development metres in preparation for continued ramp up of underground mining. 4.2 Kathleen Valley Expansion In April 2026, the Company announced it had commenced work to refresh the expansion case originally presented in the 2021 DFS3 and that it was proceeding with early works and long-lead item procurement in support of expansion at Kathleen Valley, ahead of a formal Final Investment Decision (FID) expected at the end of Q1 FY274. During the quarter, the following progress was made on the expansion works: • Ramp-up of project team; • Progressed detailed engineering design of the ball mill on order; • Commenced earthworks and construction of permanent Mine Services Area; and • Grade control drilling, portal recommissioning, and infrastructure work at North-West Flats. 3 Refer to “Kathleen Valley DFS confirms Tier-1 global lithium project with outstanding economics and sector -leading sustainability credentials” dated 11 November 2021 4 Refer to “Early works and long-lead procurement are underway for Kathleen Valley expansion” dated 29 April 2026
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 8 of 15 Figure 7: Infrastructure preparation at North-West Flats Figure 8: Waste rock crushing and earthworks for permanent Mine Services Area 4.3 Business Optimisation Last quarter Liontown reported it had commenced the implementation of the next phase of procurement and supply chain optimisation, targeting services, materials and inventory optimisation. This work remains ongoing and builds on prior phases to optimise the cost base, strengthen supplier arrangements, and improve supply chain resilience. 4.4 Mining Exploration, Production and Development In accordance with ASX Listing Rule 5.3, refer to Appendix 3 for a listing of tenements. During the quarter, the Company incurred $ 63.9 million on mining and devel opment activities associated with Kathleen Valley, $0.2 million on exploration and evaluation activities and $9.9 million on administration costs. Payments reported in Appendix 5B, Section 6.1, relate to Directors’ salaries and fees. Guidance 5.1 FY26 Guidance The Company issued its FY26 guidance in July 2025, when capital discipline was focused on balance -sheet strength in a lower-price market. The Company held $156 million cash at bank at 30 June 2025 and achieved an average realised price of US$788 / dmt SC6e for FY25. Realised prices more than doubled through FY26, lifting royalties, while higher oil prices raised the cost of diesel and oil- based consumables. The Company managed these cost increases and delivered every FY26 guidance metric within its range. Cash at bank rose from $156 million to $561 million over the year, a more than threefold increase. Guidance outcomes for FY26 are detailed below: Metric Units FY26 guidance Actual Concentrate produced SC6 kdmt 365 - 450 392 Unit operating costs (FOB) A$ / SC6 dmt sold 855 - 1,045 987 AISC A$ / SC6 dmt 1,060 - 1,295 1,233 Total Capital Expenditure $A m 100 - 125 1145 5 Excluding expansion early works
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 9 of 15 5.2 FY27 Guidance Supported by the improved lithium market, FY27 will be a year of investment, with additional development ahead of production to fortify the 2.8 Mtpa ramp-up and set up the proposed expansion of Kathleen Valley. The Company issues its FY27 guidance for production, unit cos ts, and total capex. The total includes the remainder of the Kathleen Valley expansion early works announced in April 2026 4, but does not include any further expansion capital associated with the FID which is expected in September 2026 . The Company will update guidance to include expansion capital associated with FID expected at the end of Q1 FY27. The FY27 concentrate production guidance allows for planned plant shutdowns. These cover routine maintenance, the first of which falls in Q1, and the additional downtime needed to complete expected expansion tie-ins across the year. FY27 guidance is outlined below: Metric Units FY27 Concentrate produced SC6 kdmt 390 - 440 Unit operating costs (FOB) A$ / SC6 dmt sold 1,050 - 1,250 Total capex6 A$ m 320 - 370 Quarterly Investor, Analyst and Media Webcast Access the quarterly investor, analysts and media webcast today at 10:00 am (AWST) / 12:00 pm (AEST): Liontown June 2026 results call This announcement has been approved for release by the Board of Directors. Further Information Investors Jared Newton Corporate Affairs T: +61 401 165 593 E: jared.newton@liontown.com Media Luke Forrestal GRA Partners T: +61 411 479 144 E: luke.forrestal@omc.com.au Follow us on: 6 Guidance assumes no final investment decision on the Kathleen Valley expansion
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 10 of 15 About Liontown Liontown (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: liontown.com. 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 in volve risks and uncertainties. Forward looking statements in this Report include, but are not limited to, the FY27 Guidance and financial and operating parameters including underground mine rates, recoveries, unit operating costs, sustaining capital, mine development capital and growth capital. 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, 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 forces applying to th e 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 Lithium Operation 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. Th is 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 wheth er 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 ($) and cents in this announcement are to Australian dollars, unless otherwise stated.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 11 of 15 Appendix 1 Table 3: Physicals Quarterly Historical Summary Mining Units Q1 Q2 Q3 Q4 FY26 Open pit ore mined kt 292 625 - - 917 Open pit waste mined kt 2,097 985 - - 3,082 Strip ratio (BCM) waste : ore 6.2 1.4 - - 3.0 Average Li2O grade mined (open pit) % 1.3 1.1 - - 1.2 Underground mining development m 1,824 2,142 2,455 3,316 9,737 Underground ore mined kt 225 308 402 356 1,291 Average Li2O grade mined (underground) % 1.4 1.4 1.4 1.4 1.4 Processing Units Q1 Q2 Q3 Q4 FY26 Ore processed kdmt 580 642 614 647 2,483 Lithia feed grade (Quarter average) % 1.3 1.3 1.3 1.3 1.3 Plant availability % 92 92 90 92 92 Lithia recovery % 59 63 61 63 61 Stock Inventory Units Q1 Q2 Q3 Q4 FY26 ROM stockpile kt 720 860 550 239 239 Concentrate inventory kt 21 14 26 21 21 Table 4: Production and Sales Quarterly Historical Summary Production and Sales Units Q1 Q2 Q3 Q4 FY26 Concentrate production dmt 87,172 105,342 96,367 103,111 391,992 Concentrate sales dmt 77,474 112,122 83,912 108,489 381,997 Average Li2O grade shipped % 5.0 5.1 5.1 5.0 5.1 Realised price US$ / dmt SC6e 691 985 1,845 1,880 1,379 Tantalite concentrate production dmt 291 300 235 99 925
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 12 of 15 Appendix 2 Competent Person Statement The Information in this Report that relates to Mineral Resources for the Kathleen Valley Lithium Operation is extracted from the ASX announcement “Kathleen Valley Mineral Resource and Ore Reserve Update” released on 25 September 2025 which is available on www.liontown.com. Kathleen Valley Mineral Resource at 30 June 2025 The information in this Report that relates to production targets for the Kathleen Valley Lithium Operation were first reported on 11 November 2024 in the ASX Announcement “Kathleen Valley update and H2 FY25 guidance” and are underpinned by the Company’s e xisting Ore Reserves that have been prepared by a Competent Person in accordance with the JORC Code (2012 Edition). 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.
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 13 of 15 Appendix 3 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 Limited). 100% - nickel claw back rights retained by other party M36/265 M36/459 M36/460 E36/879 LRL (Aust) Pty Ltd 100% E36/1094 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 L36/287 L36/291 L36/293 L36/297 L36/299 L36/308 L36/309
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 14 of 15 Country Project Tenement No. Registered Holder Nature of interests L53/272 L53/273 L53/274 L53/279 L53/282 L53/285 L53/288 L53/289 L53/290 L53/309 M36/696 E36/1041 LRL (Aust) Pty Ltd 0% - pending application L36/264 L36/292 L36/294 L36/295 L36/296 L36/298 L36/305 L36/306 L36/307 L36/310 L36/311 L36/312 L36/313 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 Musson Soak E30/594 LRL (Aust) Pty Ltd 0% - pending application Jasper Hills E57/1482 LRL (Aust) Pty Ltd 0% - pending application E57/1483 E57/1484 E57/1485 2. Listing of tenements acquired (directly or beneficially) during the Quarter: NIL
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Liontown Quarterly Activities Report June 2026 ASX: LTR liontown.com Page 15 of 15 3. Tenements disposed, relinquished, reduced or lapsed (directly or beneficially) during the Quarter: NIL 4. Listing of tenements applied for (directly or beneficially) during the Quarter: NIL
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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 Ltd ABN Quarter ended (“current quarter”) 39 118 153 825 30/06/2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 301,776 644,708 1.1 Receipts from customers 1.2 Payments for (152) (936) (a) exploration & evaluation (b) development - - (c) production1 (116,479) (434,908) (d) staff costs (3,973) (20,401) (e) administration and corporate costs2 (4,542) (18,253) 1.3 Dividends received (see note 3) - - 1.4 Interest received 4,665 14,630 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid 3 - (1,782) 1.7 Government grants and tax incentives - - 1.8 Other (Business Development) 4 (1,066) (2,183) 1.9 Net cash from / (used in) operating activities 180,229 180,875 1. Includes production related staff costs. 2. Includes GST arising from investing and financing activities in accordance with UIG 1031. 3. Relates to withholding tax paid. 4. 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 equipment5 (39,576) (133,809) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - -
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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 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 (39,576) (133,809) 5. Includes costs associated with the development and commissioning of the Kathleen Valley Lithium Operation. 3. Cash flows from financing activities - 372,054 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 - (9,662) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings6 (3,844) (19,430) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) 7 - 15,000 3.10 Net cash from / (used in) financing activities (3,844) 357,962 6. Principal and interest related to lease liabilities and hire-purchase agreements. 7. Proceeds of $15 million represents the return of cash security related to the Export Finance Australia (EFA) demand guarantee facility. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 423,793 155,575 4.2 Net cash from / (used in) operating activities (item 1.9 above) 180,229 180,875 4.3 Net cash from / (used in) investing activities (item 2.6 above) (39,576) (133,809) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (3,844) 357,962 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 560,602 560,602
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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. 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 559,957 423,156 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) 8 644 637 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 560,602 423,793 8. 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 1 614 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. 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 facilities9 315,000 315,000 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 315,000 315,000 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 date10. The facility has security over the Kathleen Valley Lithium Operation assets and shares in the borrower (a wholly owned subsidiary of Liontown Limited). On 9 October 2025 Liontown announced that it had executed amendments to the debt facility agreement which defers the commencement of principal and interest repayments to 30 September 2026. 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. 9. Balance excludes capitalised interest of $50.5 million on the Ford debt facility. 10. 10. Supply commencement date being the date that Commercial Production (as defined in the associated offtake agreement) has commenced.
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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. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 180,228 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) 180,228 8.4 Cash and cash equivalents at quarter end (item 4.6) 560,602 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 560,602 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. 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 2026..................................................... 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
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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. 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.