Production scaling as underground transition completes and balance sheet resets

Liontown reports its financial results for the half-year ended 31 December 2025, demonstrating strong growth in production and revenue.

Highlights:

• 192,514 dmt produced at 5.1% Li₂O (up 65%); 189,596 dmt sold
• Underground ore mined 533 kt across 31 stopes — 1 Mtpa run-rate delivered on schedule. Targeting 1.5 Mtpa by end March 2026
• Revenue $207.5 M (up 107%). Underlying EBITDA $(7.7) M reflecting ramp-up phase with unit costs declining through the half
• Statutory loss $(184.0) M includes $(104.4) M non-cash LGES derivative charge, which will not recur following the conversion to equity in February 2026
• Unit operating costs A$985/dmt (FOB); AISC A$1,179/dmt (FOB). Both trending lower as underground volumes build
• LGES convertible note converted to equity in February 2026. Pro forma gearing excluding leases 22% (from 48%). Net gearing nil. Cash $390.5 M
• 4 Mtpa expansion refresh underway