Liontown Resources Limited

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Welcome to the Liontown March quarterly call. Following the formal presentation, there will be a Q&A session for investors and analysts. Participants can ask both text and live audio questions during today's call. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the send button. To ask a live audio question, press the Request a Speak button at the top of the broadcast window. The broadcast will be replaced by the audio question screen. Use the dial-in number and access pin provided to ask your question via the phone. Alternatively, for those on a home or personal network, you can ask your questions via the web by pressing Join Queue. If prompted, select Allow in the pop-up screen to grant access to your microphone. If you have any issues using the platform, dial-in details can also be found on the homepage under Asking Audio Questions. Text questions can be submitted at any time, and the audio queue is now open. I will now hand over to Tony Ottaviano, Managing Director and Chief Executive Officer of Liontown.

Thank you, Lisa, and good morning, everyone. Before I launch into the presentation, I'd just like to introduce who else is going to accompany me on this presentation. There's Ryan Hare, Chief Operating Officer. We've got Greg Jason, our CFO, and we've also got Grant Donald, our Chief Commercial Officer. I'll start by saying this is a defining quarter for Liontown. So if we go to the next slide, please look up. There are five things I want you to take away from today and mirroring what's been said on this slide. So firstly, cash on hand grew by $33 million this quarter, closing at $424 million. Operating cash flow alone was $55 million, and Greg will show this in a later slide. And for the first time since production commenced, the operating cash flow funded the business in full. After capital investment in the asset and net financing flows, we will still end the quarter well ahead. This is the strongest financial quarter since production commenced. It's also worth noting that the port of Geraldton was closed for several days at the end of the quarter due to the cyclone threat by Cyclone Narelle. That delayed two of our shipments. One slipped into April and the other departed in the last day of March. The cash receipts associated with that 31st of March shipment was approximately $64 million. So the underlying cash generating capacity of the business this quarter was even stronger than the reported $33 million. Secondly, the market conditions are strong and our realised pricing reflects that. Our average realized price for the quarter was $1,845 per dry metric ton on an SE6 equivalent basis, up 87% quarter-on-quarter. The structural setup in the lithium market is compelling, and we're now capturing this through our contracted sales. And again, Grant will go through the market in some detail in his section. We are delivering on plan. We've achieved our 1.5 million tonne per annum underground run rate target early in the quarter, ahead of schedule. The wrap-up is tracking to plan, the all-body is performing as modelled, and the great reconciliation against the resource model remains strong. Again, Ryan will go through this in some detail in his section. Fourthly, costs remain on track. Unit operating costs for the quarter were $981 per tonne, and we're within our FY26 guidance range. We're continuing to manage the ramp-up, the transition through a variable feed mix, and the fuel crisis by ensuring our business optimisation focus remains strong and disciplined. And finally, the pathway to 70% recovery is now confirmed. We've demonstrated 70% recovery on clean oil, underground oil, as we had planned and as we have... identified to the market. This is sustained across the first three weeks of April. The plant is performing as designed and as expected. Now let me go through a little bit more detail in the next slide please. This slide gives you the quarter at a glance and as the subtitle says we are delivering on all fronts as the underground ramp up continues. Let me walk through each of the tiles for you. We've had production of 96,000 tonnes. And as we highlighted in our half-year results, Q3 had fewer calendar days and we ran a planned plant shutdown during that period. So production is on track. We've had sales of 84,000 tonnes across five parcels. We finished a quarter with significant inventory and port, around 26,000 tonnes of saleable contracts. And as I mentioned earlier, The inventory build reflects the Cyclone Norell impact at Geraldton. It's a timing issue, not a market issue. Pricing, I've already spoken about the $1,845 a tonne, and the cost, unit operating cost of $981 per tonne, and this is a fully loaded unit operating cost. It has leasing costs in there, inventory movements. It's a fully loaded unit operating cost. Consistent with our prior disclosure around unit operating costs, we want to make sure that we are being compared on an apple-for-apple basis. It's an 8% increase on Q2, reflecting the transitional feed mix and the ramp-up. This remains within our FY26 guidance range. Finally, the cash. And again, the headline number of $424 million. is the $33 million of positive net cash flow generated this quarter. And I've already mentioned around the operating cash flow for the first time fully funding our business. As the banner shows, FY26 guidance is maintained across all metrics, production, costs, all in sustaining and capital expenditure. I'll now move on to Ryan to give us... the health and safety and environment update.