Liontown Resources Limited

Welcome to the Liontown FY26 end of year results 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 to speak button at the top of the broadcast window. The broadcast will be replaced by the audio questions screen. Use the dial-in number and access pin provided to ask your questions 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 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'll now hand over to Tony Ottaviano, Managing Director and Chief Executive Officer of Liontown.

Thank you, Michelle, and good morning and thank you for joining us today. With me today is Ryan Hare, our Chief Operating Officer, Greg Jason, our Chief Financial Officer and Grant Donald, our Chief Commercial Officer who's based in Perth at the moment. Each will take you through their part of this financial year. This financial year, Kathleen Valley delivered its maiden profit and a strong operating cash flow while ramping up and assisted by better prices in the second half. We generated $182 million in operating cash with an impact of $93 million and an underlying impact of $14 million. The market handed us two very different halves this year. Prices were weak early, so we kept costs tight and preserved cash. When the market turned, we backed our assessment of it, and we are now reinvesting in Kathleen Valley with the same discipline we used to protect it. Following a China trip by our board, we gained confidence that the momentum for growth was clear and strong, and we moved quickly to approve the early works capital for our expansion project. Now on the specifics for the year. We've concluded open pit mining and the underground ramp-up is going to plan. And there's more on that when Ryan does his session. We're on track for 2.8 million tonnes run rate by the end of this financial year, a figure that we've had in the market for some time. As we enter FY27, the focus is three things. Safe, stable operations and a business that is resilient through the cycles. growing responsibly with the final investment decision on Kathleen Valley expansion, which is due next month. We are ready to scale. The processing plant was designed and installed for 4 million tonnes per year from the start, so much of the expansion capacity is already in the ground. This makes the expansion capital efficient and lets us bring production to market incrementally and flexibly, matched to the market rather than in one step. We would fund it from our operating cash and have a strong balance sheet, and we have the team to execute it. Ryan will now take you through the safety and sustainability sections. Ryan, over to you.

Thanks, Tony. You can go to the next slide. Thanks, Michelle. So our safety performance for the year didn't meet the standards that we would expect. Our total recordable injury frequency rate for the year was 10.99. against 7.39 last year, and our lost time injury frequency rate was 1 against 0.92. The increase has been driven in the main by manual handling injuries across contracted workgroups. We've responded with targeted work on field leadership and contractor oversight, and our focus remains on keeping people safe and preventing high-consequence events. The leading indicator is moving in the right direction, Safety observations were 4.74 per 1,000 hours, up from 2.61. That's a near doubling in hazard reporting and tells us people are proactively looking for risks in the workplace. These are rolling 12-month measures, so they move slowly. We expect the work underway to have an impact through the course of FY27. Turning now to sustainability on the next slide. Female participation was 26% and half of our board is female. Female representation in leadership is just over 17%. We have more to do there. Our focus continues to be on creating an inclusive workplace and developing and retaining our team. Renewable power penetration was 80% across FY26. That is the hybrid wind, solar and battery system doing what we built it to do and reducing our exposure to diesel and gas. we recorded zero material environmental incidents for the year. Lastly, we procured around $530 million in goods and services in Australia with around $450 million of that in Western Australia and roughly $24 million in Aboriginal businesses. And with that, I'll hand back to Tony.