Australian Lithium: Strong Balance Sheets, Weak Momentum

Research evidence excerpt

Australian Lithium: Strong Balance Sheets, Weak Momentum

Australian Lithium

21 July 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates has a net short position of 0.5% or more of any class of common equity securities

of PLS Group Limited.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of

securities of Liontown Limited.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from IGO Ltd,PLS Group Limited in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Liontown Limited.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: PLS Group Limited.

services provided were non-investment-banking, non-securities-related: IGO Ltd,PLS Group Limited.

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies.