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3 August 2026 Diggers & Dealers Mining Forum 2026
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Important information IMPORTANT INFORMATION NOTICE AND DISCLAIMERS This investor presentation (Presentation) is dated 3 August 2026 and has been prepared by Liontown Limited (ACN 118 153 825) (ASX: LTR) (Liontown or the Company). SUMMARY INFORMATION This Presentation contains summary information about the current activities of Liontown and its subsidiaries (the Liontown Group or Group) which is current as at the date of this Presentation unless otherwise indicated. The information in this Presentation is of a general nature and does not purport to be complete. This Presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. It should be read in conjunction with Liontown's other periodic and continuous disclosure announcements, available from the ASX at www.asx.com.au. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of the Liontown Group nor its advisers or representatives have independently verified any such market or industry data provided by third parties or industry or general publications. FORWARD LOOKING STATEMENTS This Presentation 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 involve risks and uncertainties. Forward looking statements in this Presentation include, but are not limited to, the FY27 Guidance and specific financial and operating parameters including underground mine rates, 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 Presentation, 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 the price of the Company's targeted commodity and the risks and uncertainties associated with mining and project development, including in particular, the ramp up of the Kathleen Valley Lithium Operation which may delay or impact the production and sales estimates set out in this Presentation. 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. This Presentation 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 Presentation 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 whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law or the ASX listing rules. NO FINANCIAL PRODUCT ADVICE This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or the law of any other jurisdiction. This Presentation is not financial product advice or investment advice nor a recommendation to acquire securities and has been prepared without taking into account the objectives, financial situation and particular needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. Liontown Group is not licensed to provide financial product advice in respect of securities. CURRENCY All dollar values contained in this document are expressed in Australian dollars unless otherwise stated. Totals may vary slightly due to rounding. ROUNDING Certain figures, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the Presentation. DISCLAIMER Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, Liontown and its representatives: • Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation; • Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; • Accept no responsibility for any errors or omissions from this Presentation; and • Do not give any legal, tax, accounting, investment, policy or other regulated advice. COMPETENT PERSON STATEMENTS 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 existing Ore Reserves that have been prepared by a Competent Person in accordance with the JORC Code (2012 Edition). The Information in this Presentation that relates to Mineral Resources for the Buldania Project is extracted from the ASX announcement “Liontown announces maiden Mineral Resource Estimate for its 100%-owned Buldania Lithium Project, WA” released on the 8 November 2019 which is available on www.ltresources.com.au. Notes: Reported above a Li2O cut-off grade of 0.5%. Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate 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. AUTHORISATION This Presentation has been authorised for release by the Managing Director, Mr Tony Ottaviano. 1 Category Tonnage (Mt) Grade (Li2O %) Indicated 9.1 1.0 Inferred 5.9 1.0 TOTAL 15.0 1.0
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Strong demand fundamentals remain firmly intact and are diversifying -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 2022 2023 2024 2025 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f 2036f +15% CAGR Total supply Total apparent demand Balance Lithium supply-demand forecast and market balance1 kt LCE 1. Source: Fastmarkets’ Q2 2026 long-term forecast | 2. Source: CATL HKEX Global IPO Prospectus | 3. Emerging applications include machinery, vessels, aircraft and other emerging applications 76% 68% 24% 25% 7% 2024 2030 Emerging Applications 3ESS BatteriesEV Batteries Forecasted global battery shipment composition2 %
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Price recovery accentuated in spodumene, but growth drives volatility Jan 24 Jan 25 Jan 26 Jan 27 0 1,000 2,000 3,000 4,000 Jan 22 Jan 23 5,000 6,000 7,000 8,000 9,000 June 30 2025 | US$630 US$2,970 2026 AvgUS$2,500 3 Historic spodumene concentrate price1 $USD 1. Source: Fastmarkets, last updated 28 July 2026 | 2. Source: Fastmarkets Spodumene price relative to lithium hydroxide2 Monthly average; % 6% 7% 8% 9% 10% 11% 12% 13% Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 June 2022 Historical average band
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• Foundational offtake agreements agreed in 2022 to support the financing and development of Kathleen Valley • Linked to lithium chemical indices absent a reliable and accepted spodumene index when agreed • Original Ford tonnes re-sold to Chengxin Lithium Group back-to-back with pricing linked to lithium carbonate until end of calendar year 2026 • Ford tonnes released for 2027 and 2028 re-sold to Canmax with pricing linked to spodumene 4 Liontown’s offtake exposure to chemical indices declines in CY2027 Liontown’s long-term contract book pricing mix % 38% 67% 38% 33% 23% CY2026 CY2027 Lithium carbonate linkageLithium hydroxide linkageSpodumene index
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500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2022 2023 2024 2025 2026f 2027f 2028f 2029f 2030f 2031f 2025 baseline Pipeline for significant projects have long lead times, lagging demand Forecast of new lithium supply1 1. Total supply curve, source: Fastmarkets’ Q2 2026 long-term forecast | | 2. Estimates for new operations (maiden resource to production) derived from analysis of third-party industry research (S&P Global Market Intelligence; International Energy Agency; MinEx Consulting; Kemp and others, One Earth (2026); Mining.com; AusIMM Bulletin) and publicly disclosed project timelines for comparable brownfield expansions (FID to production). 5 Total supply Indicative demand Baseline Underpinned by a structural supply gap Supply gap New operations Comparison of supply lead times2 est. 5-8 years Today Brownfield expansions est. 2-3 years Today New operations & expansion supply
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FY27 – Year ahead
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Our deliberate preservation strategy enables a rapid pivot back to expansion 7 Nov 24 Maintained our future expansion optionality for when market conditions improve Attractive growth options In FY25, our Business Optimisation Program identified $112 m in savings and deferrals Financially resilient Revised mine plan delivering 2.8 Mtpa run rate from end of FY27 Operationally responsive
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1.5 Mtpa 2.8 Mtpa Pathway to 2.8 Mtpa run rate on track and accelerating in Q2 FY27 End FY27 8 End FY26 Increasing equipmentIncreasing work areas • Unlock 7 new mine levels • Lower levels with access to ~3-5 Mt of ore per level • Optionality for multiple work areas per level • 95% increase in total material moved (FY26 2.0 Mt → FY27 3.9 Mt) 4 14 End FY26 End FY27 +250% 4 4 6 7 Jumbos Production Drills Loaders Trucks 7 7 12 15 21 41 End FY26 End FY27 +95% More access points, work areas and equipment lifts run rate and improves productivity Underground ore Dominant feed Improved recovery
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Total capital A$320–370 m1 Sustaining to deliver strong base Spend to keep the operation producing at its current rate. It covers BAU3 tailings dam lifts, underground development and processing plant maintenance. 2.8 Mtpa ramp-up funded first; Expansion is staged and has flexibility Growth – early works2 A$60–70 m Mine infrastructure & optimisation A$80–90 m 2.8Mtpa ramp-up development A$90–100 m Sustaining A$90–110 m 2.8 Mtpa ramp-up development Mine development spend to lift production to 2.8 Mtpa. This work is planned. It delivers the 2.8 Mtpa target reliably by the end of June 2027. Mine infrastructure and optimisation Capital deferred through low-pricing cycle to preserve cash. E.g. MSA4 and plant optimisation and NPI5 for mine and plant. Funded from strength A$561 m cash at 30 June 2026, means the programme is funded from operating cash. 9 Budgeted FY27 capital expenditure 1. Capital guidance does not include expansion capital associated with the FID on Kathleen Valley expansion | 2. Refer to “Early works and long-lead procurement are underway for Kathleen Valley expansion” dated 29 April 2026 | 3. BAU: Business as Usual | 4. MSA: Mine Services Area | 5. NPI: Non-Process Infrastructure
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Market guidance for year ending 30 June 2027 Metric Unit FY27 Concentrate production1 kdmt 390 – 440 Unit cost of sales (UCOS) A$ / dmt sold 1,050 – 1,250 Total capital expenditure2 A$ m 320 – 370 10 1. Concentrate production guidance allows for planned shutdowns and additional downtime required to complete expansion tie-ins during the year | 2. Capital guidance does not include expansion capital associated with the final investment decision on the Kathleen Valley expansion Spodumene being loaded onto Qube road trains at Kathleen Valley
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The lithium market recovery provides an opportunity to pivot the business from cash preservation to reinvest in Growth initiatives that also enables future resilience through the cycle Price underpins a pivot to growth and resilience Maintained optionality Preserve Reinvest • Nov 2024: Revised to 2.8 Mtpa mine plan, down from base case of 3 Mtpa • Deferred North-West Flats to FY31 and slowed ramp up to 2.8 Mtpa • Removed ~38,000 development metres across FY25 to FY30 • Reduced paste fill and optimised fixed costs for the lower rate • Recruiting and procuring equipment ahead of production growth • Restarting deferred spend e.g. mine development, MSA and borefields • Recommissioning North-West Flats • Reinforcing pathway to 2.8 Mtpa and triggering embedded options Ensuring financial discipline 30 June 2025 spot price SC61 US$630 /t 30 June 2026 spot price SC61 US$2,210 /t +360% Q4 FY25 net cash flow ($17 m) Q4 FY26 net cash flow $137 m +$154 m 1. Source: Fastmarkets 11
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Early works on expansion have already commenced – FY27 a key year Re-cap of scope and commitments: • MSA Stage 1 construction — supports ramp-up • Ball mill (5.5 MW) procurement — critical path for throughput/recovery • NW Flats underground development — access from Kathleen's Corner open pit • Capital: Up to $77 m of early works ahead of FID (of which $14m was incurred in FY26) Progress this quarter: • Project team ramp-up • Ball mill engineering design progressed • MSA earthworks and construction commenced • NW Flats: grade control drilling, portal recommissioning, infrastructure works underway Expansion FID remains on track for end of Q1 FY27 and subject to market demand 12 Current temporary MSA Progress at permanent Mine Services Area (MSA)
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Growth optionality in North-West Flats is already being activated Additional access portals and infrastructure to North-West Flats through open-pit mine commences in Q2 FY27 Development ore expected to be delivered from North-West Flats in late FY27 North-West Flats Development in North-West Flats commenced in Q4 FY26 Mount Mann Kathleen’s Corner open-pit Mount Mann box cut 13 Option preserved during Nov 24 mine optimisation work; new portals in Kathleen’s Corner open pit accelerated
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Expansion optionality in the process plant, installed from the start 14 ROM Pad Primary Crushing Sizing Screen Secondary Crushing Fine Ore Bin SAG Mill Magnetic Separation Flotation Tailings Thickener Concentrate Dewatering Ball Mill DRY PLANT Gravity Recovery Pebble Crushing Tailings Storage Facility SPODUMENE Concentrate Storage TANTALUM Concentrate Storage Water Storage Water Treatment Water Supply WET PLANTOUTPUT WATER Designed and installed for 4Mpta – Nov21 DFS Focus areas of expansionLegend:
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Buldania - 100% owned satellite project and embedded growth optionality 15 15 Mt at 1.0% Li2O TWO LITHIUM ASSETS, ONE GREENSTONE BELT Norseman-Wiluna greenstone belt KV Kathleen Valley BuldaniaB Project snapshot Ownership 100% Liontown Limited Location ~30km east of Norseman, WA Geology LCT pegmatite – same belt as KV Status Exploration / resource definition Maiden Resource 15 Mt @ 1% Li2O (Nov 2019) Resource category Inferred and indicated Buldania asset Illustrative map of Buldania’s relative location Exploration Completed scoping work at Buldania during Q4, ahead of studies planned for H1 FY27 Scoping work included review & drill planning, site visit, engagement with key stakeholders and planning studies Desktop studies have recommenced to identify exploration targets within trucking distance of Kathleen Valley
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16 Liontown is well positioned as an attractive long-term investment Investment Thesis Operationally responsive ✓ Ramp-up to 2.8 Mtpa+ ✓ 2 orebodies, one mine flexibility ✓ Expansion capacity built-in throughout the existing plant Financially resilient ✓ A$561m cash in bank1 ✓ A$137m Q4 net cash flow ✓ Foundational offtake & spot market Attractive growth options ✓ North-West Flats ✓ Buldania ✓ Kathleen Valley exploration programme restarted 1. As at 30 June 2026
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17 Watch on YouTube: youtube.com/watch?v=TjtN-S-trUA
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Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 info@liontown.com liontown Liontown @Liontown @Liontown For more information: Jared Newton Corporate Affairs jared.newton@liontown.com +61 401 165 593