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FY26 Full Year Financial Results 31 August 2026 ASX: LTR | liontown.com
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Important information IMPORTANT INFORMATION NOTICE AND DISCLAIMERS This investor presentation (Presentation) is dated 31 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, recovery, 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 Mineral Resources and Ore Reserves for the Kathleen Valley Lithium Operation is extracted from the ASX announcement “Kathleen Valley Mineral Resource and Ore Reserve Update” released on 25 September 2025 and as updated in the “Resources and Reserves” statement contained within the FY26 Annual Report released on 31 August 2026, which are available on www.liontown.com. 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” which is available on www.liontown.com 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 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 Board. 1
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FY26 | Reading the market, backing our judgement Operational momentum – Ramp-up delivering to plan, 2.8Mtpa run-rate on track for end of FY27 Cash generation strong – $182m net operating cashflow, before the operation reaches full 2.8Mtpa run rate Profitable through ramp-up – NPAT of $93m, including one-offs, with $14m underlying NPAT on disciplined delivery, and stronger H2 pricing Backed market conviction with capital – Exercised early works commitment quickly and re-investment in KV expansion Ready to scale – Capital efficient expansion that is expected to deliver production to market incrementally and flexibly 2
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FY26 | Safety performance 3 1. LTIFR: Lost Time Injury Frequency Rate | 2. TRIFR: Total Recordable Injury Frequency Rate representative of rolling annual averages | 3. Safety observations representative of number of safety observations per 1,000 hours on a rolling annual basis 4.74 (FY25: 2.61) Safety observations3 10.99 (FY25: 7.39) TRIFR2 1.00 (FY25: 0.92) LTIFR1
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4 FY26 | Sustainability performance Diversity & Inclusion 26% Female participation in FY26 50% Female board members (17.4% female in leadership) Sustainability 80% Renewable power penetration in FY26 Zero Material environmental incidents recorded Social Impact ~$530m Goods and services procured in Australia, with ~$450m in WA ~$24m Spent with Aboriginal businesses
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5 FY26 | Operational performance Underground development 9,737m Strongest year of development, unlocking underground mining capacity Concentrate produced 391,992dmt Weighted average grade of 5.1% Li2O Ore processed 2,483kt High plant availability delivering throughput Ore mined 2,208kt Open pit finished on schedule and 1,291kt of underground ore mined Concentrate shipped 381,997dmt Weighted average grade of 5.1% Li2O
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1. Note that FY25 reflects only 11 months of operations and 10 months of sales, compared with 12 months in FY26 6 FY26 | Financial performance Cash generative through the transition to full underground production and ramp-up Average realised price US$1,379 per dmt of SC6e CIF Strength in lithium pricing lifted average realised price vs FY251 +75% Record revenue on production growth and price recovery Revenue $639m vs FY251 +115% NPAT $93m Underlying NPAT of $14m vs FY251 +$286m Operating Cash flow $182m Strong EBITDA of $147m vs FY251 +$181m
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The lithium market recovery underpins Liontown’s pivot from cash preservation to reinvestment in Growth initiatives, while preserving future resilience through the cycle Adapting to a fast-moving market and higher prices Maintained optionality Preserve Reinvest • Nov 2024: Flat 2.8Mtpa mine plan, to FY30 – Deferred North-West Flats to FY31 – Removed ~38,000 development metres • Accelerating development • Restarting deferred capex • Recommissioning North-West Flats Ensuring financial discipline 30 June 2025 spot price SC61 US$630/t 30 June 2026 spot price SC61 US$2,210/t +251% 1. Source: Fastmarkets 7
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1 3 Vision & Outcomes Foundational enablers Strategic priorities2 Deliver operational excellence • Safely ramp up to 2.8Mtpa • Scale benefits in cost & productivity • Value-maximising plant optimisation Unlock embedded optionality • North-West Flats and process plant • Early works & long-lead procurement • Expansion FID (beyond 2.8Mtpa) Pursue next wave of growth • Advance KV & Buldania exploration • Maintain downstream optionality • Selectively pursue M&A …sets up the pivot to disciplined growth by delivering on our strategic priorities Responsible operator | Adherence to values, sustainable operations and durable local partnerships Operational flexibility | Mine plan and plant feed remain responsive to price and market shifts Financial discipline | Capital allocation, manage operating costs, protect liquidity and prioritise returns 8 Safe, stable operations Reliable partnerResilient through the cycle Globally significant provider of battery minerals Profitable growth Ramp-up to a 2.8Mtpa operation Deliver Kathleen Valley’s full potential Selective partnerships / M&A
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FY26 Financial Performance
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Revenue growth underpinned by growth in sales tonnes and realised price FY251 FY26 $298m $639m +115% All figures in $m Revenue FY251 FY26 US$788 US$1,379 +75% All figures in US$ per dmt of SC6e CIF Average realised price FY251 FY26 283kdmt 382kdmt +35% All figures in kdmt Tonnes shipped FY251 FY26 $802/t2 $984/t +23%3 All figures in A$/t sold Unit Operating Cost (UOC) 1. Note that FY25 reflects only 11 months of operations and 10 months of sales, compared with 12 months in FY26 | 2. Note that FY25 UOC only relates to H2 FY25 | 3. Increase in UOC is from transition to underground mining (18% of total ore in H2 FY25, 58% of total ore in FY26) 10
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Underlying adjustments Underlying EBITDA strength builds as production ramps to steady-state • Underlying EBITDA of $147m reflecting growth in production and sales in an improving price environment • Underlying NPAT of $14m, first underlying NPAT generated from Kathleen Valley Operations, including transition from open pit to underground • NPAT $93m primarily driven by $113m for full recognition of carry forward tax losses from prior years 147 14 93 10 10 113 Underlying EBITDA (112) Depreciation & amortisation (31) Finance expenses (net) Income tax benefit Underlying NPAT NRV reversal Prior year tax losses (44) LGES convertible notes fair value & FX NPAT All figures in $m Underlying EBITDA reconciliation $79m 11
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Cash flows from operating activities Cash flows from investing activities Cash generation and balance sheet strength supports growth objectives All figures in $m FY26 Cash Flow • $182m of operating cash flow reflecting higher lithium prices, production ramp-up and increased sales • $357m of Financing inflows which were primarily driven by the equity raising in August 2025 • Total capex of $134m, including early works capital of $14m ahead of the Expansion FID expected Q1 FY27 • Strong balance sheet with $561m cash as at 30 June 2026 156 561 55 181 357 30 June 2025 (54) Q1 0 Q2 Q3 Q4 Financing activities (30) Sustaining capital (90) Growth capital (14) Early works 30 June 2026 +$182m $134m1 1. $134m on cash basis, $129m on an incurred basis 12
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• Cash of $561m at 30 June 2026 (increased from $156m in FY25), providing platform to fund ramp- up and KV expansion program • Total Debt including derivatives decreased $353m, following LGES conversion in February 2026 • Net cash $192m at 30 June 2026 (up from net debt $(567)m at 30 June 2025), reflects cash generation, LGES conversion, and equity raising • Gross gearing 20% (down from 55%) • Net gearing zero given net cash (49% at 30 June 2025) Cash, debt and gearing 1. Debt excludes AASB16 lease liabilities (predominantly Purchase Power Agreement with Zenith) 13 Metric Units FY26 FY25 ∆ Net Assets $m 1,471 581 891 Cash and cash equivalents $m 561 156 405 Debt1 Loans & Borrowings $m (369) (688) 319 Derivatives $m - (34) 34 Total $m (369) (722) 353 Net Cash / (Debt) $m 192 (567) 758 Gearing Gross Debt/(Gross Debt+Equity) $m 20% 55% 35% Net Debt/(Net Debt+Equity) $m - 49% 49%
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Debt | Low cost, covenant-light, with a staggered maturity profile • Ford principal quarterly repayments commence Q1 FY27, $45m per year to FY30, balloon payment of $175m in June 2030 • WA Government Lithium Industry Support Program interest-free loan of $15m repaid quarterly over FY27 & FY28 45.0 45.0 45.0 220.5 FY26 FY27 FY28 FY29 FY30 52.5 52.5 Lithium Industry Support Program Ford facility Undiscounted payments; all figures in $m Debt maturity profile 14
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FY27 Lookahead
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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 16 End FY26 Increasing equipmentIncreasing work areas • Unlock 7 new mine levels • Lower levels with access to ~2-5 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 lift run rate and improve productivity Underground ore Dominant feed Improved recovery
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On track to unlock run rate step-up from Q2 FY27 • Productivity and resilience by design: – Dual access – Dual cross-cut design – Truck loading bays off main traffic area • Clear path to the next mining front: – Access complete – Majority of cross-cut development complete – Ore drives commence in September 2026 – On track for ramp-up from Q2 FY27 • Production maintained through build-out: – Underground production in Q1 FY27 from existing levels 17 Mt Mann level 2285 mine plan Illustrative Complete Cross-cut Ore drive North decline Central Zone North extension South extension
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 85 110 135 160 185 210 235 260 285 310 335 360 385 410 0.2 0.2 0.3 0.5 0.6 60 0.6 1.2 4.0 2.4 0.7 2.0 3.1 2.7 2.6 5.1 Thicker ore zones deliver more ore per vertical metre Million tonnes Mt Mann contained ore by mine level Metres below surface (RMBS) Ore intensity ~115kt/Vm1 of ore on current / future levels - over 6x on historical levels Scale Lower levels contain an estimated ~2-5 Mt of ore per level Ore quality Deeper levels contain a higher proportion of stope ore, improving overall quality to the plant On track to unlock run rate step-up from Q2 FY27 2285 Mount Mann Level Plan ~115kt/Vm ~18kt/Vm 181. Vm: Vertical metre
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Early works on expansion have already commenced – FY27 a key year Re-cap of scope and commitments: • MSA1 Stage 1 construction — supports ramp-up • Ball mill (5.5 MW) procurement — critical path for throughput/recovery • North-West 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 • MSA1 earthworks and construction commenced • North-West Flats: grade control drilling, portal recommissioning, infrastructure works underway Expansion FID remains on track for end of Q1 FY27 and subject to market demand 19 Ball mill model rendering Project offices on-site works 1. MSA: Mine Services Area Permanent MSA1 building construction Ball mill shell construction
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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 20 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 21 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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Re-cap of market guidance for FY27 22 Q1 FY27 lookahead 1. Concentrate production guidance, at 5.1% grade, 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 Concentrate production1 kdmt 390 - 440 Unit Operating Cost (UOC) A$/dmt sold 1,050 - 1,250 Total capital expenditure2 $m 320 - 370 Unit FY27 GuidanceMetric • Following Q1 FY27, mine output steps up from the current 1.5Mtpa run-rate • Recovery profile remains consistent with H2 FY26 due to feed mix • Deferred shipment for Q1 FY27 expected due to significant surge events and planned maintenance at Geraldton port FY27 guidance includes balancing plant throughput rate and stockpiles with mine ramp-up and expansion tie-ins
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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. FY27 capex re-cap - 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. 23 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 Outlook and Sales
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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 first production). 25 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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Liontown’s offtake exposure to chemical indices declines in CY27 26 Spodumene price relative to lithium hydroxide1 Monthly average; % Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 6% 7% 8% 9% 10% 11% 12% 13% 13% 11% Historical average band Liontown’s long-term contract book pricing mix % 38% 67% 38% 33%23% CY2026 CY2027 Lithium carbonate linkage Lithium hydroxide linkage Spodumene index • 2022 offtake agreements, to support financing of Kathleen Valley,linked to lithium chemical indices (with no reliable spodumene index) • Original Ford tonnes re-sold to Chengxin Lithium Group back-to-back with pricing linked to lithium carbonate until end of CY2026 • Ford tonnes released for 2027 and 2028 re-sold to Canmax with pricing linked to spodumene 1. Source: Fastmarkets
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FY26 | Reading the market, backing our judgement Operational momentum – Ramp-up delivering to plan, 2.8Mtpa run-rate on track for end of FY27 Cash generation strong – $182m net operating cashflow, before the operation reaches full 2.8Mtpa run rate Profitable through ramp-up – NPAT of $93m, including one-offs, with $14m underlying NPAT on disciplined delivery, and stronger H2 pricing Backed market conviction with capital – Exercised early works commitment quickly and re-investment in KV expansion Ready to scale – Capital efficient expansion that is expected to deliver production to market incrementally and flexibly 27
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Appendix
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Appendix 1: Key FY26 Operational and Financial Metrics 29 1. Note that FY25 reflects only 11 months of operations and 10 months of sales, compared with 12 months in FY26
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Appendix 2: Mineral Resource and Ore Reserve Kathleen Valley Mineral Resource at 30 June 2026 Kathleen Valley Ore Reserves at 30 June 2026 Classification Million tonnes Li2O % Ta2O5 ppm Underground (cut-off grade = 0.6% Li2O) Measured 14 1.32 140 Indicated 106 1.36 130 Inferred 26 1.24 120 Sub-total 146 1.33 130 Stockpiles 0.3 1.02 140 Total* 147 1.33 130 Category/Class Million tonnes Li2O % Ta2O5 ppm Stockpiles Proved 0.3 1.02 139 Open Pit Proved 0.0 0.00 0 Probable 0.0 0.00 0 Subtotal Open Pit 0.0 0.00 0 Subtotal Open Pit and Stockpiles 0.3 1.02 139 Underground Proved 5.4 1.30 110 Probable 63.1 1.32 119 Subtotal Underground 68.5 1.32 118 Total 68.8 1.32 118 Tonnages and grades are diluted and reported at a Li 2O cut-off grade of 0.8%-1.15% (underground stoping) depending on the schedule period (FY2027 and FY2028 onward), mine area (Mt Mann or NW) and mining method. A marginal Li 2O cut-off grade of 0.5%-0.65% has been used for underground development depending on the schedule period. The Ore Reserve is bas ed on US$822.50/dmt (stockpiles and open pit) and US$898/dmt (FY2027), and US$1,326/dmt (FY2028 onward) (underground) FOB SC6.0 pricing assumptions at US$:AU$ exchange rate of 0.70. Stockpiles, open pit and underground figures exclude ore sort rejects. Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, which may cause inconsistencies in the totals. Mineral Resources are inclusive of Ore Reserves. Reported above Li2O cut-off grades of 0.6% for underground material, which aligns with the operational activities of Kathleen Valley and the updat ed Ore Reserve estimate. Figures have been depleted for mining activities for the relevant FY surfaces. Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, which may cause inconsistencies in the totals. Ta2O5 grades reported to two significant figures. 30
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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