Liontown Limited · ASX:LTR
Liontown — H1 FY2026 Earnings Presentation
23 slides from Liontown's earnings presentation, Mar 12, 2026
Slide 1: Half-Year Financial Report
ASX: LTR liontown.com 12 March 2026 Half-Year Financial Report For the period ended 31 December 2025 Production Scaling as Underground Transition Completes and Balance Sheet Resets Highlights: • 192,514 dmt produced at 5.0% Li₂O (up 70%); 189,596 dmt sold • Underground ore mined 533 kt across 31 sto
Slide 2: Summary Operational and Financial Metrics
ASX: LTR liontown.com SUMMARY OPERATIONAL AND FINANCIAL METRICS Activities and Outcomes Units H1 FY2026 H1 FY2025 ∆ (%) Operations Production kt 193 113 70% Sales kt 190 92 106% Realised Price (CIF) US$/dmt SC6 888 811 10% US$/dmt 750 711 5% Unit Cost Unit Operating Cost (FOB) $/dmt sold (985) (874)
Slide 3: Results Webcast
ASX: LTR liontown.com RESULTS WEBCAST A webcast for investors, analysts and media will be held today at 7:30am (AWST) / 10:30am (AEDT) to discuss the Company’s half-year results for the period ending 31 December 2025. Webcast Registration Link: Liontown Half-Year Results Webcast This announcement ha
Slide 4: Important Information
ASX: LTR liontown.com Important Information This Announcement 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 t
Slide 5: FY2026 Half Year Financial Results
Aerial view of processing plant FY2026 Half Year Financial Results 12 March 2026 ASX: LTR | liontown.com
Slide 6: Important Information
Important Information IMPORANT INFORMATION NOTICE AND DISCLAIMERS NO FINANCIAL PRODUCT ADVICE This investor presentation (Presentation) is dated 12 March 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document, pr
Slide 7: H1 FY2026 | Delivering the transition; earnings trajectory improving
H1 FY2026 | Delivering the transition; earnings trajectory improving Production continuing to scale up as mining transitions to 100% underground, generating $208M in Kathleen Valley delivering as designed revenue H1 result reflects ramp-up phase; balance $(8)M underlying EBITDA. $(184)M statutory lo
Slide 8: H1 FY2026 | Operational highlights
H1 FY2026 | Operational highlights Transition to 100% underground mining complete. Inflection point reached Transition to 100% underground mining complete Open Pit Mining Underground Mining Ore Processed1 Lithia Recoveries1 Concentrate Produced1, 2 917 kt 533 kt 1,222 kt 61% 193 kt Ore mined Ore min
Slide 9: H1 FY2026 | Financial highlights
H1 FY2026 | Financial highlights • Sales increased to 190kt underpinned by higher production. Unit H1 FY2026 H1 FY2025 Variance % Operations • Realised price US$888/t SC6, driven by increased Production 1 kt 193 113 80 70% price indices which have continued to increase in H2. Sales kt 190 92 97 106%
Slide 10: Operational performance
Operational performance 5 View of Crushing Circuit
Slide 11: H1 FY2026 | Sustainability performance
H1 FY2026 | Sustainability performance Embedded sustainability for long-term value Our people, our priority Sustainable operations Creating value for communities 1.00 11.55 3.01 82% $11.7M LTIFR1 TRIFR2 SOs3 Renewable power Safety remains our highest operational priority 95 MW Hybrid Power Station E
Slide 12: UG ramp-up delivering as market conditions strengthen
UG ramp-up delivering as market conditions strengthen Targeting 2.8 Mtpa Underground ore mined run rate by Ramp-up tracking to plan All figures in thousand tonnes end of Jun 2027 and schedule Targeting 1.5 Mtpa +37% run rate by end +105% of Mar 2026 Rock fragmentation and ground conditions confirmed
Slide 13: Plant performance in line with expectations through feed transition
Plant performance in line with expectations through feed transition Processing Plant Availability Recovery Operating through planned feed transition 1,222 kt 92% 61% • Process plant performance remained stable through H1 FY2026, processing 1.22Mt of ore Processed for H1 FY2026 Availability for H1 FY
Slide 14: H1 FY2026 Financial results
H1 FY2026 Financial results 9 Spodumene loading
Slide 15: Reconciliation of EBITDA
Reconciliation of EBITDA1 All figures in A$M Primarily increased Primarily sales tonnes plus increased impact of higher sales tonnes unit operating cost 107 (85) Pre commercial production capitalisation in FY2025 H1, nil in FY2026 H1 (39) 11 (1) (8) 2025 H1 Revenue Cost of sales Capitalised Other 20
Slide 16: Reconciliation of NLAT
Reconciliation of NLAT Expense in FY2026 H1 v gain All figures in A$M in FY2025 H1 (15) (18) Increase in USD/AUD in FY2026 H1 v Lower capitalisation of decrease in FY025 interest post Refer EBITDA H1 commercial reconciliation production of (148) processing plant (27) 40 (15) (0) (184) Primarily incr
Slide 17: H1 FY2026 | Cash flow
H1 FY2026 | Cash flow Cash balance strengthened to $390M, supported by equity raising and sales receipts Excludes All figures in A$M 14kdmt saleable Cash flows from operating Cash flows from investing activities1 Cash flows from concentrate activities financing activities on hand at 31 Dec 2025 Lowe
Slide 18: Balance sheet reset
Balance sheet reset Conversion removed $482M of liabilities from the balance sheet Debt maturity profile1 Pre vs Post Ford Offtake Amendment (undiscounted payments A$M) • On 29 January 2026, LG Energy Solution submitted notice to convert its holding of US$250M convertible Ford notes + accrued intere
Slide 19: Growth
Growth 14 Mt Mann underground
Slide 20: The Opportunity | Supply response will favour existing producers
The Opportunity | Supply response will favour existing producers Spodumene 6% Li2O, spot price, CIF China, $/tonne 15 month up-cycle 18 month up-cycle Expansion window? 9000 Greenfield lag — New projects 8000 face years of permitting, financing 1. Study 7000 and construction. Unlikely to 2. Implemen
Slide 21: 4 Mtpa brownfield expansion
4 Mtpa brownfield expansion Liontown is uniquely positioned to decisively respond to a sustained market recovery Kathleen Valley Full Potential Downstream Expansion Liontown Full Potential Comparison to Nov 2024 mine plan Leveraging prior investment expected to deliver low capital intensity and fast
Slide 22: H1 FY2026 | Delivering the transition; earnings trajectory improving
H1 FY2026 | Delivering the transition; earnings trajectory improving Production continuing to scale up as mining transitions to 100% underground, generating $208M in Kathleen Valley delivering as designed revenue H1 result reflects ramp-up phase; balance $(8)M underlying EBITDA. $(184)M statutory lo
Slide 23: For more information
For more information: Leanne Kite Investor Relations lkite@ltresources.com.au +61 401 438 850 Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 info@liontown.com liontown Liontown @Liontown @Liontown View of crushing circuit 18