Slide 1: Capital Raising Presentation
Capital Raising Presentation 7 August 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES ASX: LTR | ltresources.com.au
Slide 2: Important Information
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Information IMPORANT INFORMATION NOTICE AND DISCLAIMERS Liontown prepares its financial information in accordance with the Corporations Act, Australian Accounting Standards (AAS) adopted by This investor presentation (Presentation) is da
Slide 3: Important Information (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Information (continued) Such forward-looking statements are not guarantees of future performance and involve known and unknown risks (including (without NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES limitation) the risks and uncer
Slide 4: Important Information (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Information (continued) In connection with the institutional bookbuild, one or more institutional investors may elect to acquire an economic interest in the New Information in this Presentation regarding productions targets were first re
Slide 5: Important Information (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important Information (continued) JORC CODE It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Minera
Slide 6: Executive Summary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Executive Summary Capital raising of ~A$266M fortifies Liontown’s balance sheet and provides a prudent liquidity buffer in a low pricing environment as Kathleen Valley transitions underground FY25 FY26 Continuing to show our Transitioning Towards
Slide 7: The best strategies endure the cycles; ours is unchanged
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES The best strategies endure the cycles; ours is unchanged Kathleen Valley Downstream Expansion Liontown Full Potential Full Potential Become a vertically integrated Expand portfolio through supplier to capture higher organic growth, value accretive
Slide 8: FY25 – Continuing to Show Our Capability to Deliver
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY25 – Continuing to Show Our Capability to Deliver 7
Slide 9: ESG | Letting “real economics” unlock Long-Term Value
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES ESG | Letting “real economics” unlock Long-Term Value Tangible benefits delivered to the community and the company – a foundation for future value Prioritising an emissions profile <100kt CO2 shortened our Approvals timeline approval timeline, ena
Slide 10: Physical and Financial highlights | FY25
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Physical and Financial highlights | FY25 Strong operational performance with over 320,000 wmt (>294,000 dmt allowing for 8% moisture) of spodumene concentrate at 5.2% grade produced in FY25 (11 months), underscoring resilient financial results in
Slide 11: Underground production underway marking a solid foundation for transition
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Underground production underway marking a solid foundation for transition Early underground success sets the stage for FY26 ramp-up; focus now on bulk mining thick, high-quality stopes Excellent ground Excellent geotechnical conditions, no dewater
Slide 12: FY26 – Transitioning Towards Long-Term Advantage
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY26 – Transitioning Towards Long- Term Advantage 11
Slide 13: Re-Cap of FY26 Guidance: Transition now, lower costs ahead
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Re-Cap of FY26 Guidance: Transition now, lower costs ahead FY26 guidance11 reflects transition to underground with unit costs expected to trend lower from FY27 FY26 is a transition year: open pit operations end Dec 2025; underground ramp-up contin
Slide 14: FY26 | Mining and processing ready for transition and growth
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY26 | Mining and processing ready for transition and growth Mining Leading the transition to bulk underground lithium mining in Australia • Initial enabling infrastructure complete by end of Q1 FY26 • On track to bring >40kt stopes online during
Slide 15: Mining | Executing a seamless transition to underground operations
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Mining | Executing a seamless transition to underground operations Open Pit on-track to be completed Mill feed to be 100% underground by by December 2025 end Q1 FY27 Open pit mining commenced in February 2023: Continued focus on ramp-up of UG oper
Slide 16: 2.8Mtpa optimised mine plan - Deep Dive
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 2.8Mtpa optimised mine plan - Deep Dive Mt Mann Scheduled and Contained Ore Mine Design Strategically prioritises high margin ore (Oblique view, legend representative of scheduled stope grade) Balancing cost versus return Mt Mann Box Cut • Grade d
Slide 17: Mining | Bulk tonnes driving high productivity and lowering costs
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Mining | Bulk tonnes driving high productivity and lowering costs Mt. Mann scheduled and contained ore by mine level Million Tonnes Driving efficient, high-margin operations, resulting in long-term low-cost production 0 1 2 3 4 5 6 60 Density 85 ~
Slide 18: FY26 | A tale of two halves, performance improving in H2 as UG ramps up
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY26 | A tale of two halves, performance improving in H2 as UG ramps up Value accretive action taken to set a strong foundation for long-term value FY26 -Transitioning towards long-term advantage FY27+ - Unlocking Kathleen Valley’s Full Potential
Slide 19: Underground | Bulk tonnes moved, less waste and simpler operations = low cost
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Underground | Bulk tonnes moved, less waste and simpler operations = low cost Designed for scale De-risk ramp up Lower cost per tonne Ready for low-capital • Dual decline (up and down) design • Positioned to deliver high ore • With 100% undergroun
Slide 20: Processing | Fourth-gen plant delivers on performance and flexibility
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Processing | Fourth-gen plant delivers on performance and flexibility Took decisive action in Validated investment in best-in-class flexible flotation Concentrate quality vs feed Gabbro content Daily weighted average, 1 Nov 24 – 30 Jun 25 response
Slide 21: Processing | Further enhancing the capability of our fourth-generation plant
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Processing | Further enhancing the capability of our fourth-generation plant Planned maintenance and ROM Continuing to invest in state-of-the art restructuring commencing optimisation technologies • Continued OSP processing in H1 Focus on real-tim
Slide 22: Balance Sheet Fortified
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Balance Sheet Fortified 21
Slide 23: Sources and Uses of funds
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sources and Uses of funds Fortified balance sheet with pro forma cash balance of ~A$422M Source of funds (A$M) Uses of funds (A$M) (before transaction costs) ~A$422M ~A$422M Fortified balance sheet with pro forma cash balance of ~A$422M 1 • Reinfo
Slide 24: National Reconstruction Fund Corporation Cornerstone Investment
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES National Reconstruction Fund Corporation Cornerstone Investment The National Reconstruction Fund Corporation (“NRFC”) investment aligns with its strategy to support the Australian critical minerals sector to capture the opportunities from the glob
Slide 25: Pro forma capital structure
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Pro forma capital structure Debt capital sourced from customers 1. Ford 2. LG Energy Solution and government – low cost, long A$300M debt facility secured from Ford for US$250M five-year convertible notes, at a A$1.80 conversion project developmen
Slide 26: Equity Raising summary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity Raising summary • Liontown is conducting a fully underwritten placement to raise ~A$266 million pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 (“Institutional Placement”) Offer Structure and Size • Liontown
Slide 27: Indicative Equity Raising Timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Indicative Equity Raising Timetable Event Indicative date Record date for eligibility to participate in SPP 7.00pm, Wednesday, 6 August 2025 Launch of Offer Thursday, 7 August 2025 Trading halt lifted and announcement of completion of Institutiona
Slide 28: Investment Highlights
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Investment Highlights • High-grade, low-impurity underground hard rock lithium mine located in the premier mining jurisdiction of Western Australia High quality, globally significant, • Quality of the ore body facilitates strong processing recover
Slide 29: Appendix A: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix A: Key Risks 28
Slide 30: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks This section discusses some of the key risks associated with an investment in shares in Liontown (“Shares”). There are a number of risk factors, specific to Liontown and of a general nature, which may affect the future operating and fina
Slide 31: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Production, Capital Cost, and Operating Cost Estimates (cont.) Actual recovery and production achieved along with operating and capital expenditure incurred is subject to a range of risks. Events impacting production or recov
Slide 32: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Operating Risks Mining operations, associated future development activities, and exploration are highly speculative and have associated risks. Such operations are subject to all the difficulties and risks that are normally en
Slide 33: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Future Capital Requirements The future capital requirements of Liontown will depend on many factors including the price the Company is paid for the spodumene concentrate it produces and its future business development activit
Slide 34: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Offtake Agreements Liontown currently has offtake arrangements with LG Energy Solutions, Tesla, Ford and Chengxin. The remaining production from Kathleen Valley is intended to be retained for spot volume sales and/or discrete
Slide 35: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Native Title and Aboriginal Heritage The Kathleen Valley Lithium Operation tenements are located within areas that are covered by the Tjiwarl Determined Native Title Claim (WC11/7). Liontown entered into a native title agreem
Slide 36: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Land Access Risk Land access is critical for exploration and/or exploitation to succeed. It requires both access to the mineral rights and access to the surface rights. Minerals rights may be negotiated and acquired. In all c
Slide 37: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Tenure and Access Risk Liontown's rights in tenements may be granted by regulatory authorities or be subject to contracts with third parties. Any third party may terminate or rescind the relevant agreement whether lawfully or
Slide 38: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Occupational Health and Safety Site safety and occupational health and safety outcomes are critical to Liontown's reputation and its ability to retain necessary regulatory approvals. Certain events may be outside the control
Slide 39: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Insurance Risks Liontown insures its operations in accordance with industry practice. However, in certain circumstances, Liontown's insurance may not be of a nature or level to provide adequate insurance cover. Insurance agai
Slide 40: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Cybersecurity Risk Liontown embraces the use of technology as an important aspect of enhancing business performance. Accordingly, any breach of our information technology platform could cause significant disruption to the bus
Slide 41: Key Risks (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Risks (continued) Risks Specific to the Placement Offer Completion Risk Liontown has entered into an underwriting agreement to fully underwrite the Placement, subject to the terms and conditions of that agreement (the “Underwriting Agreement”)
Slide 42: Appendix B: Summary of Underwriting Agreement
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix B: Summary of Underwriting Agreement 41
Slide 43: Summary of Underwriting Agreement
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of Underwriting Agreement Liontown has entered into an underwriting agreement with the Underwriters in respect of the Placement ("Underwriting Agreement"). The Underwriters' obligations under the Underwriting Agreement, including to underw
Slide 44: Summary of Underwriting Agreement (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Summary of Underwriting Agreement (continued) • hostilities not presently existing commence or there is a major escalation of existing hostilities (whether war has been declared or not) involving one or more of Australia, any member of the Europea
Slide 45: Appendix C: International Offer Restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix C: International Offer Restrictions 44
Slide 46: International Offer Restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may n
Slide 47: International Offer Restrictions (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions (continued) CHINA This document may not be circulated or distributed in the People’s Republic of China (excluding, for the purposes of this paragraph, the Hong Kong Special Administrative Region, the Macau Special
Slide 48: International Offer Restrictions (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions (continued) NORWAY This document has not been, and will not be, registered with or approved by Finanstilsynet (the Financial Supervisory Authority of Norway) and it does not constitute a prospectus under the Prospe
Slide 49: International Offer Restrictions (continued)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES International Offer Restrictions (continued) UNITED KINGDOM Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the m
Slide 50: Appendix D: Notes
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 1. ASX Announcement dated 11 November 2024 “Kathleen Valley update and H2 FY25 guidance 2. Based on 30 June 2025 unaudited cash balance of A$156M 3. Assumes diesel price $1.50/l diesel excluding Fuel Tax Credit 4. TRIFR: Total Reportable Injury Fr
Slide 51: For more information:
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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@ltresources.com.au liontown-resources-limited Liontown Resources @LiontownRes @LiontownRe