Liontown Limited · ASX:LTR
Liontown — Investor Presentation (September 2026)
21 slides from Liontown's investor presentation, Sep 30, 2026
Slide 1: Kathleen Valley Expansion: Final Investment Decision
Kathleen Valley Expansion: Final Investment Decision 30 September 2026 ASX: LTR | liontown.com
Slide 2: Important information
Important information CAUTIONARY STATEMENT Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, The production inventory and forecast financial information referred to in this announcement comprise Proved Ore Reserves uncertainties, assumptio
Slide 3: Kathleen Valley Expansion: Final Investment Decision Approved
Kathleen Valley Expansion: Final Investment Decision Approved Liontown Board approves $389m FID to expand Kathleen Valley to ~780 ktpa1 targeted production Scaling Concentrate Product Speed to Market Efficient Capital Expenditure Targeting a lift in spodumene Capital intensity of Targeting first ore
Slide 4: Scaling Concentrate Production
Scaling Concentrate Production Step-change in concentrate production capacity expected to increase by more than 50% to ~780 kdmt per annum1 by lifting processing capacity from approximately 2.8 Mtpa to 4.2 Mtpa Concentrate Production Profile (kdmt) 5 yr avg +56% 800 700 600 500 392 4152 400 300 200
Slide 5: Commencing Kathleen's Corner Underground development
Commencing Kathleen's Corner Underground1 development Two ore bodies, one mine: accelerated Kathleen's Corner Underground complements Mount Mann, delivering the ore volume for an expanded Kathleen Valley Kathleen's Corner Underground and Mount Mann Mine Layout • Development of the Kathleen’s Corner
Slide 6: Upgrading Kathleen Valley Processing Plant and Non-Process Infrastructure
Upgrading Kathleen Valley Processing Plant and Non-Process Infrastructure Plant upgrades set to deliver incremental production and built-in flexibility to scale with market demand Ball Mill Installed1 Processing • Design capacity lifted from 2.8 Mtpa to 4.2 Mtpa • Milling, magnetic separation, taili
Slide 7: Speed to Market: Executing to a Disciplined Delivery Schedule
Speed to Market: Executing to a Disciplined Delivery Schedule Mining, processing and infrastructure are sequenced to phase activity across FY27 to FY291 FY26 FY27 FY28 FY29 Workstream Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Kathleen’s Corner Mining Underground pre-production development & infrastr
Slide 8: Expansion reinforces Kathleen Valley among the world's top 10 lithium producers
Expansion reinforces Kathleen Valley among the world's top 10 lithium producers Post-expansion, Kathleen Valley consolidates its position as a major global lithium producer Top 10 Annual Lithium Production Forecast 2030 (LCE)1 +53% 102,0002 67,000 Post-expansion Pre-expansion (FY30) (FY28) Source: S
Slide 9: Kathleen Valley Expansion Capital Expenditure
Kathleen Valley Expansion Capital Expenditure Expansion capital approved of $389m with phased delivery over three years to meet market demand Total Expansion Capital ($m)1 Recent Lithium Brownfield Expansion Capital Intensity ($/dmt)2 4,900 389 Mining 3,904 145 175 - 195 Processing 2,344 137 130 - 1
Slide 10: FY27 Capital Guidance
FY27 Capital Guidance FY27 guidance now includes $115m to $125m of incremental expansion capital, all else unchanged Total Expansion Capital ($m) 115 - 125 435 - 495 Sustaining: expenditure to keep the operation producing at its current rate. It covers business as usual tailings dam lifts, undergrou
Slide 11: Kathleen Valley Expansion Investment
Kathleen Valley Expansion Investment Attractive economics with an expected ~2.5-year payback1 and ~4002 full-time jobs created Key assumption Unit Value 5 yr avg. Unit Operating A$/dmt 840 – 920 Cost3 FOB 5 yr avg. Sustaining A$m 90 – 100 Capital3 > Operations Concentrate Production4 kdmtpa 780 Conc
Slide 12: Competitive cost position, built on cost discipline and scale benefits
Competitive cost position, built on cost discipline and scale benefits Expansion plans to consolidate Kathleen Valley’s status as a low-cost hard rock operation built to create value through the cycle Unit Operating Cost (A$/dmt)1 C1 Hard Rock Cash Cost Curve 20302 -23% 1,150 3,500 3,000 880 Cost (U
Slide 13: Lithium Long-Term Market Outlook
Lithium Long-Term Market Outlook Brownfield meets near-term demand but long greenfield lead times expected to widen supply gap over time Forecast of new lithium supply1 Underpinned by a structural supply gap 4,000 Comparison of supply lead times2 3,500 Supply gap Brownfield expansions 3,000 Today es
Slide 14: Lithium Short-Term Market Outlook
Lithium Short-Term Market Outlook Lithium market balance forecasts Tonnes LCE • The lithium supply and demand outlook is finely balanced for 2026 and 2027, leading to high levels of volatility • Average deficits of 50 kt in 2026 (~3% of supply) and an average surplus of less than 15 kt in 2027 (~0.5
Slide 15: FY27 Guidance Inclusive of Updated Expansion Capital
FY27 Guidance Inclusive of Updated Expansion Capital 390 – 4401 Q1 FY27 lookahead Concentrate production (kdmt) • Mining rate constant at 1.5 Mtpa run- rate before ramping up from Q2 FY27 • Recovery profile remains consistent 1,050 – 1,250 with H2 FY26 due to feed mix, with remaining open pit stocks
Slide 16: A low-risk expansion: more tonnes, lower cost, execution flexibility
A low-risk expansion: more tonnes, lower cost, execution flexibility Kathleen Valley is the most value-accretive project in Liontown’s pipeline ▪ A lower-risk brownfield expansion, built on ~780 ktpa1 A$1,619/dmt infrastructure already in place Production capacity Capital intensity ▪ ~56% increase i
Slide 17: Appendix
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Slide 18: Appendix 1: Consensus Pricing Data
Appendix 1: Consensus Pricing Data Spodumene Concentrate 6% Price Date 2026 2027 2028 2029 2030 Long-term (US$/t, CIF) Broker 1 Jul-26 2,855 3,750 3,250 2,375 1,813 1,400 Broker 2 Aug-26 2,178 1,620 1,380 1,403 1,339 1,275 Broker 3 Jun-26 2,850 2,475 1,800 1,700 1,600 1,500 Broker 4 Jun-26 2,399 1,7
Slide 19: Appendix 2: Supporting Capital Intensity Data
Appendix 2: Supporting Capital Intensity Data Incremental Capital Production Capex Production Grade production intensity Peer Company Project Status before (A$m) after (ktpa) (% Li₂O) (ktpa, SC6 (A$/t, SC6 (ktpa) basis) basis)A 1 Pilbara Minerals1 P2000 expansion Pre-FID 1,193 1,000 1,900 5.2 780.0
Slide 20: Appendix 3: Mineral Resource and Ore Reserve
Appendix 3: Mineral Resource and Ore Reserve Kathleen Valley Mineral Resource 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*
Slide 21: For more information:
For more information: Jake McEwan Investor Relations jake.mcewan@liontown.com +61 433 798 870 Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 info@liontown.com liontown Liontown @Liontown @Liontown 21