Slide 1: Diggers & Dealers Mining Forum 2026
Diggers & Dealers Mining Forum 2026 3 August 2026
Slide 2: Important information
Important information IMPORTANT INFORMATION NOTICE AND DISCLAIMERS CURRENCY This investor presentation (Presentation) is dated 3 August 2026 and has been prepared by Liontown Limited All dollar values contained in this document are expressed in Australian dollars unless otherwise stated. Totals may
Slide 3: Strong demand fundamentals remain firmly intact and are diversifying
Strong demand fundamentals remain firmly intact and are diversifying Lithium supply-demand forecast and market balance1 Forecasted global battery shipment composition2 kt LCE % Total supply Total apparent demand Balance EV Batteries ESS Batteries Emerging Applications 3 6,000 5,000 7% 24% 4,000 +15%
Slide 4: Price recovery accentuated in spodumene, but growth drives volatility
Price recovery accentuated in spodumene, but growth drives volatility Historic spodumene concentrate price1 Spodumene price relative to lithium hydroxide2 $USD Monthly average; % 9,000 13% 8,000 12% 7,000 6,000 11% 5,000 10% 4,000 US$2,970 9% June 2022 3,000 2026 2,000 US$2,500 Avg Historical 8% ave
Slide 5: Liontown's offtake exposure to chemical indices declines in CY2027
Liontown’s offtake exposure to chemical indices declines in CY2027 Liontown’s long-term contract book pricing mix % • Foundational offtake agreements agreed in 2022 to support the financing and development of 23% 33% Kathleen Valley • Linked to lithium chemical indices 38% absent a reliable and acce
Slide 6: Pipeline for significant projects have long lead times, lagging demand
Pipeline for significant projects have long lead times, lagging demand Forecast of new lithium supply1 Underpinned by a structural supply gap Total supply Indicative demand Baseline 4,000 Comparison of supply lead times2 3,500 Supply gap New operations 3,000 Today est. 5-8 years 2,500 New operations
Slide 7: FY27 – Year ahead
xe) oO (<b) LS oO iS 8 > I NR N > LL
Slide 8: Our deliberate preservation strategy enables a rapid pivot back to expansion
Our deliberate preservation strategy enables a rapid pivot back to expansion Nov 24 Operationally responsive Revised mine plan delivering 2.8 Mtpa run rate from end of FY27 Financially resilient In FY25, our Business Optimisation Program identified $112 m in savings and deferrals Attractive growth o
Slide 9: Pathway to 2.8 Mtpa run rate on track and accelerating in Q2 FY27
Pathway to 2.8 Mtpa run rate on track and accelerating in Q2 FY27 More access points, work areas and equipment lifts run rate and improves productivity 2.8 Mtpa Increasing work areas Increasing equipment • Unlock 7 new mine levels • Lower levels with access to ~3-5 Mt of ore Jumbos 4 7 per level Pro
Slide 10: 2.8 Mtpa ramp-up funded first; Expansion is staged and has flexibility
2.8 Mtpa ramp-up funded first; Expansion is staged and has flexibility Budgeted FY27 capital expenditure Total capital A$320–370 m1 Sustaining 2.8Mtpa ramp-up development Mine infrastructure & optimisation Growth – early works2 A$90–110 m A$90–100 m A$80–90 m A$60–70 m Sustaining to deliver strong b
Slide 11: Market guidance for year ending 30 June 2027
Market guidance for year ending 30 June 2027 Metric Unit FY27 Concentrate production1 kdmt 390 – 440 A$ / dmt Unit cost of sales (UCOS) 1,050 – 1,250 sold Total capital expenditure2 A$ m 320 – 370 Spodumene being loaded onto Qube road trains at Kathleen Valley 1. Concentrate production guidance allo
Slide 12: Price underpins a pivot to growth and resilience
Price underpins a pivot to growth and resilience The lithium market 30 June 2025 spot price SC61 30 June 2026 spot price SC61 recovery provides an US$630 /t US$2,210 /t +360% opportunity to pivot the Q4 FY25 net cash flow Q4 FY26 net cash flow business from cash ($17 m) $137 m +$154 m preservation t
Slide 13: Early works on expansion have already commenced – FY27 a key year
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 • Capi
Slide 14: Growth optionality in North-West Flats is already being activated
Growth optionality in North-West Flats is already being activated Option preserved during Nov 24 mine optimisation work; new portals in Kathleen’s Corner open pit accelerated Development in North-West Flats Mount Mann box cut commenced in Q4 FY26 Kathleen’s Corner open-pit Mount Mann Development ore
Slide 15: Expansion optionality in the process plant, installed from the start
Expansion optionality in the process plant, installed from the start WATER DRY PLANT ROM Primary Sizing Secondary Pad Crushing Screen Crushing Water Supply Fine Ore Bin Water Storage WET PLANT SAG Mill Magnetic Tailings Flotation Ball Mill Separation Thickener Pebble Gravity Concentrate Crushing Rec
Slide 16: Buldania - 100% owned satellite project and embedded growth optionality
Buldania - 100% owned satellite project and embedded growth optionality Buldania asset Exploration Project snapshot Ownership 100% Liontown Limited Location ~30km east of Norseman, WA Completed scoping work at Buldania Geology LCT pegmatite – same belt as KV during Q4, ahead of studies planned for H
Slide 17: Liontown is well positioned as an attractive long-term investment
Liontown is well positioned as an attractive long-term investment Investment Thesis ✓ Ramp-up to 2.8 Mtpa+ Operationally ✓ 2 orebodies, one mine flexibility responsive ✓ Expansion capacity built-in throughout the existing plant ✓ A$561m cash in bank1 Financially ✓ A$137m Q4 net cash flow resilient ✓
Slide 18: Watch on YouTube
Watch on YouTube: youtube.com/watch?v=TjtN-S-trUA 17
Slide 19: For more information
For more information: Jared Newton Corporate Affairs jared.newton@liontown.com +61 401 165 593 Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 info@liontown.com liontown Liontown @Liontown @Liontown