Slide 1: June Quarter FY26 results
June Quarter FY26 results 29 July 2026
Slide 2: Important information
Important information IMPORTANT INFORMATION NOTICE AND DISCLAIMERS NO FINANCIAL PRODUCT ADVICE This investor presentation (Presentation) is dated 29 July 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document, pr
Slide 3: Stronger position, clear focus on growth
Stronger position, clear focus on growth Cash build growing – $137 m positive net cash flow, $561 m cash and 21 kt saleable inventory on hand at Q4 close Pricing supports strong cash generation – average realised price of US$1,880 / dmt (SC6e CIF)1,2 Record development quarter supporting ramp
Slide 4: ESG & Safety
ESG & Safety Renewable power1 LTIFR2 TRIFR3 Safety observations4 71% 1.00 10.99 4.74 (previous quarter 85%) (previous quarter: 1.00) (previous quarter: 10.53) (previous quarter: 3.89) QoQ reduction driven by seasonal factors 1. Renewable power refers to the average renewable energy penetration at Ka
Slide 5: June Quarter highlights
June Quarter highlights Record cash generation. Record development building the next production uplift. Growth firmly in sight. Spodumene concentrate production Concentrate sales Realised price 103 kdmt 108 kdmt US$1,880 /t CIF SC6e Production stable while development Five parcels shipped for the qu
Slide 6: 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 7: Operational Performance
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Slide 8: Operational highlights
Operational highlights Development Ore mined Grade 7 3,316 356 kt 1.4% Li2O Development metres Underground ore mined Lithia grade for for Q4 FY26 for Q4 FY26 Q4 FY26 Record quarter, ~35% up Averaged 1.5 Mtpa rate in H2 Consistent vs Q3 FY26 vs Q3 FY26 FY26 ` Processing Production Recovery 7 647 kt 1
Slide 9: Record development quarter unlocks the next step-up in mining
Record development quarter unlocks the next step-up in mining from Q2 FY27 Underground development metres Strongest development on record at 3,316 metres FY24 FY25 FY26 3,483 m 7,302 m (+110%) 9,737 m (+33%) (up 35% quarter-on-quarter) +35% 3,316 Focusing on development to open additional work front
Slide 10: Redesigned level layout to lift productivity and deliver flexibility
Redesigned level layout to lift productivity and deliver flexibility Cash preservation Three clear benefits to level access FY25 – H1 FY26 and interaction Dual access separates trucks in and 1 out of the level to maximise productivity Dual cross-cut design enables 2 concurrent stope cycle activities
Slide 11: Open-pit stockpile processing brought forward to capture stronger prices
Open-pit stockpile processing brought forward to capture stronger prices Source of ore processed kdmt 642 647 Additional lower quality open-pit ore processing 614 580 brought forward to Q4, given higher pricing and the decision to invest in the updated UG level design 45% 55% 52% 65% Open-pit stockp
Slide 12: Cleaner feed drives higher recovery
Cleaner feed drives higher recovery Recovery relative to contamination FY26; % recovery and contamination 80 Contamination has the strongest correlation 75 with recovery 70 Recovery (%) 65 Q4 FY26 Q2 FY26 The processing plant continues to perform as 60 designed and optimisation is ongoing Q3 FY26 Q1
Slide 13: Early works progressing – Expansion FID expected end of Q1 FY27
Early works progressing – Expansion FID expected end of Q1 FY27 Re-cap of scope and commitments: • Ball mill (5.5 MW) procurement — critical path for throughput/recovery • NW Flats underground development — access from Kathleen's Corner open pit • MSA Stage 1 construction — supports ramp-up • Capita
Slide 14: Financial Performance
Financial Performance
Slide 15: Record operating cash flow builds cash and funds growth
Record operating cash flow builds cash and funds growth Cash flow in Q4 FY26 All figures in A$ m Cash flows from Cash flows from Cash flows operating activities investing activities1 from $302 m financing Strong sales tonnes and sustained market Net cash flow from operations activities pricing drove
Slide 16: Quarterly financial metrics
Quarterly financial metrics Record revenue of $235 million underpinned by strong Revenue production and sales and sustained lithium pricing • Record revenue was 19% higher than Q3, driven by a 29% increase in tonnes shipped and sustained spodumene pricing Financial metrics Units Q4 Q3 ∆ ∆ (%) Averag
Slide 17: FY26 guidance delivered
FY26 guidance delivered Key metrics have been delivered within current guidance FY26 Actual Within Guidance Low Upper Concentrate Produced (kdmt) 365 450 392 kdmt UCOS ($/dmt) 855 1,045 $987 / dmt AISC ($/dmt) 1,060 1,295 $1,233 / dmt Total Capital Expenditure1 100 125 $114 m 1. Total capex
Slide 18: Market Outlook
Market Outlook
Slide 19: Physical lithium market continues to see tight supply dynamics
Physical lithium market continues to see tight supply dynamics as demand accelerates Declining inventories in 2026 defying seasonal trends Weekly lithium carbonate inventories, China1 Supply is constrained and slow to respond… mt 160,000 2024 • Weekly carbonate inventories have fallen 20.7% in H1 20
Slide 20: The Year Ahead
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Slide 21: Clear pathway to a 2.8 Mtpa run rate by end of FY27
Clear pathway to a 2.8 Mtpa run rate by end of FY27 More access points, work areas and equipment lift the run rate and improves productivity 2.8 Mtpa Increasing work areas Increasing equipment • Unlock 7 new mine levels Jumbos 4 7 • Lower levels with access to ~3-5 Mt of ore Production Drills 4 7 pe
Slide 22: Expansion optionality into North-West Flats by design
Expansion optionality into North-West Flats by design, accelerated by price 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 Devel
Slide 23: FY27 costs reflective of early investment to unlock production growth
FY27 costs reflective of early investment to unlock production growth Three drivers of the updated cost forecast as we ramp up FY26 actual A$987 Increase in mining activity • Two working fronts (North-West Flats & Mt Mann) Comparison of material moved FY26 actual & FY27f; Mt /dmt sold • Investing de
Slide 24: A$320–370 m, funded from operating cash
A$320–370 m, funded from operating cash – no committed expansion decision 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$60–70 m Sustaining to deliver stron
Slide 25: Market guidance for year ending June 2027
Market guidance for year ending 30 June 2027 Metric Unit FY27 Concentrate production1 kt 390 – 440 A$ / 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 allows
Slide 26: Stronger position, clear focus on growth
Stronger position, clear focus on growth Cash build growing – $137 m positive net cash flow, $561 m cash and 21 kt saleable inventory on hand at Q4 close Pricing supports strong cash generation – average realised price of US$1,880 / dmt (SC6e CIF)1,2 Record development quarter supporting ramp
Slide 27: Two orebodies, one fast-moving underground
Two orebodies, one fast-moving underground Watch on YouTube: youtube.com/watch?v=KAfv_M8mc4M
Slide 28: Appendix
Appendix
Slide 29: Appendix A: Physicals summary
Appendix A: Physicals summary Mining Units Q1 Q2 Q3 Q4 FY26 Open pit ore mined kt 292 625 - - 917 Open pit waste mined kt 2,097 985 - - 3,082 Strip ratio (BCM) waste : ore 6.2 1.4 - - 3.0 Average lithia grade mined (open pit) % 1.3% 1.1% - - 1.2% Underground mining development metres m 1,824 2,142 2
Slide 30: 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