Slide 1: December Quarter FY26 Results
December Quarter FY26 Results 29 January 2026 ASX: LTR | liontown.com
Slide 2: Important Information
Important Information IMPORANT INFORMATION NOTICE AND DISCLAIMERS NO FINANCIAL PRODUCT ADVICE This investor presentation (Presentation) is dated 29 January 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document,
Slide 3: Executing on Plan: Production, Costs, and Cash Flow
Executing on Plan: Production, Costs, and Cash Flow Successfully transitioned to 100% underground operations with strengthening financial performance Open Pit Complete Underground Mining Operations Costs Financial Strength 100% Underground 37% QoQ Operational Reduction to unit Strong $390M cash Mini
Slide 4: December Quarter Highlights
December Quarter Highlights Continued execution through the transition to underground operations Production Sales Pricing Revenue AISC3 Costs 105 kt 112 kt A$1,365/t1 A$130 M A$1,059/t dmt produced dmt sold (US$900/t2) Revenue derived (US$695/t) 21% 45% 28% 91% 22% vs previous Qtr vs previous Qtr vs
Slide 5: Safety & ESG
Safety & ESG Focus continues on safety fundamentals to drive performance LTIFR4 TRIFR4 Safety Observations4 1.00 11.55 3.01 (previous Quarter: 1.02) (previous Quarter: 9.15) (previous Quarter: 2.63) Renewable Power5 Female Workforce 85% 25% (previous Quarter: 79%) (previous Quarter: 23%) 4
Slide 6: Operational Performance
Operational Performance 5
Slide 7: Open Pit Mining Complete
Open Pit Mining Complete Delivered to Plan • Completed in December 2025 on schedule 3 • Exceeded production targets in the quarter Years of Operations • After 3 years of safe, efficient operations: - Ore mined: 4.2 million tonnes - Total material moved: 37.9 million tonnes - Kathleen’s Corner final
Slide 8: UG ramp-up delivering higher-grade ore as market conditions strengthen
UG ramp-up delivering higher-grade ore as market conditions strengthen • Underground development and production progressed in Underground ore mined line with plan during the quarter All figures in kilotonnes (kt) Ramp-Up tracking to plan and schedule • 2,142 metres of development opened additional w
Slide 9: Plant Performance in Line with Expectations
Plant Performance in Line with Expectations Operating through planned feed Through Feed Transition transition • Plant performance tracked expectations through the December Quarter as operations progressed through the planned transition in mill feed composition • 92% average plant availability mainta
Slide 10: FY26 | A tale of two halves, performance improving in H2 as UG ramps up
FY26 | A tale of two halves, performance improving in H2 as UG ramps up Delivering a strong foundation for improved productivity driving lower costs and long-term value FY26 - Transitioning towards long-term advantage FY27+ - Unlocking Kathleen Valley’s Full Potential Key check Delivered on schedule
Slide 11: Re-Cap of FY26 Guidance: Transition now, lower costs ahead
Re-Cap of FY26 Guidance: Transition now, lower costs ahead FY26 guidance10 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 continues Concentrate Produced11 All in Sustaining Costs In
Slide 12: Financial Performance
Financial Performance 11
Slide 13: Quarterly Financial Metrics
Quarterly Financial Metrics Revenue Results were consistent with Company expectations, reflecting the • A$130 M (up 91% QoQ) driven by higher shipping volumes and planned impacts of the mill feed strategy with stronger higher realised price performance expected as underground operations scale. Avera
Slide 14: Strong cash balance maintained – Focus on cost and capital discipline continues
Strong cash balance maintained – Focus on cost and capital discipline continues Cash flow in Q2 FY26 All figures in A$M Quarter delivers cashflow neutral outcome from operating Cash flows from operating activities Cash flows from investing Cash flows activities13 from activities financing activities
Slide 15: Market Outlook
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Slide 16: Diversified Offtakes
Diversified Offtakes Majority of volumes sold under long-term contracts with strategic customers, with a portfolio approach on pricing Contracted Offtake Volumes Offtake 1 Offtake 2 All figures represented in kdmt; Offtake 3 subject to +/- 10% Offtake 3 Optional Offtake Tonnes14 Offtake 4 150 150 15
Slide 17: Emerging lithium deficits expected to support prices
Emerging lithium deficits expected to support prices Strong demand growth has pushed the market into deficit, expected to provide continued price support in 2026 Market balance (kt LCE)15 Forecast 200 2025 Surplus 100 • EV sales reached new record of 20.7 million in 2025 (+20% yoy)* - • Monthly glob
Slide 18: Growth
Growth 17
Slide 19: Strategy: Evaluation of growth options governed by our capital allocation framework
Strategy: Evaluation of growth options governed by our capital allocation framework Our growth options, including the potential expansion of Kathleen Valley, are evaluated through the lens of our capital allocation framework Kathleen Valley Full Potential Downstream Expansion Liontown Full Potential
Slide 20: Kathleen Valley Expansion Refresh
Kathleen Valley Expansion Refresh Liontown is uniquely positioned to decisively respond to a sustained market recovery Kathleen Valley Full Potential Downstream Expansion Liontown Full Potential Leveraging prior investment expected to deliver low Comparison to Nov-24 mine plan capital intensity and
Slide 21: Executing on Plan: Production, Costs, and Cash Flow
Executing on Plan: Production, Costs, and Cash Flow Successfully transitioned to 100% underground operations with strengthening financial performance Open Pit Complete Underground Mining Operations Costs Financial Strength 100% Underground 37% QoQ Operational Reduction to unit Strong $390M cash Mini
Slide 22: 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 21
Slide 23: Appendix A: Physicals summary
Appendix A: Physicals summary Mining Units Q1 FY26 Q2 FY26 YTD FY26 Open pit ore mined 292 625 917 Open pit waste mined 2,097 985 3,082 Strip ratio (BCM) waste : ore 6.2 1.4 3.0 Average Li2O grade mined (open pit) % 1.3 1.1 1.2 Underground mining development metres m 1,824 2,142 3,966 Underground or
Slide 24: Appendix B: Quarterly operational and financial metrics
Appendix B: Quarterly operational and financial metrics Production and Sales Units Q2 FY26 Q1 FY26 Δ (%) YTD FY26 Concentrate production dmt 105,342 87,172 21% 192,514 Concentrate sales dmt 112,122 77,474 45% 189,596 Average Li2O grade shipped % 5.1 5.0 2% 5.1 Concentrate inventories dmt 13,800 20,9
Slide 25: Appendix C: Open Pit LOM Summary
Appendix C: Open Pit LOM Summary LOM Open Pit Physicals Units (to Dec 2025) Mining period ~3 years Total material moved mt 37.9 Total ore mined (clean & OSP) mt 4.2 Total waste mined mt 33.7 LOM strip ratio waste : ore 8.0 (calculated on tonnes) Avergae Li2O grade mined % 1.12% Final relative level
Slide 26: Appendix D: Notes
1. Average realised sales price for the Quarter includes provisionally priced sales which were marked to market as at 31 December 2025. Actual realised prices will be adjusted based on prevailing prices at the end of the relevant quotation period 2. Based on an average USD:AUD exchange rate of 0.656