Liontown Limited · ASX:LTR
Liontown — Q1 FY26 Earnings Presentation
25 slides from Liontown's earnings presentation, Oct 28, 2025
Slide 1: September Quarter FY25 Results
September Quarter FY25 Results 28 October 2025 ASX: LTR | ltresources.com.au
Slide 2: Important Information
Important Information IMPORANT INFORMATION NOTICE AND DISCLAIMERS NO FINANCIAL PRODUCT ADVICE This investor presentation (Presentation) is dated 28 October 2025 and has been prepared by Liontown Resources Limited (ACN This Presentation is for information purposes only and is not a prospectus, disclo
Slide 3: We continue to deliver on our strategy
We continue to deliver on our strategy Strong Quarter of execution delivers underground ramp-up to plan and a fortified balance sheet Executing to plan 1 • Planned maintenance and Ore Sorting Potential (OSP1) feed strategy delivered as guided Underground ramp-up rapidly scaling and on track 2 • 105%
Slide 4: Quarter Highlights
Quarter Highlights September quarter operational and financial results were aligned with the plan Operational Highlights Financial Highlights Concentrate Production Cash balance 87,172 A$420M Strong cash balance with 20,912 dmt of saleable Weighted average grade of 5.0% Li2O for the Quarter3 concent
Slide 5: Safety & ESG
Safety & ESG Implementing a back-to-basics safety drive and a focus on physical and mental well being Safety Safety LTIFR8 TRIFR8 Observations 1.02 9.15 2.63 (previous Quarter: 0.92) (previous Quarter: 7.39) (previous Quarter: 2.61) ESG Diversity Renewable Female Power9 Workforce 79% 23% (previous Q
Slide 6: Operational Performance
Operational Performance 5
Slide 7: Mining | Open pit operations delivering to plan as completion nears
Mining | Open pit operations delivering to plan as completion nears Open pit’s final ore zone now exposed and mining remains on track for completion in the December Quarter • Waste stripping was the key focus this quarter with mining advanced to expose the final clean ore zones in September • 292kt
Slide 8: Mining | Underground ramp-up rapidly scaling and on track
Mining | Underground ramp-up rapidly scaling and on track • Paste-fill and primary ventilation systems are fully Underground ore mined Supporting commissioned and performing to design All figures in ktonnes 1Mtpa run-rate infrastructure and • Dewatering, power reticulation, and materials-handling de
Slide 9: Plant continues to perform and provide optionality
Plant continues to perform and provide optionality Processing results for the September quarter reflected the planned OSP feed strategy Gabbro Content and Concentrate Grade All figures representative of % Gabbro Content (LHS) • Quarter performance aligned with plan, with lower production Concentrate
Slide 10: Financial Performance
Financial Performance 9
Slide 11: Quarterly Financial Metrics
Quarterly Financial Metrics Results were consistent with Company expectations, reflecting the Revenue planned impacts of the OSP feed strategy with stronger • A$68M (down 29% QoQ) impacted by lower shipping volumes due to port congestion and backward-looking performance expected in subsequent Quarte
Slide 12: Strong cash position strengthened by equity placement
Strong cash position strengthened by equity placement Operational cash flow Cash movement in Q1 FY26 All figures in A$M impacted by shipment timing A$56M total proceeds from sales during the quarter, Cash flows from operating Cash flows from investing Cash flows from impacted by sales volumes and wo
Slide 13: Debt | Low cost, covenant-light, with a staged maturity profile
Debt | Low cost, covenant-light, with a staged maturity profile Debt maturity profile Gross Debt12 (A$M) excl. leases Pre vs Post Ford Offtake Amendment (undiscounted payments A$M) • Ford debt facility 688 Ford • LG Energy Solution, Ltd convertible 459 LG Energy Solution, Ltd13 notes @A$1.62/share L
Slide 14: Offtakes | Strong foundation with growing flexibility and market exposure
Offtakes | Strong foundation with growing flexibility and market exposure The recent changes to offtake Offtake 1 agreements afford Liontown Contracted Offtake Volumes strategic market flexibility. Offtake 2 All figures represented in kdmt; Offtake 314 subject to +/- 10% Released Offtake Tonnes Opti
Slide 15: Business Optimisation, no opportunity too small!
Business Optimisation, no opportunity too small! “Broad engagement, assessment and prioritisation of highest value” Workstream 1 Workstream 2 Workstream 3 Team Led Initiatives Challenge the Status Quo Purchasing & Contracts Objective: Objective: Objective: Harness the insight and innovation of our p
Slide 16: 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 Delivered on Full Potential schedule Annualised
Slide 17: Re-Cap of FY26 Guidance: Transition now, lower costs ahead
Re-Cap of FY26 Guidance: Transition now, lower costs ahead FY26 guidance15 reflects transition to underground with unit costs expected to trend lower from FY27 FY26 is a transition year: open pit operations end Dec 2025; Concentrate Produced16 All in Sustaining Costs underground ramp-up continues 36
Slide 18: Market Outlook
Piarcet Outlook 17
Slide 19: Global monthly EV sales exceeded 2 million units in September 2025
Global monthly EV sales exceeded 2 million units in September 2025 EV growth highlights robust fundamentals with Europe rebounding and significant momentum in Rest of World EV Sales Actuals17 Global EV Sales Forecast18 Jan-Sep 24 M units Jan-Sep 25 M units • EV sales continue apace (+26% year-on-yea
Slide 20: Battery Energy Storage Systems (BESS): the sleeper!
Battery Energy Storage Systems (BESS): the sleeper! Demand growth has exceeded expectations yet again and will remain a material driver of lithium demand growth • Benchmark Minerals Intelligence has Lithium demand forecast by use19 BESS forecast estimates BESS contributing 25% of total lithium 20302
Slide 21: We continue to deliver on our strategy
We continue to deliver on our strategy Strong Quarter of execution delivers underground ramp-up to plan and a fortified balance sheet Executing to plan 1 • Planned maintenance and Ore Sorting Potential (OSP1) feed strategy delivered as guided Underground ramp-up rapidly scaling and on track 2 • 105%
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@ltresources.com.au liontown-resources-limited Liontown Resources @LiontownRes @LiontownRes 21
Slide 23: Appendix A: Physicals summary
Appendix A: Physicals summary Mining Units Q1 FY26 YTD FY26 Open pit ore mined 292 292 Open pit waste mined 2,097 2,097 Strip ratio (BCM) waste:ore 6.2 6.2 Average Li2O grade mined (open pit) % 1.3 1.3 Underground mining development metres m 1,824 1,824 Underground ore mined 225 225 Average Li2O gra
Slide 24: Appendix B: Quarterly operational and financial metrics
Appendix B: Quarterly operational and financial metrics Production and Sales Units Q1 FY26 Q4 FY25 Δ (%) YTD FY26 Concentrate production dmt 87,172 85,892 1% 87,172 Concentrate sales dmt 77,474 97,330 (20%) 77,474 Average Li2O grade shipped % 5.0 5.2 (4%) 5.0 Concentrate inventories dmt 20,912 11,08
Slide 25: Appendix C: Notes
1. OSP: Ore Sorting Product – stockpiles containing contact ore and/or dilution 5-40% 2. The Company’s cash balance excludes a further $20 million which is held by Export Finance Australia (EFA) as cash security in relation to a guarantee under the power purchase agreement with Zenith Energy. As the