Liontown Limited · ASX:LTR
Liontown — Liontown Resources — FY2025 Earnings Presentation
25 slides from Liontown's earnings presentation, Sep 25, 2025
Slide 1: FY25 Full Year Financial Results
FY25 Full Year Financial Results Tony Ottaviano Managing Director | CEO 25 September 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 25 September 2025 and has been prepared by Liontown Resources Limited This Presentation is for information purposes only and is not a prospectus, disclosur
Slide 3: FY25 | Delivering Today, Unlocking Tomorrow
FY25 | Delivering Today, Unlocking Tomorrow Liontown: a new globally significant lithium producer Kathleen Valley constructed, commissioned, First year milestones and transitioned into production, generating delivered A$298M revenue. A$55M Underlying EBITDA and breakeven Positive underlying cash flo
Slide 4: FY25 | Milestone first year of operations and strong financial outcomes
FY25 | Milestone first year of operations and strong financial outcomes Concentrate Production Plant Availability Revenue H2 FY25 Unit operating cost1 A$298M A$802 294,521 dmt 89% In 11 months of production, including six- Supporting consistent operational Strong revenue in challenging macro Per dmt
Slide 5: FY25 Financial Performance
FY25 Financial Performance 4
Slide 6: First year of production delivered strong financial outcomes
First year of production delivered strong financial outcomes FY25 Results Summary Units H1 FY25 H2 FY25 FY25 Operations Production Kdmt ~SC5.2 117 178 295 • Strong revenue of A$298M, despite lithium prices Sales Kdmt ~SC5.2 92 191 283 softening throughout the year Realised price US$/t ~SC5.2 711 655
Slide 7: First year earnings highlight EBITDA strength, in weak price environment
First year earnings highlight EBITDA strength, in weak price environment Underlying EBITDA reconciliation All figures in A$M 55 • Underlying NLAT of A$140M after removing 0 non-cash fair value movements and FX items • A$81M non-cash inventory write-down (OSP stockpiles) impacting statutory loss 159
Slide 8: Breakeven operating cash flow achieved in foundation year, despite lower prices
Breakeven operating cash flow achieved in foundation year, despite lower prices Cash movement in FY25 All figures in A$M • Operating cash flow at breakeven, Cash flows from Cash flows from Cash flows from despite lower lithium prices and operating activities financing activities investing activities
Slide 9: FY25 capex driven by growth and commissioning
FY25 capex driven by growth and commissioning FY26 represents a transition year, with capex moderating from FY25’s peak project spend and shifting toward underground development and sustaining capital, before settling into a steady-state sustaining profile from FY27 onwards FY25 Capital expenditure
Slide 10: Balance sheet well-capitalised to deliver FY26 investment and position for beyond
Balance sheet well-capitalised to deliver FY26 investment and position for beyond A$M 30 June 2025 30 June 2024 Current Assets Cash and cash equivalents 156 123 Trade and other receivables 12 8 • Cash of A$156M at 30 June 2025 (up from A$123M in FY24), providing Inventories 25 23 liquidity through r
Slide 11: Debt | Low cost, covenant-light, with a staggered maturity profile
Debt | Low cost, covenant-light, with a staggered maturity profile Gross Debt8 (A$M) excl. leases Debt maturity profile (undiscounted payments A$M) • Ford debt facility 688 Ford 467 • LG Energy Solution, Ltd convertible LG Energy Solution, Ltd 9 notes LISP • Lithium industry support package (LISP) H
Slide 12: Disciplined capital allocation
Disciplined capital allocation Our capital allocation framework supports shareholder returns through asset value growth, earnings, and dividends, all while managing balance sheet risk Growth through Kathleen Valley full potential, as well Growth as screening for compelling M&A opportunities to diver
Slide 13: Reserves prove resilient, supporting underground transition
Reserves prove resilient, supporting underground transition 2025 Kathleen Valley Mineral Resources and Ore Reserves Update 2024 2025 • Update reflects real-world economics 155 and operating data (costs, spodumene 150 pricing, recoveries and mine plan adjustments), not feasibility assumptions • Ore R
Slide 14: FY25 Sustainability Results
FY25 Sustainability Results 13
Slide 15: FY25 | Embedded sustainability for long-term value
FY25 | Embedded sustainability for long-term value Developing Natural Creating Social & Respecting & Protecting Resources Responsibly Partnering with Others Economic Value Operating with Integrity • Established safety culture • 81% renewable power • IRMA based assessment • A$22.7M spent with Aborigi
Slide 16: FY26 Underground Transition
FY26 Underground Transition 15
Slide 17: Re-Cap of FY26 Guidance: Transition now, lower costs ahead
Re-Cap of FY26 Guidance: Transition now, lower costs ahead FY26 guidance11 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 Produced13 All in Sustaining Costs In
Slide 18: 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 Value accretive action taken to set a strong foundation for long-term value FY26 -Transitioning towards long-term advantage FY27+ - Unlocking Kathleen Valley’s Full Potential Annualised run-rate Annualised run-rate Annualised ru
Slide 19: Market Outlook
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Slide 20: Demand is strong
Demand is strong EV and ESS growth highlight robust fundamentals EV Sales14 Lithium Demand14 Demand Jan-Aug 24 • EV sales continue to outpace forecasts. BESS Other Battery M units Mt LCE Jan-Aug 25 EV Other Industrial – Global sales reached 12.5 million units in Jan–Aug 2025, up +28% 14 +20% 3.0 YoY
Slide 21: 2025 has seen volatility, with sentiment and speculation outweighing fundamentals
2025 has seen volatility, with sentiment and speculation outweighing fundamentals Price swings have been driven by supply news, rumours, and shifting sentiment GFEX Future Contract for Carbonate Mid August Jan - Sep 202515 2025 CNY CATL restart rumours 85,000 80,000 January 2025 75,000 Signs of reco
Slide 22: FY25 Results – Delivering Today, Unlocking Tomorrow
FY25 Results – Delivering Today, Unlocking Tomorrow Kathleen Valley constructed, commissioned, First year milestones and transitioned into production, generating delivered A$298M revenue. A$55M Underlying EBITDA and breakeven Positive underlying cash flow despite weaker prices and ramp- performance
Slide 23: 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 Blasted ore from UG 22
Slide 24: Appendix A: Mineral Resource
Kathleen Valley Mineral Resource at 30 June 2025 Classification Million tonnes Li2O % Ta2O5 ppm Open Pit (cut-off grade = 0.4% Li2O) Measured 1.0 1.34 170 Indicated 0.1 0.74 150 Inferred 0.0 1.07 130 Sub-total 1.1 1.31 170 Underground (cut-off grade = 0.6% Li2O) Measured 15 1.33 140 Indicated 106 1.
Slide 25: Appendix B: Notes
1. Unit operating cost (FOB excluding sea freight and royalties) includes mining, processing, transport, port charges, and site based general and administration costs and is net of any tantalite by-product credits. It is calculated on an incurred basis and includes inventory movements and credits fo