Liontown Limited · ASX:LTR
Liontown — Liontown Resources — FY2026 Earnings Presentation
32 slides from Liontown's earnings presentation, Aug 31, 2026
Slide 1: FY26 Full Year Financial Results
FY26 Full Year Financial Results 31 August 2026 ASX: LTR | liontown.com
Slide 2: Important information
Important information IMPORTANT INFORMATION NOTICE AND DISCLAIMERS NO FINANCIAL PRODUCT ADVICE This investor presentation (Presentation) is dated 31 August 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document,
Slide 3: FY26 | Reading the market, backing our judgement
FY26 | Reading the market, backing our judgement Operational momentum – Ramp-up delivering to plan, 2.8Mtpa run-rate on track for end of FY27 Cash generation strong – $182m net operating cashflow, before the operation reaches full 2.8Mtpa run rate Profitable through ramp-up – NPAT of $93m, including
Slide 4: FY26 | Safety performance
FY26 | Safety performance LTIFR1 TRIFR2 Safety observations3 1.00 10.99 4.74 (FY25: 0.92) (FY25: 7.39) (FY25: 2.61) 1. LTIFR: Lost Time Injury Frequency Rate | 2. TRIFR: Total Recordable Injury Frequency Rate representative of rolling annual averages | 3. Safety observations representative of number
Slide 5: FY26 | Sustainability performance
FY26 | Sustainability performance Diversity & Inclusion Sustainability Social Impact 26% 80% ~$530m Female participation Renewable power penetration Goods and services procured in in FY26 in FY26 Australia, with ~$450m in WA 50% Zero ~$24m Female board members Material environmental Spent with (17.4
Slide 6: FY26 | Operational performance
FY26 | Operational performance Underground Ore Ore Concentrate Concentrate development mined processed produced shipped 9,737m 2,208kt 2,483kt 391,992dmt 381,997dmt Strongest year of Open pit finished on High plant availability Weighted average grade of Weighted average grade of development, unlocki
Slide 7: FY26 | Financial performance
FY26 | Financial performance Average realised price Revenue NPAT Operating Cash flow US$1,379 $639m $93m $182m per dmt of SC6e CIF Strength in lithium pricing Record revenue on production Underlying NPAT of $14m Strong EBITDA of $147m lifted average realised price growth and price recovery +75% +115
Slide 8: Adapting to a fast-moving market and higher prices
Adapting to a fast-moving market and higher prices The lithium market 30 June 2025 spot price SC61 30 June 2026 spot price SC61 recovery underpins US$630/t US$2,210/t +251% Liontown’s pivot from cash preservation to Preserve Reinvest reinvestment in Growth • Nov 2024: Flat 2.8Mtpa mine plan, to FY30
Slide 9: Sets up the pivot to disciplined growth by delivering on our strategic priorities
…sets up the pivot to disciplined growth by delivering on our strategic priorities 1 Vision & Outcomes Globally significant provider of battery minerals Safe, stable operations Resilient through the cycle Reliable partner Profitable growth Ramp-up to a 2.8Mtpa Deliver Kathleen Selective operation Va
Slide 10: FY26 Financial Performance
FY26 Financial Performance
Slide 11: Revenue growth underpinned by growth in sales tonnes and realised price
Revenue growth underpinned by growth in sales tonnes and realised price Revenue Average realised price All figures in $m All figures in US$ per dmt of SC6e CIF $639m US$1,379 +115% US$788 +75% $298m FY251 FY26 FY251 FY26 Tonnes shipped Unit Operating Cost (UOC) All figures in kdmt All figures in A$/
Slide 12: Underlying EBITDA strength builds as production ramps to steady-state
Underlying EBITDA strength builds as production ramps to steady-state Underlying EBITDA reconciliation All figures in $m Underlying adjustments • Underlying EBITDA of $147m $79m 147 reflecting growth in production and sales in an improving price environment (44) • Underlying NPAT of $14m, first 93 u
Slide 13: Cash generation and balance sheet strength supports growth objectives
Cash generation and balance sheet strength supports growth objectives FY26 Cash Flow All figures in $m • $182m of operating cash flow Cash flows from Cash flows from reflecting higher lithium prices, operating activities investing activities production ramp-up and +$182m $134m1 increased sales • $35
Slide 14: Cash, debt and gearing
Cash, debt and gearing Metric Units FY26 FY25 ∆ • Cash of $561m at 30 June 2026 (increased from Net Assets $m 1,471 581 891 $156m in FY25), providing platform to fund ramp- up and KV expansion program Cash and cash equivalents $m 561 156 405 1 • Total Debt including derivatives decreased Debt $353m,
Slide 15: Debt | Low cost, covenant-light, with a staggered maturity profile
Debt | Low cost, covenant-light, with a staggered maturity profile Debt maturity profile Undiscounted payments; all figures in $m Lithium Industry Support Program 220.5 Ford facility • Ford principal quarterly repayments commence Q1 FY27, $45m per year to FY30, balloon payment of $175m in June 2030
Slide 16: FY27 Lookahead
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Slide 17: 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 lift run rate and improve productivity 2.8 Mtpa Increasing work areas Increasing equipment • Unlock 7 new mine levels • Lower levels with access to ~2-5 Mt of ore Jumbos 4 7 per level Produ
Slide 18: On track to unlock run rate step-up from Q2 FY27
On track to unlock run rate step-up from Q2 FY27 Illustrative Mt Mann level 2285 mine plan Complete Cross-cut Ore drive North • Productivity and resilience by design: extension Central Zone South – Dual access extension – Dual cross-cut design – Truck loading bays off main traffic area • Clear path
Slide 19: Thicker ore zones deliver more ore per vertical metre
Thicker ore zones deliver more ore per vertical metre Mt Mann contained ore by mine level Million tonnes 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 60 0.2 Ore intensity 85 0.2 ~115kt/Vm1 of ore on current / future levels - over 6x on historical Metres below surface (RMBS) 110 0.3 levels On trac
Slide 20: 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: • MSA1 Stage 1 construction — supports ramp-up • Ball mill (5.5 MW) procurement — critical path for throughput/recovery • North-West Flats underground development — access from Kathleen's Corner open p
Slide 21: 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 22: 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 23: Re-cap of market guidance for FY27
Re-cap of market guidance for FY27 FY27 guidance includes balancing plant throughput rate and stockpiles with mine ramp-up and expansion tie-ins Metric Unit FY27 Guidance Q1 FY27 lookahead Concentrate • Following Q1 FY27, mine output production1 kdmt 390 - 440 steps up from the current 1.5Mtpa run-r
Slide 24: FY27 capex re-cap - expansion is staged and has flexibility
FY27 capex re-cap - 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 base 2.8 M
Slide 25: Market Outlook and Sales
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Slide 26: 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 27: Liontown's offtake exposure to chemical indices declines in CY27
Liontown’s offtake exposure to chemical indices declines in CY27 Spodumene price relative to lithium hydroxide1 Liontown’s long-term contract book pricing mix Monthly average; % % Lithium carbonate linkage 13% 13% 23% 33% Lithium hydroxide linkage Spodumene index 12% 11% 38% 11% 67% 10% 38% 9% CY202
Slide 28: FY26 | Reading the market, backing our judgement
FY26 | Reading the market, backing our judgement Operational momentum – Ramp-up delivering to plan, 2.8Mtpa run-rate on track for end of FY27 Cash generation strong – $182m net operating cashflow, before the operation reaches full 2.8Mtpa run rate Profitable through ramp-up – NPAT of $93m, including
Slide 29: Appendix
Appendix
Slide 30: Appendix 1: Key FY26 Operational and Financial Metrics
Appendix 1: Key FY26 Operational and Financial Metrics 1. Note that FY25 reflects only 11 months of operations and 10 months of sales, compared with 12 months in FY26 29
Slide 31: Appendix 2: Mineral Resource
Kathleen Valley Mineral Resource at 30 June 2026 Classification Million tonnes Li2O % Ta2O5 ppm Underground (cut-off grade = 0.6% Li2O) Measured 14 1.32 140 Indicated 106 1.36 130 Inferred 26 1.24 120 Sub-total 146 1.33 130 Stockpiles 0.3 1.02 140 Total* 147 1.33 130 Mineral Resources are inclusive
Slide 32: 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