Liontown Limited · ASX:LTR
Liontown — BMO Global Metals & Mining Conference 2026
19 slides from Liontown's conference presentation, Feb 23, 2026
Slide 1: BMO Global Metals & Mining 2026
Jumbo BMO Global Metals & Mining 2026 Tony Ottaviano Managing Director and CEO 23 February 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 23 February 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document
Slide 3: Large-scale lithium resource. One owner. One operation
Large-scale lithium resource. One owner. One operation Western Australia ▪ Liontown is an ASX listed responsible battery minerals provider Kathleen Valley headquartered in Perth, Western Australia ▪ Its flagship Kathleen Valley Lithium Operation provides battery World-class scale and economics miner
Slide 4: Operational Performance
Operational Performance 3 Aerial view of processing plant
Slide 5: From transition to traction
From transition to traction Successfully transitioned to 100% underground operations, delivering strengthened financial performance supported by operational discipline and improving market conditions Open Pit Complete Costs 100% Underground Mining FY26 QoQ Reduction to unit costs Benefiting from inc
Slide 6: H1 FY26 highlights: The inflection point
H1 FY26 highlights:1 The inflection point Continued execution through the transition to underground operations Production2 Sales3 Pricing4 Revenue Unit Operating Costs5 193 kt 190 kt US$815 / t A$198M US$646 / t dmt produced dmt sold 1H Realised Price Revenue derived 1H average 105 130 112 900 715 5
Slide 7: UG ramp-up delivering as market conditions strengthen
UG ramp-up delivering as market conditions strengthen Targeting 2.8 Mtpa Underground ore mined run rate by Ramp-Up tracking to All figures in kilotonnes (kt) end of Jun 27 plan and schedule Targeting 1.5 Mtpa +37% run rate by end +105% of Mar 26 Rock fragmentation and ground conditions confirmed 1 M
Slide 8: Market Outlook
Market Outlook 7 Spodumene loading
Slide 9: 20% more EVs sold in 2025 and demand is diversifying
20% more EVs sold in 2025 and demand is diversifying EV growth highlights strong fundamentals with robust growth in China, Europe rebounding and significant momentum in Rest of World EV Sales Actuals6 Global EV Sales Forecast7 +20% EV sales continue apace (+20% year- 20 40 +14% on-year based on Rho
Slide 10: The 2nd engine: BESS and AI are rewriting lithium demand
The 2nd engine: BESS and AI are rewriting lithium demand BESS demand is structural with AI & grid investments creating a second driver for lithium Lithium demand forecast by use8 Lithium demand is no longer just an EV story — BESS is now a second structural growth engine, forecast to contribute 1 in
Slide 11: Emerging lithium deficits expected to support prices
Emerging lithium deficits expected to support prices Strong demand growth has pushed the market into deficit, expected to provide continued price support in CY2026 Chemicals Market Balance (kt LCE)10 Forecast Supply Forecasts to Stabilise 150 Greenfield spodumene supply is difficult and slow to brin
Slide 12: Lithium prices have historically rebounded strongly from cycle lows
Lithium prices have historically rebounded strongly from cycle lows Prior lithium down-cycles were followed by sustained, step-change price recoveries as demand re-asserted and supply lagged Δ Lithium carbonate price since bottom (US$ / kg, CIF Asia)12 Historical recoveries have been sharp 60 and du
Slide 13: Growth
Growth 12 Mt Mann underground
Slide 14: 4 Mtpa expansion isn't a new project. It's finishing what we started.
4 Mtpa expansion isn't a new project. It’s finishing what we started. Liontown is uniquely positioned to decisively respond to a sustained market recovery Kathleen Valley Full Potential Downstream Expansion Liontown Full Potential Comparison to Nov 2024 mine plan Leveraging prior investment expected
Slide 15: Liontown: Well positioned, proven, and not standing still
Liontown: Well positioned, proven, and not standing still We continue to demonstrate our ability to execute and deliver on our commitments Asset Quality & Scale Development & Execution Capability Commercial Excellence Kathleen Valley’s tier-1, large, multi-decade Track record of delivering a hard-ro
Slide 16: Video placeholder
Video placeholder Watch online: https://youtu.be/D8sC7-Gnkus 15 15
Slide 17: 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 @liontownres @liontownres View of crushing circuit 16
Slide 18: Appendix A: Mineral Resources
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 19: Appendix B: Notes
1. H1 FY26 numbers reflect the sum of Q1 and Q2 FY26 quarterly results reported to date and do not represent audited half-year financial statements 2. Average Li2O grade of 5.0% 3. Average Li2O grade of 5.1% 4. SC6 equivalent basis. Average realised sales price for the six-month period ended 31 Dece
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