Slide 1: March Quarter FY2026 results
March Quarter FY2026 results 30 April 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 30 April 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document, p
Slide 3: Strongest financial quarter since production commenced
Strongest financial quarter since production commenced Self-funded for the first time – $33m increase for Q3 FY2026, closed with $424m cash and 26 kt saleable inventory on hand Market conditions are strong – average realised price of US$1,845/dmt (SC6e CIF)1,2, up ~87% for the quarter Deliveri
Slide 4: March Quarter highlights
March Quarter highlights Delivering on all fronts - record financial performance as underground ramp-up continues Pricing Cash Production Sales Unit Operating Costs $2,265/t CIF sold $424m 96 kt 84 kt $981/t sold 1 3 1,2 (US$1,845/t CIF SC6e) Cash on hand dmt produced dmt sold 2 (US$682/t sold) 87%
Slide 5: ESG & safety
ESG & safety Strong renewable energy penetration and underground mining is reducing diesel consumption across site Renewable power4 LTIFR5 TRIFR5 Safety observations5 85% 1.00 10.53 3.89 (previous quarter: 85%) (previous quarter: 1.00) (previous quarter: 11.55) (previous quarter: 3.01) Notes: 4) Ren
Slide 6: Operational performance
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Slide 7: Underground ramp-up ahead of schedule - 1.5 Mtpa run-rate target achieved early
Underground ramp-up ahead of schedule - 1.5 Mtpa run-rate target achieved early Underground ore mined • Underground ramp-up progressed ahead of All figures in kilotonnes (kt) Ramp-up tracking to schedule – 1.5 Mtpa annualised underground plan and schedule run-rate target (set for end of Mar-26) achi
Slide 8: Plant performing as designed as feed transitions
Plant performing as designed as feed transitions Plant availability Processing Operating through planned feed transition 90% 614 kt • Production on track and consistent with less operating days in Q3 than Q2 (due to fewer calendar days and planned shutdowns) Availability for Q3 FY2026 Processed for
Slide 9: Recovery firmly on track into Q4, with underground ore now the dominant feed source
Recovery firmly on track into Q4, with underground ore now the dominant feed source Average recovery and underground ore % of feed mix 70% • Underground ore as a % of feed mix stepped 67% up significantly through March 64% 61% 60% • Average recoveries of ~64% through March (vs. ~61% for the quarter)
Slide 10: FY2026 guidance maintained
FY2026 guidance7 maintained FY2026 is a transition year: open pit operations ended Dec 2025; underground ramp-up continues Concentrate Produced8 All in Sustaining Costs9 Looking ahead for Liontown: 365 – 450 A$1,060 – 1,295 • Feed mix to be predominantly underground ore by end of (k dmt) (FOB, per d
Slide 11: Financial performance
Financial performance 10
Slide 12: This Quarter's Operating Cashflow funds the business in full
This Quarter’s Operating Cashflow funds the business in full Cash flow in Q3 FY2026 All figures in $m Cash flows from Cash flows from Cash flows from operating activities investing activities11 financing activities Net cash flow $165m Q3 FY2026 Total proceeds from sales during the quarter 3 +$33m 11
Slide 13: Quarterly financial metrics
Quarterly financial metrics Strongest financial quarter since production commenced; Cash first positive net cash flow driven by operational • Positive net cash flow recorded – a significant milestone reflecting operational momentum and strong market conditions momentum • Strong cash position provide
Slide 14: Market outlook
Market outlook 13
Slide 15: Lithium market tightening - supply unable to keep pace with accelerating demand
Lithium market tightening - supply unable to keep pace with accelerating demand Supply disruptions reflected in declining inventories - down 9% in Q1 2026 defying seasonal trends Supply is constrained and slow to respond… tonnes Weekly lithium carbonate inventories, China12 Supply disruptions (inclu
Slide 16: Growth
Growth
Slide 17: Early works are underway for the planned Kathleen Valley expansion
Early works are underway for the planned Kathleen Valley expansion Commencing early works accelerates the expansion timeline, positioning Liontown to execute immediately upon FID and to realise value from favourable market conditions Subsequent to the quarter, Liontown announced it is proceeding wit
Slide 18: Strongest financial quarter since production commenced
Strongest financial quarter since production commenced Self-funded for the first time – $33m increase for Q3 FY2026, closed with $424m cash and 26 kt saleable inventory on hand Market conditions are strong – average realised price of US$1,845/dmt (SC6e CIF)1,2, up ~87% for the quarter Deliveri
Slide 19: Appendix
Appendix 18
Slide 20: Appendix A: Physicals summary
Appendix A: Physicals summary Mining Units Q3 FY2026 Q2 FY2026 Q1 FY2026 YTD FY2026 Open pit ore mined kt - 625 292 917 Open pit waste mined kt - 985 2,097 3,082 Strip ratio (BCM) waste : ore - 1.4 6.2 3.4 Average Li2O grade mined (open pit) % - 1.1 1.3 1.2 Underground mining development metres m 2,
Slide 21: Appendix B: Quarterly operational and financial metrics
Appendix B: Quarterly operational and financial metrics Production and sales Units Q3 FY2026 Q2 FY2026 Δ (%) YTD FY2026 Concentrate production dmt 96,367 105,342 (9%) 288,881 Concentrate sales dmt 83,912 112,122 (25%) 273,508 Average Li2O grade shipped % 5.1 5.1 - 5.1 Concentrate inventories dmt 26,
Slide 22: For more information:
For more information: Jared Newton Corporate Affairs jnewton@ltresources.com.au +61 401 165 593 Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 info@liontown.com liontown Liontown @Liontown @Liontown