Liontown Resources : Chairmans Address and AGM Presentation

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ASX ANNOUNCEMENT | ASX : LTR

24th November 2021

Chairman's Address and AGM Presentation

Liontown Resources Limited (ASX: LTR, "Liontown" or "Company") is pleased to provide a copy of the Chairman's Address and the Managing Director's Presentation to be made at the Company's Annual General Meeting today.

This announcement has been authorised for release by the Managing Director.

TONY OTTAVIANO

Managing Director

11th November 2021

For More Information:	Investor Relations:
Tony Ottaviano	Nicholas Read
Managing Director	Read Corporate
T: [phone]	T: [phone]

Liontown Resources Limited | ABN 39 118 153 825

Level 2, 1292 Hay Street, West Perth WA 6005, Australia | PO Box 284, West Perth WA 6872

1. [phone] | E: [e-mail] | www.ltresources.com.au

For personal use only

ASX ANNOUNCEMENT | ASX : LTR

24th November 2021

Chairman's Address to 2021 Annual General Meeting

Fellow shareholders,

It is a great privilege to report on what has been an exceptional year for Liontown Resources and its shareholders.

I begin today by acknowledging the traditional custodians of the land we are meeting on, the Whadjuk people, and pay my respects to their Elders past and present. I wish to acknowledge and respect their continuing culture and the contribution they make to the life of this city and region. I would also like to acknowledge the Tjiwarl Native Title Holders on whose land we will be developing the Kathleen Valley Project. Liontown recognises the importance of our ongoing relationship with the Tjiwarl community.

When I stood before you at last year's AGM, we had just completed our Pre-Feasibility Study, the upturn in the global lithium market was in its infancy and the outlook for the sector was less certain after a number of challenging years.

Today, the EV revolution is in full swing, and we have just released a Definitive Feasibility Study (DFS) which has confirmed that we are on the cusp of developing a Tier-1 global lithium project at Kathleen Valley. A Downstream Scoping Study (DSS), released at the same time as the DFS, further highlights the project's outstanding underlying fundamentals and exceptional growth profile.

Buoyed by a remarkable turnaround in the lithium market - which has seen the spot price for spodumene concentrate recently hit record levels of over US$2,500 a tonne - Liontown is now firmly established on a trajectory to build a world-class battery materials business with sector-leading sustainability credentials.

The achievements of the year are not simply a product of the turnaround in the market. They also reflect another year of outstanding quality work, diligence, commitment and tenacity by our small but incredibly hard-working team in progressing Kathleen Valley towards development.

The strong momentum that we built up towards the end of last year has well and truly continued during the year, with the achievement of numerous important milestones that have put us on track to develop a new world-class lithium processing hub.

The DFS delivered outstanding results including a substantial increase in Net Present Value to $4.2 billion, delivers annual after tax free cashflow of A$570m and an Ore Reserve which underpins a 23-year mine life at a planned initial processing rate of 2.5Mtpa, ramping up to 4Mtpa in Year 6 of operations. Production of first concentrate has also been brought forward 12 months from the PFS timeline and is now scheduled to commence during second quarter 2024.

This would make Kathleen Valley one of the largest new lithium producers globally, with production commencing at approximately 500,000 tonnes of spodumene concentrate per annum, ramping up to around 700,000tpa at globally competitive cash operating costs.

Building on the production profile outlined in the DFS, the updated DSS has strongly reinforced the substantial additional value that can be unlocked through the inclusion of an integrated refinery at Kathleen Valley to produce battery-grade lithium products.

Liontown Resources Limited | ABN 39 118 153 825

Level 2, 1292 Hay Street, West Perth WA 6005, Australia | PO Box 284, West Perth WA 6872

1. [phone] | E: [e-mail] | www.ltresources.com.au

For personal use only

This study indicated downstream processing to produce battery-grade lithium hydroxide would more than double the project's Net Present Value to $9.6 billion. This is clearly a hugely compelling opportunity, with the Company now proceeding with a Pre-Feasibility Study to further assess this downstream potential.

We have now provided our shareholders and potential future shareholders an insight into Kathleen Valley's full potential as an integrated producer of lithium products in a tier one jurisdiction. This underpins its strategic importance and the future upside we can capture as the market continues to evolve.

Last week, I travelled to site with several of my fellow directors and senior members of our team to sign a landmark Native Title Agreement for Kathleen Valley with the Tjiwarl Native Title Holders. This agreement represents the culmination of more than two and a half years of active and collaborative negotiation between the two Parties, with a good deal of respectful give-and-take on both sides.

I am immensely proud of this agreement, which represents an outstanding example of how resource companies and Traditional Owners can work respectfully together to deliver positive outcomes for both parties.

With this Native Title Agreement in place, Liontown can now proceed to finalise the submission of the remaining key permits for Kathleen Valley and continue discussions with potential funding partners.

The Native Title Agreement also reflects our broader commitment to achieve best-in-class performance across all ESG metrics, including a commitment to establish a climate strategy roadmap which aims to put us on a net-zero emissions trajectory. Our first-ever ESG Report will be released shortly, representing an important milestone for the Company.

On the corporate front, we recently completed the de-merger of our non-lithium Western Australian exploration assets via Minerals 260 Limited (ASX: MI6), which undertook a highly successful $30 million IPO and listed on the ASX in October.

Liontown shareholders had the opportunity to maintain a fully undiluted interest in the Minerals 260 assets via the pro-ratain-specie distribution of Minerals 260 shares and having a pro-rata entitlement to participate in the IPO. The Liontown shareholders showed their support for Minerals 260, which is led by Liontown's former long-serving Managing Director David Richards, with demand for the IPO having been very strong and it closing significantly oversubscribed.

The AGM marks the retirement of David Richards as a Director of Liontown as he now focusses his attention on leading Minerals 260. David joined Liontown in 2010 and served as Managing Director until May this year and since that time as Technical Director. David has been instrumental in building the foundations of what is now an ASX-300 company and led the team that discovered the Kathleen Valley lithium deposit. I would like to thank David personally for his outstanding contribution to the Company and support and leadership through the highs and lows of running a listed exploration and development company. David's input has been invaluable and on behalf of the Directors and shareholders, I express our thanks and best wishes to David, as he pursues similar success with Minerals 260.

We were absolutely delighted to welcome Tony Ottaviano to the role of Managing Director in May, with Tony bringing a wealth of experience to the company after a long and distinguished career at BHP. Tony will provide a detailed update on the Company's activities shortly.

We now also welcome Jenn Morris to the Board as an independent Non-Executive Director. Jenn's appointment will add further experience, independence and diversity to the Board as Liontown continues on its rapid growth trajectory.

I would like to acknowledge everyone who has contributed to this pivotal year for the company - including David and Tony, my fellow Directors, our senior management team, consultants and advisers.

I would also like to acknowledge the exceptional ongoing support of our shareholders and welcome all new shareholders particularly those that participated in the landmark $52 million capital raising we completed in July to support our ongoing activities at Kathleen Valley.

LIONTOWN RESOURCES LIMITED | PAGE 2

For personal use only

The coming year looks set to be an even bigger year for Liontown as we look to conclude important offtake negotiations, consider various funding alternatives to finance and develop the Kathleen Valley Project and move rapidly towards our goal of building a world-class battery materials company. Along with Tony and the team I look forward to continuing to build this underlying value for all of our stakeholders.

Tim Goyder

Chairman

For More Information:	Investor Relations:
Tony Ottaviano	Nicholas Read
Managing Director	Read Corporate
T: [phone]	T: [phone]

Competent person statement

The Information in this Announcement that relates to Production Target and DFS for the Kathleen Valley Project is extracted from the ASX announcement "Kathleen Valley DFS confirms Tier-1 global lithium project with outstanding economics and sector-leading sustainability credentials" released on 11 November 2021 which is available on www.ltresources.com.au.

The Information in this Announcement that relates to the DSS for the Kathleen Valley Project is extracted from the ASX announcement "Updated Downstream Scoping Study Highlights Next Growth Horizon for Kathleen Valley Project" released on 11 November 2021 which is available on www.ltresources.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates or production targets or forecast financial information derived from a production target (as applicable) in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Forward-looking statements

This report contains forward-looking statements which are identified by words such as 'may', 'could', 'believes', 'estimates', 'targets', 'expects', or 'intends' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this report, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this report will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this report, except where required by law or the ASX listing rules.

LIONTOWN RESOURCES LIMITED | PAGE 3

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