Liontown Resources : Drilling Results Confirm Growth Potential at Buldania

only	ASX ANNOUNCEMENT | ASX: LTR	21 March 2022
		Positive Drilling Results Confirm Growth Potential at
		Buldania Lithium Project, WA
use	Drilling confirms potential for incremental extension at the main Anna Lithium Deposit and
	defines multiple, new lithium mineralised pegmatites at the Northwest Prospect
Highlights:
• All assays received from recently completed drilling at the 100%-ownedBuldania Lithium Project, Liontown's
	second hard-rock spodumene project located 600km east of Perth in WA.
personal	Anna Deposit
- Better intersections include:
	3m at 1.1% Li2O from 36m (BDRC0189)
	 21m at 0.5% Li2O from 8m (BDRC0190) including:
		o 1m at 2.0% Li2O from 13m
	 17m at 1.1% Li2O from 18m (BDRC0193) including:
		o 7m at 1.4% Li2O from 19m and
		o 2m at 1.9% Li2O from 30m
	 15m at 1.0% Li2O from 23m (BDRC0197) and
	 4m at 1.6% Li2O from 45m (BDRC0197)
	- Shallow lithium mineralisation defined immediately east and outside of the current Anna Mineral Resource
	Estimate (15Mt at 1.0% Li2O and 44ppm Ta2O5), with the new zone extending over a strike length of ~150m
	and 300m down-dip.
	- Further drilling planned prior to updating the Anna Mineral Resource Estimate.
	Northwest Prospect
For	- Liontown has previously identified the Northwest area of the Buldania Project as having lithium potential
and the recently completed drilling program has identified further mineralised zones, with assay results
including:

 5m at 1.3% Li2O from 32m (BDRC0203);  10m at 1.1% Li2O from 48m (BDRC0203);  6m at 0.8% Li2O from 12m (BDRC0204);

 3m at 1.1% Li2O from 189m (BDRC0205); and  6m at 1.0% Li2O from 70m (BDRC0215).

- Significant lithium results returned over a strike length of 800m, with the mineralisation open in all directions.

• The potential for incremental extension of the Anna Deposit, together with the lithium mineralisation identified at the Northwest Prospect, reinforces the Buldania Project as an emerging asset of comparable size and quality to several recent lithium discoveries.

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: infoatltresources.com.au | www.ltresources.com.au

Overview

Liontown Resources Limited (ASX: LTR, "Liontown" or "Company") is pleased to advise that it has received all assays from a recently completed drilling program targeting the potential for resource growth and new discoveries at its Buldania Lithium Project ("Buldania Project"), located approximately 600km east of Perth in the south-eastern Goldfields region of Western Australia (Figure 1).

Liontown holds 100% of the rights to lithium and related pegmatite-hosted minerals within the Buldania Project.

The drilling program, which comprised 42 reverse circulation (RC) drill holes (BDRC0179-0220) for a total of 6,338m, was designed to test multiple targets including:

•	Shallow extensions to the Anna Deposit, particularly "up-dip";
•	Regional geochemical/geological targets within the north-west part of the project ("Northwest Prospect"); and
only•	Multi-element soil anomalies extending north-east from the Anna Deposit.
For personal use

Figure 1: Buldania Lithium Project: location plan and regional geology.

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Liontown has been actively exploring the Buldania Project since early 2018 after acquiring 100% of the rights to lithium and related metals from Avoca Resources Pty Ltd (a wholly-owned subsidiary of Karora Resources Inc).

Liontown initially focused on the spodumene-bearing Anna pegmatite, partially delineated by previous nickel and gold explorers, with drilling by the Company subsequently defining a maiden Indicated and Inferred Mineral Resource Estimate (MRE) of 15Mt at 1.0% Li2O and 44ppm Ta2O5, containing 140,000t of Li2O.

onlyThe mineralised system at Anna has been defined over 1.4km of strike and remains open at depth. A second spodumene-bearing pegmatite swarm has been discovered at the Northwest Prospect (Figure 2).

Exploration at Buldania provides the Company with the opportunity for organic growth of its 100%-owned, West Australian-based lithium resource base, which also includes the world-class Kathleen Valley Lithium Project.

usepersonal

For	Figure 2: Buldania Lithium Project: local geology interpretation.

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Anna Deposit Extensions

The latest drilling program was designed to test for extensions to the Anna deposit and focused up-dip of the resource model on the eastern side, where there had been limited previous drilling (Figure 3). The drilling has defined a semi-continuous zone of new lithium mineralisation over a strike length of approximately 150m and approximately 300m of dip extent. The down-hole thickness of the mineralisation varies between 3 and 21m with the true thickness estimated to be 80% to 100% of the down-hole thickness.

onlyDrill-hole statistics and intercepts are included in Appendix 1 with better intersections listed in the highlights above. The drilling in the new area of mineralisation remains relatively wide spaced at approximately 100m by 40m with infill drilling required to determine the continuity of the zone.

Importantly, the mineralisation is located near surface and is adjacent to and outside the current Mineral Resource model. Further drilling is planned prior to updating the Anna Mineral Resource Estimate. Deeper, higher-grade intersections (such as 17m at 1.7% Li2O from 176m, in hole BDRC0160 drilled in 2019) also remain open at Anna and a review of these targets is in progress prior to committing to further drill testing.

For personal use

Figure 3: Buldania Project: Anna Deposit -geology interpretation with pegmatite outcrop and drilling.

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6m at 1.5% Li2O from 54m in BDRC0105.

5m at 1.2% Li2O from 20m in BDRC0104; and

Northwest (NW) Prospect

Previous mapping and sampling by Liontown defined numerous spodumene-bearing pegmatites in outcrop approximately 5km north-west of the Anna deposit. Prior to the recent drill program, Liontown had only completed a single phase of RC drilling at the Northwest Prospect with several encouraging intersections returned including:

•

only•The latest drilling at the NW Prospect was designed to test geochemical and rock chip anomalies and to follow-up or extend the mineralisation intersected in the initial drill program (Figure 4).

Multiple spodumene-bearing pegmatites have now been intersected over a strike length of 800m in this area with the mineralisation open in all directions. Further drilling is planned to determine the size and continuity of the mineralised pegmatites, particularly those in the south where a north-south trending mineralised zone is interpreted (Figure 5).

Drill statistics are tabled in Appendix 1 with better intersections listed in the highlights above. The true thickness of usethe mineralisation is expected to be in the order of 80% to 100% of the down-hole thickness.

personalForFigure 4: Buldania Project: Northwest Prospect - geology interpretation with pegmatite outcrop & drilling.

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