Liontown Resources : Investor Briefing

Fast charging towards a low carbon future

Investor Briefing

ASX:LTR

July 2022

Important Information

Cautionary Statement

The production targets and forecast financial information referred to in the Definitive Feasibility Study (DFS) and Downstream Scoping Study (DSS) were based on Proven Ore Reserves (3.4%), Probable Ore Reserves (79.4%) and Inferred Mineral Resources (17.2%). The Inferred material included in the inventory was 14.3Mt

• 1.1% Li2O & 120 ppm Ta2O5. The Inferred material was scheduled such that less than 10% of the Inferred material is mined in the first ten years, with the remainder mined through to the end of the mine life.

The Inferred material does not have a material effect on the technical and economic viability of the project.

There is a low level of geological confidence associated with inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated Mineral Resources or that the production target itself will be realised.

Forward looking statements

This Presentation 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 Presentation, 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 Presentation 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 Presentation, except where required by law or the ASX listing rules.

Disclaimer

Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, Liontown Resources Limited and its representatives:

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;
• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and
• Accept no responsibility for any errors or omissions from this Presentation.

Competent person statement

The Information in this Presentation that relates to Exploration Results and Mineral Resources for the Kathleen Valley Project is extracted from the ASX announcement "Strong progress with Kathleen Valley Definitive Feasibility Study as ongoing work identifies further key project enhancements" released on 8 April 2021 which is available on www.ltresources.com.au.

The Information in this Presentation that relates to metallurgical testwork and process design, Ore Reserves, 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 Presentation 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 Information in this Presentation that relates to Mineral Resources for the Buldania Project is extracted from the ASX announcement "Liontown announces maiden Mineral Resource Estimate for its 100%-owned Buldania Lithium Project, WA" released on the 8 November 2019 which is available on www.ltresources.com.au.

As detailed in the ASX announcement "Liontown Board approves development of Kathleen Valley Lithium Project" released on 29 June 2022, as part of the Final Investment Decision, the capital expenditure budget for the Kathleen Valley Project was increased to $545 million. 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 the updated capital expenditure budget referenced in the announcement dated 29 June 2022 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.

Authorisation

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

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Agenda

01.	02.		03.	04.
Investment	Strategy		Lithium Market	Offtake Strategy and
Highlights					Update	Customer Overview
05.	06.		07.	08.
Kathleen Valley	Project Execution and	Investment		Questions
Funding Strategy	Timetable	Proposition

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Investment Highlights

Kathleen Valley (KV) is a globally significant lithium resource, located within a stable and established mining jurisdiction with a strong ESG position and growth optionality. The project is well positioned, with funding to first production secured, and production expected to coincide with a significant spodumene market deficit

ESG core to strategy

Low cost, long-life scalable operations

Fully funded to first

production

Globally significant

Tier-1 project

Offtakes secured

Timed to perfection

Experienced leadership

• Liontown is on a net zero trajectory, with a climate strategy roadmap in place targeting net zero emissions by 2034
• Leveraging underground mining approach to achieve a strong ESG profile relative to peers
• Current resource base supports an initial ~23 year life of mine; with an orebody that is open at depth driving possible further resource increases
• Low cash operating costs, with significant downside protection from royalties structure; supports strong creditworthiness
• Kathleen Valley funded to first production following A$463m equity raise and $300m Ford debt facility executed
• Debt facility on market-leading terms, indicating significant confidence in the market
• World-classlithium deposit with a globally significant Mineral Resource Estimate (MRE) of 156Mt @ 1.4% Li2O
• Kathleen Valley DFS confirmed Tier-1 project with outstanding economics
• Foundational offtakes secured with Tier-1 battery supply chain participants LG Energy Solution, Tesla and Ford
• Pricing mechanisms linked to lithium hydroxide positions Liontown to capture margin
• Market commentators expecting supply deficits to continue over near-term and expand over long-term
• Kathleen Valley is positioned to become one of very few projects advanced enough to meet demand
• Experienced leadership team strongly aligned to shareholders; exceptional new recruits building out team for project delivery
• Significant mining, engineering and commercial experience, with a track record of successfully developing long-life mining projects

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Liontown's Long-Term Strategy

Liontown is planning for the future

Kathleen Valley Spodumene

Future Supply

~700

~500

Spodumene Concentrate (SC6, kdmt)

Optionality for spodumene or processed lithium sales based on market conditions

Spodumene Only Spot Sales	Downstream Production
	Kathleen Valley Spodumene
Spodumene Only Contract Sales

Liontown is continuously exploring opportunities to increase battery minerals inventory

#1 Spodumene from New Sources

#2 Battery Minerals Expansion

Start of	Year 5	Year 10	Year 20	Future
Production

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