Liontown Resources Limited advised that drilling has re-commenced at its Kathleen Valley Lithium-Tantalum Project in Western Australia following the Christmas/New Year break. Six drill rigs comprising four Reverse Circulation and two diamond core rigs are operating on site with 15,000 ­ 18,000m of drilling planned to be completed by the end of February 2020. The current drilling program is designed to test for a resource extension Exploration Target of 25 ­ 50Mt @ 1.2 ­ 1.5% Li2O, which was defined based on testing for extensions of the current Mineral Resource Estimate (MRE) from the limits of previous drill data to a vertical depth of 500m below surface. This Exploration Target is in addition the current 74.9Mt MRE. (The potential grade and tonnage of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate an expanded Mineral Resource. It is uncertain if further exploration will result in the estimation of an expanded Mineral Resource. Results from the current drill program, once completed, will be used to prepare an updated MRE which will ultimately form the basis for a Definitive Feasibility Study (DFS). The updated MRE will include both open pit and underground resources, which are anticipated to provide the best outcome for the DFS. The drill program will also provide geotechnical data and further sample material for metallurgical test work required as part of the DFS. Toolebuc Vanadium Project: The Company has received significant assay results from drilling completed prior to the Christmas break at its 100%-owned Toolebuc Vanadium Project in NW Queensland. Liontown acquired the Toolebuc Project in 2017 when it applied for five EPMs totalling approximately 1,000km2. The tenements covered large areas of prospective, outcropping Toolebuc Formation and adjoin existing vanadium resources defined by Intermin Resources Limited. Compilation of historical data identified a number of drill ready targets including: The Cambridge prospect, where there was sufficient data from previous drill programs to prepare an Inferred Mineral Resource Estimate (MRE); and The Runnymede prospect where reconnaissance drilling intersected widespread, near-surface vanadium mineralisation. Independent resource consultants, Optiro Pty Ltd, were engaged by Liontown to prepare a Mineral Resource Estimate (MRE) for the Cambridge vanadium deposit using historical drill data. The Cambridge deposit is adjacent to and immediately east of the Lilyvale vanadium deposit, owned by Intermin Resources Ltd. In March 2018, Intermin Resources Ltd. reported an updated Inferred Mineral Resources at the Lilyvale deposit of 671 Mt at an average grade of 0.35% V2O5 above a cut-off grade of 0.29% V2O5. Liontown completed a 30-hole/745m aircore drilling program at the Cambridge prospect in late 2019 which was designed to validate the historical drill results, test for a northern extension of the deposit and provide material for metallurgical test work. Better intersections from the drilling include: MAC013 6m @ 0.45% V2O5 from 2m; MAC015 10m @ 0.45% V2O5 from 10m; MAC022 9m @ 0.36% V2O5 from 7m; and MAC029 6m @ 0.39% V2O5 from 3m. The drilling intersected similar grades and widths as the historic drilling and defined additional vanadium mineralisation immediately to the north of the Cambridge MRE. The newly-defined mineralisation covers an area of 3.7km2 and averages 7m thick and 0.38% V2O5. Preliminary metallurgical test work commissioned by Liontown indicates good potential to beneficiate the mineralisation to a higher grade concentrate that can then be processed to extract the vanadium. The recent drilling program at Cambridge has provided ample material for future test work. At Runnymede, located 25-30km north-west of Cambridge, historical drilling has intersected shallow, ore grade vanadium over a 3.5 x 3.5km area with the mineralised zone open to the north and north-east where extensive, prospective unexplored Toolebuc Formation has been mapped. In addition to the known prospects, large areas of the Toolebuc Formation within Liontown's tenure have yet to be explored for vanadium and there is good potential for further discoveries. While the Toolebuc Project represents a quality development and growth opportunity in the battery metals space, following a strategic review of its corporate priorities and in light of the ongoing drilling success at its lithium projects, Liontown has decided to focus its resources on the continued development of the Kathleen Valley Project. Consequently, the Company has commenced a process to either divest the Toolebuc Project or bring in a joint venture partner to advance it to the next stage. The Company will report any material developments in this process as and when they occur.