Liontown Limited · ASX:LTR
Liontown — Q1 FY27 Earnings Presentation
27 slides from Liontown's earnings presentation, Oct 29, 2026
Slide 1: September Quarter FY27 Results
rsonal use only September Quarter FY27 Results 29 October 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 29 October 2026 and has been prepared by Liontown Limited This Presentation is for information purposes only and is not a prospectus, disclosure document,
Slide 3: Q1 FY27: Our Strategy in Action
Q1 FY27: Our Strategy in Action rsonal use only Ramp-up KV Full Potential Growth Safely ramp-up Kathleen Valley to 2.8 Mtpa Deliver Kathleen Valley's full potential Grow through selective partnerships and M&A UNDERGROUND RAMP UP ON TRACK EXPANSION FID: APPROVED CENTENARIO BRINE FARM-IN AND BULDANIA
Slide 4: Quarter Update
Quarter Update Our planned investment in development will now deliver the production ramp up rsonal use only Realised Operating Development Production Sales Unit cost price cash flow 4,021 78.0 82.6 1,259 1,966 46.6 metres advanced kdmt produced kdmt sold A$/dmt sold, FOB US$/dmt, SC6e CIF A$m ▲ 21%
Slide 5: Sustainability
Sustainability Safety remains our highest priority, and we continue initiatives to improve our safety outcomes rsonal use only LTIFR TRIFR 0.98 14.16 Lost time injury frequency rate Total reportable injury frequency rate Q4 FY26: 1.00 Q4 FY26: 10.99 SAFETY POWER OBSERVATIONS 5.07 71% Per 1,000 hours
Slide 6: Safely ramp-up Kathleen Valley to 2.8 Mtpa
Ramp-up KV Full Potential Growth rsonal use only Safely ramp-up Kathleen Valley to 2.8 Mtpa 6
Slide 7: Underground Development Progress
Ramp-up KV Full Potential Growth Underground Development Progress Underground development tracking to plan with a record 4,021 metres in Q1, opening new mining fronts rsonal use only Underground Mining Development Profile Development activity timing from the Mount Mann boxcut (m) 4,021 +21% 3,316 2,
Slide 8: Pathway to 2.8 Mtpa run rate on track and accelerating in Q2 FY27
Ramp-up KV Full Potential Growth Pathway to 2.8 Mtpa run rate on track and accelerating in Q2 FY27 More access points, work areas and equipment lift run rate and improve productivity 2.8 Mtpa rsonal use only Increasing work areas Increasing equipment • Unlock 7 new mine levels • Lower levels with ac
Slide 9: Underground Mining Ramp-Up
Ramp-up KV Full Potential Growth Underground Mining Ramp-Up Underground mining producing to plan at ~1.6 Mtpa annualised rate and stepping up to ~1.9 Mtpa in Q2 rsonal use only Underground Mining Production Profile (kt) 450–500 • 388,568 tonnes of underground ore mined, up 9 per cent on the June Qua
Slide 10: Processing
Ramp-up KV Full Potential Growth Processing Plant performing as designed, with capacity to increase production to match underground ramp-up rsonal use only Plant performance, September Quarter • Availability was the best quarter to date, up (kdmt) from 92 per cent in the June Quarter. Availability •
Slide 11: Deliver Kathleen Valley's full potential
Ramp-up KV Full Potential Growth rsonal use only Deliver Kathleen Valley's full potential 11
Slide 12: Kathleen Valley Expansion: Final Investment Decision Approved
Ramp-up KV Full Potential Growth Kathleen Valley Expansion: Final Investment Decision Approved Staged $389 million1 investment adds capacity incrementally, building from 2.8 Mtpa to 4.2 Mtpa and rsonal use only lifting concentrate production by more than 50% to ~780 kdmt per annum2 Kathleen Valley M
Slide 13: Kathleen Valley Expansion Moving at Pace
Ramp-up KV Full Potential Growth Kathleen Valley Expansion Moving at Pace rsonal use only • Owner’s team mobilised – most of the dedicated team that will deliver the Expansion is engaged or identified. • Long-lead equipment in manufacture – the ball mill is on track for delivery to site in Q3 FY27.
Slide 14: Grow through selective partnerships and M&A
Ramp-up KV Full Potential Growth rsonal use only Grow through selective partnerships and M&A 14
Slide 15: Centenario Brine Project
Ramp-up KV Full Potential Growth Centenario Brine Project Expanding globally with a staged entry into lithium brine rsonal use only Centenario Brine Project Location Key transaction details • Binding farm-in with NEXT Lithium Corp, staged to earn up to 100 per cent of the Centenario lithium brine pr
Slide 16: Financial Performance
rsonal use only Financial Performance 16
Slide 17: $502 million cash funds the next phase of growth
$502 million cash funds the next phase of growth Cash flow in Q1 FY27 All figures in A$ m rsonal use only • $193m of sales receipts Cash flows from Cash flows from Cash flows from Receipts supported by operating activities investing activities financing activities lagged quotation-period pricing +$4
Slide 18: Key Quarterly Financial Metrics
Key Quarterly Financial Metrics Stronger pricing partly offset by higher unit costs on reduced volumes rsonal use only Revenue Financial metrics Units Q1 FY27 Q4 FY26 QOQ ∆ (%) ∆ • Revenue of $199m, with stronger pricing partly offsetting fewer shipped tonnes Revenue $m 199 235 (15%) (36) • Shipment
Slide 19: Low debt levels, capacity for additional debt
Low debt levels, capacity for additional debt Net cash position maintained, with low gearing and borrowing capacity available rsonal use only Net (Debt)/Cash Position Debt Gearing Ratios1 Leverage Ratio (Debt / EBITDA)2 All figures in A$ m % All figures in A$ m Illustrative borrowing capacity 192 55
Slide 20: Market Outlook
rsonal use only Market Outlook 20
Slide 21: Lithium Short-Term Market Outlook
Lithium Short-Term Market Outlook Lithium market balance forecasts rsonal use only Tonnes LCE • The lithium supply and demand outlook is finely balanced for CY26 and CY27, leading to high levels of volatility. • Average deficits of 121 kt in CY26 (~6% of supply) and an average surplus of 28 kt in CY
Slide 22: Restating FY27 Guidance Inclusive of Updated Expansion Capital
Restating FY27 Guidance Inclusive of Updated Expansion Capital rsonal use only 390 – 4401 1,050 – 1,250 435 - 495 Concentrate production Unit Operating Cost (UOC) Total capital expenditure (kdmt) A$/dmt sold FOB ($ million) Note (1): Concentrate production guidance, at 5.1% grade, allows for planned
Slide 23: Summary
Summary Ramp-up KV Full Potential Growth rsonal use only Safely ramp-up Kathleen Valley to 2.8 Mtpa Deliver Kathleen Valley's full potential Grow through selective partnerships and M&A Ramp-up on plan and FID expansion approved: Progressing our portfolio stepping up building for resilience of organi
Slide 24: Appendix
rsonal use only Appendix
Slide 25: Appendix A: Physicals Summary
Appendix A: Physicals Summary Mining Units Q1 FY27 Q2 FY27 Q3 FY27 Q4 FY27 YTD FY27 rsonal use only Underground mining development metres m 4,021 - - - 4,021 Underground ore mined t 388,568 - - - 388,568 Average lithia grade mined (underground) % 1.4% - - - 1.4% Processing Units Q1 FY27 Q2 FY27 Q3 F
Slide 26: Appendix 2: Mineral Resource and Ore Reserve
Appendix 2: Mineral Resource and Ore Reserve Kathleen Valley Mineral Resource Estimate at 30 June 2026 rsonal use only Classification Million tonnes Li2O % Ta2O5 ppm Underground (cut-off grade = 0.6% Li2O) Measured 14 1.32 140 Indicated 106 1.36 130 Inferred 26 1.24 120 Sub-total 146 1.33 130 Stockp
Slide 27: For more information
For more information: rsonal use only Jake McEwan Investor Relations [email protected] +61 433 798 870 Level 2, 32 Ord Street, West Perth WA 6005 +61 8 6186 4600 [email protected] liontown Liontown @Liontown @Liontown 27