LIONTOWN LIMITED — AGM Information 2017

Nov 27, 2017

Focussing on projects with strong development potential in Australia AGM Presentation

28[th] November 2017

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ASX: LTR

Competent Person’s Statement and Disclaimer:

The Information in this report that relates to the Exploration Results for the Kathleen Valley Project is extracted from the ASX announcement entitled “Liontown intersects strong lithium and tantalum mineralisation in maiden drill program at Kathleen Valley, WA” released on the 20th March 2017 which is available on www.ltresources.com.au.

The Information in this report that relates to the Exploration Results for the Buldania and Norcott Projects is extracted from the ASX announcements entitled “Liontown acquires highly prospective lithium projects in WA’s Eastern Goldfields” and “Surface samples of up to 4.6% Li2O confirm widespread lithium mineralisation at the Buldania Lithium Project, WA” released on the 23rd and 30th October 2017 respectively which are available on www.ltresources.com.au.

The Information in this report that relates to Exploration Results for the RJC Vanadium Project is extracted from the ASX announcements entitled “Quarterly activities report For the Quarter ended 30 June 2017” released on the 27th July 2017 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. 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 announcement.

The Information in this report that relates to Exploration Targets is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a full-time employee of the company. The potential tonnage and grade ranges are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

This report contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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OVERVIEW

100% of lithium rights for 2 highly prospective projects with short to mid term resource potential close to established infrastructure:

Kathleen Valley (WA)

  - Up to 58m @ 1.2% Li2O intersected in initial drilling

  - ~1km strike potential with coincident high grade rock chip results (up to 3.9% Li2O) yet to be drilled

  - **Buldania (WA)**

  - Up to 4.6% Li2O recorded from rock chip sampling of spodumene bearing pegmatites

• No previous drilling for lithium

• Plus exposure to significant vanadium opportunity, an increasingly important member of the batteryrelated metal suite:

• 3  RJC Vanadium Project (QLD) – Wholly-owned, ~1,000km[2] area adjoining and partially incorporating the Lilyvale vanadium resource*

Multiple opportunities for near term definition of resources close to established infrastructure

• See Interim Resources ASX release dated 12 March 2010

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% increase in battery commodity demand from 100% EV netration pe

CG lithium demand growth 2017e-2025e

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Lithium 2,898%
870
Cobalt 1,928%
740
Rare earths 655%
+17% p.a. 610 Graphite 524%
Nickel 105%
510
440
Copper 22%
375
330 Manganese 14%
300
250
Aluminium 13%
Silicon 0%
Steel -1%
PGM -53%
2017e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e
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2017e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e
4 Source: UBS Securities, e-volumes.com, Canaccord Genuity
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www.ltresources.com.au

OVERVIEW

Vanadium price (weekly), US$/lb

• Use and price underpinned by steel industry (~92% of current usage)

• Use in steel predicted to grow at 6% p.a.

• Emerging Vanadium Redox Flow Battery (VFRB) market predicted to put pressure on supply

• Commercial VRFBs already installed world wide

• Marked increase in price in 2017

12 11 10 9 8 7 6 5 4 3 2 1 0 Oct-2016 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Source: S&P Global Market Intelligence

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OVERVIEW

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Acquire Explore Develop
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•
Grade 1 – 1.5% Li O
2
•
Tonnage 10 – 20 million tonnes
•
Metallurgy Spodumene
•
Established
transport, energy
Infrastructure
and camp
The grade and tonnage ranges referred to above are conceptual in nature and there has been insufficient infrastructure
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*The grade and tonnage ranges referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. See Appendix for full explanation of assumptions used to estimate ranges.

www.ltresources.com.au

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1,636

OVERVIEW

Hard rock lithium peers market capitalisation (A$M)

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744
680
620
542
446
270
184
84
26 32
Liontown Core Birimian Tawana Critical AVZ Kidman Nemaska Altura Mt Cattlin Pilbara
Exploration Ltd Resources Elements Minerals Resources Lithium Mining (Galaxy) Minerals
- -
Grade Li2O (%) 1.5 1.4 1.2 0.9 1.4 1.5 1.0 1.1 1.2
- -
Resources (Mt) 1.8 33 9.5 35 64 44 47 16 156
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Liontown has significant upside on the basis of its exploration target of 10-20Mt @ 1 - 1.5% Li2O[#]

Source: S&P Global Market Intelligence Prices as of close 14 Nov 2017 * Mt Cattlin NPV by Canaccord 5 Nov 2017

The potential grade and tonnage of the exploration target referred to above is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. See Appendix for full explanation of assumptions used to estimate ranges.

www.ltresources.com.au

OVERVIEW

• Simple strategy – acquire, explore and develop according to the 4 key parameters

• Grade

• Tonnage

• Metallurgy

• Infrastructure

• Lithium market expected to grow by ~17% p.a.

• 2 exploration projects with spodumene mineralisation

• Vanadium project with extensive, shallow (<15m) mineralisation and established resources

• Well resourced to maintain exploration momentum

• Technically strong and experienced team

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www.ltresources.com.au

1. Kathleen Valley Lithium Project (WA)

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ASX: LTR

1. KATHLEEN VALLEY (WA)

• Up to 3.9% Li2O and 381ppm Ta2O5 assays from surface sampling

• Intersections from initial drilling program include:

• 58m @ 1.2% Li2O from 135m incl.

  • 13m @ 2.0% Li2O from 167m

• 24m @ 1.3% Li2O from 206m incl.

  • 2m @ 2.6% Li2O from 217m

• 13m @ 1.6% Li2O from 0m incl.

  • 9m @ 1.9% Li2O from 2m

• Possible extension of the Mt Mann trend 500m to SE undercover

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1. KATHLEEN VALLEY (WA)

• Designed to test a combined strike length of ~1km

• Drill targets coincident with high grade, outcropping lithium mineralisation

• Phase 1 scheduled to commenced January/February 2018 dependent on timely processing of PoW.

Phase 1 25 RC holes 2,800m 51 RC holes 5,800m Phase 2 3 Core holes 400m Total 79 holes 9,000m

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1. KATHLEEN VALLEY (WA)

Highlights

• Multiple pegmatites up to 30m thick

• High grade, fresh from surface

• Open along strike and at depth

• Close to modern transport, energy and camp infrastructure

• Granted Mining Leases

• Main access issues resolved

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2. Buldania Lithium Project (WA)

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ASX: LTR

1. BULDANIA (WA)

• Pegmatite swarm defined over 1.5 x 0.7km area

• Individual pegmatites up to 500m long and 100m wide mapped at surface by previous explorers

• Rock chip sampling results up to 4.6% Li2O

• Similar geological setting to the Mt Marion and Bald Hill lithium deposits (78Mt and 13 Mt respectively)

• Good infrastructure access – located on Eyre Highway 30km east of Kalgoorlie-Esperance railway

• Liontown has 100% of the lithium and related metal rights*

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• Secured via an agreement with Westgold 14 Resources which holds royalty rights

www.ltresources.com.au

1. BULDANIA (WA)

• Numerous spodumene occurrences within a 1.5km x 0.7km

• Mineralisation fresh from surface

• Drilling scheduled for Q1 2018 (conditional on heritage and statutory clearances)

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2. BULDANIA (WA)

• No previous exploration for lithium

• Strategic land holding includes the 377km[2] Norcott Project* located 4km to the south and along strike of the Buldania Project

• Multiple pegmatites have been observed during limited reconnaissance across the Norcott Project in the same geological setting as Buldania

• Further work at Norcott conditional on processing and grant of underlying EL applications

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*Subject to agreement with private group Galahad Resources. Liontown will have rights to all metals

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3. RJC Vanadium Project (QLD)

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ASX: LTR

3. RJC VANADIUM

• Low cost exposure to important energy–storage metal

• Project adjoins and partially includes previously defined vanadium resources

• Close to Townsville – Mt Isa transport links

• Potential to quickly estimate JORC compliant resource based on historic data

• Mineralisation is shallow (<15m) and free digging

• 100% owned, 1,040km² area located in NW Queensland

• Metallurgical test work scheduled for Q1 2018

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OVERVIEW

• Liontown is focussing on battery metals

• Outstanding lithium projects at Kathleen Valley and Buldania – outcropping, high grade mineralisation

• Drilling scheduled early 2018

• Advanced vanadium project close to established infrastructure

• ~$5.5million in cash and investments will ensure exploration momentum is maintained

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www.ltresources.com.au

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ASX: LTR

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ASX: LTR

APPENDIX

ASX Code	LTR	Board of Directors
		TIM GOYDER – Chairman
Shares on Issue	~990M	+40 years experience, MD – Chalice Gold, Chairman – Uranium Equities
Market Capitalisation	$25M (at ~2.5 cps)	DAVID RICHARDS – Managing Director +35 years experience, former Managing Director – Glengarry Resources
Major Shareholder	Tim Goyder – 22%	CRAIG WILLIAMS – Non-Executive Director
		+40 years experience, Chairman Orecorp Ltd, co-founder and former CEO
Top 20 Shareholders	56%	– Equinox Minerals
		ANTHONY CIPRIANO – Non-Executive Director
Cash and Investments	~$5,500,000*	+30 years experience, former partner at Deloitte

22 * Includes value of shares held in Core Exploration at 27/11/2017

www.ltresources.com.au

APPENDIX

Combined strike length of target pegmatites	1,000m	Based on geological mapping and photo imagery
Average true width	20 - 35m	Based on drilling and mapping
Depth extent	175 - 220m	As above
Specific gravity (SG)	2.7 t/m3	Approximate SG of fresh spodumene-bearing pegmatite
Total tonnage	10 – 20Mt	Length x width x depth x SG
Average Grade	1 - 1.5% Li2O	Based on initial drilling results

The grade and tonnage ranges referred to above are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

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APPENDIX

Hole_ID	East	North	RL	Dip	Azimuth	Depth (m)	Significant Li2O(>0.5%) and Ta2O5(>50ppm) results	Significant Li2O(>0.5%) and Ta2O5(>50ppm) results	Significant Li2O(>0.5%) and Ta2O5(>50ppm) results	Significant Li2O(>0.5%) and Ta2O5(>50ppm) results	Significant Li2O(>0.5%) and Ta2O5(>50ppm) results
							From(m)	To(m)	Interval(m)	Li2O(%)	Ta2O5(ppm)
KVRC0001	258306	6958744	500	-60	45	65	3	6	3	1	122
							10	11	1	1.1	85
							16	17	1	1.1	94
KVRC0002	258379	6958675	500	-60	225	109	0	13	13	1.6	114
							incl. 9m@ 1.9% Li2O and 107ppm Ta2O5 from 2m
							26	29	3	1.3	101
							35	36	1	1.6	127
							83	96	13	1.6	111
							incl. 6m@ 2% Li2O and 113ppm Ta2O5 from 88m
KVRC0003	258395	6958690	500	-59	225	155	91	105	14	1.7	163
							incl. 8m@ 2% Li2O and 130ppm Ta2O5 from 92m
KVRC0004	258348	6958645	500	-50	45	89	36	38	2	1	99
							45	56	11	1.2	100
							incl. 3m@1.8% Li2O and 106ppm Ta2O5 from 45m
KVRC0005	258276	6958707	500	-53	40	89	32	34	2	1.3	112
							39	40	1	1.5	132
KVRC0006	258433	6958654	500	-49.5	227.5	80	37	43	6	1.1	153
KVRC0007	258452	6959426	500	-47	45	132	29	35	6	1.4	170
							incl. 3m@1.9% Li2O and 166ppm Ta2O5 from 30m
							39	40	1	1.1	198
							124	125	1	2.4	302
KVRC0008	258512	6959469	500	50	55	130	81	82	1	1.2	310
				-			95	96	1	1	124
KVRC0009	258590	6959528	500		45	113	57	59	2	0.7	248
				-50			70	71	1	0.6	266

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APPENDIX

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Significant Li2O (>0.5%) and Ta2O5 (>50ppm) results
Hole_ID East North RL Dip Azimuth Depth (m)
From(m) To(m) Interval(m) Li2O (%) Ta2O5 (ppm)
83 85 2 1.1 211
KVRC0010 258593 6959527 500 -50 225 130 91 92 1 1.4 239
100 106 6 1.2 284
KVRC0011 258208 6958788 500 -50 45 89 24 25 1 1 112
KVRC0012 258154 6958729 500 -55 45 65
No significant assays
KVRC0013 258205 6958930 500 -50 45 108
KVRC0014 258157 6958881 500 -50 45 113 12 17 5 0 240
135 193 58 1.2 156
incl. 9m @ 1.8% Li2O and 220ppm Ta2O5 from 141m and
13m @ 2.0% Li2O and 138ppm Ta2O5 from 67m and
KVRC0015 258443 6958652 500 -50 180 241 206 230 24 1.3 139
incl. 3m @ 1.6% Li2O and 105ppm Ta2O5 from 208m and
2m @ 2.6% Li2O and 271ppm Ta2O5 from 217m and
4m @ 1.6% Li2O and 145ppm Ta2O5 from 226m and
KVRC0016 258331 6958764 500 -50 45 40 No significant assays
KVRC0017 257899 6958809 500 -50 45 119 63 65 2 1.3 212
KVRC0018 257951 6958853 500 -50 45 101 1 2 1 1.4 93
KVRC0019 258252 6958969 500 -50 45 89 No significant assays
True widths estimated as follows:
Holes drilled towards NE (040-055), true widths 70-80% of downhole width
Holes drilled towards SW (040-055), true widths 30-50% of downhole width
KVRC0015 true widths ~30% of downhole width
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APPENDIX

SampleID	GDA94_East	GDA94_North	Li2O_pct	Ta2O5_ppm	Cs_ppm	Nb_ppm	Rb_ppm	Sn_ppm
202133	414031	6451617	0.15	456	162	145	2370	90
202134	414019	6451638	0.09	96	123	68	1330	34
202135	414017	6451664	0.55	134	289	82	4960	34
202136	414030	6451686	0.01	249	55	81	1790	33
202143	414349	6450853	0.11	38	108	43	1760	66
202146	414098	6451544	3.53	52	45	59	845	126
202147	414025	6451667	2.08	67	92	55	3400	94
202148	414043	6451674	2.76	161	38	30	716	159
202149	414146	6451576	2.16	43	73	55	2020	110
202150	414179	6451511	1.62	42	44	42	1650	72
202151	414181	6451474	2.55	90	14	77	51.6	154
202153	414263	6451447	1.91	237	83	72	1585	98
202154	414414	6451428	4.17	34	24	47	686	107
202155	414479	6450937	2.56	42	24	41	544	69
202156	414701	6450669	1.71	105	31	79	638	50
202157	414456	6451180	0.02	84	19	80	104	22
202158	414449	6451217	0.01	56	1	50	10	79
202159	414445	6451212	4.56	9	36	-10	72	14
202160	414362	6451436	0.04	99	28	30	938	59
202161	414309	6451487	2.69	55	70	80	1560	61
202162	414309	6451472	0.07	127	42	80	884	52
202163	414336	6451481	0.10	314	68	100	2340	1060

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