LIONTOWN LIMITED — Capital/Financing Update 2017

Oct 22, 2017

ASX : LTR

ABN 39 118 153 825

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ASX ANNOUNCEMENT

23 October 2017

Liontown acquires highly prospective lithium projects in WA’s Eastern Goldfields

Projects contain extensive spodumene-bearing pegmatite field with immediate drill targets

Highlights

• Extensive spodumene-bearing pegmatite swarm defined by previous exploration.

• Individual pegmatites up to 500m long and up to 150m wide mapped at surface.

• No previous drilling or exploration for lithium.

• Located in the same province and with the same geological setting as the Mt Marion and Bald Hill lithium deposits.

• Liontown will have 100% of the rare metal (including lithium and accessory metals) rights for the Projects.

• Acquisitions further enhance Liontown’s portfolio of battery-related metals projects.

Liontown Resources Limited (ASX: LTR) is pleased to advise that it has acquired two new projects, Buldania and Norcott , which are considered highly prospective for pegmatite-hosted lithium mineralisation. The Projects are located approximately 600km east of Perth in the southern part of the Eastern Goldfields Province, a region well known for hosting significant lithium deposits including Mt Marion and Bald Hill ( Figure 1 ).

At the Buldania Project , Liontown has entered into an Agreement with Avoca Resources Pty Ltd, a wholly-owned subsidiary of Westgold Resources Limited (ASX: WGX), whereby it can secure the rights to lithium (and related metals) while Avoca will retain the rights and priority access to all other metals.

Although there has been no previous lithium exploration on the Buldania Project , past geological mapping (Anaconda, 1973) and petrological analyses (WMC, 1993) have defined a large (1.6 x 0.8km), undrilled, spodumene-bearing pegmatite swarm ( Figure 2 ). Individual pegmatites up to 500m long and 150m wide have been mapped at surface; however, true thicknesses are unknown due to the lack of structural and drill data.

The Norcott Project is located 4km south of the Buldania Project ( Figure 3 ) and includes the strike extension of the same lithium prospective stratigraphy. Liontown has entered into a Binding Term Sheet with private company Galahad Resources Pty Ltd whereby it can acquire two exploration licences, including rights to all metals, covering a total area of 370km[2] .

There has been no previous lithium exploration on the Norcott Project ; however, limited reconnaissance exploration has recorded multiple pegmatites.

Both projects are adjacent to the eastern margin of a large, dome-shaped, granitic intrusion which is an identical geological setting to the Mt Marion and Bald Hill lithium deposits located further to the north ( Figure 1 ).

Liontown’s initial focus will be at the Buldania Project, where it will immediately undertake geochemical sampling and further geological mapping to define targets for initial drill testing scheduled for late 2017. The Norcott exploration licences are applications and Liontown will progress these tenements to grant with initial fieldwork scheduled for the first quarter of 2018.

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Following the sale of its Bynoe Lithium Project in the Northern Territory for a consideration of $3.5 million, Liontown is well positioned to advance the Buldania and Norcott Projects.

The latest acquisitions are consistent with Liontown’s stated strategy of exploring for and developing batteryrelated metal projects and will complement the Company’s other Australian projects, including the Kathleen Valley Lithium-Tantalum Project in WA and the RJC Vanadium Project in NW Queensland.

Land Status and Acquisition Terms

Buldania

The Buldania Project area totals ~55km[2] and comprises 1 granted exploration licence (EL 63/856) and 1 granted prospecting license (PL63/1977).

The licences are held by Avoca Resources Pty Ltd which is a wholly owned subsidiary of Westgold Resources Ltd.

Liontown Resources Limited through its wholly owned subsidiary, LRL (Aust) Pty Ltd, will acquire the lithium and related metal rights (which includes beryllium, caesium, niobium, rubidium, tantalum or tin) for the Buldania Project by:

• paying ongoing statutory rents and rates for the Tenements while the Agreement is current;

• spending a minimum of $100,000 on exploration or meeting the minimum statutory expenditure commitment (whichever is greater) on the Tenements within 12 months of the Execution date and before having the right to withdraw; and

• paying Avoca $2 per tonne of ore mined and 1.5% of the gross sales revenues in respect to any lithium or related metals extracted from the Tenements.

Avoca retains the rights to all other metals (excluding lithium and related metals) and has priority access for exploration.

The agreement is subject to Liontown undertaking due diligence particularly in relation to matters of title and native title and which may be waived by Liontown in its sole discretion.

The Tenements are covered by the Ngadju Determined Native Title Claim (WCD2014/004). Avoca has an Access Agreement with the Ngadju which will apply to Liontown’s exploration activities.

Norcott

The Norcott Project comprises two exploration licence applications (ELA 63/1824 and ELA 63/1863) which cover a contiguous area of approximately 370km[2] .

The applications are held by private company Galahad Resources Pty Ltd.

Liontown Resources Limited through its wholly owned subsidiary, LRL (Aust) Pty Ltd, has agreed to acquire the exploration licences by:

• Paying Galahad an initial signing fee of $10,000; and

Once the applications are granted:

• Reimbursing Galahad’s previous costs up to $20,000;

• Paying Galahad $50,000 cash;

• Issuing Galahad Liontown shares to the value of $50,000 based on a share price equivalent to the 5 day volume weighted average price for the 5 days prior to Completion; and

• paying Galahad a royalty equivalent to 1.25% of the gross revenue in respect to any minerals extracted from the Tenements.

The transaction is conditional upon ministerial consent to the transfer of the granted licences to LRL.

Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

The Project partially overlaps State Nature Reserves and WA Department of Parks and Wildlife will be required to approve the grant of the Tenements. There is a well-established process in place to do this.

The tenements will also be subject to an Access Agreement with the Native Title Claim group which has yet to be negotiated.

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DAVID RICHARDS Managing Director

23 October 2017

The Information in this report that relates to Exploration Results 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.

Mr Richards has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

This announcement 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 materialise, 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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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

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Figure 1: Buldania and Norcott Projects – Location and regional geology plan

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Figure 2: Buldania Project – Geology plan showing historically mapped pegmatites

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

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Figure 3: Buldania and Norcott Projects – Regional geology.

5 Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

APPENDIX 1 – BULDANIA PROJECT - JORC TABLE 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. No previous drilling for lithium or associated metals. No historic assaying for lithium or related metals.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. No previous drilling for lithium or associated metals Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Not applicable (NA)
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. NA
	Measures taken to maximise sample recovery and ensure representative nature of the samples. NA
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. NA
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. NA
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. NA
	The total length and percentage of the relevant intersections logged. NA
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. NA
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. NA
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Sample preparation follows industry best practice standards and is conducted by internationally recognised laboratories; i.e. Oven drying, jaw crushing and pulverising so that 85% passes - 75microns.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Duplicates and blanks submitted approximately every 25-50 samples
	Measures taken to ensure that the sampling is representative of the in situ material collected, Measures taken include:  regular cleaning of sampling equipment (including cyclones if relevant) to prevent contamination;

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria	JORC Code explanation	Commentary
	including for instance results for field duplicate/second-half sampling.  statistical comparison of duplicates, blanks and standards.
	Whether sample sizes are appropriate to the grain size of the material being sampled. Sample size is considered appropriate for the stage of exploration
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Assays completed by ALS Laboratories Perth using industry standard procedures for rare metals such as Li and Ta. Analytical techniques are total.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. None used
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established See above.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. NA
	The use of twinned holes. NA
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. NA.
	Discuss any adjustment to assay data. Li% converted to Li2O% by multiplying by 2.15, Ta ppm converted to Ta2O5ppm by multiplying by 1.22
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. All geochemical samples are located using a hand held GPS.
	Specification of the grid system used GDA 94 Zone 51
	Quality and adequacy of topographic control. Nominal RLs based on regional topographic dataset.
Data spacing and distribution	Data spacing for reporting of Exploration Results. NA.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. NA
	Whether sample compositing has been applied. None undertaken.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Geochemical sampling completed perpendicular to strike of interpreted mineralised trends where known.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. NA
Sample security	The measures taken to ensure sample security. Company geologist supervises all sampling and subsequent storage in field. Same geologist arranges delivery of samples to ALS Perth via courier.
Audits or reviews	The results of any audits or reviews of sampling techniques and data. None completed.
	Section 2 Reporting of Exploration Results
Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, The Buldania Project is located ~600km east of Perth and 30- 40km ENE of Norseman in Western Australia. The Project area totals ~55km2and comprises 1 granted exploration licence (EL

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria JORC Code explanation Commentary wilderness or national park and environmental 63/856) and 1 granted prospecting license (PL63/1977) – the settings. “Tenements”. The Tenements are held by Avoca Resources Pty Ltd which is a wholly owned subsidiary of Westgold Resources Ltd. Liontown Resources Limited through its wholly owned subsidiary, LRL (Aust) Pty Ltd, will acquire the lithium and related metal rights for the Buldania Project by:

• pay ongoing statutory rents and rates for the Tenements while the Agreement is current;

• spending a minimum of $100,000 on exploration or meeting the minimum statutory expenditure commitment (whichever is greater) on the Tenements within 12 months of the Execution date and before having the right to withdraw; and

• paying Avoca $2 per tonne of ore mined and 1.5% of the gross sales receipts in respect to any lithium or related metals extracted from the Tenements.

Avoca retains the rights to all other metals (excluding lithium and related metals) and has priority access for exploration.

		The Tenements are covered by the Ngadju Determined Native Title Claim (WCD2014/004). Avoca has an Access Agreement with the Ngadju which will apply to Liontown’s exploration activities.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	All tenements are in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Multiple phases of exploration completed for gold and nickel. This has not been reviewed in detail due to Liontown only having the rights to lithium and related metals. There has no previous exploration for lithium and related metals; however, past explorers have mapped large pegmatite bodies and recorded spodumene mineralisation in a number of places.
Geology	Deposit type, geological setting and style of mineralisation.	The Buldania Project contains a series of quartz-feldspar-muscovite- spodumene pegmatites largely hosted in mafic rocks. The Project is located at the southern end of the Norseman- Wiluna Belt within the Archaean Yilgarn Craton close to the boundary with the Proterozoic Albany Fraser Province. The pegmatites are interpreted to be LCT type lithium bearing- pegmatites.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.	NA.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	NA.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	NA.

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria	JORC Code explanation	Commentary
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	NA.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	NA.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	See Figures in body of report
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All recent exploration results reported and tabulated.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All meaningful and material data reported
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling).	Geochemical sampling and geological mapping to define targets for initial drill testing.

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

APPENDIX 2 – NORCOTT PROJECT - JORC TABLE 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. No systematic sampling completed by Liontown.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Not applicable (NA) Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). NA
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. NA
	Measures taken to maximise sample recovery and ensure representative nature of the samples. NA
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. NA
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. NA
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. NA
	The total length and percentage of the relevant intersections logged. NA
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. NA
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. NA
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. NA
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. NA
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. NA

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria	JORC Code explanation	Commentary
	Whether sample sizes are appropriate to the grain size of the material being sampled. NA
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. NA
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. NA
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established NA
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. NA
	The use of twinned holes. NA
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. NA.
	Discuss any adjustment to assay data. NA
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. NA
	Specification of the grid system used NA
	Quality and adequacy of topographic control. NA
Data spacing and distribution	Data spacing for reporting of Exploration Results. NA.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. NA
	Whether sample compositing has been applied. NA
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. NA
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. NA
Sample security	The measures taken to ensure sample security. NA
Audits or reviews	The results of any audits or reviews of sampling techniques and data. None completed.
	Section 2 Reporting of Exploration Results
Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Norcott Project is located ~600km east of Perth and 30-60km east of Norseman in Western Australia. The Project comprises two exploration licence applications (ELA 63/1824 and ELA 63/1863) – the “Tenements” - which cover a contiguous area of approximately 370km2. The Tenements are held by private company Galahad Resources Pty Ltd.

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria

JORC Code explanation

Commentary

Liontown Resources Limited through its wholly owned subsidiary, LRL (Aust) Pty Ltd, has agreed to acquire the Tenements by:  Paying Galahad an initial signing fee of $10,000; and

Once the tenement applications are granted:

 Reimbursing Galahad’s previous costs up to $30,000;  Paying Galahad $50,000 cash;  Issuing Galahad Liontown shares to the value of $50,000 based on a share price equivalent to the 5 day volume weighted average price for the 5 days prior to Completion; and  paying Galahad a royalty equivalent to 1.25% of the Gross Sales Receipts in respect to any minerals extracted from the Tenements.

		Liontown will assist Galahad in getting the applications granted in a timely manner. The Project partially overlaps State Nature Reserves and WA Department of Parks and Wildlife will be required to approve the grant of the Tenements. There is a well-established process in place to do this. The Tenements will also be subject to Access Agreement with the Native Title Claim group which has yet to be negotiated.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	All tenements are exclusive applications held in the name of Galahad Resources Pty Ltd.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Liontown’s initial focus will be pegmatite-hosted lithium mineralisation. There has no previous exploration for lithium and related metals; however, past explorers have recorded numerous pegmatites in shallow drilling. There has been extensive exploration for gold and base metals within the Project area. This data is currently being compiled and reviewed to identify targets for follow up work. A preliminary review has noted historic gold values up to 3.1g/t within ELA 63/1824 which will be investigated further.
Geology	Deposit type, geological setting and style of mineralisation.	The northern part of the Norcott Project is located at the far southern end of the Archaean Norseman- Wiluna Greenstone Belt where it comprises north to northwest trending mafics, ultramafics, felsic volcanics and metasediments intruded by .granitic bodies. The southern 90% of the Project area is underlain by poorly exposed gneisses and granites of the Proterozoic Albany-Fraser Province including probable remnant Archaean greenstone belts.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.	NA.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	NA.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of lowgrade	NA.

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Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au

Criteria	JORC Code explanation	Commentary
	results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	NA.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	NA.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	See Figures in body of report
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	NA.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All meaningful and material data reported
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling).	Progress grant of tenement applications followed by geochemical sampling which is scheduled for the first half of 2018.

13 Liontown Resources Limited, Level 2, 1292 Hay Street, West Perth, Western Australia 6005 T: +618 9322 7431 F: +618 9322 5800 E: info@ltresources.com.au www.ltresources.com.au