LIONTOWN LIMITED — Investor Presentation 2021

Nov 10, 2021

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Fast charging towards a low carbon future

Kathleen Valley Lithium Project DEFINITIVE FEASIBILITY STUDY & UPDATED DOWNSTREAM SCOPING STUDY | NOVEMBER 2021

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| LIONTOWN RESOURCES

May 2021

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 (3.3%), Probable Ore Reserves (79.5%) 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.

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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.

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 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.

Disclaimer

Authorisation

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

This Presentation has been authorised for release by the Board.

• 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.

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November 2021

Highlights

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

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	• Liontown is on a net zero trajectory, with a climate strategy roadmap in place targeting net zero emissions by 2034 • Leveraged underground mining approach to achieve a strong ESG profile relative to peers Strong ESG focus • Significant supply deficits forecast to emerge from 2024, expected to align with start of production at KV • KV is positioned to become one of very few projects advanced enough to meet demand, with full offtake optionality Timed to perfection • World-class lithium deposit with a globally significant Mineral Resource Estimate (MRE) of 156Mt @ 1.4% Li2O • Exceptional economics, delivering a post-tax NPV8of A$4.2bn and post-tax IRR of 57% Globally significant Tier 1 project • Current resource base supports an initial ~23 year life of mine, with Liontown targeting further expansion • Low cash operating costs of US$314/dmt (Years 1-5)1 and capital intensity below other spodumene development projects Low cost, long-life scalable operations	• World-class lithium deposit with a globally significant Mineral Resource Estimate (MRE) of 156Mt @ 1.4% Li2O • Exceptional economics, delivering a post-tax NPV8of A$4.2bn and post-tax IRR of 57%
		• Liontown is on a net zero trajectory, with a climate strategy roadmap in place targeting net zero emissions by 2034 • Leveraged underground mining approach to achieve a strong ESG profile relative to peers
	Clear and achievable long-term strategy	• DFS contemplates an expansion of SC6.0 production from ~500ktpa to ~700ktpa facilitating downstream ambition • Updated Downstream Scoping Study (post-tax NPV8of A$9.6bn, IRR of 56%) provides value maximising pathway
		• Actively progressing all funding options. Board confident that funding will be in place prior to FID Q2 2022 • Offtake discussions well advanced with potential customers, diversified by geography and stage in the value chain

1. Excluding royalties

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November 2021

Liontown Corporate Overview

Liontown is a leading ASX-listed lithium company focused on the development of the world-class Kathleen Valley Lithium Project

Projects

Kathleen Valley World-class scale and economics 156Mt @ 1.4% Li2O & 130ppm Ta2O5 High-grade

Buldania 15Mt @ 1.0% Li2O Resource upside

KATHLEEN VALLEY

Strategy

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We aim to be an ESG-leader, and a globally significant provider of battery materials for the rapidly growing clean energy market

Kalgoorlie Perth

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Corporate snapshot (8 Nov 2021) ASX: LTR

Market Cap. Share price ($/s) A$3.6bn A$1.86

Shares on issue

Major shareholders

1,911m

Top 20 48% (incl. ~17% ~22% held by Board and held by Executive Leadership Chairman - Team Tim Goyder)

Cash and liquid assets[1] Research coverage A$27.8m

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~~1: Includes ~$26.5m in cash and ~$1.3m in listed investments as at 30 September 2021~~

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November 2021

Board and Management

Liontown has a highly experienced Board and Executive Leadership Team, with a track record of delivering shareholder value

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Board of Directors

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Tim Goyder

Chairman

+40 years (Mining Executive)

Chairman Chalice Mining

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Craig Williams

Non-Executive Director +40 years (Geologist)

Founder and CEO of Equinox Minerals

Executive Leadership Team

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Tony Ottaviano

Managing Director / CEO +30 years (Mech. Engineer) Former BHP, Rio Tinto, and Wesfarmers executive

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Anthony Cipriano

Non-Executive Director

+30 years (Chartered Accountant)

Former Senior Partner at Deloitte

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Steven Chadwick

Non-Executive Director

+40 years (Metallurgist)

Director of Lycopodium Limited

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Adam Smits

COO

+20 years (Mech. Engineer) Former COO Nzuri Copper

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Jennifer Morris

Proposed Non-Executive Director

+20 years (Corporate Executive) Director of Fortescue Metals and Sandfire Resources

Has agreed to join the Liontown Board (subject to shareholder approval at AGM)

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Tony Ottaviano Managing Director

+30 years (Mech. Engineer)

Former BHP, Rio Tinto, and Wesfarmers executive

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Craig Hasson CFO

+15 years (Chartered Accountant) Commercial & Financial experience

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November 2021

Liontown’s Strategy

- We aim to be an ESG leader, and a globally significant provider of battery materials for the rapidly growing clean energy market

Stage 3

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Stage 2
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Stage 1

Kathleen Valley Full Potential

• Globally significant supplier of spodumene

• Expansion of SC6.0 production from ~500ktpa to ~700ktpa

• Maximise value through offtake strategy

• Increase Resources / Reserves at KV

• Assess opportunities for further growth

Downstream Expansion

• Utilise Kathleen Valley production in integrated operations, capturing higher margins

• DSS supports pathway to maximise value for Kathleen Valley

• Establish downstream processing expertise (and partnerships, as appropriate) to support future ambition

Liontown Full Potential

• Established, integrated producer of high value lithium chemicals

• Utilise Buldania resources to sustain chemical plant for long-term, while exploring opportunities for additional feedstock (e.g. exploration, acquisition)

• Develop expertise in alternative commodities which support Liontown’s battery minerals strategy

• Consider Liontown’s part in the circular economy, including recycling and other ESG-positive solutions

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November 2021

Liontown’s ESG Focus

• ~~Environment~~ • Aspiring to have Best-in-class Scope 1 and 2 emissions and reduced impact on local surroundings due to UG[4] approach

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• ~60% renewable energy target to reduce Scope 2 emissions

• Minimising water usage through recycling

• Social and • Native Title Holders have provided consent for signing Native Title

• corporate Agreement

• governance

• Social licence fundamental to sustainable, long-term operation

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• Best-in-class reporting aligned with GRI[1] , TCFD[2] and SASB[3] standards

• First sustainability report expected Q4 2021

• Customers • Automotive OEMs increasingly demand environmentally-friendly, low-carbon batteries to achieve Scope 1-3 targets

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~~Climate Strategy Roadmap~~

First Production 2024	1st Goal 2029	Net Zero 2034
Design & build for the future	Refine	Consolidate

• ~60% renewable power with built in expansion potential

• Target >75% renewable power

• Target 100% renewable power

• Upgraded mining fleet with electric trucks

• Target 100% electric or clean fuel powered mining & LV Fleet

• Conventional mine fleet with future proofed UG infrastructure

• Target 50% biofuel powered • Net zero to ship loading road transport & LV fleet

• Alternative fuels for mine and transport fleet

• Reduced site water consumption via greater recycling

• Redesigned mine-plan with a focus on reduced ground disturbance

10 years to net zero[5]

• Carbon footprint labelling and transparency will enable end-consumer choice for ESG

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November 2021

1. Global Reporting Initiative, an internationally-agreed set of sustainability reporting standards | 2. Task force on climate related financial disclosures 3. Sustainability Accounting Standards Board | 4. UG = underground mining | 5. From start of production

Liontown’s ESG Focus (cont.)

Underground mining provides significant sustainability advantages compared to peers, owing to higher ore quality and grades and minimisation of waste

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Sustainability Benchmarking

Social Engagement

Liontown is expected to be one of the first new mining companies in Australia to have 60% renewable power at start-up

Tjiwarl input has been included in the project initial design to ensure areas of cultural significance are respected

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2.5
Bikita
2.0 Mt Marion
Kathleen Valley -
0% renewables
Pilgangoora
(Altura)
1.5
Pilgangoora
Jiajika
Greenbushes Mina da (Pilbara)
Cachoeira Mibra
1.0
Kathleen Valley -
60% renewables
0.5
-
10 15 20 25 30 35 40 45 50
Water Intensity - 2020 (kL/t LCE)
CO2 Intesnsity - Future (T CO2-e/t LCE)
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• Native Title Holders (the Tjiwarl) have provided their consent for the signing of the Kathleen Valley Project Native Title Agreement (NTA)

• Agreement talks to areas that matter for the Tjiwarl:

• Communication

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• Land and Water Management

• Aboriginal Heritage Management

• Cultural Awareness & Access

• Compensation

• Social Opportunities and Development

• Employment and Contracting

• Securing a NTA is a key enabler for project permitting

Source: Peers – Roskill and Kathleen Valley numbers are internal estimates Bubble size represents annual production of spodumene on a LCE basis

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November 2021

Lithium Market Dynamics

Production at Kathleen Valley is expected to commence in 2024, coinciding with a forecast market deficit that is expected to continue and grow beyond 2024. Liontown has optionality to further increase production towards the end of the decade to capitalise on the widening deficit

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Global lithium market balance (battery grade), 2021-31, kt LCE

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2,750
Battery Grade Shortfall Supply Demand Roskill’s 2029 battery grade supply
deficit of ~750kt LCE would require
~9 Kathleen Valleys [3]
LTR LTR
2,000 expected to expected to
supply ~5% supply ~6%
of global of global
spodumene [2] spodumene [2]
1,250
500
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Kathleen Valley production commencement Planned expansion timing
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Source: Roskill, MineSpans

1. Costs represent indicative 2025 cost base for typical brine and spodumene operations; Source: MineSpans

2. Liontown expected to supply 5% of global spodumene and 4% of global lithium in 2024 and Liontown expected to supply 6% of global spodumene and 4% of global lithium in 2029

3. Kathleen Valley 2029 production of ~681kdmt SC6.0 equivalent to ~86kt LCE (converted at 7.93t SC6.0 = 1t LCE)

Demand

• 25% forecast CAGR for Lithiumion Battery demand – driven by stronger GHG regulations and improving EV adoption

• 25% forecast CAGR for lithium hydroxide – as preferred product for cathodes

Supply

• Liontown is a globally significant source of supply – Liontown forecast to supply ~5% of global spodumene in 2024 and ~6% in 2029[2]

• Significant supply constraints – Constraints on peers (e.g. environmental, permitting, customer agreements) make Liontown one of few viable options to meet supply deficit

• 17% cost advantage for hard rock – compared to producing LiOH from brine[1]

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November 2021

Competitive Cost Curve Position

In 2030, Liontown will become a globally significant, cost competitive producer once 4Mtpa expansion ramp-up is complete

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Roskill Spodumene Cost Curve: 2030 Based on Roskill cost analysis

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2030 Roskill Spodumene Forecast: ~US$1,364/dmt (CIF)
Kathleen Valley
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1. Roskill 2030 cost curve with Kathleen Valley 2030 Cash Cost (CIF) normalized to Roskill price and FX, AISC and production inserted

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November 2021

Kathleen Valley Benchmarked

Kathleen Valley is a uniquely positioned, globally significant Tier 1 lithium resource with exploration potential

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Australian hard rock lithium operations and advanced projects[1] By project, size, and grade

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Operating/Established In development Liontown
350
Pilgangoora (Pilbara Minerals)
300
250
Wodgina (Albermarle,
MinRes)
200
Mt Holland (SQM,
Greenbushes (Albemarle,
Wesfarmers)
Tianqi, IGO)
150
Li2O only Li2O equivalent
100 Kathleen Valley
Bald Hill (Alita
Mt Marion (Ganfeng,
Resources)
50 Mt Cattlin MinRes)
(Orocobre)
Buldania Finnis (Core)
-
0.75% 1.25% 1.75% 2.25%
Li2O grade (%)
Resource (Mt, 100% basis)
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• 1: Refer to Appendix for Peer Comparison information including Resource Classifications; refer to Appendix 2 for Li2O equivalents parameters and calculations 2: Bubble size represents the Resource tonnes multiplied by lithium oxide (%).

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November 2021

Kathleen Valley Location

Kathleen Valley is located in a stable, established and well-governed mining jurisdiction, giving Liontown confidence to - execute an accelerated project delivery timetable and providing long term operation support to Kathleen Valley

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Cliffs Major Nickel Town of Leinster
and Gold Mines
Cosmos Goldfields
Natural
Bellevue Underground Mine Highway (accessto Geraldton port) gas pipeline
Leinster
Vivien
Agnew
Lawlers
Powerline Sealed airstrips
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November 2021

November 2021 DFS Key Metrics

Based on April 2021 MRE – 156Mt @ 1.4% Li2O and 130ppm ~~Ta O~~ 2 5

NPV[1] (post-tax)

A$4.2B

IRR / Payback

57% / 2.3 years

US$402/dmt

SC6 Opex Years 1-5[3 ] (FOB)

US$314/dmt (excl. royalties)

SC6 Opex US$417/dmt Years 1-10[3 ] (FOB) US$319/dmt (excl. royalties)

AISC Years 1-10[4 ] (FOB)

US$452/dmt

Ave. SC6 Price Years 1-10[5 ] (FOB)

US$1,287/dmt (Based on Roskill price)

Capex[6]

A$473M (incl. $107M Pre-production)

1. 8% (real). FX assumption of 0.73

2. Refer Cautionary Statement on Slide 2.

3. Operating costs include all mining, processing, transport, state and private royalties, freight to port, port costs and site administration and overhead costs (includes tantalum credits). Excludes sustaining capital.

4. All in Sustaining Capital Costs (AISC), as referred to in this announcement, are cash operating costs including all mining, processing, transport, freight to port, port costs, site administration/ overhead costs, tantalum credits, state and private royalties and sustaining capital.

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Reserve

68.5Mt @ 1.34% Li2O &120ppm Ta2O5

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Total Production Inventory

82.7Mt @ 1.30% Li2O & 117ppm Ta2O5

Production

SC6: 511Ktpa (increasing to 658Ktpa)

Ta2O5 (30%): 428tpa (increasing to 587tpa)

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Mining

2.5 Mtpa (increasing to 4Mtpa)

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Opex[3] and AISC (Years 1-10)

Opex: US$417/dmt AISC: US$452/dmt

Total Free Cash Flow after tax

+A$12.2B

1. Based on Roskill November 2021 price forecasts

2. Project totals exclude working capital, finance costs, sustaining capital and corporate costs associated with project development

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November 2021

Production Schedule and Mine Overview

Kathleen Valley is a globally significant, high-grade resource – average grade in first five years of 1.5%

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10-Year Production Schedule

Spodumene Concentrate (kdmt) and Processing Grade (%)

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1.6% 1.6% 1.6%
1.4% 1.4% 1.4% 1.3% 1.3%
1.2% 1.2%
739
705 695
681
646
543 547
516
440
322
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Mine Overview

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Planned throughput expansion

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November 2021

Mining and Processing

Conventional mining method, proven and reliable technology with a flowsheet grounded in evidence based design

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Underground Mining Method

WOF Processing Strategy

• Conventional mining methods (room-and-pillar and long-hole stoping) with proven technology

• Shallow mine - first ore at 120m, total depth 450m

• Competent ground conditions with ~5km dedicated geotechnical drilling to prove UG design

• Simple flowsheet – better operability and reliability

• KV ore has outstanding metallurgical properties

• Test work has repeatedly achieved greater than 80% Lithia recovery and >6.0% concentrate grade

  • Supported by 140+ staged float tests and variability analysis

• Well-established underground mining precinct

• 78% has been conservatively assumed for financial modelling

• Seven underground operations in area

Cumulative Grade vs. Recovery – Avg. of multiple Batch Tests[1]

• Highly skilled underground workforce (including contractors)

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Economic Benefits of Underground Mining

• Early access to higher grade parts of the deposit

• High tonnage per vertical metre (100 kt/m – 206 kt/m at 200 – 400 metres below surface)

• Selective mining avoids dilution from host rocks

• Less waste removal

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100
90
80
70
60
50
40
OP Ore-Averaged Batch test results
30
20 MMV Ore-Averaged Batch test results
10 NWF Ore-Averaged Batch test results
0
4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5
Cumulative Concentrate grade Li2O (%)
O (%)Cumulative Concentrate Recovery Li2
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1. OP = Open Pit, MMV = Mount Mann Vertical, NWF = NorthWest Flats

November 2021

Leading Capital Intensity

Despite inflationary pressures across the industry, Liontown’s DFS represents a significant improvement in capital intensity at Kathleen Valley. Once expanded, Liontown will have one of the lowest capital intensity development projects globally and strong capital efficiency

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PFS Capex to DFS Capex (A$m) Capital Intensity of Comparable Projects (US$/tpa)[1]

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Rose (Critical
DFS Initial & 1,341
4Mt Expansion Elements)
Expansion
Capex – Yr 4
Capex
Authier (Sayona) 850
2Mt to 2.5Mt
Throughput & DFS Initial 66
Capex
4Mt Optionality
James Bay (Orocobre) 792
69
Manono (AVZ) 779
Cost Inflation
Mina do Barroso
777
(Savannah)
538
79
PFS Capex PFS capex (A$325m) /
473 PFS - KV (Liontown) 678
PFS Production (350ktpa)
Initial + expansion capex (A$538m) /
DFS - KV (Liontown) 561
Expanded production (700ktpa)
325
Goulamina (Firefinch) 445
Attractive capital
Grota do Cirilo (Sigma) 325 efficiency of ~8x [2]
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1: Assumes AUD USD of 0.73 and CAD USD of 0.81. Adjusted to 6.0% spodumene concentrate grade. Only projects with >10 year LOM shown

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November 2021

2: Capital efficiency calculated as NPV of $4.2B divided by initial + expansion capital of $538m

We aim to accelerate the schedule to meet expected market shortfall

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~~Project milestones right~~ Liontown well positioned to deliver project on accelerated schedule on schedule Updated Early PFS DFS FEED/ works/ Construction Complete Complete FID design complete Commissioning Production Q4 2020 Q4 2021 Q2 2022 Q4 2022 Q4 2023 Q1 2024 Q2 2024

Continued assessment of growth and downstream processing options

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Near Term: Next steps prior to FID

• Permitting

• NTA signoff (17[th] Nov)

• Finalise offtake agreements

 Ordering critical long lead items

• Award EPCM and key supplier and engineering contracts

• Recruitment of Project Execution Team

• Finalise funding arrangements

<3 years Target to production

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November 2021

Offtake Strategy

Liontown intends to put in place large foundation offtake agreements, aiming to deliver diversification by geography and stag e in value chain

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Offtake Strategy Geographic Breakdown and Indicative Target Customers

• Discussions held with in excess of 50 parties who have expressed interest in offtake

• Leveraging strong position given full offtake optionality, patience has been a strength in the rapidly improving lithium market

• Offtake pricing likely to be determined with reference to the lithium hydroxide price, exposing Liontown to higher value end product

• Liontown expects spodumene pricing calculated with reference to hydroxide price will provide potential for realised prices in excess of a spodumene index priced offtake

• Discussions are in advanced stages with a number of parties, diversified by geography and stage in value chain

• Offtake for tantalum by-product is also being explored with customers

North America Europe OEMs Chemicals Glass OEM OEM OEM Converter Cell Manufacturer

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• Any uncontracted production intended to be sold into the spot market – various options are being explored, including auction platforms (such as the Battery Mineral Exchange, where other spodumene producers have recently achieved outstanding results)

China Asia (ex-China) Converter Converter Trading House Cathode Cell Manufacturer Cell Manufacturer OEM

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November 2021

Downstream Processing Opportunity

The updated DSS confirms: Value maximizing pathway for Liontown is a staged -build, integrated mining, ~~processing and refining operation producing Lithium Hydroxide Monohydrate (“LHM”)~~

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Refinery will be included in our Climate Strategy Roadmap and benefit from the energy renewables developed during the operation of KV reducing its carbon footprint

The Integrated Project has the potential to make Liontown the 3rd largest supplier of LHM in the world (based on 2031 Roskill LHM projections) producing ~86ktpa LHM

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-
LHM Train 1 Ramp Up LHM Trains 1, 2 & 3
Spodumene Only Sales
and Operation Ramp-Up and Operation
Kathleen Valley Spodumene 739
Production Profile (kdmt) 681 705 695 694 687
646 651
543 547
516 LHM Train 1
440 Spodumene Spot Sales
LHM Trains 2 & 3
322
Spodumene Contract Sales
LHM Train 1
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
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Value Maximising Pathway

•  Exposure to higher margin endproduct more quickly

•  Capture highly favourable market environment

•  Unlocks additional offtakers (particularly OEMs) with potential for nearer-term discussions

•  Value maximising pathway with significant NPV value upside

•  Liontown progressing to prefeasibility study phase for downstream opportunity

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November 2021

November 2021 Downstream Scoping Study Key Metrics

Downstream Scoping Study updated for new input ~~assumptions from the Kathleen Valley DFS~~

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NPV[1] (post-tax) A$9.6 Billion

Production

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Spodumene Feedstock

IRR

56%

86.4ktpa LHM

Processing feed of ~570 ktpa SC6.0

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LOM Free Cash Flow LHM Opex[3 ] (US/t LHM)

A$32 Billion

US$5,864/t LHM

LHM Opex[3]

Weighted Avg. Conversion Cost

US$3,303/t LHM

US$5,864/t LHM

Avg. LHM Price[[4]] (2029-2046)

Avg. LHM Price[[4]] US$29,401/t LHM (2029-2046) Design 28.8ktpa LHM (per train) Production 86.4ktpa LHM (3-trains)

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Product Sold

Total Free Cash Flow (after tax) A$32.4B

Capex[5]

A$2 Billion (incl. KV mine and SC6.0 processing plant)

LHM: 1.3M dmt

SC6.0: 5.3M dmt

(1) 8% (real) | (2) Refer Cautionary Statement on Slide 2. | (3) Cash operating costs during the years of refinery operation include all mining, processing, downstream refining, transport, state & private royalties, freight to port, port costs, site administration, overhead costs and tantalum credits. Excludes sustaining capital. | (4) Based on Roskill November 2021 price forecasts | (5) Integrated CAPEX for LHM production includes $538M for the mine / 6% Li2O (SC6.0) processing plant (DFS) and $1.5B for the downstream refinery. Excludes working capital, finance costs, sustaining capital and corporate costs associated with project development. SC6.0 plant capital to DFS level +/-15% accuracy, DSS to +/-30% accuracy. DFS included no contingency on SC6.0 operating costs, DSS includes no contingency on operating costs. DFS included ($31M) capital contingency, DSS includes ($258M) contingency on capital costs.

20 | LIONTOWN RESOURCES

November 2021

Building A Sustainable Company Starts With Good People

Sustainability and governance has been approached to date with a clean slate and a small team, allowing the fundamentals to be established early to provide a valuable blueprint as the employee numbers and the company grows through aligned values

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Our Values

Our Principles

Safety

Do no harm. In all our activities we must send everyone home safe, every day

Sustainability

Work towards a circular economy in which the raw materials we produce are used efficiently and responsibly

Respect

We ensure all voices are respectfully heard and work toward solutions that balance the interests of all stakeholders

Integrity

We have the courage to do the right thing, even when it is the harder thing. We don’t take ‘shortcuts’

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1 2 3
Create value
Empower our Continuous
for our
people Improvement
stakeholders
Corporate / Operations Project / Execution
• Corporate team responsible for • Experienced project team leading
commercial, marketing and logistics delivery with support of our key
• Operations to become a major focus engineering and technical partners
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Board and Management
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Ambition

The challenge of constant improvement motivates us. We set objectives and then discover how these can be achieved

Teamwork

We are inclusive We celebrate our diversity We have fun We do important work

• Downstream Development Contractors

• • Recruit downstream expertise • Partner with the best mining and • Consider partnerships to fast track construction service providers to downstream ambition ensure delivery on budget on time

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Liontown’s Long-Term Strategy

Liontown is planning for the future

Kathleen Valley Spodumene

Future Supply

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Liontown is continuously exploring
Optionality for spodumene or processed lithium sales
opportunities to increase battery
based on market conditions
minerals inventory
~700
#1 Spodumene from Buldania
~500
Spodumene Downstream
Only Spot Sales Production – #2 Spodumene from New Sources
Kathleen Valley
Spodumene
Spodumene Only
Contract Sales
#3 Battery Minerals Expansion
Start of
Year 5 Year 10 Year 20 Future
Production
(SC6, kdmt)
Spodumene Concentrate
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• Near-term focus on maximising spodumene value from Kathleen Valley through offtake agreements and further resource drilling

• Accelerate progression to higher value downstream production

• Continuously explore options for development / expansion of lithium inventory

• Develop expertise in alternative commodities which support Liontown’s battery minerals strategy

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Liontown’s Funding Strategy

Discussions are progressing positively. Liontown is confident its optimal funding mix will be in place prior to final ~~investment decision in Q2 2022.~~

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• Liontown exploring other financing options (e.g. “Green loans”, customer pre- payments, streaming opportunities, etc.) Other • Strong interest from tier 1 domestic and international banks • Indicative term sheets over the coming weeks – some presented now Debt • Strength in equity markets evidenced by strongly supported raises across lithium peers Equity Short-term funding requirement DFS Capex: ~A$473M1	Debt	• Strong interest from tier 1 domestic and international banks • Indicative term sheets over the coming weeks – some presented now
• Liontown expects expansion will be funded through internally generated cash flows Internal Cash Flows Long-term funding • Current estimated project cashflows sufficient to fund but optionality remains to fund via traditional debt / equity markets or other sources (e.g. downstream partner, etc.) Internal Cash Flows or Other Expansion Capex: ~A$66M DSS Capex: ~A$1.5B1
	Internal Cash Flows or Other	• Current estimated project cashflows sufficient to fund but optionality remains to fund via traditional debt / equity markets or other sources (e.g. downstream partner, etc.)

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1. Excludes working capital, finance costs, sustaining capital and corporate costs associated with project development.

Liontown’s Investment Proposition

Timed To Integrated Perfection Opportunity

Tier 1 Asset ESG-Positive

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Significant supply Integrated, long-term deficits forecast to lithium producer, emerge from 2024, positioned to capture which is expected to value from mine to endalign with start of use in the electric production at Kathleen vehicle market Valley

Kathleen Valley is a Net zero trajectory, with world-class lithium a climate strategy deposit, with roadmap in place exceptional economics targeting net zero and growth optionality emissions by 2034

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Near Term Priorities

• 1  Execute attractive offtake agreements to support final investment decision

• 2  Progress and finalise project funding

• 3  Secure long-lead items to support accelerated development timeline

• 4  Appoint industry leading EPCM contractor to spearhead Kathleen Valley development

• 5  Continue to develop downstream strategy

24

| LIONTOWN RESOURCES

November 2021

Thank You

For More Information: Investor Relations: Tony Ottaviano Nicholas Read Managing Director Read Corporate T: +61 8 6186 4600 T: +61 8 9388 1474 info@ltresources.com.au nicholas@readcorporate.com.au

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@LiontownRes

liontown-resources-limited

25 | LIONTOWN RESOURCES

May 2021

APPENDIX 1

Kathleen Valley Project Additional Information

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November 2021
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Resources & Reserves

Kathleen Valley is a globally significant, high-grade resource

Mineral Resource Estimate[1] – April 2021

Cut-off Li2O%	Resource Category Million Tonnes Li2O% Ta2O5 (ppm)
0.55	Measured 20 1.3 145
	Indicated 109 1.4 130
	Inferred 27 1.3 113
TOTAL	156 1.4 130

Ore Reserve – November 2021

Category	Million Tonnes Li2O% Ta2O5 (ppm)
Underground	Proved - - -
	Probable 65.4 1.34 119
	Sub Total 65.4 1.34 119
Open Pit	Proved 2.7 1.30 141
	Probable 0.5 0.93 148
	Sub Total 3.2 2.23 142
TOTAL	68.5 1.34 120

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1. Inclusive of ore reserve

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DFS Key Parameters And Assumptions

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General and Economic	DFS1
Discount rate (real, post-tax)	8%
Weighted average LOM SC6.0 (FOB Geraldton)	US$1,392/t5
Weighted average Tantalum LOM 30% conc. (FOB Fremantle)	US$84/lb 6
Exchange rate – AUD/USD	0.73
Mining and Production
Average LOM strip ratio (Open Pit)	6:8:1
Processing rate	2.5 to 4Mtpa
Life-of-Mine Production Target (79.6Mt UG & 3.2Mt OP)	82.7 Mt ore
Li2O & Ta2O5grades (diluted) years 1-10 processed (% / ppm)	1.4% / 126 ppm
LOM average Li2O & Ta2O5grades (diluted) processed (% / ppm)	1.3% / 117 ppm
LOM average Test Work Li2O recovery2	78%
Overall Ta2O5recovery (% including off-site upgrade losses of ~4%)	38%
SC6.0 grade	6%
Ta2O5Concentrate final grade	30%
Moisture content of SC6.0 concentrate	9%
Average steady state annual tonnes of SC6.0 (Years 2-5 / Years 6-22)	511ktpa / 658ktpa
Average steady state annual tonnes of 30% Ta2O5concentrate (Years 2-5 / Years 6-22)	428tpa / 587tpa

ons
Cost Assumptions	DFS 1
LOM avg open pit mining costs3 (A$/dmt ore mined4)	28
LOM avg U/G mining costs3 (A$/dmt ore mined4)	45
LOM average processing cost (A$/dmt ore processed)	22
Logistics and transport (A$/wmt conc. incl. Port Charges)	69
General and admin (A$/dmt ore processed incl. mining)	8
Private and state royalties (A$/dmt)	145
Corporate tax rate	30%
Estimated opening tax losses (A$M)	55

1: Refer Cautionary Statement on Slide 2 | 2. Based on test work derived grade recovery relationship for DFS was 81%, for purposes of financial modelling a figure of 78% has been applied. | 3: Includes ROM rehandle | 4: Excludes preproduction | 5: Based on Roskill November 2021 price forecast, adjusted to FOB. | 6: Based on Roskill September 2021 price forecast, adjusted to FOB.

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DSS Key Parameters And Assumptions

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General and Economic	DSS1
Discount rate (real, post-tax)	8%
SC6.0 weighted average price (FOB)	US$1,289/t2
Weighted average LHM price (FOB)	US$29,401/t
Weighted average tantalum 30% conc. (FOB Fremantle)	US$84/lb 3
Exchange rate – AUD/USD	0.73
Downstream Integrated Refinery
Number of processing trains	3
Recovery Li (%)	90
Calcination temperature (°C)	1,100
Sulphuric Acid Addition (mol/mol)	1.25 (H2SO4:Li2O)
Acid Roast Temperature (°C)	250
Acid Leaching Residence Time (minutes)	120
Lithium Crystalliser Stages (per train)	3
Design Production	28.8ktpa LHM

Cost Assumptions	DSS 1
SC6.0 LOM average operating cost excl. transport4(US$/dmt SC6.0 produced)	378
SC6.0 Transport cost (to Geraldton incl. Port Charges) (US$/dmt SC6.0 sold)	55
LHM weighted average processing conversion cost (US$/dmt LHM)	3,303
LHM Transport cost (to Fremantle incl. Port Charges) (US$/dmt LHM)	70
	As per DFS, based on
Royalties	spodumene feedstock
	market value
Corporate tax rate	30%
Estimated opening tax losses (A$m)	55

1: Refer Cautionary Statement on Slide 2 | 2: Based on Roskill November 2021 price forecast, adjusted to FOB. | 3: Based on Roskill September 2021 price forecast, adjusted to FOB. | 4: Includes royalties and tantalum credits, excludes sustaining capital. Refer to separate DFS announcement published 11[th] November 2021

29

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APPENDIX 2

Kathleen Valley Project Peer Benchmarking

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November 2021
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Kathleen Valley

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Lithium Equivalency (Li2O + Ta2O5) Parameters

Inputs				Outputs	Li2O%
Tantalite (Ta2O5) $/lb	84	(B2)	US$
Spodumene $/tonne	1,392	(B3)	US$
Tantalite recovery	38%	(B4)	Per LTR testwork incl. off site losses ie 90% of 42%	Ta2O5 =	0.0487	(F4)
Spodumene Recovery	81%	(B5)	Per LTR testwork
Ta2O5 Grade	30%	(B6)		Equiv Li2O grade =	1.40%
Li2O Grade	6%	(B7)		(Li2O% +Ta2O5)
Grade Ta2O5 in resource	130	(B9)	ppm (per resource)
Grade Li2O in resource	1.35%	(B10)	(per resource)
F4=B9((B2)/(B3/B7))(B4/B5)22040.0001
Equiv. Li2O grade (Li2O% + Ta2O5%) = F4/(100+B10)

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Peer Comparison Information – Mineral Resource Estimates

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Company	Project Stage Measured Mt Indicated Mt Inferred Mt Global MRE Mt MRE Li2O Grade % Information Source
Liontown Resources	Kathleen Valley Development 20.0 109.0 27.0 156.0 1.35 ASX Release 8/4/2021
	Buldania Scoping 0.0 9.1 5.9 14.9 0.97 ASX Release 8/11/2019
Pilbara Minerals	Pilgangoora Operating 21.5 188.7 98.8 308.9 1.14 ASX Release 6/10/2021
SQM(50%)/Wesfarmers (50%)	Mt Holland Development 66.0 106.0 17.0 189.0 1.50 ASX Release 19/3/2018 (Kidman Resources)
Albermarle (49%)/ Tianqi (26%)/IGO (25%)	Greenbushes (excl taillings) Operating 0.2 163.1 8.9 172.2 1.98 IGO acquisition presentation and ASX release 9/12/20
Alita Resources	Bald Hill Operating (C+M) 0.0 14.4 12.1 26.5 1.00 ASX Release 6/6/2018 (Alliance Minerals Assets)
Ganfeng (50%)/ MinRes Ltd (50%)	Mt Marion Operating 0.0 22.7 48.7 71.3 1.37 ASX Release 31/10/2018 (Mineral Resources)
Core Lithium	Finnis Development 4.1 4.2 6.5 14.7 1.32 ASX Release 26/07/2021
Albermarle (60%)/ Min Res Ltd (40%)	Wodgina (excl. tailings) Operating (C+M) 0.0 177.0 59.9 236.9 1.19 ASX Release 23/10/2018 (Mineral Resources)
Orocobre	Mt Cattlin (100%) Operating 0.3 7.8 2.9 11.0 1.20 ASX Release 3/06/2021 (Galaxy)

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Peer Comparison Information – Capital Intensity

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Company	Project Stage Capital Cost (US$m1) Average Annual Spodumene Production (ktpa) Grade(%) Capital Intensity2 Information Source
Liontown Resources	Kathleen Valley – PFS Development 237 350 6.0 678 ASX Announcement – Kathleen Valley PFS Presentation, 9 October 2020
	Kathleen Valley – DFS Development 393 700 6.0 561 ASX Announcement – Kathleen Valley DFS Presentation, 11 November 2021
Critical Elements	Rose DFS 276 205 5.23 1,341 Website – https://www.cecorp.ca/en/projects/rose- lithium-tantalum/
Sayona	Authier DFS 97 114 6.0 850 ASX Announcement – Revised Authier DFS Shows Boost to Profitability, 11 November 2019
Orocobre	James Bay Exploration 244 330 5.6 792 ASX Announcement – James Bay Development Plan, 9 March 2021
AVZ Minerals	Manono DFS 545 700 6.0 779 ASX Announcement – Capital Raising Presentation, 2 July 2021
Savannah Resources	Mina do Barroso Exploration 136 175 6.0 777 LSX Announcement – Scoping Study for the Mina do Barroso, 14 June 2018
Firefinch / Ganfeng	Goulamina Exploration 194 436 6.0 445 ASX Announcement – Goulamina: Confirmed as World Class Deposit, 20 October 2020
Sigma	Grota do Cirilo Development 143 440 6.0 325 TSX Announcement – Investor Presentation, 8 September 2021

• 1: FX assumption of 0.73

• 2: Adjusted for comparable grade of 6.0% 3: Weighted average

33

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APPENDIX 3

Kathleen Valley Project Net Zero Definition

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November 2021
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Liontown will firm up its net-zero trajectory aspiration before FID Selected examples of different “net zero” pathways

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2 [°C] 2 [°C] “Well below 2 [°C] ” 1.5 [°C]
Emissions
(MtCO2e)
2050 2050 2050 2050
Aligned with the
Sector-
Paris Agreement
specific
Average missions +12% [2] ~21% [3] ~20% [4] -29% [5] ~35-64% [6] emission
path for
reductions by
lithium still
2030 [1]
being
Carbon budget ~3170-4540 [7] ~1170-1500 [8] ~800-1040 [9] ~420-580 [10] developed
as a
remaining (GtCO2)
“green
Example IEA ETP RTS, IEA IEA ETP 2DS IEA ETP B2DS, IEA NGFS 1.5, McK 1.5, growth”
scenarios SPS, McK GEP SDS, NGFS ‘Orderly’, sector
Reference case Shell SKY
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There are many different ways to meet “net zero” by 2050

1: Approximations, compared to 2020, based on published scenarios | 2: IEA ETP 2017 RTS (assuming 33.5 GtCO2direct emissions from energy in 2020) | 3: IEA ETP 2017 2DS (assuming 33.5 GtCO2direct emissions from energy in 2020) | 4: Based on IEA 2020 WEO SDS scenario, direct CO2 emissions from energy, global | 5: NGFS 2020 ‘Orderly’ (CO2) | 6: NGFS 2020 1.5 with CDR and with limited CDR respectively | 7: IPCC AR5, RCP6.0, 720-1000ppm CO2e, cumulative emissions 2011-2100: 3620-4990, minus 9 years emissions of ~50GtCO2e/year since 2011 = 3170-4540, approximation of 50GtCo2e/yr based on Climatewatch data | 8: IPCC SR15 report, budget starting from 2018, for 2C, at 67[th] and 50th percentile | 9: IPCC SR15 report, budget starting from 2018, for 1.75C, at 67th and 50th percentile | 10: IPCC SR15 report, budget starting from 2018, for 1.5C, at 67th and 50th percentile

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APPENDIX 4

Buldania

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Buldania Project Overview

Buldania is in a lithium-rich mineral province

• 1 Outcropping, fresh, spodumene-related mineralization

• Mineralisation at Anna extends to the SE under shallow cover – strike

• 2 length >1.4km and open with further drilling underway

• 3 15Mt Resource and similar geology to the Mt Marion and Bald Hill lithium deposits (71Mt[1] and 26Mt[2] respectively)

• 4 Good infrastructure – located on Eyre Highway ~30km east of KalgoorlieEsperance railway

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

• 6 Mining Lease Application lodged over Anna deposit[1]

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• 1 Mt Marion – Refer to Peer Comparison table – slide 32.

• 2 Bald Hill source: http://www.allianceminerals.com.au/projects/

37

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Resource

Maiden Mineral Resource Estimate

14.9Mt @ 1.0% Li2O The MRE complements Liontown’s flagship Kathleen Valley Lithium Project

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38 | LIONTOWN RESOURCES

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Level 2, 1292 Hay St West Perth WA 6005

+61 8 6186 4600

info@ltresources.com.au

www.ltresources.com.au

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@LiontownRes

liontown-resources-limited

39 | LIONTOWN RESOURCES

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