Investor Presentation - Kathleen Valley Expansion

• Liontown Board approves $389m investment for Kathleen Valley expansion
• Expected production capacity increase to ~780 ktpa by Q1 FY30
• Anticipated ~2.5-year payback and creation of ~400 full-time jobs

Liontown Ltd has announced the approval of a $389 million investment to expand the Kathleen Valley Lithium Operation, aiming to increase production capacity to approximately 780 ktpa by Q1 FY30. The expansion includes the development of Kathleen's Corner Underground, plant upgrades, and non-process infrastructure improvements. The company expects the project to have a payback period of around 2.5 years and create approximately 400 full-time jobs. The expansion is expected to consolidate Kathleen Valley's position as a major global lithium producer and benefit from a competitive cost position.

FY27 Guidance: Concentrate production 390-440 kdmt, Unit Operating Cost 435-495 A$/dmt sold FOB, Total capital expenditure $320-370 million

Liontown anticipates a finely balanced lithium supply and demand outlook for 2026 and 2027, with potential volatility. The company sees a structural supply gap widening over time, driven by long greenfield lead times, while brownfield expansions meet near-term demand.