Liontown (LTR) Diggers & Dealers Mining Forum 2025 summary

Market and Industry Trends

• Chinese government is addressing lithium overcapacity, with global demand growth led by Europe and emerging markets.

• Energy storage is expected to account for 25% of lithium demand by 2029, with the market underestimating this sector's impact.

• Lithium demand remains robust, driven by global EV and energy storage growth, with policy shifts in China tightening supply.

Strategic Direction and Future Plans

• Strategy focuses on becoming a globally significant, sustainable spodumene supplier, with downstream expansion and value-accretive M&A.

• Downstream integration and exposure to the circular economy are key long-term objectives.

• Focused on maximizing Kathleen Valley’s potential, with a five-year plan and further horizons in development.

• Transition to 100% underground mill feed by end Q1 FY27, with scalable, low-cost operations expected from FY27.

• Low-capex expansion pathway to 4 Mtpa preserved, with all approvals in place and flexible, low-cost debt.

Operational Achievements and Milestones

• Produced over 320,000 wmt (294,000 dmt) of concentrate at 5.2% grade in FY25, with 16 shipments and a strong cash balance of A$156M.

• First shipment to LG in September 2024, with production starting on schedule in April 2025.

• Cost optimisation program delivered A$112M in savings and deferrals.

• Commissioned Australia’s largest paste plant and received timely government assistance.

• Underground production stoping commenced in April 2025, with paste plant commissioned in May 2025.