Liontown (LTR) Guidance summary

Opening remarks and agenda

• Addressed the need to optimize operations in response to a low-price environment, shifting from rapid growth to a more sustainable approach.

• Outlined four pillars for discussion: revised mine plan, end-to-end business optimization, cost management, and future optionality.

• Presentation dated 11 November 2024, led by CEO, COO, and CFO, focused on Kathleen Valley update and H2 FY25 guidance.

Guidance on key objectives

• H2 FY25 unit operating cost guidance set at AUD 775–855 per dry metric ton (normalized to 6% concentrate), with AISC at AUD 1,170–1,290.

• FY25 production guidance set at 260,000–295,000 dry metric tons of SC6 concentrate, processing ~2.3Mt at ~1.2% Li₂O.

• Revised mine plan targets high-margin ore, reduced development, and fixed costs, with a 2.8Mtpa production rate from end FY27.

• Up to AUD 100 million in cost savings and deferrals targeted through a Business Optimisation Program, with most savings in the current financial year.

• No additional planned growth CapEx beyond FY25; all future CapEx to be reported as sustaining, with capital spend trending lower from FY26 to FY30.

Market trends and strategic opportunities

• Initial strategy was rapid expansion due to strong market conditions, but current low prices necessitated a pivot to cash preservation and operational flexibility.

• Retained optionality to quickly pivot back to expansion if market conditions improve.

• Active spot market participation to enhance pricing transparency and outcomes.