Liontown Resources |

PFS confirms potential for robust, long life open-pit lithium mine
Maiden Ore Reserve of 50.4Mt @ 1.2% Li2O.
Current Ore Reserve underpins a 26-year mine life with further growth expected from an ongoing 20,000-25,000m drilling program, the results of which will be incorporated into an updated Mineral Resource Estimate and subsequent Definitive Feasibility Study (DFS).
Metallurgical test work confirms ability to produce a +6% Li2O spodumene concentrate with an estimated recovery of 75% and low impurities.
Growth opportunities include:
- Additional revenue from recovery of tantalum which will be determined as part of the DFS;
- High potential for a larger Ore Reserve based on recent drilling which has extended thick, high-grade mineralisation well beyond the current Mineral Resource
- Future integration of a potential underground operation to expand annual production and bring forward a higher grade material.
Recent capital raise of $18M will ensure ongoing project momentum.
Located on granted Mining Leases in an established, well-serviced mining district, close to existing transport, power and camp infrastructure.
100%-owned Project.

Anna pegmatite confirmed as significant new, West Australian lithium discovery with a Maiden Indicated and Inferred Mineral Resource Estimate (MRE):
- 14.9Mt @ 0.97% Li₂O and 44ppm Ta₂O₅ (see Table 1 for cut-offs applied)
- Containing 144,530t of Li₂O or 372,889t of lithium carbonate equivalent (LCE).
60% of MRE is classified as indicated.
Mineralised system at Anna has been defined over 1.4km strike and remains open both along strike and at depth.
Second spodumene-bearing pegmatite swarm discovered 5-10km NW of Anna with initial drilling returning up to 6m @ 1.5% Li₂O from 54m.
Similar geology to the Mt Marion and Bald Hill lithium deposits (71Mt and 26Mt respectively).
Large, prospective 330km² area in a lithium-rich province, close to good infrastructure.
100%-owned project

Maiden JORC Inferred Mineral Resource estimate - ~84Mt @ 0.30% V₂O₅
The resource remains open and an additional Exploration Target of 100 – 110Mt at an average grade of 0.28% to 0.32% V₂O₅has been estimated.
Wholly owned, ~1,000km² area adjoining Intermin’s Lilyvale vanadium resource.

A FUTURE AUSTRALIAN LITHIUM PRODUCER