Liontown Resources |

A world-class lithium deposit with a Mineral Resource Estimate (MRE) of 156Mt @ 1.4% Li₂O and 130ppm Ta₂O₅(released May 2020).
80% of the MRE is Measured and Indicated.
An updated Pre-Feasibility Study (PFS) for which results were announced in early October 2020 outlines stronger economics for the project compared with the December 2019 PFS.
The updated PFS estimates the project’s NPV at $1.12b (previously $507m), IRR at 37% (previously 25%), LOM free cash flow of $4.8b (previously $1.9b) with development capital costs at $325m.
Liontown will now progress a Definitive Feasibility Study (DFS) on Kathleen Valley,
Kathleen Valley is the only independent, globally significant, spodumene-related, hard rock, lithium resource in Australia.
The Project is 100%-owned and largely located on granted Mining Leases in an established, well-serviced mining district close to existing infrastructure.

Located in the same geological terrain as the Julimar discovery, 95 km south, where Chalice Gold Mines has discovered significant gold, PGE, nickel and copper mineralisation hosted within a mafic-ultramafic intrusion (see ASX:CHN release 9^th July 2020).
Shallow auger sampling (<1m deep) by Liontown at Moora has defined extensive, strong Au-PGE-Ni-Cu anomalism coincident with large geophysical highs interpreted to indicate near-surface mafic-ultramafic intrusions obscured by shallow cover.
Multiple +100ppb Au anomalies defined with individual values up to 925ppb (0.92g/t Au).
The gold is coincident with highly anomalous PGEs (up to 75ppb Pd+Pt), nickel (up to 492ppm) and copper (up to 884ppm)
An airborne EM survey was performed over the entire Project area in August 2020 with maiden drill testing planned for Q4 2020.
There has been no prior drill testing of the fresh, un-weathered bedrock at Moora.
The Project is 100%-owned and well serviced by transport and power infrastructure.

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

KATHLEEN VALLEY PROJECT 3D MODEL