Growth and Upside from Lithium and Gold Exploration Updated Investor Presentation

ASX : LTR ABN 39 118 153 825 ASX ANNOUNCEMENT Growth and Upside from Lithium and Gold Exploration Updated Investor Presentation Liontown Resources Limited (ASX: LTR) is pleased to attach a copy of its updated investor presentation Growth and Upside from Lithium and Gold Exploration. The updated presentation includes information (Slides 14 and 15) on the Company s Lake Percy Lithium Project which is located approximately 60km east of Kidman Resources Earl Grey lithium discovery. A review of historic nickel exploration data from Lake Percy indicates a number of very large pegmatites with true widths >100m hosted in a geological setting similar to the Earl Grey pegmatite. Liontown is highly encouraged by the initial data review given the occurrence of known pegmatite-hosted lithium mineralisation approximately 20km to the south of Lake Percy in the same greenstone belt. There has been no previous exploration for lithium at Lake Percy. Other highlights of the presentation include: The Company s plans to commence follow-up drilling in late September at the Bynoe Project, where initial drilling intersected thick spodumene-mineralised zones; An update on initial exploration activities at the Kathleen Valley Lithium Project, where validation of historic high grade lithium and tantalum values has been undertaken; and An overview of the Company s Jubilee Reef gold project in Tanzania, East Africa, where a review of the existing 390,000oz JORC gold resource is underway in conjunction with new exploration targets. DAVID RICHARDS Managing Director 21 September 2016

Growth and upside from lithium & gold exploration Emerging Australian lithium discovery at Bynoe in the NT next phase of drilling imminent Large-scale pegmatite systems being evaluated at Kathleen Valley and Lake Percy, WA ASX: LTR September 2016

Disclaimer Competent Person s Statement and Disclaimer: The Information in this report that relates to Exploration Results for the Bynoe Project is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a full-time employee of the company. Information has largely been extracted from the ASX announcement entitled thick zones of strong lithium mineralisation intersected in maiden drilling program at Bynoe Project, NT released on 26 th July 2016 and which is available on www.ltresources.com.au. The Information in this report that relates to the Exploration Results for the Kathleen Valley Project is extracted from the ASX announcements entitled Liontown enters into agreement for the acquisition of highly prospective WA lithium-tantalum project from Ramelius Resources and Lithium-tantalum potential at Kathleen Valley significantly expanded released on the 4 th August 2016 and 6 th September 2016 respectively both of which are available on www.ltresources.com.au. The Information in this report that relates to Exploration Results for the Lake Percy Project is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a fulltime employee of the company. The information in this report which relates to Mineral Resources for the Jubilee Reef Project is is extracted from the ASX announcement entitled Liontown Announces Maiden 390,000oz Mineral Resource for the Jubilee Reef Gold Project in Tanzania, East Africa released on 30 November 2015 and which is available on www.ltresources.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person s findings are presented have not been materially modified from the original market announcement. This report contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. 2

Company Snapshot Three emerging Australian lithium projects Bynoe (NT), Kathleen Valley (WA) and Lake Percy (WA): Thick, >1% Li 2 O, spodumene-mineralised zones intersected in initial drilling at Bynoe (<50km from Darwin port) follow up drilling imminent. Initial exploration activities underway at Kathleen Valley Lithium Project (WA) - large-scale pegmatite system with outstanding surface grades Very large (>100m true thickness) pegmatites defined at Lake Percy in lithium prospective Lake Johnson Greenstone Belt Significant strategic position in Tanzania s +50Moz Lake Victoria Goldfield Jubilee Reef Project Review of existing 390,000oz Inferred Mineral resource and new exploration targets underway Substantial upside and growth potential from focussed exploration programs planned between now and the end of the year Strongly leveraged to exploration success in lithium and gold market cap of just ~$12M 3

Corporate Overview Corporate Details ASX Code Shares on Issue Market Capitalisation LTR ~700M (1:5 rights issue in progress) $12M (at ~1.7cps) Major Shareholder Tim Goyder 27% Top 20 Shareholders 64% Board of Directors TIM GOYDER Chairman +30 years experience, MD Chalice Gold, Chairman Uranium Equities DAVID RICHARDS Managing Director +30 years experience, former Managing Director Glengarry Resources CRAIG WILLIAMS Non-Executive Director +30 years experience, co-founder and former CEO Equinox Minerals ANTHONY CIPRIANO Non-Executive Director 28 years experience, former partner at Deloitte 4

Key Projects Bynoe Lithium Project (NT, Australia) Previous Greenbushes-owned tin-tantalum mining centre Extensive pegmatite field located <50km from Darwin Thick widths of >1% Li 2 O (spodumene-related) mineralisation intersected in maiden drilling program 5 Jubilee Reef Gold Project (Tanzania) Located in +50Moz Lake Victoria Goldfield, near major deposits such as Bulyanhulu, Geita and Nyanzaga (Orecorp). ~390,000oz Inferred Mineral resource with significant growth potential Multiple promising targets along 7.5km long gold mineralized trend Kathleen Valley (WA, Australia) Multiple outcropping spodumene-bearing pegmatites High grade lithium (up to 3.9% Li 2 O) and tantalum (up to 725ppm Ta 2 O 5 ) values at surface No previous drill testing potential to delineate very large system Lake Percy (WA, Australia) Very large pegmatites true thicknesses >100m Lithium occurrences recorded in belt but no previous exploration for the commodity Strategic location in southern Yilgarn lithium province - includes Greenbushes, Mt Caitlin, Mt Marion and Kidman discovery

Bynoe Lithium Project A New Lithium Discovery 88km 2 tenement package Covers central part of historic Bynoe mining field Good infrastructure <50km from Darwin Port Maiden drilling program completed July 2016 confirmed thick zones of spodumene-related lithium mineralisation Li 2 O values of >1% intersected at 6 of the 10 initial targets (Appendix 1), with best results including: 42m @ 1.0% Li 2 O from 93m (LBRC014) 24m @ 1.1% Li 2 O from 70m (LBRC015) All mineralised zones open at depth and along strike More than 50 pegmatite targets yet to be tested Follow-up drilling scheduled for September 2016 Bynoe: imminent drilling and news flow >1% Li 2 O SANDRAS 6

Bynoe Lithium Project Sandras Prospect Defined over 300m length, up to 40m thick - open along strike Part of 4km long pegmatite trend Good widths open at depth and along strike 7

Bynoe Lithium Project Outstanding Upside Pegmatite-Drilled Pegmatite-Undrilled Talwest 30m thick pegmatite with Li 2 O values up to 2.2% >1% Li 2 O Sandras Multiple untested pegmatites; significant exploration upside 8

Bynoe Lithium Project Next Steps Results from maiden drilling program provide proof of concept for widespread spodumene-related lithium mineralisation at Bynoe >4,000m follow-up RC drill program to commence September 2016 Key objective is to extend existing >1% Li 2 O intersections >60 pegmatites documented on LTR tenure Review of broader project area has identified other pegmatites that warrant testing drilling scheduled for mid October 2016 Potential to delineate a maiden JORC resource in the near term Strategic land position with multiple lithium prospective pegmatites 9

Key Projects Bynoe Lithium Project (NT, Australia) Previous Greenbushes-owned tin-tantalum mining centre Extensive pegmatite field located <50km from Darwin Thick widths of >1% Li 2 O (spodumene-related) mineralisation intersected in maiden drilling program 10 Jubilee Reef Gold Project (Tanzania) Located in +50Moz Lake Victoria Goldfield, near major deposits such as Bulyanhulu, Geita and Nyanzaga (Orecorp). ~390,000oz Inferred Mineral resource with significant growth potential Multiple promising targets along 7.5km long gold mineralized trend Kathleen Valley (WA, Australia) Multiple outcropping spodumene-bearing pegmatites High grade lithium (up to 3.9% Li 2 O) and tantalum (up to 725ppm Ta 2 O 5 ) values at surface No previous drill testing potential to delineate very large system Lake Percy (WA, Australia) Very large pegmatites true thicknesses >100m Lithium occurrences recorded in belt but no previous exploration for the commodity Strategic location in southern Yilgarn lithium province - includes Greenbushes, Mt Caitlin, Mt Marion and Kidman discovery

Kathleen Valley Lithium-Tantalum Project Agreement to acquire 100% of rare metal rights from Ramelius Resources for 25M LTR shares 77km 2 tenement package located 680km NE of Perth, WA good infrastructure Large spodumene-bearing pegmatite swarm defined by previous mappers Previous exploration focused on gold and nickel with lithium potential untested Multiple high grade lithium and tantalum results from rock chip sampling immediate drill targets Drilling to commence as soon as approvals have been secured Target definition work completed approvals process in progress 11

Kathleen Valley Lithium-Tantalum Project Mt Mann Pegmatite part of 3.5x1km spodumene bearing pegmatite swarm Multiple high grade lithium and tantalum values recorded from rock chip sampling (see Appendix 2) 3.5% Li 2 O and 158ppm Ta 2 O 5 2.6% Li 2 O and 249ppm Ta 2 O 5 2.5% Li 2 O and 103ppm Ta 2 O 5 2.5% Li 2 O and 286ppm Ta 2 O 5 2.8% Li 2 O and 214ppm Ta 2 O 5 3.9% Li 2 O and 381ppm Ta 2 O 5 Pegmatite trends >1km long and up to 30m wide mapped at surface open along strike No previous drill testing Granted mining lease 12

Kathleen Valley Lithium-Tantalum Project Good size pegmatites with fresh spodumene at surface undrilled, on granted MLs and with existing infrastructure 13

Lake Percy Lithium-Tantalum Project Pegmatites up to 550m wide and 3km long defined by previous Ni work No previous lithium exploration Preliminary sampling has recorded anomalous lithium and pathfinder elements (Ta, Nb, Sn) Lithium occurrences reported 20km south in same belt at Maggie Hays Close to proposed Kidman infrastructure Right to earn 70% through in-ground expenditure Strategic land position in heart of southern Yilgarn lithium province 14

Lake Percy Lithium-Tantalum Project Historic drilling indicates large pegmatites with true thicknesses exceeding 100m 15

Key Projects Bynoe Lithium Project (NT, Australia) Previous Greenbushes-owned tin-tantalum mining centre Extensive pegmatite field located <50km from Darwin Thick widths of >1% Li 2 O (spodumene-related) mineralisation intersected in maiden drilling program 16 Jubilee Reef Gold Project (Tanzania) Located in +50Moz Lake Victoria Goldfield, near major deposits such as Bulyanhulu, Geita and Nyanzaga (Orecorp). ~390,000oz Inferred Mineral resource with significant growth potential Multiple promising targets along 7.5km long gold mineralized trend Kathleen Valley (WA, Australia) Multiple outcropping spodumene-bearing pegmatites High grade lithium (up to 3.9% Li 2 O) and tantalum (up to 493ppm Ta 2 O 5 ) values at surface No previous drill testing potential to delineate very large system Lake Percy (WA, Australia) Very large pegmatites true thicknesses >100m Lithium occurrences recorded in belt but no previous exploration for the commodity Strategic location in southern Yilgarn lithium province - includes Greenbushes, Mt Caitlin, Mt Marion and Kidman discovery

Lake Victoria Goldfield A World-Class Exploration Address Granite/greenstone terrain similar to Eastern Goldfields of Western Australia +50Moz gold endowment World-class (>10Moz) gold deposits 17Moz Bulyanhulu, 12.5Moz Geita deposits nearby Established infrastructure Underexplored LTR has a high quality tenement portfolio and emerging gold system in one of the world s premier gold provinces

Jubilee Reef Inferred Resources (2012 JORC) Simba deposit Inferred Resource: 7.4Mt @ 1.4g/t gold for ~320,000oz Panapendesa deposit Inferred Resource: 1.1Mt @ 2g/t gold for ~70,000oz Simba 3D view of mineralised lodes (looking NNE) Total JORC 2012 Resources Inferred Resource: 8.5Mt @ 1.4g/t gold for ~390,000oz 0.7g/t gold lower cut Panapendesa 3D view of mineralised lodes (looking N) 18

Simba Large Granite-hosted Gold System Drill hole plan superimposed on magnetic (tilt) image System defined over 1km strike open to NE with potential for multiple, parallel lodes Drill results include: 21m @ 4.7g/t Au 23m @ 2.9g/t Au 54m @ 2.6g/t Au 29.7m @ 3.2g/t Au Multiple mineralised zones Large scale, shallow system Exploration upside Open along strike and at depth Parallel lodes Undrilled prospects 19

Jubilee Reef Next Steps 20 Targeting extensions to existing resources at Simba and Panapendesa Targeting undrilled prospects including high grade (>3g/t Au) trench intercepts at Tembo

Key Reasons to Invest in Liontown High quality, emerging lithium and gold assets in Tier-1 jurisdictions Potential to establish a significant lithium resource at Bynoe <50km from a major port plus a potential game-changer at Kathleen Valley Imminent news-flow from Bynoe drilling Emerging gold project in Tanzania with established resources and outstanding exploration potential Highly leveraged to two of the strongest performing commodities Active exploration, strong news-flow, multiple share price catalysts Strongly leveraged to exploration success in lithium and gold market cap of just ~$12M 21

Thank you Contacts David Richards (Managing Director) Tim Goyder (Chairman) +61 8 9322 7431 www.ltresources.com.au info@ltresources.com.au ASX: LTR

Why Lithium? Supply shortfall due to lithium batteries Already seen in actual price performance with high prices forecast to continue An increasingly critical metal Commodity Price (Lithium Carbonate 99% China) 20 14 Source Goldman Sachs (April 2016) 8 Mar 2015 Jan 2016 We estimate demand to more than triple from ~170kmt in 2015 to ~530kmt in 2025, led by lithium ion battery demand growth Goldman Sachs April 25 th 2016 23 Amid a surge in demand for rechargeable batteries, companies are scrambling for supplies of lithium www. (The ltresources. Economist, com. au 14 January 2016)

Appendix 1: Bynoe RC Drilling Hole ID Prospect East North RL Dip Azimuth Depth (m) Significant (>0.5%) Lithium Results * From (m) To (m) Interval (m) Grade (%) LBRC001 694533 8593573 23-80 125 78 No significant assays 52 68 16 1.1 BP33 LBRC002 694499 8593566 23-60 125 78 incl. 4m @ 1.6% from 56m and 2m @ 2.2% from 64m LBRC003 Booths South 695148 8995139 57-60 245 96 No significant assays LBRC004 694668 8595976 44-70 180 90 66 70 4 1.1 Lees LBRC005 694637 8595994 37-90 180 90 66 68 2 0.8 LBRC006 Booths South 695073 8595223 53-90 230 118 90 92 2 1.1 LBRC007 694710 8598552 29-60 90 132 LBRC008 694697 8598502 31-60 90 114 Hang Gong LBRC009 694780 8598450 28-60 270 90 No significant assays LBRC010 694744 8598643 27-78 90 72 LBRC011 RR West 692793 8589503 35-65 290 108 70 78 8 0.9 incl. 2m @ 1.9% from 76m LBRC012 693222 8576799 55-65 290 102 No significant assays LBRC013 693252 8576866 52-65 297 96 64 72 8 0.7 93 135 42 1 Sandras LBRC014 693253 8576866 52-80 297 162 incl. 6m @ 1.9% from 93m and 2m @ 1.7% from 133m LBRC015 693307 8576976 53-65 300 114 70 94 24 1.1 LBRC016 Martins 693783 8577524 49-65 308 96 LBRC017 Turners 694058 8577814 58-65 128 96 No significant assays LBRC018 690764 8578236 44-65 135 108 Bilatos LBRC019 690829 8578162 45-65 315 102 96 98 2 2.2 LBRC020 Talamia West 693354 8578620 69-70 115 132 102 106 4 0.6 110 114 4 1.3 incl. 2m @ 2.0% from 112m LBRC021 Martins 693847 8577462 51-65 308 96 No significant assays * All 2m composite samples Estimated true widths to be confirmed by further drilling BP33 33% of down hole widths Lees 100% of down hole width Booths South 75% of down hole widths RR West 75% of down hole widths Sandras 50% of down ole widths 24

Appendix 2: Kathleen Valley Rock Chip Sampling Sample_ID East North Li2O(%) Ta2O5 (ppm) Sample_ID East North Li2O(%) Ta2O5 (ppm) 160614_01a 258766 6959242 1.55 431 KVR60 258536 6958492 1.94 119 160614_01b 258766 6959242 0.80 190 KVR62 258660 6958737-0.02 414 160614_04 258804 6959190 1.51 493 KVR63 258659 6958736-0.02 492 160614_10 258807 6959205 2.58 249 KVR64 258781 6958833 2.22 487 160614_11 258803 6959221 2.11 295 KVR65 258785 6958819 3.49 158 160614_14A 258632 6959390 2.17 233 KVR66 258788 6958993 0.09 283 160614_14B 258634 6959390 1.78 27 KVR67 258760 6959051 2.17 190 160614_14C 258634 6959390-0.02 331 KVR68 258087 6958541-0.02 4 160614_18 258577 6959315 2.41 134 KVR84 258123 6958705 2.43 173 160614_21 258644 6959213 1.87 279 KVR86 257896 6958874 2.24 145 160614_27 258691 6958309 1.42 110 KVR19 258415 6958639 1.18 97 160614_32 258605 6958431 0.34 197 KVR20 258488 6958573 2.80 214 160614_33 258639 6958438-0.02 4 KVR61 258415 6958636 2.07 171 160614_34A 258588 6958418 3.87 381 132111 259085 6959297 0.00 1 160614_34B 258591 6958418 1.53 117 KVTGR024 258613 6959218 1.11 245 160614_34C 258593 6958418 1.83 159 KVTGR025 258613 6959218 0.15 68 160614_34D 258595 6958418 1.23 126 KVTGR026 258698 6959283 1.04 384 VG1192362 258250 6958015 0.00 0 KVTGR027 258698 6959283 0.35 128 VG1195575 258516 6957986 0.00 0 KVTGR028 258558 6958435 0.75 198 VGCFS3429 258901 6957870 0.01 0 KVTGR029 258558 6958435 0.20 150 KVR2 258957 6958508-0.02 1 KVTGR030 258467 6958568 0.03 104 KVR4 258785 6958484-0.02 174 KVTGR031 258467 6958568 0.08 39 KVR6 258668 6958356 1.23 43 PEG008 258642 6958325 0.19 311 KVR7 258663 6958347 2.00 154 PEG009 258642 6958325 0.05 167 KVR8 258644 6958345 2.13 132 PEG010 258642 6958325 0.27 7 KVR10 258616 6958386 1.81 147 PEG011 258642 6958325 1.07 183 KVR13 258207 6958715 0.97 142 PEG012 258642 6958325 0.91 196 KVR14 258210 6958705 0.06 148 PEG014 258709 6958282 0.10 157 KVR15 258226 6958679 1.49 129 PEG015 258709 6958282 1.00 242 KVR16 258272 6958674 2.54 103 PEG016 258709 6958282 0.56 172 KVR17 258382 6958612 0.04 138 PEG017 258709 6958282 0.75 278 KVR48 258752 6959180 2.22 212 PEG018 258709 6958282 1.08 200 KVR49 258738 6959191 2.35 169 PEG019 258709 6958282 1.39 166 KVR50 258739 6959199-0.02 63 PEG020 258598 6958416 0.81 182 KVR51 258732 6959138 2.48 286 PEG021 258598 6958416 0.99 268 KVR52 258719 6959145 2.17 241 PEG022 258598 6958416 1.11 203 KVR53 258711 6959146 2.28 206 PEG023 258598 6958416 1.25 117 KVR54 258750 6959116 2.24 735 PEG024 258598 6958416 0.71 184 KVR55 258771 6959095 0.06 326 PEG025 258524 6958510 0.05 153 KVR56 258911 6959122 0.02 300 PEG026 258524 6958510 0.04 224 KVR57 258930 6959112-0.02 218 PEG027 258524 6958510 1.66 226 KVR58 258968 6959108 2.39 180 PEG028 258524 6958510 0.81 127 KVR59 258527 6958503 2.24 132 25