Ann: Updated KV PFS - Substantial increase in NPV and Mine Life, page-132

SC6.0 Spodumene Concentrate Forecast PricingSC6.0 is not currently sold on exchange traded markets and is largely transacted under contractual arrangements between the mining company and its customers.Liontown has utilised the services of leading industry commodity forecasting experts Roskill for its price forecast assumptions for 6% grade spodumene concentrate (SC6.0 specification) as applied in the PFS.Roskill has provided annual forecast pricing through to 2040 on a real, US$/dmt CIF China basis for “Arm’s Length” prices (Figure 5). Arm’s Length prices are where no related party relationship exists between the mining company and the customer.At this stage, future production from Kathleen Valley remains 100% uncommitted in order to maintain maximum flexibility and independence over funding and development options. For the purposes of the PFS, it has been assumed that Liontown will sell 100% of its production on arm’s length terms to unrelated parties on a yearly basis.The Roskill forecast pricing results in an average price of US$769/dmt CIF China for the period 2025 - 2040 (noting that while the PFS extends beyond Roskill’s 2040 forecasts, Liontown has assumed it reasonable to use the 2040 price of CIF US$825/t as the basis from 2041 - 2064).Liontown has adjusted Roskill’s CIF China prices to an FOB Geraldton price by deducting US$30 per tonne to reflect the estimated costs of shipping to China from Australia as the ultimate destination of SC6.0 produced from the Kathleen Valley Project is not known at this stage.

FROM Page 11 of the PFS

What I like about this, is Kathleen Valley has no off take agreements and as the last sentence says the "ultimate destination of SC6.0 produced is not known. I hope it gets taken out in a lump sum sale for the company.