Name of the Project
Kathleen Valley lithium/tantalum project.

Location
North-east Goldfields of Western Australia.

Project Owner/s
Australian lithium miner Liontown Limited (100%). 

Project Description
Kathleen Valley is an operating lithium/tantalum mine and processing operation. Mining is now entirely underground following the completion of openpit mining in December 2025. 

As at June 30, 2026, mineral resources totalled 147-million tonnes grading 1.33% lithium oxide and 130 parts per million (ppm) tantalum pentoxide, inclusive of ore reserves of 68.8-million tonnes grading 1.32% lithium oxide and 118 ppm tantalum pentoxide. 

The expansion will increase processing design capacity from 2.8-million tonnes to 4.2-million tonnes a year. It targets average spodumene concentrate production of 780 000 dry metric tonnes a year at 5.4% lithium oxide from the 2030 to 2034 financial years. Mining will combine Mount Mann and Kathleen’s Corner Underground, formerly North-West Flats.

The expanded mine plan schedules 87-million tonnes over more than 20 years. About 21.5% of the production target is based on inferred resources, which have lower geological confidence; there is no certainty that further exploration will convert these to indicated resources or that the production target will be realised

Potential Job Creation
The expansion is expected to create about 210 full-time-equivalent construction roles and an additional 185 ongoing roles after completion. 

Net Present Value/Internal Rate of Return
The historical 2021 definitive feasibility study estimated an after-tax net present value (NPV), at an 8% real discount rate, of A$4.2-billion and an internal rate of return (IRR) of 57%, with a payback period of 2.3 years. 

The September 2026 expansion has an estimated undiscounted payback of 2.5 years from the end of construction, based on incremental cash flows. Updated expansion NPV and IRR figures have not been stated. 

Capital Expenditure
Expansion capital is estimated at A$389-million in real September 30, 2026, terms, including contingency and the previously announced A$60-million to A$70-million in the 2027 financial year expansion expenditure. It excludes sustaining capital, the 2.8-million-tonne-a-year ramp-up development, mine infrastructure, optimisation capital and inflation. 

Planned Start/End Date
Openpit mining started in 2023 and first concentrate was produced in July 2024. Underground production started in 2025. The existing operation targets a 2.8-million-tonne-a-year run rate by the end of the 2027 financial year, or June 2027. 

Expansion early works have started. First incremental ore is targeted in the first quarter of the 2028 financial year, with construction completion by the end of the second quarter of the 2029 financial year, or December 2028, and the expanded production rate from the 2030 financial year. 

Latest Developments
Liontown’s board approved the expansion on September 30, 2026. The plan accelerates development of Kathleen’s Corner Underground alongside Mount Mann and uses the existing openpit for access. Plant upgrades include additional milling and improvements to magnetic separation, tailings handling and associated infrastructure. 

Liontown intends to fund the expansion from existing cash and operating cash flow using consensus price assumptions. Most works fall within existing permits; further approvals are required for water abstraction, a wastewater treatment plant and vegetation clearing. Expansion tonnes remain uncommitted, allowing for future spot sales, prepayment arrangements or additional offtake agreements. 

Key Contracts, Suppliers and Consultants
ZOOID (environmental, social and governance); Optiro (geology and mineral resources estimate); Snowden Mining Industry Consultants (mine optimisation, planning, design and scheduling); ALS Metallurgy (process testwork); Lycopodium Minerals (process and infrastructure design, capital and operating expenditure); Knight Piésold (tailings and hydrogeology); MBS Environmental (environmental studies); Peter O’Bryan and Associates (geomechanical engineering); Metso-Outotec (design, fabrication and delivery of a semiautogenous grinding mill); Lycopodium Minerals (engineering, procurement and construction, or EPC, management); Zenith Energy (hybrid power station – design, build, own, operate and maintain); and GR Engineering Services (EPC). These are previously reported study and initial-development appointments. 

A dedicated owner’s team will deliver the expansion. Long-lead equipment, including the ball mill, has been ordered. Zenith will install additional solar, battery storage and thermal generation under the expanded power arrangements. 

Contact Details for Project Information
Liontown, head office, tel +61 8 6186 4600 or email info@liontown.com.