# LTR: Investor Presentation - Kathleen Valley Expansion

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145715

Publisher: asx

Original announcement: 2026-09-29T22:17:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-29T23:39:18.043Z

Atlas analysis updated: 2026-09-29T23:39:18.043Z

- Company: Liontown Limited

- Ticker: LTR

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Lithium

- Secondary commodities: Tantalum

- Document categories: Resource update, Capital raise, Production

- Extracted: 2026-09-29 23:39:18 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Liontown Limited has approved a Final Investment Decision for the Kathleen Valley Expansion, committing A$389 million to increase spodumene concentrate production capacity by 56% to approximately 780 ktpa. The expansion is expected to achieve a ~2.5-year payback and reduce unit operating costs, reinforcing Kathleen Valley's position as a low-cost lithium producer. First ore is targeted for Q1 FY28, with full ramp-up by Q1 FY30.

Reasoning: Liontown has approved a Final Investment Decision for a significant expansion of its Kathleen Valley Lithium Operation, projecting a substantial increase in production, lower operating costs, and strong financial returns, supported by updated resource and reserve estimates.

- Positive factor: Final Investment Decision approved

- Positive factor: Significant increase in production capacity

- Positive factor: Lower unit operating costs projected

- Positive factor: Attractive payback period

- Positive factor: Low capital intensity compared to peers

- Positive factor: Strong lithium market outlook

- Negative factor: Reliance on Inferred resources in production inventory \(though stated as not material\)

- Negative factor: Forward-looking statements involve inherent risks and uncertainties

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 14

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resources and Ore Reserves are stated to be extracted from ASX announcements and the company confirms that the Competent Person's findings have not been materially modified, indicating JORC compliance.

Evidence · text

> The Information in this Report that relates to Mineral Resources and Ore Reserves for the Kathleen Valley Lithium Operation is extracted from the ASX announcement “Kathleen Valley Mineral Resource and Ore Reserve Update” released on 25 September 2025 and as updated in the “Resources and Reserves” statement contained within the FY26 Annual Report released on 31 August 2026, which are available on www.liontown.com. The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. 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 announcements.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The company confirms that the Competent Person's findings have not been materially modified from original market announcements, implying a Competent Person sign-off.

Evidence · text

> 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 announcements.

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document presents 'Kathleen Valley Mineral Resource at 30 June 2026' and 'Kathleen Valley Ore Reserves at 30 June 2026', indicating an updated estimate.

Evidence · text

> Kathleen Valley Mineral Resource at 30 June 2026

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Mineral Resource table includes 26 Mt of Inferred material.

Evidence · table

> 26

Context: Inferred

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: The Mineral Resource and Ore Reserve tables provide tonnage and grade but do not explicitly state contained metal figures.

Evidence · table

> Million tonnes

Context: Classification

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The Mineral Resource table includes 14 Mt of Measured material.

Evidence · table

> 14

Context: Measured

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Mineral Resource table includes 106 Mt of Indicated material.

Evidence · table

> 106

Context: Indicated

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The Ore Reserve table includes 0.3 Mt and 5.4 Mt of Proved material.

Evidence · table

> 0.3

Context: Proved

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The Ore Reserve table includes 63.1 Mt of Probable material.

Evidence · table

> 63.1

Context: Probable

## Extracted facts

Stored fact records: 14. Some facts used in scoring do not have a stored record.

## Resource Estimates (14)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-0)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bf03335c1ed2f23022a
- Mining method: combined

#### Resource Data

- Category: measured
- Tonnes: 14000000
- Grade: 1.32
- Grade Unit: % Li2O
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Measured Resource for lithium, forming a strong basis for the Kathleen Valley Expansion.

- Positive factor: Highest confidence resource category

- Positive factor: Supports significant project expansion

- Negative factor: No contained metal reported

Evidence · table

> 1.32

Context: 14

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-1)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:1bf03335c1ed2f23022a
- Mining method: combined

#### Resource Data

- Category: measured
- Tonnes: 14000000
- Grade: 140
- Grade Unit: ppm Ta2O5
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Measured Resource for tantalum, a byproduct of the lithium operation.

- Positive factor: Highest confidence resource category

- Negative factor: No contained metal reported

Evidence · table

> 140

Context: 14

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-2)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f0bf8a026033ebf6510c
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 106000000
- Grade: 1.36
- Grade Unit: % Li2O
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Indicated Resource for lithium, providing a strong basis for the Kathleen Valley Expansion.

- Positive factor: High confidence resource category

- Positive factor: Supports significant project expansion

- Negative factor: No contained metal reported

Evidence · table

> 1.36

Context: 106

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-3)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f0bf8a026033ebf6510c
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 106000000
- Grade: 130
- Grade Unit: ppm Ta2O5
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Indicated Resource for tantalum, a byproduct of the lithium operation.

- Positive factor: High confidence resource category

- Negative factor: No contained metal reported

Evidence · table

> 130

Context: 106

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-4)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dad14ff1191b32fc453d
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 26000000
- Grade: 1.24
- Grade Unit: % Li2O
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Inferred resource for lithium, with the company stating it does not materially affect the technical and economic viability of the expansion.

- Positive factor: Inferred material stated to not materially affect project economics

- Negative factor: Lower confidence resource category

- Negative factor: No contained metal reported

Evidence · table

> 1.24

Context: 26

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-5)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:dad14ff1191b32fc453d
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 26000000
- Grade: 120
- Grade Unit: ppm Ta2O5
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: Inferred resource for tantalum, with the company stating the overall inferred material does not materially affect the technical and economic viability of the expansion.

- Positive factor: Inferred material stated to not materially affect project economics

- Negative factor: Lower confidence resource category

- Negative factor: No contained metal reported

Evidence · table

> 120

Context: 26

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-6)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:def6f0161af5ac00ff26
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 300000
- Grade: 1.02
- Grade Unit: % Li2O
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Resource for lithium from stockpiles, contributing to the overall project inventory.

- Positive factor: Highest confidence resource category \(stockpiles\)

- Positive factor: Supports project expansion

- Negative factor: No contained metal reported

Evidence · table

> 1.02

Context: 0.3

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-7)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:def6f0161af5ac00ff26
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 300000
- Grade: 140
- Grade Unit: ppm Ta2O5
- Cutoff Grade: 0.6
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Resource for tantalum from stockpiles, a byproduct of the lithium operation.

- Positive factor: Highest confidence resource category \(stockpiles\)

- Negative factor: No contained metal reported

Evidence · table

> 140

Context: 0.3

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-8)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8946159733546a3ac30e
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 300000
- Grade: 1.02
- Grade Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Reserve for lithium from stockpiles, contributing to the overall project inventory.

- Positive factor: Highest confidence reserve category \(stockpiles\)

- Positive factor: Supports project expansion

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 1.02

Context: 0.3

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-9)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8946159733546a3ac30e
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 300000
- Grade: 139
- Grade Unit: ppm Ta2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Reserve for tantalum from stockpiles, a byproduct of the lithium operation.

- Positive factor: Highest confidence reserve category \(stockpiles\)

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 139

Context: 0.3

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-10)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:4e872ffb72efc13a5542
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 5400000
- Grade: 1.3
- Grade Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Reserve for underground lithium, forming a strong basis for the Kathleen Valley Expansion.

- Positive factor: Highest confidence reserve category

- Positive factor: Supports significant project expansion

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 1.30

Context: 5.4

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-11)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:4e872ffb72efc13a5542
- Mining method: combined

#### Resource Data

- Category: proven
- Tonnes: 5400000
- Grade: 110
- Grade Unit: ppm Ta2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Proved Reserve for underground tantalum, a byproduct of the lithium operation.

- Positive factor: Highest confidence reserve category

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 110

Context: 5.4

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-12)

Kathleen Valley Lithium Operation · lithium

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: lithium
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:61bd9a3cd6fda21e92b1
- Mining method: combined

#### Resource Data

- Category: probable
- Tonnes: 63100000
- Grade: 1.32
- Grade Unit: % Li2O

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Probable Reserve for underground lithium, providing a strong basis for the Kathleen Valley Expansion.

- Positive factor: High confidence reserve category

- Positive factor: Supports significant project expansion

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 1.32

Context: 63.1

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ltr-investor-presentation-kathleen-valley-expansion--eee045a1-4bec-43d2-9e3c-3f29261b4f16#fact-resource-facts-13)

Kathleen Valley Lithium Operation · tantalum

#### Identity

- Project: Kathleen Valley Lithium Operation
- Commodity: tantalum
- Ticker: LTR

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:61bd9a3cd6fda21e92b1
- Mining method: combined

#### Resource Data

- Category: probable
- Tonnes: 63100000
- Grade: 119
- Grade Unit: ppm Ta2O5

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: High confidence Probable Reserve for underground tantalum, a byproduct of the lithium operation.

- Positive factor: High confidence reserve category

- Negative factor: No contained metal reported

- Negative factor: Cut-off grade is a range, not a single value

Evidence · table

> 119

Context: 63.1

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.