Lotus Resources (LOT) investor relations material

Project portfolio and production milestones

• Achieved first uranium production at Kayelekera in Malawi in September, with a 10-year mine life targeting 20 million lbs output.

• Letlhakane in Botswana is a larger, longer-life project with a 114 million lb resource, advancing toward a PFS by late next year.

• Steady-state production of 2.4 million lbs per annum at Kayelekera expected by Q1 2026, with mining to commence soon.

• Production ramp-up supported by ongoing exploration and metallurgical improvements.

• First sales or dispatch of product anticipated later this year or early next year.

Financial strategy and contracting

• Raised $45 million in equity at $0.19 to avoid debt and maintain contracting flexibility.

• About 35% of production for 2026–2029 locked in under fixed price contracts with North American utilities and a trading house.

• All-in sustaining cost targeted at $45/lb, with term prices currently at $86/lb and contracts escalating from $75 to over $80/lb.

• Cash flow from Kayelekera expected to fund Letlhakane development and provide capital management flexibility.

• Less than $3 million drawn on equipment finance, maintaining a largely ungeared balance sheet.

Operational improvements and infrastructure

• Refurbished plant infrastructure at Kayelekera, with 600 people on site and all major facilities upgraded.

• On-site acid plant to be operational in Q1 next year, reducing costs and simplifying logistics.

• Connection to hydro-sourced power grid by end of next year expected to further cut costs by $5–$6/lb.

• Mining at Kayelekera to start in coming weeks, marking a key operational milestone.

• Letlhakane progressing with infill drilling and metallurgical test work to optimize costs and simplify processing.