Lotus Resources (LOT) H1 2026 earnings summary

Executive summary

• Achieved first yellowcake production at Kayelekera in Q3 CY2025, within budget, with official mine inauguration in August 2025.

• Zero reportable health and safety incidents and no Lost Time Injuries across both Kayelekera and Letlhakane projects during the half-year.

• Raised approximately A$65 million in equity placement and secured a US$8.5 million equipment finance facility to support operational ramp-up and capital projects.

• Letlhakane infill and extensional drilling commenced, with phase 1 completed and assays pending.

Financial highlights

• Net loss after tax for the half-year ended 31 December 2025 was A$34.5 million, compared to a loss of A$10.3 million for the same period in 2024.

• Cash and cash equivalents at 31 December 2025 were A$56.2 million, up from A$54.1 million at 30 June 2025.

• Gross proceeds of A$65 million raised from equity placement during the half-year.

• No dividends declared or paid during the period.

Outlook and guidance

• Targeting steady-state uranium production (~2.4Mlbs per annum) at Kayelekera in Q2 CY2026, with first shipment forecast in the same quarter.

• Completion of acid plant and grid connection projects expected to optimise operating costs and support production ramp-up.

• Pro-forma unaudited cash of A$145 million post-period, supporting working capital and project execution.