Lotus Resources (LOT) H2 2025 earnings summary

Executive summary

• Achieved first yellowcake production at Kayelekera in August 2025, marking transition to global uranium producer status.

• Accelerated Restart Plan for Kayelekera executed on time and within budget, reducing capex to US$50m and timeline to 8-10 months.

• Secured four binding offtake agreements for 3.5-3.8Mlbs uranium sales (2026-2029) with major utilities and traders at fixed, escalated prices.

• Raised A$132m equity to fund restart; completed key agreements with Malawi government and local communities.

• Advanced Letlhakane Project in Botswana, updating resource estimate and completing a Scoping Study confirming major production potential.

Financial highlights

• Loss after income tax of $15.6m for FY2025, improved from $25.2m loss in FY2024, mainly due to corporate/admin expenses and pre-production costs.

• Net assets increased to $235.5m (2024: $127.4m), driven by capital raise and project investment.

• Cash and cash equivalents at year-end: $54.1m; short-term investments: $21.8m.

• Net cash outflow from operations: $10.3m; investing outflow: $85.3m; financing inflow: $125.1m.

• No dividends declared or paid.

Outlook and guidance

• Kayelekera production ramp-up underway, with first revenues expected in 1H CY26.

• Grid power connection and acid plant refurbishment to reduce operating costs by late 2026.

• Letlhakane PFS targeted for CY2026, aiming to position as a long-term uranium supplier.

• Focus on additional market-linked offtake agreements and operational optimisation.