Lotus Resources (LOT) Investor Presentation summary

Strategic growth and capital initiatives

• Completed a ~A$65M equity raise to strengthen liquidity, support working capital, and fund key capital projects, including grid connection and mining equipment for Kayelekera, as well as advancing Letlhakane development.

• Kayelekera uranium project in Malawi achieved first production in Q3 2025, with ramp-up to steady-state 2.4Mlbs U3O8 per annum targeted for Q1 2026.

• Letlhakane project in Botswana holds a 114Mlb U3O8 resource, with optimisation studies underway and a PFS targeted for 2H 2026.

• Offtake strategy includes fixed-price, escalated contracts covering ~35% of production through 2029, with focus shifting to market-linked pricing for upside exposure.

• Strengthened balance sheet and capital structure provide flexibility for inventory accumulation, disciplined offtake, and capital optimisation.

Operational and financial performance

• Kayelekera's life-of-mine production is 19.3Mlbs over 10 years, with steady-state C1 cash costs of US$34.5/lb and AISC of US$44.8/lb, reflecting cost inflation and updated royalties.

• Current pro-forma cash position post-raise is A$125.9M, with no debt, and pro-forma market capitalisation of A$515.9M at A$0.19/share.

• Working capital facilities under negotiation, including a US$30M facility with Curzon and Standard Bank, to further support liquidity.

• Owner-operator mining model and on-balance-sheet investments in grid and acid plant aim to optimise cost structure and production economics.

• Letlhakane scoping study supports 3Mlbpa production over 10 years, with ongoing efforts to reduce initial capex and operating costs.

Market positioning and industry context

• Positioned as one of the few new significant uranium suppliers this decade, with a dual-asset portfolio totaling 165Mlb U3O8 in global resources.

• Benefiting from strengthening uranium fundamentals, including rising term prices (~US$82/lb) and global initiatives to triple nuclear energy capacity by 2050.

• Kayelekera cashflow expected to support Letlhakane growth, enabling a pathway to multi-asset uranium production.

• Strategic focus on inventory build to capture value from uranium price appreciation and maintain market optionality.

• Industry supply under pressure due to downgrades from major producers, supporting a favorable market outlook.