Lotus Resources (LOT) Investor presentation summary

Strategic context and partnerships

• Achieved first uranium production at Kayelekera in Q3 2025, following a successful accelerated restart and strong partnership with the Government of Malawi, including a Mine Development Agreement and Community Development Agreement allocating 0.45% of revenue to local projects.

• Malawi’s stable democracy and mining-focused economic strategy support sector growth, with mining identified as a key pillar in the Malawi 2063 Vision.

• Workforce expanded to over 700 employees, with 91% local nationals and a focus on safety, training, and gender diversity.

• Community investments include health, education, infrastructure, and anti-gender-based violence initiatives, with over $1M spent on local wages and $5.8M on local procurement in FY25.

• Environmental and Social Impact Assessment (ESIA) re-approved in July 2025, following extensive stakeholder engagement and updated studies.

Operations, production, and ramp-up

• Plant refurbishment and commissioning completed on time and within the $50M restart budget; first drummed uranium produced in Q3 2025.

• Targeting steady-state production of ~200klb/month (~2.4Mlbpa) in Q2 2026, with first export and cash receipts expected in Q2 and Q3 2026, respectively.

• Owner-operator mining strategy implemented, with high-grade ore delivered to the ROM pad and all mining equipment on site.

• Acid plant rebuild on schedule for commissioning in Q1 2026, reducing reliance on volatile third-party sulphuric acid supply.

• Grid connection project underway, targeting completion in Q4 2026, expected to reduce annual electricity costs by $12–14M and lower carbon emissions.

Production performance and logistics

• By end of December 2025, 105klb U₃O₈ drummed, with ore processed at a head grade of 1,117ppm and uranium recovery improving to 82.1%.

• January 2026 saw further recovery improvements (~85%) and processing rates exceeding 60% of steady-state levels.

• Product qualification with western uranium converters progressing, with final acceptance expected by February 2026, enabling first shipments in Q2 2026.

• Logistics established for shipping uranium concentrate to converters in France, US, and Canada via Dar-es-Salaam port.