Lotus Resources (LOT) Investor Presentation summary

Strategic project portfolio and production milestones

• Two key uranium projects: Kayelekera (Malawi, 85% owned) and Letlhakane (Botswana, 100% owned), targeting significant cashflow, scale, and mine life extension opportunities.

• Kayelekera achieved first production in Q3 2025, with ramp-up to steady-state 2.4Mlbs U3O8 per annum targeted for Q1 2026; robust 10-year mine life and production upside from exploration.

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

• Recent A$65M equity raise strengthens liquidity, supporting offtake strategy, inventory, and capital optimisation.

• Market capitalisation at A$597M (US$388M) with no debt and inclusion in the ASX300 index.

Offtake, marketing, and uranium market dynamics

• Four binding offtake agreements for 3.5–3.8Mlbs uranium sales (2026–2029) at fixed, escalated prices, covering a significant portion of C1 costs.

• Strategy now focuses on market-linked contracts to capture upside, with ~40% uncontracted in the first four years and 100% uncontracted after 2029.

• Uranium term prices have risen to US$84/lb, with market fundamentals indicating a tightening supply and strong long-term demand growth.

• Global nuclear buildout is accelerating, with major expansions in China, India, and the US, and a growing supply gap post-2030.

• Utilities’ contract coverage rates drop sharply after 2026, increasing leverage for new suppliers.

Operational execution and infrastructure

• Kayelekera restart delivered on time and budget (US$50M capex), with plant refurbishment, owner-operator mining, and TSF expansion underway.

• Acid plant rebuild (250t/day) to be commissioned in Q1 2026; grid connection project (US$21M) to reduce costs and emissions, completion targeted for Q4 2026.

• Logistics optimised for export via Dar-es-Salaam port, with contracts in place for conversion at major facilities in France, US, and Canada.

• Mining method is simple open pit with low strip ratio (1.8:1), 96% of production from Ore Reserves, and a 10-year LOM.

• Owner-operator mining reduces costs and enhances control, with synergies in TSF construction and road maintenance.