Lotus Resources (LOT) Investor Presentation summary

Strategic project portfolio and growth trajectory

• Two key uranium projects: Kayelekera (Malawi) ramping up to production, and Letlhakane (Botswana) advancing toward PFS in 2H 2026, targeting multi-asset, large-scale uranium output.

• Kayelekera achieved first production in Q3 2025, with steady-state output of 2.4Mlbs U3O8 per annum targeted for Q1 2026 and a robust 10-year mine life.

• Letlhakane holds a 114Mlb U3O8 resource, with optimisation studies and infill drilling underway to support a staged development approach and future expansion.

• Combined global mineral resource base of 165Mlbs U3O8 positions the company as a significant new uranium supplier in a tightening market.

• Recent A$65M equity raise and strong cash position (A$96.7M as of Sep 2025) provide operational flexibility and support growth initiatives.

Operational execution and cost management

• Kayelekera restart delivered on time and within the US$50M initial capex budget, with key milestones including plant refurbishment, grid connection, and acid plant rebuild underway.

• Steady-state C1 cash cost at Kayelekera is US$34.5/lb, with AISC at US$44.8/lb, reflecting inflation, higher royalties, and deferred sustaining capital.

• Owner-operator mining model and on-balance-sheet investments (e.g., grid, acid plant) aim to optimise cost structure and production economics.

• Letlhakane’s two-stage leach process reduces acid consumption by over 70%, with minimal impact on uranium recovery, supporting lower operating costs.

• Ongoing drilling and metallurgical testwork at Letlhakane to upgrade resources and refine development plan ahead of PFS.

Market positioning and offtake strategy

• Uranium market fundamentals are strengthening, with term prices rising to ~US$86/lb and a global push to triple nuclear capacity by 2050.

• Offtake strategy combines fixed-price escalated contracts (covering ~35% of production through 2029) with a shift toward market-linked pricing for future upside.

• Recent contracts feature floors at US$60-70/lb and ceilings at US$120-140/lb, reflecting seller confidence and tight supply.

• Over 60% of production remains uncontracted in the first four years, providing exposure to potential price increases.

• Disciplined capital structure and liquidity enable patient, flexible contracting and inventory accumulation.