Lotus Resources (LOT) Q1 2026 TU earnings summary

Executive summary

• Achieved first yellowcake production at Kayelekera in August 2025, marking a return to uranium production after care and maintenance since 2014.

• Kayelekera process plant fully commissioned and ramp-up underway, with steady-state production of ~2.4Mlbpa targeted for Q1 CY2026.

• Letlhakane project in Botswana advanced with infill and extensional drilling to upgrade resources and support a Pre-Feasibility Study.

• Environmental and social approvals secured for Kayelekera, with strong community engagement and no reportable health or safety incidents.

Financial highlights

• Closing cash balance of A$96.7M (unaudited) as of 30 September 2025, up from A$75.9M at 30 June 2025.

• Raised A$65M in a strategic equity placement, with strong institutional demand.

• Net cash used in operating activities was A$774k; A$40M spent on investing activities, mainly for Kayelekera restart.

• US$8.5M equipment finance facility finalized, with first US$2.5M drawdown post quarter-end.

Outlook and guidance

• Kayelekera on track for full production in Q1 CY2026, with ore mining to commence in Q4 CY2025.

• Acid plant refurbishment and grid connection at Kayelekera targeted for completion in Q1 CY2026 and Q4 CY2026, respectively.

• Letlhakane PFS scheduled for completion in 2H CY2026, supported by ongoing drilling and metallurgical testwork.