Lotus Resources Limited · ASX:LOT
Lotus Resources — Investor Presentation (July 2026)
59 slides from Lotus Resources's investor presentation, Jul 23, 2026
Slide 1: Operational & Balance Sheet Reset
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES OPERATIONAL & BALANCE SHEET RESET Providing a Platform for Success at Kayelekera 23 July 2026
Slide 2: Important notices and disclaimers
Important notices and disclaimers Important notices and disclaimers This presentation has been prepared by Lotus Resources Limited (ABN 38 119 992 175) (Company or Lotus) (ASX: LOT) and is dated 23 July 2026. This NOT A DISCLOSURE DOCUMENT Presentation has been prepared in connection with a proposed
Slide 3: Important notices and disclaimers
Important notices and disclaimers Important notices and disclaimers JORC CODE LETLHAKANE SCOPING STUDY It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves The information relating to Letlhakane Uranium
Slide 4: Important notices and disclaimers
4 Important notices and disclaimers Important notices and disclaimers FINANCIAL DATA AND NON-IFRS FINANCIAL INFORMATION The Underwriter, together with its affiliates and related bodies corporate, is a full service financial institution engaged in various activities, which may include All dollar valu
Slide 5: Executive Summary
1 EXECUTIVE SUMMARY
Slide 6: Operational & Balance Sheet Reset: De-risking Ramp-up and Providing Financial Flexibility
Operational & Balance Sheet Reset: De-risking Ramp-up and Providing Financial Flexibility as Lotus Transitions to Steady State Production INVESTMENT HIGHLIGHTS Production inflexion Product achieving Uncontracted Recapitalisation Future optionality point acceptance spec pounds Optimisation plan, an P
Slide 7: Restart of Kayelekera – Milestones Achieved and Lessons Learnt
Restart of Kayelekera – Milestones Achieved and Lessons Learnt Key operational milestones achieved since restart, creating a strong foundation for optimisation to steady-state ✓ Built an experienced operating team and platform • Established onsite operating team and leadership capability – comprehen
Slide 8: Kayelekera Temporary Production Pause and Resumption
Kayelekera Temporary Production Pause and Resumption Operational challenges have revised production and delivery timing; production deferred rather than lost Acid Supply & Production Resumption & Shipping & Acid Plant Ramp-Up Customer Deliveries External acid supply disruption Production pause and r
Slide 9: Optimisation Plan to Deliver Pathway to Steady State Production
Optimisation Plan to Deliver Pathway to Steady State Production Production set to resume with the optimisation plan expected to be completed later in Q3 2026 OPTIMISATION PLAN ADDRESSES KEY ISSUES IDENTIFIED DURING ACCELERATED RESTART AND RAMP-UP Equipment Reagent Sourcing Product Acceptance Area of
Slide 10: Kayelekera Uranium Project
2 KAYELEKERA URANIUM PROJECT
Slide 11: Kayelekera – Fully Constructed Uranium Project with greater than 9-year Life of Mine
Kayelekera – Fully Constructed Uranium Project with a greater than 9- year Life of Mine Plan, steady state production of 2.4Mlb p.a1 TIER-1 RESTART URANIUM ASSET STRONG REVENUE VISIBILITY • Fully constructed and permitted • 3.3Mlb3 contracted under fixed uranium operation pricing out to CY2029 • Gre
Slide 12: Strength and Depth in Commissioning and Operating Capabilities
Strength and Depth in Commissioning and Operating Capabilities Start-up / Processing / Mining Uranium Africa turnaround Metallurgy Chemical Engineer, experienced Mining and Minerals Processing Sam Penglis leader with a demonstrated Chief Operating Officer history of successfully delivering ✓ ✓ ✓ out
Slide 13: Near Term Milestones for Kayelekera
Near Term Milestones for Kayelekera Focus on executing the plan to reach steady state production, de-risking operations and optimising operating costs Production Optimisation • Poorly performing sub-units identified, repairs and optimisation Capital projects underway • Acid plant rebuild completion
Slide 14: Delivering a Lower Cost Operating Platform
Delivering a Lower Cost Operating Platform Strategic investments are expected to structurally reduce operating costs and enhance margins as Kayelekera ramps to steady-state production Initiative Status Value Creation Owner Mining Implemented Lower mining costs, improved productivity and greater oper
Slide 15: Permitting Pathway Well Progressed
Permitting Pathway Well Progressed Permitting timelines are progressing well with only key approvals from Namibia remaining Malawi Malawi Zambia Namibia Namibia Seaborne Product drummed and Radiation licence and Transport licence Radiation Transport Warehousing European port transit ready to be ship
Slide 16: Contract Book Retains Significant Exposure to Pricing Upside
Contract Book Retains Significant Exposure to Pricing Upside Significant proportion of future production remains uncontracted – looking for market-linked pricing in a higher price environment CONTRACTING STRATEGY CONTRACT BOOK STRUCTURE (M lb)1, 2 • Contracting strategy balances revenue certainty wi
Slide 17: Offtake renegotiations aim to materially reduce CY2026 delivery obligations
Offtake renegotiations aim to materially reduce CY2026 delivery obligations Settlements and ongoing deferral negotiations aim to reduce near-term obligations while releasing pounds for future sales opportunities BENEFITS OF RECENT OFFTAKE RESTRUCTURING CHANGES TO 2H 2026 CONTRACTED OBLIGATIONS (M LB
Slide 18: Strategic Funding Package
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Slide 19: A Complete Strategic Funding Package to Reset the Balance Sheet
A Complete Strategic Funding Package to Reset the Balance Sheet Balance sheet enhancement provided via strategic funding package to implement Kayelekera optimisation plan FUNDING PACKAGE OVERVIEW 1 Fully Underwritten Equity Raising 1 Fully Underwritten Equity Raising 3 Inventory Prepayment Facility
Slide 20: Sources and Uses of Funding
Sources and Uses of Funding The strategic funding package announced supports an operational and balance sheet reset, de-risking Kayelekera's ramp- up and providing financial flexibility USE OF PROCEEDS Tailings Storage Facility Lift, Grid Connection & Ore Sorter Sources of Proceeds1 A$m Closing cash
Slide 21: Equity Raising Overview
Equity Raising Overview ~A$60 million equity raise as part of funding package to complete the ramp-up of production at Kayelekera • Fully underwritten 1 for 1 accelerated non-renounceable entitlement offer of ~273 million new fully paid ordinary shares (New Shares) at A$0.22 per share to raise ~A$60
Slide 22: Overview of convertible debt financing
Overview of convertible debt financing Lotus has secured convertible debt financing of A$35m with CVI Investments, Inc. (CVI) CVI is an investment entity managed by Heights Capital Management, Inc., which is an affiliate of Susquehanna International Group of Companies (SIG), one of the world's large
Slide 23: Mercuria Prepayment Facility Helps Bridge the Cash Conversion Cycle
Mercuria Prepayment Facility Helps Bridge the Cash Conversion Cycle Prepayment financing supports liquidity through the uranium sales cycle while enabling greater marketing flexibility WHY THE FACILITY MATTERS – REDUCING WORKING CAPITAL • The uranium sales cycle can result in a 5–7 month delay, allo
Slide 24: Mercuria Marketing and Prepayment Facility Overview
Mercuria Marketing and Prepayment Facility Overview Lotus and Mercuria Energy Trading S.A. (Mercuria) have executed a binding Commitment Letter and are progressing definitive documentation for a Marketing Agreement and Prepayment facility • Mercuria to market up to 3.0Mlbs U₃O₈ over 30 months • Subj
Slide 25: Equity Raising Timetable
Equity Raising Timetable Event Date (2026)1 Announce Entitlement Offer and Institutional Entitlement Offer opens Thursday, 23 July 2026 Announce completion of the Institutional Entitlement Offer Monday, 27 July 2026 Recommencement of trading on an ex-entitlement basis Monday, 27 July 2026 Record dat
Slide 26: Pro-forma Capital Structure
Pro-forma Capital Structure Upon completion of the Strategic Funding Package, Lotus will have a pro forma net cash position of ~A$79m Pro-forma capital structure1 Unit Current Pro-Forma Existing Ordinary Shares on Issue #m 273.4 273.4 Equity Raising Shares #m - 273.4 Total Ordinary Shares on Issue #
Slide 27: Investment Highlights
Investment Highlights Strategic funding package to support operations reset with robust execution plan in place as Lotus transitions to a steady state producer ROBUST EXECUTION PLAN IN PLACE UNDERPINNED BY STRATEGIC FUNDING PACKAGE TO COMPLETE THE BALANCE SHEET • Lotus’ experienced team is focused o
Slide 28: Additional Slides
4 ADDITIONAL SLIDES
Slide 29: Lotus corporate snapshot
Lotus corporate snapshot Transitioning from developer to producer KAYELEKERA, MALAWI1 (85%) LETLHAKANE, BOTSWANA (100%) • Restart uranium project – fully constructed plant and • Globally significant 114Mlb U3O8 Mineral Resource4 infrastructure • Botswana is the highest ranked mining jurisdiction in
Slide 30: Letlhakane: large scale, long life uranium project
Letlhakane: large scale, long life uranium project GLOBALLY SIGNIFICANT URANIUM MINERAL RESOURCE • 114Mlb U3O8 Mineral Resource (RPEEE basis)1 • In the top mining jurisdiction in Africa, and top 14 globally2 • Mining Licence and other approvals include Prospecting Licence for extended area, water ab
Slide 31: Letlhakane development in a stronger uranium price environment
Letlhakane development in a stronger uranium price environment SCOPING STUDY OUTCOMES • A Scoping Study based on December 2024 MRE1 was announced in March 20252 • Selected case supporting ~3Mlbpa of U3O8 production2 – 10-year life of mine (LoM) producing ~3Mlbpa for total LoM production of 29Mlb2 –
Slide 32: Annexures
5 ANNEXURES
Slide 33: Key risks
Key risks INTRODUCTION There are a number of risks, both specific to the Company and of a general nature, which may, either individually or in combination, affect the future operational and financial performance of the Company and the mining industry in which it operates, and the value of its shares
Slide 34: Key risks
Key risks 1. Resumption of ramp up of operations at Kayelekera and execution of capital projects (Continued) Lotus has encountered issues with producing uranium concentrate to specification, noting this has improved throughout the year to date. If Lotus cannot meet the standard specification for the
Slide 35: Key risks
Key risks 2. Operational Risk (Continued) Hazards incidental to the development and exploration of mineral properties such as unusual or unexpected geological formations may be encountered by the Company. Industrial and environmental accidents could lead to substantial claims against the Company for
Slide 36: Key risks
Key risks 5. Convertible Note Offer If Shareholders do not approve the Convertible Note offer or the Detachable Warrant offer at the general meeting, or any other condition precedent applicable to the Subscription Agreement is not satisfied, the Company will not be able to proceed with the issue of
Slide 37: Key risks
Key risks 8. Regulatory The Company’s operations, exploration and any future development activities are subject to extensive laws and regulations relating to numerous matters, including resource extraction licence, protection of the environment and rehabilitation, taxation, employee relations, healt
Slide 38: Key risks
Key risks 9. Political risks, government actions and foreign jurisdictions (Continued) The regulatory framework in Malawi remains in a developing phase, with the mining code continuing to be operationalised, which may result in evolving fiscal and regulatory settings over time which could detrimenta
Slide 39: Key risks
Key risks 11. Mineral Resources and Ore Reserves The Mineral Resources and Ore Reserves reported by Lotus are estimates only and no assurance can be given that any particular recovery level will be realised. Lotus’ estimates are prepared in accordance with the JORC Code reporting standard but repres
Slide 40: Key risks
Key risks 13. Environmental liabilities (continued) Despite efforts to conduct its activities in an environmentally responsible manner and in accordance with applicable laws, the Lotus Group may be subject to potential risks and liabilities associated with the potential pollution of the environment
Slide 41: Key risks
Key risks 15. Cost estimates (Continued) The foreign exchange rates assumptions for the Malawi Kwacha, South Africa Rand, United States of America Dollar and Botswana Pula are likely to vary and may vary significantly. Any such variations could adversely affect Lotus’ future financial position and p
Slide 42: Key risks
Allens - TBU Key risks 18. Underwriting Risk The Company has entered into an underwriting agreement with the Underwriter (“Underwriting Agreement”) under which the Underwriter has agreed to fully underwrite the Entitlement Offer, subject to the terms and conditions of the Underwriting Agreement. The
Slide 43: Key risks
Allens - TBU Key risks 18. Underwriting Risk (continued) • there is an event, occurrence or non-occurrence after the execution of the Underwriting Agreement which delays or makes it illegal or commercially impracticable for the Underwriter to satisfy a material obligation under the Underwriting Agre
Slide 44: Key risks
Allens - TBU Key risks 19. Reliance on key personnel and labour risks The Group’s prospects depend in part on the ability of its executive officers, senior management, technical site personnel and key consultants to operate effectively, both independently and as a group. Additionally, the Group requ
Slide 45: Key risks
Key risks 22. Community acceptance and reputation (Continued) Additionally, the Group’s relationship with the communities in which it operates is important to ensure the future success of existing operations and the construction and development of its projects. While Lotus believes the relationships
Slide 46: Key risks
Key risks 24. Health and safety (Continued) Operating in developing countries where HIV/AIDS, Ebola, malaria, cholera, and other diseases exist may represent a threat to maintaining a skilled workforce. There can be no assurances that such infections will not affect project staff, and there is the r
Slide 47: Key risks
Key risks GENERAL RISKS 1. Share Price Fluctuations Lotus shares carry no guarantee in respect of profitability, dividends, return of capital, or the price at which they may trade. The value of Lotus shares will be determined by the securities market and will be subject to a range of factors beyond
Slide 48: Key risks
Key risks 5. Cyber Security and IT The Group relies on IT infrastructure and systems and the efficient and uninterrupted operation of core technologies. The Group’s core technologies and other systems and operations could be exposed to damage or interruption from system failures, computer viruses, c
Slide 49: International Offer Restrictions
ONS 6 INTERNATIONAL OFFER RESTRICTIONS
Slide 50: International offer restrictions
5 0 International offer restrictions International offer restrictions This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or
Slide 51: International offer restrictions
5 1 International offer restrictions International offer restrictions European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New S
Slide 52: International offer restrictions
5 2 International offer restrictions International offer restrictions New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered to the public wit
Slide 53: International offer restrictions
5 3 International offer restrictions International offer restrictions Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any othe
Slide 54: International offer restrictions
5 4 International offer restrictions International offer restrictions United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933
Slide 55: Annexures
7 ANNEXURES
Slide 56: Annexure 1: Consolidated uranium Mineral Resources & Ore Reserves
Annexure 1: Consolidated uranium Mineral Resources & Ore Reserves as at 30 June 2025 1. Refer to ASX announcements dated 15 February 2022 and 9 June 2022 for Grade U3O8 U3O8 information on the Kayelekera and Livingstonia Mineral Resource Estimates. Lotus confirms that it is not aware of any new info
Slide 57: Annexure 2: Overview of convertible debt financing
Annexure 2: Overview of convertible debt financing Lotus has secured convertible debt financing of A$35m with CVI Investments, Inc. (CVI) CVI is an investment entity managed by Heights Capital Management, Inc., which is an affiliate of Susquehanna International Group of Companies (SIG), one of the w
Slide 58: Overview of convertible debt financing (Continued)
Annexure 2: Overview of convertible debt financing (Continued) Noteholder Redemption • Maturity Date: automatic redemption on maturity date • Early Redemption: on 3rd and 4th anniversary of the issue date, Noteholder may redeem all or part of the Notes outstanding for a cash amount equal to 111.1% o
Slide 59: Contact Us
Contact Us Greg Bittar For further information visit: www.lotusresources.com.au Managing Director www.lotusresources.com.au LOT:ASX | LTSRF:OTCQX