Lowell Resources Funds Management Ltd · ASX:LRT
Lowell Resources Funds Management — Lowell Resources Fund — Investor Presentation (April 2026)
35 slides from Lowell Resources Funds Management's investor presentation, Apr 30, 2026
Slide 1: Lowell Resources Fund Presentation April 2026
LOWELL RESOURCES For personal use only FUNDS MANAGEMENT LOWELL RESOURCES FUND PRESENTATION APRIL 2026 700 600 500 400 300 200 100 - ABN 36 006 769 982 AFSL 345674
Slide 2: Disclaimer
Disclaimer For personal use only Important Notice • This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of units or shares in any ju
Slide 3: Lowell Resources Fund
Lowell Resources Fund For personal use only 1. LRT 3 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 4: Fund Summary
Fund Summary Characteristics of the Lowell Resources Fund For personal use only Nature of Fund • Long only, ungeared fund Investee • Small mining & energy companies, predominantly in the exploration phase Companies offering major growth potential Investment • Predominantly listed equities globally T
Slide 5: Lowell Resources Fund Performance
Lowell Resources Fund Performance S&P/ASX Small For personal use only Total Portfolio LRT Change in NAV ASX Resources Resources ASX 200 Index Performance to 31 March per unit incl 300 Index Accumulation Index (Total Return) 2026 distributions (Total Return) (XSRAI) 12 months 65.4% 52.9% 47.6% 11.7%
Slide 6: The Lowell Resources Fund - Summary
The Lowell Resources Fund - Summary Focused on generating strong absolute returns LRT 10 Year Total Return For personal use only 850 in the junior resources sector incl distributions Rebased to 100 Managed by LRFM since 2004, Listed on ASX in 2018 (LRT:ASX) 750 Exposure to the junior resource se
Slide 7: Our Strategy: Investing in Exploration Stage
Our Strategy: Investing in Exploration Stage The Lassonde Curve: optimal stages For personal use only Drill out / Resource Feasibility & Production Expansion Reserves 1O TARGET INVESTMENT Share Price STAGE Commissioning Financing Discovery Construction Exploration 2o TARGET STAGE Time Leverage: mi
Slide 8: LRF Existing Portfolio Snapshot as at March 2026
LRF Existing Portfolio Snapshot as at 31 March 2026 Manganese For personal use only REE 3% 4% Uranium Battery 2% 1% Base Metals 5% Nickel Silver 1% 4% O&G 4% Gold & PGM 50% Cash 7% Copper 18% 8 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 9: LRF Existing Portfolio Snapshot as at March 2026
LRF Existing Portfolio Snapshot as at 31 March 2026 40% For personal use only 30% 20% 10% 0% 9 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 10: LRF Existing Portfolio Snapshot as at March 2026
LRF Existing Portfolio Snapshot as at 31 March 2026 Portfolio by Geography of Main Project For personal use only Asia/Pacific, 5% Cash, 7% Africa, 9% North America, 20% Latin America, 20% Europe, 1% Australia, 39% 10 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 11: LRF Existing Portfolio Snapshot as at March 2026
LRF Existing Portfolio Snapshot as at 31 March 2026 Investment Listing For personal use only London Unlisted 1% 6% Cash 7% North America 26% ASX 60% 11 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 12: Main Holdings and New Investments
Main Holdings and New Investments For personal use only 2. LRT Portfolio 12 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 13: LRT Top Positions March 2026
LRT Top 10 Positions 31 March 2026 Estimated Market Code Company Commodity Comment P/NAV* Cap/Capex For personal use only 1.7Moz in WA Goldfields: M&A potential or AAR Astral Resources Gold 0.1 1.3 standalone development Huge high-grade resource on South Africa’s SPD Southern Palladium PGM 0.2 0.5 B
Slide 14: We Invest in Explorers because Explorers Make the Discoveries
We Invest in Explorers because … Explorers Make the Discoveries Australian Mineral Discoveries by Company Size For personal use only Source: Minex Consulting 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Unkown Other Small Major Moderate Junior Producer Company Producer Explorer 2000-2009 201
Slide 15: LRT Investment Acquisitions March 2026
LRT Investment Acquisitions March 2026 LRT Portfolio Additions March 2026 For personal use only Code Company Commodity Market Cap Comment BEEP.TSXV Geiger Energy Uranium A$15m Athabasca and Thelon Basins uranium explorer Caprice CRS.ASX Gold A$71m High-grade gold prospect at Cue WA. Co led by ex Mus
Slide 16: Market
Market For personal use only 3. Resources Market 16 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 17: Australian Gold Miners' Cash Holdings
Australian Gold Miners’ Cash Holdings For personal use only 17 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 18: ASX Resource Raisings
ASX Resource Raisings Australia’s For personal use only mineral and petroleum exploration companies held a record A$12 billion in cash reserves at 31 Dec 2025 18 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 19: The Chart that Matters
The Chart that Matters 6.00% For personal use only 12000 5.00% 10000 XSRAI ASX Small 4.00% Resources Accumulation Index 8000 S&P TSXV Metals and Mining 3.00% 6000 2.00% FEDFUNDS 4000 1.00% 2000 0.00% Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Source Federal Reserve Bank of St Louis, S&P
Slide 20: "Nightmare Scenario" for Central Banks
“Nightmare Scenario” for Central Banks For personal use only 20 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 21: Gold and Interest Rates
Gold and Interest Rates For personal use only Divergence of gold from inverse 10-year TIPS – for how long is the “re- correlation” going to continue? 21 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 22: Shares Outstanding – Misers vs Spendthrifts
Shares Outstanding – Misers vs Spendthrifts ASX intermediate gold producers (20 Co’s) Canadian listed Intermediate Au Producers For personal use only 40,000 40,000 (20 Co’s) 35,000 ASX Co Average: 35,000 1,857m shares out 30,000 30,000 25,000 25,000 Number of Shares Number of Shares 20,000 20,000 15
Slide 23: Intermediate Gold Producer Valuations
April 2026 Intermediate Gold Producer Valuations TSX EV / Resource oz M&I&I ASX EV / Resource oz M&I&I 2500 2500 (US$ per oz) For personal use only (US$ per oz) 2000 2000 1500 1500 TSX Average US$768/oz 1000 1000 500 April 2025 US$395/oz 1.9x 500 ASX Average US$320/oz 1.3x 0 0 RSG WAF VAU GMD WGC RM
Slide 24: Gold and Previous Crises
Gold and Previous Crises For personal use only Gold fell 7% during the first month of COVID crisis Gold fell 20% during the first 5 months of the GFC 24 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 25: Gold and USD in the Iran War 2026
Gold and USD in the Iran War 2026 2026 Iran War For personal use only 5% 0% Gold sold as a source of 02,March 2026 16,March 2026 30,March 2026 13,April 2026 27,April 20 liquidity by ETF’s and Central Banks (Turkey, Russia, -5% Azerbaijan) -10% Source FT.com -15% -20% GOLD DXY 25 ABN 36 006 769 982 A
Slide 26: Central Banks Gold Sales and Purchases 2026
Central Banks Gold Sales and Purchases 2026 For personal use only China added to its gold reserves for the 17th straight month in March 2026. Source Visual Capitalist 26 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 27: Silver Supply-Demand Deficit
Silver Supply-Demand Deficit For personal use only Source: The Silver Institute 27 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 28: Mine Costs – Impact of Rising Fuel Prices
Mine Costs – Impact of Rising Fuel Prices For personal use only 28 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 29: Uranium
Uranium • Taiwan’s ruling party, which has For personal use only governed under a “nuclear-free homeland” platform since 2016, plans to restart two of the island’s shuttered reactors. • Power-hungry data centres are driving multiple tech giants in the US to sign contracts for small modular reactors.
Slide 30: Lithium
Lithium For personal use only 30 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 31: Lithium & LRT
Lithium & LRT For personal use only Azure Minerals LRT Investment $5.00 $4.00 LRT LRT Sales Investments $3.00 $2.00 $1.00 $- Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 $(1.00) LRT Trade (A$ mil) AZS Price 31 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 32: Lithium Market
Market For personal use only LITHIUM $5B 32 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 33: Lithium
Lithium For personal use only “If every petrol / diesel consumer in the world wasn’t already considering an EV option. Now they are.” UK EV sales reached their highest ever level in March 33 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 34: Lithium
Lithium For personal use only Chinese lithium inventories at a 2 year low. 34 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 35: Contact
Contact For personal use only Investment Responsible Entity Manager LOWELL RESOURCES CREMORNE CAPITAL LIMITED FUNDS MANAGEMENT ACN 006 769 982 ACN 006 844 588 AFSL 345674 AFSL 241175 Address Level 6, 412 Collins Street, Address Melbourne VIC 3000 8 Chapel Street, Tel: (03) 9642 0655 Cremorne VIC 312
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