Lotus Resources Limited · ASX:LOT
Lotus Resources — Investor Presentation (February 2026)
50 slides from Lotus Resources's investor presentation, Feb 5, 2026
Slide 1: Building a Global Uranium Growth Story
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES BUILDING A GLOBAL URANIUM GROWTH STORY Equity Raising Presentation 5 February 2026
Slide 2: 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) in connection with a proposed NOT A DISCLOSURE DOCUMENT equity raising by the Company comprising a non-underwritten institutional placement of new fully
Slide 3: 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 Project forecast production and co
Slide 4: Important notices and disclaimers
4 Important notices and disclaimers FINANCIAL DATA AND NON-IFRS FINANCIAL INFORMATION The Syndicate Members and their respective affiliates are full service financial institutions engaged in various activities, which may include trading, All dollar values are in Australian dollars (A$ or AUD) unless
Slide 5: Equity raising to deliver enhanced financial flexibility
Equity raising to deliver enhanced financial flexibility In response to strong uranium market fundamentals, Lotus is raising equity to enhance financial flexibility during ramp up LOTUS IS TARGETING STEADY STATE OFFTAKE STRATEGY SECURES EQUITY RAISING TO ENHANCE PRODUCTION AND FIRST SHIPMENT MARGIN
Slide 6: Delivering Kayelekera steady state production
Delivering Kayelekera steady state production Lotus is targeting monthly steady state production of ~200klb in Q2 CY2026 (equivalent to ~2.4Mlbpa); first export of uranium concentrate in Q2 CY2026; and first cash receipts in Q3 CY2026 KEY MILESTONES ACHIEVED TO DATE • Lotus delivered first drummed U
Slide 7: Kayelekera January processing and product qualification update
Kayelekera January processing and product qualification update JANUARY PROCESSING UPDATE PRODUCT QUALIFICATION UPDATE ● Following the improvement in acid availability and the restart of ● As part of the product qualification process and acceptance of uranium ore processing on 18 January 2026, the pr
Slide 8: Kayelekera key capital project update
Kayelekera key capital project update Lotus remains on track to secure a long-term optimised cost structure at Kayelekera through balance sheet investments to maximise margin during steady state production MINING COMMENCED WITH EXPANSION OF EXISTING TSF ACID PLANT REBUILD ON GRID CONNECTION SCHEDULE
Slide 9: Global commitment to nuclear is accelerating
Global commitment to nuclear is accelerating Major economies are scaling nuclear capacity to drive decarbonisation and secure long-term energy resilience, with 34 countries pledging to triple nuclear capacity by 20501 GLOBAL NUCLEAR BUILD-OUT (# OF REACTORS)2 CHINA’S NUCLEAR SURGE EXPECTED TO DRIVE
Slide 10: Diminishing inventories increasing demand for near term supply
Diminishing inventories increasing demand for near term supply As a new producer, Lotus is well positioned to benefit from tightening supply-demand dynamics, with utilities increasing contracting activity amid persistent supply side constraints NUCLEAR UTILITES MARKET FUTURE CONTRACTED COVERAGE RATE
Slide 11: Lotus Snapshot
Lotus Snapshot From developer to producer – Two strategic projects delivering cashflow, scale and mine life Capital Structure6 KAYELEKERA, MALAWI1 • 85%-owned restart uranium project now ramping up to steady state Shares on issue 236M • First production milestone achieved Q3 CY20252 Options & Perfor
Slide 12: Experienced, right-sized Board and Management Team
Experienced, right-sized Board and Management Team Project development, operations, strategy and growth, ESG… BOARD Michael Bowen Greg Bittar Leanne Heywood Simon Hay Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director ● Partner of the national law firm Thomson ● C
Slide 13: Highly experienced team positioned to deliver steady state production
Highly experienced team positioned to deliver steady state production ● Mining engineer, former CEO of Murray & Roberts global mining, engineering and construction business Michael da Costa ● Project delivery experience in Africa includes Mining Manager at Anglo Platinum’s Modikwa mine, General Mana
Slide 14: Kayelekera Overview
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Slide 15: Kayelekera ROM and processing plant
Kayelekera ROM and processing plant Plant and equipment represents more than US$200M in capital sunk by previous owner; significantly higher replacement cost 1. ROM Feed 2. Jaw Crusher 3. SAG Mill 4. Process Water Tank 5. Pre-Leach Thickener 6. Leach 2 7. Resin-In-Pulp Feed 1 8. Elution Plant 18 9.
Slide 16: Kayelekera focused on ramp-up, sample testing and product logistics
Kayelekera focused on ramp-up, sample testing and product logistics Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 MILESTONES COMPLETED Early works ✓ Mine Development Agreement ✓ Community Development Agreement Construction Plant refurbishment ✓ Fully Funded Accelerated Restart Strategy ✓ Initi
Slide 17: Marketing and offtake
Marketing and offtake Strategic value in maximising uncontracted pounds in the current market environment CONTRACT BOOK STRUCTURE • Existing fixed price escalated contracts – Cover a material proportion of expected total C1 costs 18% A mix of base- • Future contracts - market linked pricing, referen
Slide 18: Letlhakane Overview
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Slide 19: Letlhakane is a large scale, long life uranium project
Letlhakane is a 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 (gran
Slide 20: Positioning for development in a higher uranium price environment
Positioning for development in a higher 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 21: Pathway to Letlhakane PFS – 2H 2026
Pathway to Letlhakane PFS – 2H 2026 MINERAL RESOURCE UPGRADE OCTOBER 2025 LETLHAKANE DRILL PLAN • Drilling to convert Inferred Resources into mainly Indicated Resources has commenced – see diagram • Approx 180 holes, 12,000 metres RC and 1,500m diamond, will be drilled – Investment of ~ US$1.8M – Fi
Slide 22: Equity Raising Overview
3 EQUITY RAISING OVERVIEW
Slide 23: Equity raising overview
Equity raising overview ~A$76 million equity raising in response to strong uranium market fundamentals to provide funding certainty and financial flexibility during ramp up Offer • Non-underwritten institutional placement to raise approximately A$76 million (Placement or Offer) structure and ‒ Appro
Slide 24: Sources and uses
Sources and uses The equity raise provides additional working capital to support building product inventory in a rising uranium price environment USE OF PROCEEDS1,2,3 USE OF PROCEEDS Net working capital, corporate costs and costs of the Offer • Working capital to provide additional financial flexibi
Slide 25: Timetable and pro-forma position
Timetable and pro-forma position Event Date (2026)1 Pro-forma capital structure Record Date for eligibility to participate in SPP 7:00pm Wednesday, 4 February Shares (m) % Shares on issue 236.3 86% Trading halt Thursday, 5 February New shares2 37.8 14% Announcement of Placement and Investor Presenta
Slide 26: Key Risks
4 KEY RISKS
Slide 27: 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 28: Key risks
Key risks 3. 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 2012 reporting standard but represe
Slide 29: Key risks
Key risks 6. Ramp-up of Operations at Kayelekera and Execution of Capital Projects There are customary risks relating to restarting and ramping-up operations which could inhibit or delay the ramp-up to nameplate production at Kayelekera, which may impact the funding requirements or profitability fro
Slide 30: Key risks
Key risks 7. Funding Risk and Arrangements (cont.) As referred to in Lotus’ Quarterly Activities Report for the quarter ending 31 December 2025, the Company is in the process of investigating a range of approaches to optimise its working capital cycle and is in discussions with various strategic fin
Slide 31: Key risks
Key risks 10. 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, heal
Slide 32: Key risks
Key risks 12. Community Acceptance and Reputation All industries, including the mining industry, are subject to community actions in the various jurisdictions in which they are present, including in Malawi and Botswana. In recent years, communities and non- governmental organisations (NGOs) have bec
Slide 33: Key risks
Key risks 14. Culture and Business Conduct An organisations culture can greatly influence individual and group behaviors. If Lotus’ conduct and ethics related controls, frameworks and practices were to fail significantly, be set inappropriately, or not meet legal, regulatory or community expectation
Slide 34: Key risks
Key risks 16. Cost Estimates While care has been taken in estimating the capital cost and future operating costs for the Group’s projects, the actual cost operating costs and capital costs may vary from current estimates. A significant portion of operating costs is linked to the oil price (directly
Slide 35: Key risks
Key risks 18. Logistics Lotus depends on the availability and affordability of reliable transportation facilities, infrastructure (in particular the quality of roads and bridges) and certain suppliers to deliver its product to market. A lack of these could impact on Lotus’ production and development
Slide 36: Key risks
Key risks 21. Supply Chain and Counterparty Risk Kayelekera operates within a complex supply chain. Lotus depends on suppliers of raw materials, services, equipment and infrastructure to ensure its mine and process plant can operate and on providers of logistics to ensure products are delivered. Fai
Slide 37: Key risks
Allens - TBU Key risks 24. Placement Risk Lotus has entered into a placement agreement with the Joint Lead Managers (Placement Agreement). If certain events occur, then the Joint Lead Managers may terminate the Placement Agreement. The events which may trigger termination of the Placement Agreement
Slide 38: 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 39: Key risks
Key risks GENERAL 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, compu
Slide 40: International Offer Restrictions
5 INTERNATIONAL OFFER RESTRICTIONS
Slide 41: 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 sold, in any country outside Austral
Slide 42: International offer restrictions
International offer restrictions Canada (British Columbia, Ontario and Quebec provinces) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Province
Slide 43: International offer restrictions
International offer restrictions Cayman Islands This document may be distributed, and the New Shares may be offered and sold, only from outside the Cayman Islands to institutional and professional investors in the Cayman Islands. No offer or invitation to subscribe for New Shares may be made to the
Slide 44: International offer restrictions
International offer restrictions Liechtenstein This document has not been, and will not be, registered with or approved by the Financial Market Authority of Liechtenstein. Accordingly, this document may not be made available, nor may the New Securities be offered for sale, in Liechtenstein except in
Slide 45: International offer restrictions
International offer restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in co
Slide 46: International offer restrictions
International offer restrictions United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approve
Slide 47: 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 or the securities laws of any state
Slide 48: Annexures
6 ANNEXURES
Slide 49: Consolidated uranium Mineral Resources & Ore Reserves
Annexure 1: Consolidated uranium Mineral Resources & Ore Reserves 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 information or data tha
Slide 50: Contact Us
Contact Us Greg Bittar For further information visit: www.lotusresources.com.au Managing Director www.lotusresources.com.au LOT:ASX | LTSRF:OTCQX
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