Lowell Resources Funds Management Ltd · ASX:LRT
Lowell Resources Funds Management — Lowell Resources Fund — Investor Presentation (July 2026)
29 slides from Lowell Resources Funds Management's investor presentation, Aug 3, 2026
Slide 1: Lowell Resources Fund Presentation July 2026
LOWELL RESOURCES For personal use only FUNDS MANAGEMENT LOWELL RESOURCES FUND PRESENTATION JULY 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 30 June per unit incl 300 Index Accumulation Index (Total Return) 2026 distributions (Total Return) (XSRAI) 12 months 45.2% 30.7% 50.0% 6.1% 2
Slide 6: The Lowell Resources Fund - Summary
The Lowell Resources Fund - Summary 750 Focused on generating strong absolute returns LRT 10 Year Total Return For personal use only Incl Distributions in the junior resources sector 650 Rebased to 100 Managed by LRFM since 2004, Listed on ASX in 2018 (LRT:ASX) Exposure to the junior resource se
Slide 7: LRT Year Performance
LRT 3 YEAR PERFORMANCE For personal use only 7
Slide 8: 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 9: LRF Existing Portfolio Snapshot as at June 2026
LRF Existing Portfolio Snapshot as at 30 June 2026 LRF COMMODITY EXPOSURE 30 JUNE 2026 Manganese For personal use only 4% Battery Uranium REE 2% 1% 10% Base Metals 5% Gold & PGM Nickel 42% 0% Silver 4% O&G 3% Cash 9% Copper 20% 9 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 10: LRF Existing Portfolio Snapshot: Portfolio Value by Project Stage
LRF Existing Portfolio Snapshot as at 30 June 2026 40% LRF Portfolio Value by Project Stage For personal use only 30 June 2026 30% 20% 10% 0% 10 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 11: LRF Existing Portfolio Snapshot: Portfolio by Geography
LRF Existing Portfolio Snapshot Portfolio by Geography of Main Project For personal use only 30 June 2026 Cash, 9% Asia/Pacific, 3% Africa, 5% North America, 19% Europe, 0% Latin America, 25% Australia, 37% 11 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 12: LRF Existing Portfolio Snapshot: Investment Listing
LRF Existing Portfolio Snapshot Investment Listing 30 June 2026 For personal use only Unlisted London 6% 2% Cash 9% North America 27% ASX 56% 12 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 13: Main Holdings and New Investments
Main Holdings and New Investments For personal use only 2. LRT Portfolio 13 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 14: LRT Top Positions June 2026
LRT Top 10 Positions 30 June 2026 Code Company Commodity % Portfolio Market Cap Comment For personal use only Brazilian Critical BCM REE 7.2% A$102m Potential simple metallurgy low cost REE project in Brazil Minerals Large ground position in Golden Triangle of BC – potential KFR.TSXV Kingfisher Meta
Slide 15: LRT Investment Acquisitions June 2026
LRT Investment Acquisitions June 2026 For personal use only LRT Portfolio Additions June 2026 Code Company Commodity Market Cap Comment Well funded Quebec focused developer with 590kt contained copper XXIX.TSXV XXIX Metal Corp Copper C$42m resources Great Bear Grass roots NWT Canada focused explorer
Slide 16: Resources Market
Market For personal use only 3. Resources Market 16 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 17: Copper Price US$
COPPER PRICE US$ For personal use only Codelco with 10% of global copper reserves implementing “value over volume” 17
Slide 18: Uranium Price US$
URANIUM PRICE US$ • Kazakhstan, India and For personal use only China proposing massive build out of nuclear energy fleets. 18
Slide 19: 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 20: Nickel Price US$
NICKEL PRICE US$ For personal use only Indonesia >50% of global nickel production proposing to implement major cuts in mining quotas. 20
Slide 21: Lithium
For personal use only Source: SMM Lithium 21
Slide 22: Gold
Gold For personal use only 22 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 23: Australian Gold Miners' Cash Holdings
Australian Gold Miners’ Cash Holdings For personal use only 23 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 24: The Chart that Matters
The Chart that Matters ASX Junior Resources Equities & TSX-V Metals & Mining vs 6.00% For personal use only US Fed Reserve Funds Rate 12000 5.00% 10000 4.00% 8000 3.00% 6000 2.00% 4000 1.00% 2000 0.00% Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Jul-26 XSRAI ASX Small Resources Accumulat
Slide 25: 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 26: Resource Companies Capital Raisings - ASX
Resource Companies Capital Raisings - ASX For personal use only Source TD Cowen, Argonaut Securities 26 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 27: Gold and USD in the Iran War 2026
Gold and USD in the Iran War 2026 For personal use only 2026 Iran War 5% 0% March 2026 April 2026 May 2026 June 2026 July 2026 -5% -10% Asian (Chinese) buying providing a floor at [US$4k/oz]? -15% -20% -25% Gold sold as a source of liquidity by ETF’s and Central -30% Banks (Turkey, Russia, GOLD DXY
Slide 28: Gold ETF Flows
Gold ETF Flows For personal use only 28 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 29: 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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