Lotus Resources Limited · ASX:LOT
Lotus Resources — Investor Presentation (September 2025)
46 slides from Lotus Resources's investor presentation, Sep 4, 2025
Slide 1: Building a Global Uranium Growth Story
For personal use only NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES BUILDING A GLOBAL URANIUM GROWTH STORY Equity Raising Presentation 4 September 2025
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 placement of new fully paid ordinary shares in the Co
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
Important notices and disclaimers FINANCIAL DATA Investors acknowledge and agree that determination of eligibility of investors for the purposes of the Placement is determined by reference to a number All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information co
Slide 5: Delivering restart on plan, driving growth
Delivering restart on plan, driving growth Strengthened balance sheet delivers operational flexibility ~A$65M equity raise provides liquidity runway to cashflow, supports disciplined offtake For personal use only strategy, inventory accumulation, and capital optimisation Kayelekera restart achieved
Slide 6: Strengthened balance sheet enables strategic flexibility
Strengthened balance sheet enables strategic flexibility Lotus has delivered first production on plan. An additional liquidity runway supports disciplined offtake strategy, inventory accumulation, and capital optimisation For personal use only KAYELEKERA NET WORKING CAPITAL LIQUIDITY (US$M) 23 30 9
Slide 7: Capital strategy aligned with strengthening uranium fundamentals
Capital strategy aligned with strengthening uranium fundamentals STRATEGY TO OPTIMISE COST STRUCTURE EQUITY RAISE SUPPORTS INVENTORY CAPITAL STRUCTURE AND RISK AND UNLOCK GROWTH BUILD AND PRICING UPSIDE MANAGEMENT For personal use only • Owner-operator mining reduces third-party • Strategic accumula
Slide 8: Lotus Snapshot
Lotus Snapshot From developer to producer – Two strategic projects delivering cashflow, scale and mine life KAYELEKERA, MALAWI1 Capital Structure (pre-equity raise) For personal use only • 85%-owned restart uranium project now ramping up to steady state Shares on issue (ASX: LOT) 2,372M • First prod
Slide 9: Experienced, right-sized Board
Experienced, right-sized Board Project development, operations, strategy and growth, ESG… For personal use only 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 ● Capit
Slide 10: Highly experienced team delivering production and growth
Highly experienced team delivering production and growth Greg Bittar • +25 years of experience across investment banking, metals and mining and energy companies Managing Director • Experience in funding, exploration, M&A, project evaluation and project development studies • Mining engineer, former C
Slide 11: Kayelekera Overview
For personal use only 1 KAYELEKERA OVERVIEW
Slide 12: 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 For personal use only 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
Slide 13: 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 Development & MDA FEED MILESTONES COMPLETED For personal use only Funding Fully Funded Restart Mine Development Agreement Community Development Agreement Contracting Initia
Slide 14: Offtake strategy
Offtake strategy Focus now on market linked contracts delivering upside • Existing fixed price escalated contracts FIXED PRICE CONTRACTS PROVIDE SIGNIFICANT C1 COVERAGE – Attractive margin over expected AISC Contracted offtake (klbs U3O8) For personal use only – Cover material proportion of expected
Slide 15: Letlhakane Overview
For personal use only 2 LETLHAKANE OVERVIEW
Slide 16: Large scale, long life
Large scale, long life Letlhakane is a large-scale, long-life uranium project For personal use only 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 includ
Slide 17: Positioning for development
Positioning for development SCOPING STUDY OUTCOMES • Updated Scoping Study, based on December 2024 MRE1 For personal use only • Selected case supporting ~3Mlbpa of U3O8 production2 – 10-year life of mine (LoM) producing 3Mlbpa for total LoM production of 29Mlb2 – Production schedule included 45Mlb i
Slide 18: Pathway to Letlhakane PFS – 2H 2026
Pathway to Letlhakane PFS – 2H 2026 MINERAL RESOURCE UPGRADE Next geological steps likely to include: For personal use only • Upgrade mineral resource confidence – Drilling to convert Inferred Resources into mainly Indicated Resources • Illustration of the area where infill drilling is planned to ta
Slide 19: Equity Raising Overview
For personal use only 3 EQUITY RAISING OVERVIEW
Slide 20: Equity raising overview
Equity raising overview ~A$65M equity raise materially strengthens balance sheet, enhancing financial flexibility to accelerate strategic growth initiatives and reinforce operational resilience For personal use only Offer structure • Non-underwritten Institutional Placement to raise approximately A$
Slide 21: Timetable and pro-forma position
Timetable and pro-forma position Event Date (2025)1 Pro-forma capital structure Shares (m) % For personal use only Trading halt Wednesday, 3 September Shares on issue 2,371.9 87.4% Launch of Placement and Investor Presentation Wednesday, 3 September New shares 343.3 12.6% Pro-forma shares 2,715.2 10
Slide 22: Key Risks
For personal use only 4 KEY RISKS
Slide 23: 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 24: 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 25: Key risks
Key risks 6. Restarting Operations at Kayelekera There are customary risks relating to restarting operations which could delay the recommencement of operations or inhibit or delay the ramp-up to nameplate production, which may impact the funding requirements or profitability from operations. Such ri
Slide 26: Key risks
Key risks 8. Offtake Risk The future operations and revenues of Lotus are dependent on the counterparties to future offtake agreements performing their obligations. If counterparties do not take their obligated quantities of product or seek to renegotiate the price or quantity of product, Lotus reve
Slide 27: Key risks
Key risks 10. Regulatory (cont.) Obtaining necessary approvals, licences and permits can be a time-consuming process and there is a risk that Company will not obtain these approvals, licences and permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtainin
Slide 28: Key risks
Key risks 12. Community Acceptance and Reputation (cont.) Certain NGOs, some of which oppose globalisation and resource development, are also often vocal critics of the mining industry and its practices. Adverse publicity generated by such NGOs or others related to extractive industries generally, o
Slide 29: Key risks
Key risks 15. Environmental Liabilities Uranium exploration and mine development is an environmentally hazardous activity which may give rise to substantial costs for environmental rehabilitation, damage control and losses. The Company’s operations may use hazardous materials and produce hazardous w
Slide 30: Key risks
Key risks 17. Revenue and Cash Flow Risks (cont.) Uranium concentrates are not currently subject to import tariffs in the USA as a critical mineral. However, there is a risk that they may be. On 15 April 2025, USA President Donald Trump launched a probe into tariffs on critical minerals, which inclu
Slide 31: 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 32: Key risks
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 include (but
Slide 33: Key risks
Key risks GENERAL RISKS 1. Share Price Fluctuations For personal use only 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 r
Slide 34: Key risks
Key risks GENERAL RISKS 5. Cyber Security and IT For personal use only 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
Slide 35: International Offer Restrictions
For personal use only 5 INTERNATIONAL OFFER RESTRICTIONS
Slide 36: 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 37: 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 For pers
Slide 38: 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 For personal use only to subscribe for New Shar
Slide 39: 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 For personal use only Securities be offered for sale, in L
Slide 40: 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, For personal use only this document and any other docum
Slide 41: 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 For personal use only nor the New Sh
Slide 42: 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 For personal use only 1933 or the securit
Slide 43: Annexures
For personal use only 6 ANNEXURES
Slide 44: Annexure 1: Kayelekera Life of Mine metrics
Annexure 1: Kayelekera Life of Mine metrics PRODUCTION AND OPERATING COSTS1 OPERATIONAL METRICS1,2,3 For personal use only • No change to LOM production of 19.3Mlbs over 10 years2 Ramp Up Mining Stockpile • Steady-state C1 cash cost of US$34.5/lb compared to US$29.1/lb in the DFS2,3,4, the Phase Pha
Slide 45: Annexure 2: Consolidated uranium Mineral Resources & Ore Reserves
Annexure 2: 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 46: Contact Us
For personal use only Contact Us Greg Bittar For further information visit: Managing Director www.lotusresources.com.au LOT:ASX | LTSRF:OTCQX
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