Lowell Resources Funds Management Ltd · ASX:LRT
Lowell Resources Funds Management — Lowell Resources Fund — Investor Presentation (November 2025)
29 slides from Lowell Resources Funds Management's investor presentation, Nov 13, 2025
Slide 1: Lowell Resources Fund Presentation November 2025
LOWELL RESOURCES For personal use only FUNDS MANAGEMENT LOWELL RESOURCES FUND PRESENTATION NOVEMBER 2025 700 600 500 400 300 200 100 - ABN 36 006 769 982 AFSL 345674
Slide 2: Disclaimer
Disclaimer Important Notice • This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, For personal use only 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
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 For personal use only S&P/ASX Small ASX Resources Total Portfolio LRT Change in NAV ASX 200 Index Resources 300 Index Performance to 31 per unit incl Accumulation Index (Total Return) October 2025 distributions (Total Return) (XSRAI) 12 months 80.1% 41.4% 18.7% 12.5
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 700 incl distributions in the junior resources sector Rebased to 100 Managed by LRFM since 2004, Listed on ASX in 2018 (LRT:ASX) 600 Exposure to the junior resource se
Slide 7: Australia ASX LIVs: Share price performance
For personal use only Australia ASX LIVs: Share price performance Share Price Performance since 31 Dec 2024 (incl net dividends) Source: Bell Potter / IRESS 7
Slide 8: Australia ASX LIVs: Year Performance
Australia ASX LIVs: 5 Year Performance 5-Year Pre-Tax Performance vs For personal use only Standard Deviation Share Price Performance since 31 Dec 2024 (incl net dividends) Source: Bell Potter / IRESS 8
Slide 9: Our Strategy: Investing in Exploration Stage
Our Strategy: Investing in Exploration Stage Capitalising on value accretion: optimal stage For personal use only Drill out / Resource Feasibility & Production Expansion Reserves LRT TARGET INVESTMENT STAGE Share Price Commissioning Financing Discovery Construction Exploration Time Leverage: miles
Slide 10: LRF Existing Portfolio Snapshot as at October 2025
LRF Existing Portfolio Snapshot as at 31 October 2025 Manganese LRF COMMODITY EXPOSURE 31 OCTOBER 2025 For personal use only REE 3% Battery Uranium 5% 1% 2% Base Metals Nickel 4% Silver 2% 5% O&G 2% Gold & PGM 53% Cash 10% Copper 12% 10 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMEN
Slide 11: LRF Existing Portfolio Snapshot as at October 2025
LRF Existing Portfolio Snapshot as at 31 October 2025 LRF Portfolio Value by Project Stage For personal use only 40% 30% 20% 10% 0% 11 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 12: LRF Existing Portfolio Snapshot as at October 2025
LRF Existing Portfolio Snapshot as at 31 October 2025 Asia/Pacific, 4% For personal use only Cash, North America, 15% 10% Portfolio by Geography Africa, 9% Europe, 3% of Main Project Latin America, 21% Australia, 39% 12 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 13: LRF Existing Portfolio Snapshot as at October 2025
LRF Existing Portfolio Snapshot as at 31 October 2025 For personal use only Unlisted London 7% 1% Cash 10% Investments by Listing Jurisdiction North America 19% ASX 63% 13 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 14: Investment Committee
Investment Committee Members For personal use only Stephen Mitchell, Investment Committee Member Mr Mitchell began his career as a natural resources specialist at investment banks and advisory firms in the US and Australia. From 1999- 2011 he was Managing Director of Molopo Energy Ltd, an ASX-listed
Slide 15: Drilling Deeper Webinars
Drilling Deeper Webinars 1st Friday of each month AEST Next Webinar – Friday 5th December Catch up For personal use only Watch at www.lrfm.com.au Register at www.lrfm.com.au 15
Slide 16: Main Holdings and New Investments
Main Holdings and New Investments For personal use only 2. LRT Portfolio 16
Slide 17: Top Positions
Top 10 Positions LRT Portfolio at 31 October 2025 Portfolio Company Commodity Market Cap Comment For personal use only Code Weight 1.7Moz in WA Goldfields: M&A or standalone AAR Astral Resources Gold 4.5% $302m development Brazilian Critical BCM REE 3.7% $65m Potential low capex and opex ISR REE in
Slide 18: LRT Investment Acquisitions in October
LRT Investment Acquisitions in October LRT Portfolio Additions October 2025 For personal use only Code Company Commodity Market Cap Comment EQU Equus Energy Gas $41m 1.7Tcf Gas resource on Australia’s NW Shelf AVM Advance Metals Au-Ag $29m Victoria gold explorer plus expanding Mexican silver resourc
Slide 19: Market
Market For personal use only 3. Resources Market 19
Slide 20: Commodity Prices – month Change
Commodity Prices – 12 month Change Commodity Prices 12 Month Change to Nov 2025 For personal use only 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% 20
Slide 21: ASX Average Share Prices
ASX Average Share Prices ASX 12 Month Share Price Change to Nov 2025 For personal use only 440% 390% 340% 290% 240% 190% 140% 90% 40% -10% -60% 21
Slide 22: Appendix: Fund Structure and Process
Appendix For personal use only Fund Structure and Process 22
Slide 23: 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 2010
Slide 24: Lowell – a Unique Investment Opportunity
Lowell – a Unique Investment Opportunity For personal use only 01 Fund Focus • One of the few investment funds that offers exposure to the junior 01 02 resources sector across Australia and global stock exchanges in unlisted and listed companies 02 Successful track record for over 20 years • Superio
Slide 25: Fund Manager's Fee Structure
Fund Manager’s Fee Structure Fund Gross Management Fee Performance Fee For personal use only Asset Value 18% of the amount by which the accumulated investment return of the Fund exceeds the accumulated return of the benchmark < $50m 1.95% (being the S&P/ASX Small Resources Accumulation Index) (subje
Slide 26: Stock Selection
Stock Selection Top down focus Criteria For personal use only Management • Macroeconomics Geographic location • Equity markets 1 Geological setting Resource/ Reserve magnitude • Market sectors Grade, metallurgy • Commodities 2 Stage Infrastructure and market Indicative economics • Re
Slide 27: Our Investment Process
Our Investment Process For personal use only Organisation Due Deal Monitoring Investment Disposal: Existing Diligence: Structuring: and Additional Committee On-market / Network In-house Placement/I Reporting: Investment Approval Trade Sale expertise PO/ on- Up to weekly market LRFM prefers to keep
Slide 28: Application in Portfolio
Application in Equities allocation Portfolio For personal use only Core Manager Core Manager 2 3 Lowell Resources Fund Core Manager (LRT.ASX) 1 Small Caps • There is a compelling case for Lowell Resources Fund to be in an equities portfolio (Australian or Global), as one of the small cap manager all
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 Richmond VIC 312
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