Slide 1: Building a Global Uranium Growth Story – Kayelekera Site Visit
For personal use only BUILDING A GLOBAL URANIUM GROWTH STORY Kayelekera Site Visit February 2026
Slide 2: Important notice
Important notice FORWARD LOOKING STATEMENT the law, the Company, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or oth
Slide 3: Team Introductions
Team Introductions ● 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 Manager at Anglo Platinum’s Chief Operating Officer Twi
Slide 4: Malawi – The Warm Heart of Africa
Malawi – “The Warm Heart of Africa” ● One of the smallest countries in Africa with a population ~21 million ● Democratic multi-party republic with the Hon. Peter Mutharika re-elected as For personal use only President in 2025 (having served as President from 2014 to 2020) ● Foreign policy is conside
Slide 5: A Stable Democracy that has mining as a strategic priority
A Stable Democracy that has mining as a strategic priority For personal use only MALAWI HAS A STABLE DEMOCRACY1 MALAWI’S STRATEGY HAS MINING AS A KEY PILLAR2 ENGAGEMENT WITH DEVELOPMENT AGENCIES • Malawi has enjoyed sustained peace and stable • In January 2021, the government launched • The economy
Slide 6: Lotus has a strong partnership with the Government of Malawi
Lotus has a strong partnership with the Government of Malawi For personal use only Delivering on our commitments Kayelekera provides foreign currency Benefits to Malawi ● Lotus has delivered on its commitment to restart ● USD capital inflows funded accelerated restart ● Workforce continues to grow p
Slide 7: 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 8: 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 For personal use only Early works Mine Development Agreement Community Development Agreement Construction Plant refurbishment Fully Funded Accelerated Re
Slide 9: 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 For personal use only KEY MILESTONES ACHIEVED TO DATE • Establish
Slide 10: Kayelekera drummed U3O8 in the period to end Dec 2025
Kayelekera has drummed 105 klb U3O8 in the period to end Dec 2025 MINING1 KAYELEKERA QUARTERLY AND YTD PRODUCTION 1 For personal use only ● Total material movement of 276.9 kt. − Mined ore was 11.8 kt at a mined grade of 612 p pm, in line with expectations for the current mining area Unit Dec 2025 Q
Slide 11: Kayelekera January processing and product qualification update
Kayelekera January processing and product qualification update JANUARY PROCESSING UPDATE PRODUCT QUALIFICATION UPDATE For personal use only ● Following the improvement in acid availability and the restart of ● As part of the product qualification process and acceptance of uranium ore processing on 1
Slide 12: Kayelekera key capital project summary
Kayelekera key capital project summary 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 For personal use only MINING COMMENCED WITH EXPANSION OF EXISTING TSF ACID PLANT REBUILD ON G
Slide 13: Acid Plant Rebuild
Acid Plant Rebuild Capacity circa 240t per day; commissioning 1st Qtr 2026 For personal use only Raft foundation layer – June Acid plant works - August Acid plant works – September Acid plant works - February LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 13
Slide 14: Connecting to Malawi's electricity grid – 4th Qtr 2026
Connecting to Malawi’s electricity grid – 4th Qtr 2026 SCOPE OF THE GRID CONNECTION PROJECT TRANSMISSION LINE CORRIDOR The Kayelekera process plant is estimated to have a power demand of ~7MW, operating continuously. This power is provided by on site diesel generators during the initial restart. For
Slide 15: Marketing and offtake
Marketing and offtake Strategic value in maximising uncontracted pounds in the CONTRACT BOOK STRUCTURE current market environment • Existing fixed price escalated contracts 18% For personal use only A mix of base- – Cover a material proportion of expected total C1 costs escalated & • Future contract
Slide 16: Logistics
Logistics Quickest route to market LOCATION OF GLOBAL CONVERSION AND ENRICHMENT FACILITIES1 PACKAGING • Transport in 200-litre drums, each holding about 350 - 400 kg U3O8, packed into normal six- For personal use only metre shipping containers • Each shipping container contains ~17t (~36klb of U3O8)
Slide 17: Kayelekera near-mine & regional exploration potential
Kayelekera near-mine & regional exploration potential NEAR MINE • Potential for additional uranium mineralisation within Karoo Sandstone beds at the Kayelekera mining lease (ML152) For personal use only • Surface anomalies identified by survey, yet to be drill tested − Drillhole LRC033 intersected 2
Slide 18: ESG
For personal use only ESG
Slide 19: Safety
Safety Lotus aims to provide a healthy and safe work environment for all employees, contractors and visitors For personal use only KEY SAFETY HIGHLIGHTS ROLLING 12 MONTHS TRIFR1 ● TRIFR1 reduced to 6.7 in 2025 from 10.3 in 2024 9.00 ● Rolling 12 month TRIFR is on a declining trend 8.00 ● 2 million L
Slide 20: Significant local employment
Significant local employment Lotus has expanded the workforce rapidly as the Restart progressed For personal use only 700 677 Mining Malawian local staff by function 600 SHER 500 Camp Services 418 400 Processing 300 Human Resources 200 Security 94 100 67 49 Engineering 0 Dec-24 Mar-25 Jun-25 Sep-25
Slide 21: Working Safely
Working Safely Safety Approach/Objectives and Implementation SAFETY OBJECTIVE IMPLEMENTATION – INVESTMENT IN PRE-WORK PLANNING AND MEETING TO MINIMISE SYSTEMS AND PROCESSES RISK OF HARM For personal use only • The mine’s objective is to provide a healthy • Risk management program rollout • Before an
Slide 22: ESG and sustainability
ESG and sustainability For personal use only We embed sustainability in everything we do — In 2025, we continued to improve our ESG performance and disclosure by: supporting our people, respecting communities, ● Completing our 5th Sustainability Report with reference to the GRI Standards, the UN SDG
Slide 23: ESIA – Environmental and Social Impact Assessment
ESIA – Environmental and Social Impact Assessment Re-approved in July 2025 following extensive studies and stakeholder engagement For personal use only CONTEXT • The Malawi Environmental Protection Authority (MEPA) had directed that the ESIA for the mine must be updated to reflect changes that may h
Slide 24: Making a real difference in Malawi
Lotus supports Malawi’s fight against Gender- Making a real difference in Malawi Based Violence (GBV) • Lotus partnered with Malawi’s Ministry of Gender, Community Development & Social Welfare to support a powerful campaign against GBV Provided ambulance to Maintained potable water • Campaigned call
Slide 25: Community Development Agreement
Community Development Agreement CDA signed in December 2024 For personal use only CONTEXT • CDA focuses on ensuring that rights, customs, and traditions of local communities are respected and that communities are actively engaged and benefit from the implementation of mining activities at Kayelekera
Slide 26: Geology, Mining & TSF
For personal use only TSF Geology, Mining &
Slide 27: Kayelekera geology
Kayelekera geology SURFACE GEOLOGY OF THE KAYELEKERA MINERALISATION URANIUM MINERALISATION1 • A sandstone-hosted uranium deposit associated with the Permian Karoo sediments hosted by the Kayelekera member of the North Rukuru sediments of the Karoo For personal use only • The mineralisation at Kayele
Slide 28: Simple Mining
Simple Mining FIRST BLAST KAYELEKERA MINING1 • Simple open pit mining method For personal use only • Well understood mineralisation • Design incorporates geotechnical constraints • 96% of uranium produced from the mine plan is from Ore Reserves with the remaining 4% coming from Inferred Resources co
Slide 29: Mining and TSF strategy
Mining and TSF strategy TSF OVERVIEW AND DRILLING OWNER OPERATOR MINING • Owner-operator mining offers enhanced control over mining production and ROM management For personal use only • the initial ramp-up of production utilised existing mined ore stockpiles until mining delivered first ore in Q4 20
Slide 30: Mining and TSF activities
Mining and TSF activities Lotus has commenced preparing the TSF for a 10-year mine life For personal use only ROM pad with stockpiles Explosives magazines TSF works LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 30
Slide 31: Mining – Owner / Operated
For personal use only 5 MINING – OWNER / OPERATED
Slide 32: Main lithological units and mineralisation
Main lithological units and mineralisation For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 32
Slide 33: Kayelekera Mine Site layout
Kayelekera Mine Site layout For personal use only Marginal Ore LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 33
Slide 34: Kayelekera Mine Stages
Kayelekera Mine Stages For personal use only Stage 5 Stage 4 Stage 3 Stage 2 Stage 1 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 34
Slide 35: Kayelekera Mine Stages
Kayelekera Mine Stages Stage 1 Stage 2 For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 35
Slide 36: Kayelekera Mine Stages
Kayelekera Mine Stages Stage 3 Stage 4 For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 36
Slide 37: Kayelekera Mine Stages & Final Pit
Kayelekera Mine Stages Stage 5 & Final Pit For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 37
Slide 38: ROM Pad Plan
ROM Pad Plan For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 38
Slide 39: Mining Equipment Rollout
Mining Equipment Rollout Drill rigs, ADTs, excavators, dozers, and dump trucks have been delivered to site For personal use only First ore delivered to ROM pad LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 39
Slide 40: Mining has commenced
Mining has commenced For personal use only Mining, January 2026 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 40
Slide 41: TSF
For personal use only TSF 6
Slide 42: TSF development – Phase 1B
TSF development – Phase 1B For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB LTSRF:OTCQX | 42
Slide 43: TSF aerial photos
TSF aerial photos For personal use only September 2025 January 2026 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 43
Slide 44: Processing
For personal use only Processing
Slide 45: Kayelekera ROM and processing plant
Kayelekera ROM and processing plant 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. Elution Plant 18 9. Precipitation Plant 3 5 17 10. Tailings Thickener 6 11. Lime Storage 11 14 4 7 12. Lime Make Up 13 1
Slide 46: High Level Process Flow
High Level Process Flow Ore Handling Grinding Leaching Uranium Recovery Product Finishing For personal use only Run-of-mine ore is crushed Ore is milled to liberate Uranium is dissolved in Dissolved uranium is Uranium is precipitated, and conditioned to provide uranium minerals and agitated tanks us
Slide 47: For personal use only
For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 47
Slide 48: Annexures
For personal use only ANNEXURES
Slide 49: Annexure 1: 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 information on Grade U3O8 U3O8 the Kayelekera and Livingstonia Mineral Resource Estimates. Lotus confirms that it is not aware of any new information or data tha
Slide 50: Annexure 2: Kayelekera history
Annexure 2: Kayelekera history 1982 The Central Electricity Generating Board of Great Britian discovered the Kayelekera sandstone uranium deposit 1992 The project was abandoned due largely to the poor uranium outlook, as well as privatization of CEBG and resultant pressure to return to its core busi
Slide 51: Annexure 3: Kayelekera Historical Operations
Annexure 3: Kayelekera Historical Operations1 For personal use only 1. Source: 2022 Restart DFS, production for the operation from 2012, following completion of the banker’s test, through to the onset of C&M LOTUSRESOURCES.COM.AU LOTUSRESOURCES.COM.AU| |LOT:ASX LOT:ASX| |LTSRF:OTCQX LTSRF:OTCQB| 51
Slide 52: Contact Us
For personal use only Contact Us Greg Bittar For further information visit: Managing Director www.lotusresources.com.au LOT:ASX | LTSRF:OTCQX