Lotus Resources Limited · ASX:LOT
Lotus Resources — Macquarie Western Australia Forum 2025
26 slides from Lotus Resources's conference presentation, Nov 7, 2025
Slide 1: Building a Global Uranium Growth Story
For personal use only BUILDING A GLOBAL URANIUM GROWTH STORY Presentation to Macquarie Western Australia Forum November 2025
Slide 2: Important notice
Important notice FORWARD LOOKING STATEMENT Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fulles
Slide 3: Lotus Snapshot
Lotus Snapshot From developer to producer – Two strategic projects delivering cashflow, scale and mine life Capital Structure KAYELEKERA, MALAWI1 For personal use only • 85%-owned restart uranium project now ramping up to steady state Shares on issue 2,716M • First production milestone achieved Q3 C
Slide 4: Delivering Kayelekera restart on plan, driving growth
Delivering Kayelekera restart on plan, driving growth Kayelekera restart achieved on schedule and within budget For personal use only Successfully commissioned, with first yellowcake drummed Q3 2025. Targeting ramp-up to steady-state production level of 2.4Mlbs of U3O8 per annum in Q1 2026 Offtake s
Slide 5: 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 6: 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 7: Capital strategy aligned with strengthening uranium fundamentals
Capital strategy aligned with strengthening uranium fundamentals URANIUM TERM AND SPOT PRICING4 RECENT INDUSTRY THEMATICS 120 Spot Price Term Price Term price has increased steadily • Nuclear is key to decarbonisation: 31 countries backing initiative to triple global nuclear 100 since 2021 to ~US$86
Slide 8: Strengthened balance sheet enables strategic flexibility
Strengthened balance sheet enables strategic flexibility Lotus has delivered first production on plan. A robust liquidity runway supports disciplined offtake strategy, inventory accumulation, and capital optimisation For personal use only NET WORKING CAPITAL LIQUIDITY (US$M) 13 30 13 9 Lotus continu
Slide 9: Kayelekera Overview
For personal use only 1 KAYELEKERA OVERVIEW
Slide 10: Kayelekera ROM and processing plant
Kayelekera ROM and processing plant Plant and equipment represents more than US$200m in sunk capital; significantly higher replacement cost 1. ROM Feed For personal use only 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
Slide 11: 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 12: Restart Activities
Restart Activities Lotus achieved first uranium production on target in Q3 2025 For personal use only Ore going into the mill Bulk reagent storage Explosives magazines Acid delivery Yellowcake being drummed LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 12
Slide 13: Mining Equipment Rollout
Mining Equipment Rollout Drill rigs, ADTs, excavators, dozers, and dump trucks have been delivered to site For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 13
Slide 14: 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 - November LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 14
Slide 15: Uranium contracting and pricing
Uranium contracting and pricing TERM CONTRACTING EVOLUTION • More contracts are now market related, with floors and ceilings For personal use only – 70% market related, with 30% fixed escalated vs 50/50 previously • Recent contracts have Floors at US$60-70/lb, ceilings at US$120-140/lb – Demonstrate
Slide 16: 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 17: Letlhakane Overview
For personal use only 2 LETLHAKANE OVERVIEW
Slide 18: Letlhakane is a large scale, long life uranium project
Letlhakane is a large scale, long life uranium project GLOBALLY SIGNIFICANT URANIUM MINERAL RESOURCE For personal use only • 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 f
Slide 19: Positioning for development
Positioning for development SCOPING STUDY OUTCOMES • An updated Scoping Study is 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 29Mlb 2 – Production schedule included 4
Slide 20: Metallurgical testwork supports acid reduction
Metallurgical testwork supports acid reduction METALLURGICAL TEST WORK COMPLETED1 REVISED FLOW SHEET • Letlhakane’s processing flowsheet was based on a high acidity leach, resulting For personal use only in high acid consumption (average of ~40 kg H2SO4 / t of ore). – Developed in a low acid price e
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 For personal use only commenced – see diagram • Approx 180 holes, 12,000 metres RC and 1,500m diamond, will be drilled – Invest
Slide 22: Annexures
For personal use only ANNEXURES
Slide 23: 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 DFS 2,3,4, the Phase Ph
Slide 24: 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 information on Grade U3O8 U3O8 the Kayelekera and Livingstonia Mineral Resource Estimates. Lotus confirms that it is not For personal use only aware of any new i
Slide 25: Annexure 3: Illustrative Kayelekera plant flow sheet
Annexure 3: Illustrative Kayelekera plant flow sheet For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 25
Slide 26: Contact Us
For personal use only 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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