Lowell Resources Funds Management Ltd · ASX:LRT
Lowell Resources Funds Management — Lowell Resources Fund — Investor Presentation (August 2026)
30 slides from Lowell Resources Funds Management's investor presentation, Aug 14, 2026
Slide 1: Lowell Resources Fund Presentation August 2026
LOWELL RESOURCES For personal use only FUNDS MANAGEMENT LOWELL RESOURCES FUND PRESENTATION AUGUST 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 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 July per unit incl Accumulation Index (Total Return) 2026 distributions (Total Return) (XSRAI) 12 months 35.6% 29.8% 44.9% 6.0% 2
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 in the junior resources sector 550 incl distributions Rebased to 100 ❖ Managed by LRFM since 2004, Listed on ASX in 2018 (LRT:ASX) ❖ Exposure to the junior resource sector
Slide 7: Lowell Resources Fund - Management & Investment Committee
Lowell Resources Fund - Management & Investment Committee Stephen Mitchell, Chair of Investment Committee and Chair of LRFM For personal use only 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 Mana
Slide 8: LRT Year Performance
LRT 3 YEAR PERFORMANCE For personal use only 8
Slide 9: 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 10: LRF Existing Portfolio Snapshot as at July 2026
LRF Existing Portfolio Snapshot as at 31 July 2026 LRF COMMODITY EXPOSURE 31 JULY 2026 Manganese For personal use only 3% REE Battery Uranium 8% 1% 2% Base Metals 5% Nickel 3% Silver Gold & PGM 4% 47% O&G 3% Cash 4% Copper 20% 10 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 11: LRF Portfolio Value by Project Stage
LRF Existing Portfolio Snapshot as at 31 July 2026 50% For personal use only LRF Portfolio Value by Project Stage 40% 30% 20% 10% 0% 11 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 12: Portfolio by Geography of Main Project
LRF Existing Portfolio Snapshot For personal use only Portfolio by Geography of Main Project 31 July 2026 Cash, 4% Asia/Pacific, 4% Africa, 7% North America, 19% Europe, 0% Latin America, 24% Australia, 42% 12 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 13: Investment Listing July 2026
LRF Existing Portfolio Snapshot For personal use only Investment Listing 31 July 2026 London 1% Cash Unlisted 4% 7% North America 26% ASX 62% 13 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 14: Main Holdings and New Investments
Main Holdings and New Investments For personal use only 2. LRT Portfolio 14 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 15: LRT Top Positions July 2026
LRT Top 10 Positions 31 July 2026 Code Company Commodity % Portfolio Market Cap Comment For personal use only Large ground position in Golden Triangle of BC – potential KFR.TSXV Kingfisher Metals Au-Cu 6.4% C$180m new porphyry discovery Brazilian Critical BCM REE 5.9% A$94m Potential simple metallur
Slide 16: LRT Investment Acquisitions July 2026
LRT Investment Acquisitions July 2026 For personal use only LRT Portfolio Investments July 2026 Code Company Commodity Market Cap Comment ORP Orpheus Uranium Uranium $44m South Australia, NT and WA grass roots uranium explorer ARI Arika Metals Gold $35m High grade gold explorer at Kookynie and Yunda
Slide 17: Resources Market
Market For personal use only 3. Resources Market 17 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 18: Copper Price US$
COPPER PRICE US$ For personal use only Codelco with 10% of global copper reserves implementing “value over volume” 18
Slide 19: Uranium Price US$
URANIUM PRICE US$ • Kazakhstan, India and For personal use only China proposing massive build out of nuclear energy fleets. 19
Slide 20: 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 21: Nickel
Nickel “Double Whammy” could see For personal use only Indo Ni production fall up to 19% (Norilsk Nickel) • Indonesian grades declining from >1.6% to 1.48% • Indonesia RKAB mining quotas “Policy is the biggest wildcard” • Full Indo Opex US$16-$17k/t (US$7.25-7.60/lb) • Sulphur price has skyrocketed
Slide 22: Lithium
For personal use only Source: SMM Lithium 22
Slide 23: Gold
Gold For personal use only 23 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 24: Australian Gold Miners' Cash Holdings
Australian Gold Miners’ Cash Holdings For personal use only 24 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 25: The Chart that Matters
The Chart that Matters ASX Junior Resources Equities & TSX-V Metals & Mining vs For personal use only 6.00% 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 26: 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 27: Resource Companies Capital Raisings - ASX
Resource Companies Capital Raisings - ASX For personal use only Source TD Cowen, Argonaut Securities 27 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 28: 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 29: Gold ETF Flows
Gold ETF Flows For personal use only 29 ABN 36 006 769 982 AFSL 345674 LOWELL RESOURCES FUNDS MANAGEMENT
Slide 30: Contacts
Contacts 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 31
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