Lotus Resources Limited · ASX:LOT
Lotus Resources — Corporate Update (October 2025)
58 slides from Lotus Resources's corporate update, Oct 14, 2025
Slide 1: Building a Global Uranium Growth Story
For personal use only BUILDING A GLOBAL URANIUM GROWTH STORY Site Visit Presentation October 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: Agenda
Agenda Time Topic Presenter Session 1: For personal use only Monday pm Induction and Housekeeping Asareh Mansoori / Harold Knickelbein / Ocean Hakatwa Introductions and Overview of Visit Greg Bittar – MD and Asareh Mansoori – GM Kayelekera Lotus Overview Greg Bittar – MD Kayelekera Overview Mike da
Slide 4: Presenters and experts in the room
Presenters and experts in the room 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 For personal use only ● Mining engineer, former C
Slide 5: Lotus Overview
For personal use only 1 LOTUS OVERVIEW Greg Bittar, MD and CEO
Slide 6: 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 2,715M • First production milestone achieved Q3 C
Slide 7: Delivering Kayelekera restart on plan, driving growth
Delivering Kayelekera restart on plan, driving growth Kayelekera restart achieved on schedule and within budget Successfully commissioned, with first yellowcake drummed Q3 2025. Targeting ramp-up For personal use only to steady-state production level of 2.4Mlbs of U3O8 per annum in Q1 2026 Offtake s
Slide 8: 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$84
Slide 9: Strengthened balance sheet enables strategic flexibility
Strengthened balance sheet enables strategic flexibility Lotus has delivered first production on plan. A robust liquidity runway supports disciplined offtake strategy, inventory accumulation, and capital optimisation For personal use only NET WORKING CAPITAL LIQUIDITY (US$M) 23 30 9 20 18 Includes $
Slide 10: 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 11: 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 12: 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 in 2025 For personal use only ● Foreign policy is considered pro-western with judiciary based on English law ● Econom
Slide 13: 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 14: 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 15: Kayelekera Overview
For personal use only 2 KAYELEKERA OVERVIEW Mike da Costa, Chief Operating Officer
Slide 16: 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 17: 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 Fully Funded Restart For personal use only Funding Mine Development Agreement Community Development Agreement Contracting Initia
Slide 18: Acid Plant Rebuild
Acid Plant Rebuild Capacity circa 250t per day; commissioning 1st Qtr 2026 For personal use only Raft foundation layer – June Acid plant works - August Acid plant works – September LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 18
Slide 19: Connecting to Malawi's electricity grid
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 20: 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 21: ESG
For personal use only 3 ESG Mike da Costa, Chief Operating Officer
Slide 22: 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 23: 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 24: ESG and sustainability
ESG and sustainability For personal use only We embed sustainability in everything we do — In FY25, 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 25: 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 26: 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 27: 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 28: Geology, Mining & TSF
For personal use only 4 GEOLOGY, MINING & TSF Asareh Mansoori, GM Kayelekera
Slide 29: 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 30: Simple Mining
Simple Mining EQUIPMENT ON SITE KAYELEKERA MINING1 • Simple open pit mining method For personal use only • Well understood mineralisation • Design incorporates geotechnical constraints • Low strip ratio – 1.8:1 • 10-year Life of Mine (LOM), with production of 19.3Mlbs U3O8 at an average annual produ
Slide 31: 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 is utilising existing mined ore stockpiles until mining delivers first ore in Q4
Slide 32: 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 | 32
Slide 33: Mining – Owner / Operated
For personal use only 5 MINING – OWNER / OPERATED Asareh Mansoori, GM Kayelekera
Slide 34: Main lithological units and mineralisation
Main lithological units and mineralisation For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 34
Slide 35: Kayelekera Mine Site layout
Kayelekera Mine Site layout For personal use only Marginal Ore LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 35
Slide 36: 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 | 36
Slide 37: Kayelekera Mine Stages
Kayelekera Mine Stages Stage 1 Stage 2 For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 37
Slide 38: Kayelekera Mine Stages
Kayelekera Mine Stages Stage 3 Stage 4 For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 38
Slide 39: Kayelekera Mine Stages & Final Pit
Kayelekera Mine Stages Stage 5 & Final Pit For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 39
Slide 40: ROM Pad Plan
ROM Pad Plan For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 40
Slide 41: 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 | 41
Slide 42: TSF
For personal use only 6 TSF Asareh Mansoori, GM Kayelekera
Slide 43: TSF development – Phase 1B
TSF development – Phase 1B For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB LTSRF:OTCQX | 43
Slide 44: TSF aerial photos
TSF aerial photos For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 44
Slide 45: Processing and Acid Plant
For personal use only 7 PROCESSING AND ACID PLANT Asareh Mansoori, GM Kayelekera
Slide 46: 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 47: Illustrative Kayelekera plant flow sheet
Illustrative Kayelekera plant flow sheet For personal use only LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 47
Slide 48: Uranium Market
For personal use only 8 URANIUM MARKET Greg Bittar, MD and CEO
Slide 49: Uranium contracting and pricing
Uranium contracting and pricing TERM CONTRACTING EVOLUTION • More contracts are now market related, with floors and ceilings – 70% market related, with 30% fixed escalated vs 50/50 previously For personal use only • Recent contracts have Floors at US$60-70/lb, ceilings at US$120-140/lb – Demonstrate
Slide 50: Nuclear is essential to the clean energy transition
Nuclear is essential to the clean energy transition Uniquely meets criteria—delivering reliable, low-carbon power at scale—where sustainability meets security CLEAN, RELIABLE BASELOAD POWER ON A SMALL FOOTPRINT COMPETITIVE COST AND LONG LIFE For personal use only • Currently generates 9% of global e
Slide 51: Global momentum behind nuclear power
Global momentum behind nuclear power Global nuclear build-out is accelerating—scaling aggressively to meet energy demand and climate goals RENEWED FOCUS: NEW AGE OF NUCLEAR For personal use only # Nuclear Reactors: Operable (+ Under Construction or Planned) • China is expanding aggressively, with 76
Slide 52: Supportive market dynamics for uranium
Supportive market dynamics for uranium Forecast supply falls short of rising demand—underscoring long-term structural tailwinds for uranium markets MAJOR TRENDS UNDERPIN STRONG DEMAND GROWTH URANIUM DEMAND AND SUPPLY FORECASTS1 For personal use only Nuclear generation capacity growth driven by three
Slide 53: Annexures
For personal use only ANNEXURES
Slide 54: 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 55: Kayelekera Life of Mine metrics
Annexure 2: 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 56: Kayelekera history
Annexure 3: 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 57: Kayelekera Historical Operations
Annexure 4: 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| 57
Slide 58: Contact Us
For personal use only Contact Us Greg Bittar For further information visit: Managing Director www.lotusresources.com.au LOT:ASX | LTSRF:OTCQX