LOT Investor presentation

Page 1

BUILDING A GLOBAL URANIUM GROWTH STORY February 2026 Kayelekera Site Visit For personal use only

Page 2

2LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | FORWARD LOOKING STATEMENT Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual resultsto be materially different from those expressed or implied by such forward-looking information, including risks associated with investments in publicly listed companies such as Lotus Resources (Lotus or Company); risks associated with general economic conditions; the risk that further funding may be required but unavailable for the ongoing development of the Company’s projects or future acquisitions; changes in government regulations, policies or legislation; unforeseen expenses; fluctuations in commodity prices; fluctuation in exchange rates; litigation risk; restrictions on the repatriation of funds by the Company’s subsidiaries; the inherent risks and dangers of mining exploration and operations in general; risk of continued negative operating cashflow; the possibility that required permits may not be obtained; environmental risks; uncertainty in the estimation of mineral resources and mineral reserves; general risks associated with the feasibility and development of the Company’s projects; foreign investment risks in Malawi and in Botswana; changes in laws or regulations; future actions by government; breach of any of the contracts through which the Company holds property or other rights; defects in or challenges to the Company’s property interests; uninsured and uninsurable hazards; disruptions to the Company’s supplies or service providers; reliance on key personnel and the retention of key employees. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management and of the Board of Directors of the Company made in light of their experience and their perception of trends, current conditions and expected developments, as well as other factors that they believe to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Assumptions have been made regarding, among other things: the uranium market information; the Company’s peers; the Company’s ability to carry on its future exploration, development and production activities; the timely receipt of required approvals; the price of uranium; the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause the Company’s results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward- looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. NO LIABILITY/SUMMARY INFORMATION Lotus has prepared this presentation material based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in the presentation. To the maximum extent permitted by law, the Company, its related bodies corporate (as that term is defined in the Corporations Act 2001 (Commonwealth of Australia)) and the officers, directors, employees, advisers and agentsof those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. NOT INVESTMENT ADVICE This presentation does not constitute investment advice and has been prepared without considering the recipients investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. 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 fullestextent of 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 other representations contained in this presentation. No responsibility for any errors or omissions from the presentation arising out of negligence or otherwise is accepted. KAYELEKERA ACCELERATED RESTART PLAN For information in this presentation related to the Accelerated Restart Plan, refer to ASX Announcement dated 8 October 2024.Except as relates to ramp-up progress as stated in its December 2025 Quarterly Activities Report released to ASX on 30 January 2026, the Company confirms that in relation to the Accelerated Restart Plan, it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions underpinning the forecast financial information included in that announcement continue to apply and have not materially changed. KAYELEKERA DEFINITIVE FEASIBILTY STUDY For information in this presentation relating to the Definitive Feasibility Study (DFS), refer to ASX announcement dated 11 August 2022. Except as stated in the Accelerated Restart Plan announced on 8 October 2024, the Company confirms that in relation to the DFS, it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions underpinning the forecast financial information included in that announcement continue to apply and have not materially changed. KAYELEKERA ORE RESERVE (JORC 2012) For information relating to the Ore Reserve Estimate in this presentation, refer to ASX announcements dated 11 August 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements; and that the information in the announcement relating to exploration results is based upon, and fairly represents the information and supporting documentation prepared by the named Competent Persons. LETLHAKANE SCOPING STUDY The information relating to Letlhakane Uranium Project forecast production and costs are based on the outcomes of a scoping study which was released to the ASX on 12 March 2025 “Updated Letlhakane Scoping Study highlights Lotus’ potential to be a 5.5Mlbpa uranium producer" (Scoping Study) by the Company. All material assumptions underpinning production targets or forecast financial information derived from production targets in the Scoping Study continue to apply and have not materially changed. The Scoping Study outcomes and production targets reflected in this presentation are preliminary in nature as conclusions are drawn partly from Inferred Mineral Resources (25%). The Scoping Study is based on lower level technical and economic assessments and is insufficient to support Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. There is a low level of geological confidence associated with inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised FUTURE MINERAL RESOURCES OR ORE RESERVES No representation is made that, in relation to the tenements referred to in this presentation, the Company has now or will atany time in the future develop further mineral resources or ore reserves within the meaning of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Important notice For personal use only

Page 3

3 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Michael da Costa Chief Operating Officer ● Mining engineer, former CEO of Murray & Roberts global mining, engineering and construction business ● Project delivery experience in Africa includes Mining Manager at Anglo Platinum’s Modikwa mine, General Manager at Anglo Platinum’s Twickenham mine and Vice President Operations at Lonmin’s Karee operations Gustav du Toit General Manager - Kayelekera ● Metallurgist with 30 years’ experience in strategic leadership, operational performance and stakeholder engagement across multiple mine sites in Africa ● Most recently GM of Barrick’s Central and East African operations Philip Schoeman Mining Manager ● A seasoned Civil Engineer with over 25 years of experience in major civil and mining projects, specialising in startup operations and contractor management ● Extensive mining expertise across Africa Sarel Malan Processing Manager / Alternate General Manager ● More than 25 years’ experience in the mining industry, including 15 years of specialised expertise in uranium processing, including pre and post commissioning and steady state operations Sarel Klopper Engineering / Maintenance Manager ● Highly skilled and experienced engineering manager specialising in project management, asset management, operational readiness and maintenance management John Mwelenupembe Geology Superintendent ● More than 15 years experience as Project Geologist, SHER Manager and Geology Superintendent at Kayelekera uranium mine David Harmse Commercial and Finance Manager ● More than 20 years experience leading commercial, financial and operational strategy across a number of sectors, with a focus on the mining and services industry Martin Stulpner GM Corporate Development and IR ● CFA Charterholder with +25 years experience in metals and mining, investment banking and consulting globally incl Australia and Africa ● Experience includes corporate and project development, equity research (sell side), strategic planning and JV management Team Introductions For personal use only

Page 4

4 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 4LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB | ● One of the smallest countries in Africa with a population ~21 million ● Democratic multi-party republic with the Hon. Peter Mutharika re-elected as President in 2025 (having served as President from 2014 to 2020) ● Foreign policy is considered pro-western with judiciary based on English law ● Economy heavily based on agriculture ● Pillars of growth are Agri, Tourism, Mining and Manufacturing ● Very low income per capita (ranked in the bottom 20% globally) ● Malawian national identity is strong with low crime levels ● Opportunities − Malawian economic growth plans with mining as a corner stone − Strong support from donors including IMF, WB and USA/EU/GB governments ● Challenges − Foreign exchange shortages − High Inflation − Lack of development / poverty ● Sovereign Metals Limited (ASX:SVM) holds one of the largest rutile projects globally (Kasiya), with Rio Tinto a 18.5% shareholder . ● Lindian Resources Limited (ASX:LIN) holds the Kangankunde Rare Earth Project, with Iluka Resources a strategic offtake partner . Malawi – “The Warm Heart of Africa” For personal use only

Page 5

5 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • Malawi has enjoyed sustained peace and stable governments since independence in 1964 − One-party rule ended in 1993 − Since then, multi-party presidential and parliamentary elections have been held every five years • Malawi’s seventh tripartite elections were conducted in September 2025 − Won by Peter Mutharika of the Democratic Progressive Party and United Democratic Front coalition which received 57% of the votes − The coalition under Mutharika had lost in 2020 against Lazarus Chakwera of the Malawi Congress Party and Saulos Chilima of the Tonse Alliance − Chakwera, a pastor before entering politics, conceded defeat ahead of the final result being declared, phoning Mutharika to congratulate him on his "historic win" • In January 2021, the government launched the Malawi 2063 Vision that aims to transform Malawi into a wealthy, self-reliant, industrialized upper-middle-income country • Mining has been focused on as a key wealth creator and one of the sectors that can industrialise Malawi • Several listed companies (ASX and AIM) are investing in Malawi mining projects, including − Kasyia Rutile-Graphite (Sovereign Metals) − Kangankunde REE (Lindian Resources) − Kanyika Niobium (Globe Metals) − Songwe Hill REE (Mkango) − Malingunde graphite (NGX) • The economy is heavily dependent on agriculture, which employs over 80% of the population, and it is vulnerable to external shocks, particularly climatic shocks • The European Union, African Development Bank, United Nations agencies, bilateral donors such as Norway, Ireland, FCDO, the US Government, Germany, Japan, China, Iceland, the Government of Flanders and the World Bank Group and the International Monetary Fund are among Malawi’s key development partners 1. Source: https://www.worldbank.org/en/country/malawi/overview#1 2. See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/358235223 The r ole of mining in adding value to Malawi 2063 Vision THE ROLE OF MINING IN ADDING VALUE TO MALAWI 2063 MALAWI HAS A STABLE DEMOCRACY1 MALAWI’S STRATEGY HAS MINING AS A KEY PILLAR2 ENGAGEMENT WITH DEVELOPMENT AGENCIES A Stable Democracy that has mining as a strategic priority For personal use only

Page 6

6 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 6LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Lotus has a strong partnership with the Government of Malawi 6LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Delivering on our commitments ● Lotus has delivered on its commitment to restart production at Kayelekera ● Lotus has partnered with the Government of Malawi − Mine Development Agreement − Presidential Delivery Unit − Ministries and Agencies / Departments ● Lotus has committed to a Community Development Agreement ● Local procurement ● Unskilled employment program Kayelekera provides foreign currency Benefits to Malawi ● Workforce continues to grow − Focus on safety − Training and skills development − Attracting and training female personnel ● Business and economic stimulus ● Foreign income ● Government revenue ● Community Development Agreement − Signed January 2025 − 0.45% of revenue to be allocated to community projects ● ESCOM grid connection − US$21m investment in ~50km power line − Local communities to benefit ● USD capital inflows funded accelerated restart ● First production in Q3 2025 achieved ● USD sales inflows from 2H CY2026 For personal use only

Page 7

7 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 7LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 11 17 1. ROM Feed 2. Jaw Crusher 3. SAG Mill 4. Process Water Tank 5. Pre-Leach Thickener 6. Leach 7. Resin-In-Pulp Feed 8. Elution Plant 9. Precipitation Plant 10. Tailings Thickener 11. Lime Storage 12. Lime Make Up 13. Sulphur Store Site 14. Sulphuric Acid Plant 15. Acid Storage 16. Lab and Control Room 17. Diesel Storage 18. Diesel Generators 19. Water Services North 20. Firewater Tank 21. Drying and Packaging Plant 22. Change House 18 5 4 3 6 7 10 12 19 201615 13 14 9 1 2 8 21 Kayelekera ROM and processing plant Plant and equipment represents more than US$200M in capital sunk by previous owner; significantly higher replacement cost 22 For personal use only

Page 8

8 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Kayelekera focused on ramp-up, sample testing and product logistics MILESTONES COMPLETED  Mine Development Agreement  Community Development Agreement  Fully Funded Accelerated Restart Strategy  Initial Offtake agreements in place – margin capture and significant overall C1 coverage  Licensing and permits - Radiation License, ESIA Certificate received  Plant refurbishment  Mining owner / operated to maximise value and operational synergies  Plant Commissioning  TSF lift and foundation work underway  Grid power connection contracts signed; orders placed; groundwork set to start  First production achieved Q3 2025  High-grade ore delivered to ROM pad  FINALISING • Acid plant commissioning on track for Q1 CY2026 • Product logistics with first shipment expected to occur in Q2 CY2026 (subject to final product certification with at least one converter) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Construction TSF Expansion Production Grid Connection Acid Plant  Plant refurbishment  Ramp up to ~2.4Mlb pa  Early works  ESCOM agreements, grid connection construction tender  Run-rate production  Commissioning  Initial lift and footprint expansion  Construction  Commissioning  Grid connection construction (completion Q4 CY2026) For personal use only

Page 9

9 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 9 1. See ASX announcement 30 January 2026 – “December 2025 Quarterly Activities Report”. 2. See ASX announcement 24 November 2025 – “First blast at Kayelekera”. 3. See ASX announcement 4 December 2025 – “Operations update as Kayelekera moves to Steady State”. 4. See ASX announcement 30 January 2026 – “December 2025 Quarterly Activities Report”. KEY MILESTONES ACHIEVED TO DATE • Established operating team with over ~700 full-time employees onsite at Kayelekera, with no fatalities, lost time injuries, reportable health and safety incidents or reportable work-related ill health cases in FY2025 and FY2026 YTD • Delivered first drummed U3O8 in Q3 CY2025 on time and within the Accelerated Restart budget of US$50m • Committed a capital budget of US$28.7M to optimise the project unit operating costs and economics ‒ brought sustaining capital on the tailings storage facility forward following detailed design in accordance with ANCOLD 2019 guidelines (US$17.9M for FY26)1 ‒ Owner operator mining successfully implemented with mining well underway following incremental ~US$8M capital investment2 • Stockpile ore grade through the processing plant continues to be in line with expectations Delivering Kayelekera steady state production LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | First mining blast at Kayelekera – November 2025 Yellowcake being drummed – August 2025 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 PROGRESSING REMAINING CRITICAL ITEMS • Lotus is targeting final product acceptance with two converters in February 2026 ‒ Preliminary confirmation that product is within required product specification parameters for key elements from one converter ‒ Completion of product certification and permitting process will allow first product to be dispatched from site, targeted during Q2 CY2026 • Acid Plant construction now expected to be complete by the end of Q1 CY2026 ‒ Acid plant reduces reliance on third party sulphuric acid supply, with acid supply disruptions impacting production from Nov-25 to Jan-263 • Execution of the power grid connection, with completion targeted by the end of CY2026 (total budget of US$20.5M)4 • Maiden delivery and payment for first shipment with ~5-6 month working capital cycle expected for CY2026 shipments For personal use only

Page 10

10 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 10 Kayelekera has drummed 105 klb U3O8 in the period to end Dec 2025 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | MINING1 ● 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 − Mining has focused on establishing mining fronts, hence the strip ratio in excess of the projected life-of-mine strip ratio of ~1.8. ● At the end of quarter, ore stockpiles were approximately 1.4 Mt at an average grade of 695 ppm, with 156 kt of high-grade material (at an average grade of 917 ppm) immediately available to the plant. PROCESSING ● Total ore processed to date was 188.5kt at a mill head grade of 1,117 ppm. − Recovery of uranium was 82.1% in the December quarter, a significant improvement on early commissioning activities in the prior quarter. − Further improvement is expected as ramp-up progresses and operations stabilise. ● As part of ramp-up, the plant built up a level of uranium in circuit during the first two months of operation, which is not accounted for in production. ● Processing in November and December was constrained by acid availability, impacting plant availability 2. − The Company has actively increased the number of suppliers and additional supplies are now being sourced out of South Africa, in addition to Zambia 3 KAYELEKERA QUARTERLY AND YTD PRODUCTION 1 Unit Dec 2025 Quarter YTD Mining Ore Mined kt 11.9 11.9 Waste Mined ‘000bcm 117 117 Waste Mined kt 265.0 265.0 Mined Grade ppm 612 612 Processing Ore Milled kt 85.5 188.5 Head Grade ppm 1,081 1,117 Recovery % 82.1 72.8 Uranium Produced 4 klb 70.1 105.0 1.See ASX announcement dated 30 January 2025 “December quarterly report” 2.See ASX announcement dated 4 December 2025 3.See ASX announcement dated 23 December 2025 4.The U3O8 product is currently going through a process to be qualified for delivery to a uranium converter, which is required to sell the product to customers. For personal use only

Page 11

11 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 11 Kayelekera January processing and product qualification update LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | JANUARY PROCESSING UPDATE ● Following the improvement in acid availability and the restart of processing on 18 January 2026, the processing plant operated consistently for nearly 22 hours per day and achieved its ramp up tonnes / hour throughput target over the planned nine-day operating period − Head grade of 1,116ppm U3O8 was above the December 2025 quarter average of 1,081ppm − Processing / milling rate exceeded 60% of steady state level − Recoveries increased to ~85%, approaching steady state recovery rate of 86-87% and an increase from the Dec quarter level of 82.1% ● Whilst Lotus completes construction and commissioning of its on-site acid plant, operations remain reliant on third-party sulphuric acid supply − Prices for imported sulphuric acid and sulphur remain highly volatile due to broader supply-demand pressures, with recent months seeing significant cost increase and a need to prepay most acid purchases to secure supply − Currently establishing term contracts with multiple suppliers and market linked pricing mechanisms to capture the expected normalisation of reagent prices in coming months PRODUCT QUALIFICATION UPDATE ● As part of the product qualification process and acceptance of uranium ore concentrates (U 3O8), Lotus has received preliminary confirmation from one western converter that its initial product sample is within its required product specification parameters for the key elements − Product qualification is a critical step to commence permitting for product to be dispatched from site ● Ability to swap between converters means an account with at least one converter would provide Lotus with delivery flexibility across all contracts and for future sales ● Agreements for the storage and acceptance of Kayelekera uranium concentrates are in place or in final form with all three western converters (subject to product qualification and acceptance) ● It is expected final product acceptance by at least one converter will be achieved during February 2026 For personal use only

Page 12

12 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 12 New MAC slide, for discussion New MAC slide, for discussion New MAC slide, for discussion 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 • Successful transition to owner-operator mining strategy • High-grade ore being delivered from Kayelekera’s mining pit to run-of-mine (ROM) pad • All mining equipment on site, in-pit grade control system established • The grid connection project is gaining momentum, with detailed design and procurement well advanced and construction teams mobilised during the December quarter • Underpins low C1 cash cost during the life of operations • Acid plant rebuild remains on schedule for commissioning and production during March 2026 • First sulphur delivered to site • Mitigates risk of disruptions due to reliance on external acid supply as experienced during ramp-up MINING COMMENCED WITH HIGH-GRADE ORE DELIVERED TO ROM PAD ACID PLANT REBUILD ON SCHEDULE FOR COMMISSIONING DURING MARCH 2026 GRID CONNECTION SCHEDULED FOR Q4 CY2026 PROVIDING A LOW-COST POWER SOURCE Acid plant – January 2026High-grade ore to ROM pad – December 2025 Transmission line corridor to site New MAC slide, for discussion • TSF embankment raises Phase 1A and 1B are underway concurrently, improving construction efficiency • Ensures sufficient capacity for deposition until June 2027 and widens the north embankment to its full life of mine footprint to support future phases EXPANSION OF EXISTING TSF UNDERWAY TO SUPPORT 10- YEAR OPERATIONAL LIFE TSF lift in progress For personal use only

Page 13

13 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 13LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Capacity circa 240t per day; commissioning 1st Qtr 2026 Acid Plant Rebuild Raft foundation layer – June Acid plant works - August Acid plant works – September Acid plant works - February For personal use only

Page 14

14 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • The use of grid power will minimise carbon emissions, as Malawi’s grid power is largely generated by hydroelectric power stations and / or solar farms. • Local communities will be able to work with ESCOM to connect to the powerline and provide electricity to their homes, a major benefit to local communities that currently do not have access to electricity. • The transport of diesel fuel to site holds inherent logistical risks, particularly in the wet season, which is mitigated by using grid power. 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. Grid connection project includes: • Extension of the existing Karonga Substation 66kV bus, installing a new 66kV line feeder bay and associated secondary systems • Construction of a new Kayelekera Substation, including incoming bay, 66KV bus, transformer feeder bay, transformer, board, capacitor bank and other systems • Construction of approximately 45km of 66kV transmission line TRANSMISSION LINE CORRIDOR KEY ENVIRONMENTAL AND SOCIAL BENEFITS SCOPE OF THE GRID CONNECTION PROJECT 1. Based on steady state production of 2.4M lbs per annum and other key assumptions including diesel price and grid utilisation levels 2. See ASX announcement 1 April 2025 • Capital expenditure and EPCM of ~US$21 million for grid connection and substation works • Depending on the relative cost of diesel and grid electricity, there is a US$12-$14m potential saving in annual electricity cost1. KEY FINANCIAL BENEFITS Connecting to Malawi’s electricity grid – 4th Qtr 2026 • Detailed design and procurement are well advanced and construction teams have been mobilized CURRENT STATUSFor personal use only

Page 15

15 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 1.0 1.0 0.9 0.9 1.5 1.5 1.5 2.4 2.4 2.4 2.4 2.4 - 1.0 2.0 3.0 2026 2027 2028 2029 2030 Production (Mlbs) Contracted Uncontracted 700 1,600 600 600 250 3,750 Curzon PSEG NA utility 1 NA utility 2 Forwards Total • Existing fixed price escalated contracts – Cover a material proportion of expected total C1 costs • Future contracts - market linked pricing, referenced to, but not sold into, spot market – Margins and substantial upside exposure CONTRACT BOOK STRUCTURE • Lotus has announced four binding offtake arrangements1,2 for 3.5Mlbs of uranium sales with fixed, base-escalated pricing • Lotus has also entered initial forward contracts for 0.25Mlbs across 2026/27 FIXED PRICE ESCALATED CONTRACTS IN PLACE UNTIL 2029 Marketing and offtake Strategic value in maximising uncontracted pounds in the current market environment Contracted offtake (klbs U3O8) 18% A mix of base- escalated & fixed price contracted 82% Uncontracted / market related 19.3Mlb PORTION OF NAMEPLATE CAPACITY CONTRACTED (CY2026-2030)4 5 1. Refer to the Key Risks Section for further information relating to offtake risk. 2. Refer to ASX announcements dated 3 September 2024, “Uranium Offtake Arrangements and Funding”; 29 January 2025, “Lotus Secures Additional Uranium Offtake with North American Utility”; 17 March 2025, “Binding Uranium Offtake Agreements”; 7 April 2025, “Lotus Signs Further Offtake With North American Utility”. 3. The life-of-mine production contains approximately 4% from Inferred Mineral Resources contained in existing stockpiles. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Refer to ASX Announcement dated 8 October 2024, “Low Capital Intensity and Accelerated Restart of Kayelekera” . 4. Nameplate capacity is only indicative and not production guidance. 5. ~90% of CY2026 contracted production to be delivered in 2H 2026. 3 For personal use only

Page 16

16 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • Transport in 200-litre drums, each holding about 350 - 400 kg U3O8, packed into normal six- metre shipping containers • Each shipping container contains ~17t (~36klb of U3O8) • A shipment has a minimum of 2 containers, with a standard shipment for Kayelekera being 3- 5 containers (~108-180klb of U3O8) • No radiation protection is required beyond having the steel drums clean and within the shipping container, and monitoring radiation. LOCATION OF GLOBAL CONVERSION AND ENRICHMENT FACILITIES1 • Lotus will ship its U3O8 to three converters, where customers (utilities and traders) take title • Malvesi in France (owned by Orano) • ConverDyn in Illinois, US (owned by Honeywell and General Atomics) • Port Hope in Ontario, Canada (owned by Cameco) • Lotus has contracts in place or in final signing, and final account opening is subject to sample qualification at each Converter THREE URANIUM CONVERTERS ~35% of total production Logistics Quickest route to market Kayelekera Dar-es-Salaam PACKAGING Blind River • The port of Dar-es-Salaam (Tanzania) is located ~950km by road from Kayelekera, and is the closest of any ports capable of shipping yellowcake • Other such ports include Beira in Mozambique and Walvis Bay in Namibia • Both are located further away and have additional challenges • From Dar, containers are shipped to the Converters which is expected to take 2-3 months SHORTEST ROUTE TO PORT 1. Source: WNA Kayelekera Dar-es-Salaam For personal use only

Page 17

17 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 17LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB | Notes: 1. ASX announcement 27 January 2022 2. Refer to Annexure 1 for consolidated Mineral Resource details. NEAR MINE • Potential for additional uranium mineralisation within Karoo Sandstone beds at the Kayelekera mining lease (ML152) • Surface anomalies identified by survey, yet to be drill tested − Drillhole LRC033 intersected 2m @ 817ppm U3O8 from 28m1 just 1km SW of Kayelekera − Several radiometric anomalies near the Kayelekera mine represent walk-up exploration targets • Lotus is planning follow-up work in these areas Kayelekera near-mine & regional exploration potential REGIONAL • Livingstonia hosts a resource of 4.8Mlb U3O8 2 − Potential to extend mineralisation plus delineating additional NW trending mineralised channels • Livingstonia Inferred MRE suggests the presence of two higher-grade areas of mineralisation potentially controlled by faulting within the deposit area, similar to that at Kayelekera • Mchina Prospect (~28km south of Kayelekera) is hosted in similar Karoo stratigraphy For personal use only

Page 18

ESGFor personal use only

Page 19

19 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 19 New MAC slide, for discussion Safety Lotus aims to provide a healthy and safe work environment for all employees, contractors and visitors 1. Per million person hours worked ● TRIFR1 reduced to 6.7 in 2025 from 10.3 in 2024 ● Rolling 12 month TRIFR is on a declining trend ● 2 million LTI free hours surpassed in January 2026 ● Health and safety management system is overseen by the health, safety, radiation and training (HSRT) team at Kayelekera ● Safety tools include Take 5 and Job Hazard Analysis ROLLING 12 MONTHS TRIFR1KEY SAFETY HIGHLIGHTS 7.79 7.80 8.41 6.91 6.89 5.25 5.36 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 TRIFR For personal use only

Page 20

20 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 20LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Lotus has expanded the workforce rapidly as the Restart progressed Malawian local staff by function Significant local employment 67 94 418 677 49 0 100 200 300 400 500 600 700 Dec-24 Mar-25 Jun-25 Sep-25 Expats Sep-25 Mining Fin, Admin and Commercial Security Engineering Human Resources SHER Camp Services Processing For personal use only

Page 21

21 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 21LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Safety Approach/Objectives and Implementation Working Safely PRE-WORK PLANNING AND MEETING TO MINIMISE RISK OF HARM • Before any work commences, teams will be required to plan the work and ensure they understand what must be done, why it has to be done, how they are going to do it and that they have the resources to do the work safely and efficiently. • All employees undergo pre-employment and periodical medical examinations. Daily drug and alcohol testing • All employees are issued with quality personal protective equipment, appropriate for the work they are doing • Safety meeting for each shift – discuss safety, risks and ideas to improve safety SAFETY OBJECTIVE • The mine’s objective is to provide a healthy and safe work environment for each employee on the mine • This will be achieved through managing risks and providing direction in the organization’s activities • The approach of “Safe Production” in the context of everything we do will be done Safely, will be the driving force in creating a sustainable safety culture IMPLEMENTATION – INVESTMENT IN SYSTEMS AND PROCESSES • Risk management program rollout • Align leadership team and all employees with international safety standards • Integrated management systems For personal use only

Page 22

22 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 22LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB | We embed sustainability in everything we do — supporting our people, respecting communities, protecting the environment, and building trust through transparency and accountability In 2025, we continued to improve our ESG performance and disclosure by: ● Completing our 5th Sustainability Report with reference to the GRI Standards, the UN SDGs and the TCFD framework – released November 2025. ● Continuing to participate in external benchmarking initiatives such as S&P Global Corporate Sustainability Assessment (CSA). ● Obtaining approval of the Kayelekera Mine environmental & social impact assessment (ESIA) (May 2025) and issue of the ESIA Certificate in July 2025. ● Ongoing community engagement coordinated through established local governance structures, including traditional leaders and local authorities. ● Prioritising local recruitment and engagement of contractors and employees from surrounding communities in range of skilled and unskilled roles. ESG and sustainability LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | For personal use only

Page 23

23 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Re-approved in July 2025 following extensive studies and stakeholder engagement ESIA – Environmental and Social Impact Assessment CONTEXT • The Malawi Environmental Protection Authority (MEPA) had directed that the ESIA for the mine must be updated to reflect changes that may have occurred since the original assessment and during the period of care and maintenance. • The update included a stakeholder engagement process and select specialist studies including hydrology, hydrogeology, air quality and radiation and noise monitoring. • Engaged with MEPA to gain approval for refurbishment works prior to completion of ESIA process • Engaged with all ESIA stakeholders and Government Depts, CSOs/public and local communities. • Completed environmental and social studies – groundwater, surface water, air quality, radiation, visual, aquatic ecology, social impact assessment • Engaged with MEPA to address all queries WORK COMPLETED For personal use only

Page 24

24 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX |LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 24 Making a real difference in Malawi HEALTH Maintained potable water solar-powered pump at Kayelekera Health Centre & Kayuni Primary School Provided ambulance to care & transport emergency patients to Kayelekera Health Centre or Karonga District Hospital Maintained water & power supply at Wiliro Health Clinic EDUCATION Printed ~50,000 pages for examinations for the Wiliro Education Zone Supported teachers at Kayuni and Juma Primary Schools Supported Kayuni Community Day Secondary School graduation ceremony EMPLOYMENT >2000% increase in total employees from FY24 FY25: 529 FY24: 19 91% of employees are local nationals 9% of employees are female FY24: 15% US$1M local wage spend ENVIRONMENT Donated 4,100 seedlings to surrounding communities Donated 300 seedlings to CCAP Primary School & Karonga Press Club for national tree planting season SOCIAL INVESTMENT US$70.3k on community initiatives FY24: US$14.3k US$5.8M on local procurement Supported forming women-led farming groups to supply local produce to Kayelekera Maintained critical village access roads Lotus supports Malawi’s fight against Gender- Based Violence (GBV) • Lotus partnered with Malawi’s Ministry of Gender, Community Development & Social Welfare to support a powerful campaign against GBV • Campaigned called for the prevention and elimination of violence against women & girls across Malawi. • Lotus amplified the message by donating 100 t-shirts, 100 golf shirts and 3 banners to strengthen visibility & engagement throughout the region Supporting local education at Kayelekera • Lotus joined Kayuni Primary School community to celebrate end-of-term closing ceremony. • Lotus donated food, refreshments & cash prizes for top- performing studies across Years 1 to 8. For personal use only

Page 25

25 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | Community Development Agreement CDA signed in December 2024 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 Mine • 0.45% of revenues to the CDA Steering Committee, who will determine how the funds will benefit the surrounding communities • The CDA was formulated through a process of meetings, focused group discussions, one-on-one interviews, and workshops. Participants included: • District Commissioner and all Heads of Government Departments in Karonga District • Paramount Chief Kyungu and all Traditional Authorities (TAs) for Karonga • Community Leaders around Kayelekera Mine (Village Headmen and Group Village Headmen) • Local CSOs and Community Development Committees (Area Development Committees and Village Development Committees) and local communities residing within a radius of 20km around Kayelekera Mine BROAD CONSULTATION For personal use only

Page 26

Geology, Mining & TSFFor personal use only

Page 27

27 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • A sandstone-hosted uranium deposit associated with the Permian Karoo sediments hosted by the Kayelekera member of the North Rukuru sediments of the Karoo • The mineralisation at Kayelekera is hosted in several arkose units where they are adjacent to the Eastern Boundary Fault zone, more or less tabular bodies, except adjacent to the NS strand of the Eastern Boundary fault at the eastern extremity of the pit. • Here, mineralisation also occurs in mudstones in the immediate vicinity of the fault. • The highest grades correspond to the intersection of the eastern and Champhanji faults. Mineralisation grade and tonnage declines with lateral distance from these faults. • The lowest level of known mineralisation is currently at a depth of ~160m below surface • Uranium in primary mineralisation is present as coffinite, minor uraninite and a U-Ti mineral, tentatively referred to as brannerite. • Modes of occurrence include disseminated in matrix clay, included in detrital mica grains and intimately intergrown with carbonaceous matter. • Individual grains are extremely fine, typically <10 µm. • Coffinite and uraninite also show an association with a TiO2 phase, possibly rutile after detrital ilmenite • Primary reduced (i.e. carbon and pyrite-bearing) arkose mineralisation accounts for 40% of the total mineralisation. • About 30% of the mineralisation is hosted in oxidised arkose (i.e. lacking carbon and pyrite). • Approximately 10% of mineralisation is termed “Mixed Arkose” and exhibits characteristics of both primary and secondary arkose ore types. • A further 20% of primary mineralisation is hosted by mudstone • Secondary mineralisation is concentrated in vertical fractures and along the contacts between mudstone and arkose and is restricted to the upper parts of the deposit SURFACE GEOLOGY OF THE KAYELEKERA MINERALISATIONURANIUM MINERALISATION1 Kayelekera geology 1. Source: ASX announcement 11 October 2022: Restart DFS For personal use only

Page 28

28 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • Simple open pit mining method • 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 contained in existing stockpiles • 5 stages of mining over 6 year of mining • 10-year LOM includes 4 years stockpile treatment • Max depth 160m, average pit slope angle 22 deg PREPARING FOR THE FIRST BLAST KAYELEKERA MINING1 Simple Mining 1. Source: ASX announcement 11 October 2022: Restart DFS; The life -of-mine production contains approximately 4% from Inferred Miner al Resources contained in existing stockpiles. There is a low level of geological confidence associated with Inferred Mineral Resources an d there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Refer to ASX announcement dated 8 October 2024. FIRST BLAST DELIVERING MINED ORE TO THE ROM PAD For personal use only

Page 29

29 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | • Detailed design work confirmed that the existing TSF can be expanded by approximately 12.8 million tonnes, supporting a 10-year operational life. • TSF embankment raises are planned across six phases over the life of mine period: • Phase 1A involves a top hat raise of the north embankment, profiling of the west embankment and lining the downstream perimeter of the TSF. • Phase 1B involves the widening of the north embankment to its full life of mine footprint to support the subsequent future lifts in Phases 2 to 6. • Although Phase 1B is only required to be completed by December 2026, the detailed planning and design work recently completed for Phase 1A and 1B identified opportunities for improved efficiency in construction if Phase 1A and 1B were to be delivered concurrently. • The design is in compliance with Australian National Committee on Large Dams – Guidelines on Tailings Dams (ANCOLD 2019) and aligns with the Global Industry Standard on Tailings Management (GISTM 2020). • Owner-operator mining offers enhanced control over mining production and ROM management • the initial ramp-up of production utilised existing mined ore stockpiles until mining delivered first ore in Q4 2025 • With an initial investment of ~US$8m in mining equipment and tools, financed through equipment finance facilities, owner-operator mining is expected to reduce mining costs which are approximately a third of C1 cash costs • Owner-operator strategy delivers synergies with ongoing Tailings Storage Facility (TSF) construction, road maintenance and other cost efficiencies TSF OVERVIEW AND DRILLING TAILINGS STORAGE FACILITY STRATEGY OWNER OPERATOR MINING Mining and TSF strategy For personal use only

Page 30

Page 31

5 MINING – OWNER / OPERATED For personal use only

Page 32

Page 33

Page 34

Page 35

Page 36

Page 37

Page 38

Page 39

Page 40

Page 41

6 TSFFor personal use only

Page 42

Page 43

Page 44

ProcessingFor personal use only

Page 45

45 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 45LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | 11 17 1. ROM Feed 2. Jaw Crusher 3. SAG Mill 4. Process Water Tank 5. Pre-Leach Thickener 6. Leach 7. Resin-In-Pulp Feed 8. Elution Plant 9. Precipitation Plant 10. Tailings Thickener 11. Lime Storage 12. Lime Make Up 13. Sulphur Store Site 14. Sulphuric Acid Plant 15. Acid Storage 16. Lab and Control Room 17. Diesel Storage 18. Diesel Generators 19. Water Services North 20. Firewater Tank 21. Drying and Packaging Plant 22. Change House 18 5 4 3 6 7 10 12 19 201615 13 14 9 1 2 8 21 Kayelekera ROM and processing plant 22 For personal use only

Page 46

46 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | High Level Process Flow Ore Handling Grinding Leaching Uranium Recovery Product Finishing Run-of-mine ore is crushed and conditioned to provide consistent plant feed to the mill. Ore is milled to liberate uranium minerals and achieve the target particle size for leaching. Uranium is dissolved in agitated tanks using Sulphuric acid and an oxidant under controlled conditions. Dissolved uranium is recovered from slurry via a resin-in-pulp process. Uranium is precipitated, thickened, filtered, dried, and packaged for dispatch. For personal use only

Page 47

47 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | For personal use only

Page 48

ANNEXURESFor personal use only

Page 49

49 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB Annexure 1: Consolidated uranium Mineral Resources & Ore Reserves Grade U3O8 U3O8 Project Category Mt (U3O8 ppm) (M kg) (M lbs) Kayelekera Measured 0.9 830 0.7 1.6 Kayelekera Measured – RoM Stockpile2 1.6 760 1.2 2.6 Kayelekera Indicated 29.3 510 15.1 33.2 Kayelekera Inferred 8.3 410 3.4 7.4 Kayelekera Total 40.1 510 20.4 44.8 Kayelekera Inferred – LG Stockpiles3 2.4 290 0.7 1.5 Kayelekera Total - Kayelekera 42.5 500 21.1 46.3 Letlhakane Indicated 71.6 360 25.9 56.8 Letlhakane Inferred 70.6 366 25.9 56.9 Letlhakane4 Total 142.2 363 51.8 113.7 Livingstonia Inferred 6.9 320 2.2 4.8 Total All Uranium Mineral Resources 191.6 392 75.1 164.8 Grade U3O8 U3O8 Project Category Mt (U3O8 ppm) (M kg) (M lbs) Kayelekera Open Pit - Proved 0.6 902 0.5 1.2 Kayelekera Open Pit - Probable 13.7 637 8.7 19.2 Kayelekera RoM Stockpile – Proved 1.6 760 1.2 2.6 Kayelekera Total - Kayelekera 15.9 660 10.4 23 MINERAL RESOURCES1,5 1. Refer to ASX announcements dated 15 February 2022 and 9 June 2022 for information on the Kayelekera and Livingstonia Mineral Resource Estimates. Lotus confirms that it is not aware of any new information or data that materially affects the information included in the announcements of 15 February 2022 and 9 June 2022 and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in those announcements continue to apply and have not materially changed. The competent person for those announcements was David Princep of Gill Lane Consulting. The Kayelekera Mineral Resource Estimates are reported inclusive of the Kayelekera Ore Reserve Estimates. Kayelekera’s Mineral Resources are based on a 100% ownership basis of which Lotus has an 85% interest. 2. Run of Mine (RoM) stockpile has been mined and is located near mill facility. 3. Low-grade stockpiles have been mined and placed on the medium-grade stockpile and are considered potentially feasible for blending or beneficiation, with initial studies to assess this optionality already completed. 4. Letlhakane Mineral Resources reported at 200ppm cut-off grade. 5. The Mineral Resource information relating to Letlhakane Uranium is based on the principle of “reasonable prospects for eventual economic extraction”; refer to details in the ASX announcement dated 6 December 2024. Lotus confirms it is not aware of any new information or data that materially affects the information in the Mineral Resource Estimate. All material assumptions and technical parameters underpinning the Mineral Resource Estimate in that announcement continue to apply and have not materially changed. The competent person for that announcement was Ian Glacken and Matthew Walker of Snowden Optiro. 6. Ore Reserves are reported based on a dry basis. Proved Ore Reserves are inclusive of RoM stockpiles and are based on a 200ppm cut-off grade for arkose and a 390ppm cut-off grade for mudstone. Ore Reserves are based on a 100% ownership basis of which Lotus has an 85% interest. Refer to ASX announcement dated 11 August 2022. Except for the information in the Accelerated Restart Plan announced 8 October 2024, Lotus confirms it is not aware of any new information or data that materially affects the information in the announcement of 11 August 2022 and that all material assumptions and technical parameters underpinning the Ore Reserve Estimate in that announcement continue to apply and have not materially changed. The competent person for that announcement was Ryan Locke of Orelogy Consulting. 7. Lotus confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the 11 August 2022 Ore Reserve announcement or the 15 February 2022, 9 June 2022 and 6 December 2024 Mineral Resource announcements. ORE RESERVES6 For personal use only

Page 50

50 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB 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 business 1998 Paladin Energy acquired a 90% interest in Kayelekera through a joint venture with Balmain Resources Pty Ltd 2005 Paladin acquired the remaining 10% interest in Kayelekera held by Balmain 2005 Paladin announced the go-ahead of a Bankable Feasibility Study as a result of improved economics shown by the pre-feasibility work 2007 Developing Agreement with the Malawi Government, BFS and EIA, the Mining License was granted for a period of 15 years 2008 Open-pit mining commenced in June 2008 to develop initial stockpiles 2009 Commissioning began in January 2009, with first production achieved in April 2009 2010 Kayelekera continued to ramp-up its production volumes and commercial production was declared from 1 July 2012 2012 Paladin began a programme of plant upgrades towards a 3.3Mlb pa capacity with production optimization a key focus 2013 The plant achieved record annual production totaling 2.963Mlb for FY2013 2014 Kayelekera placed into care and maintenance in February 2014 due to low uranium prices 2019 Lotus Resources (then Hylea Metals) agrees to acquire 65% of Kayelekera from Paladin Energy 2020 Lotus completes the acquisition of Kayelekera from Paladin 2022 Lotus completes restart DFS, indicating US$88m restart capex and 10-year life-of-mine at 2.4Mlbpa steady state production 2024 Lotus signs MDA, CDA and completes Accelerated Restart Plan, shortening time to restart to 10 months with US$50m initial restart capex 2025 Lotus refurbishes plant and achieves first production in August 2025 on time and on budget. Mining restarts. For personal use only

Page 51

51 LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQX | LOTUSRESOURCES.COM.AU | LOT:ASX | LTSRF:OTCQB Annexure 3: Kayelekera Historical Operations1 1. Source: 2022 Restart DFS, production for the operation from 2012, following completion of the banker’s test, through to the o nset of C&M For personal use only

Page 52

LOT:ASX | LTSRF:OTCQX Contact Us For further information visit: www.lotusresources.com.au Greg Bittar Managing Director For personal use only

Slides