LOTUS RESOURCES LIMITED — Board/Management Information 2021

May 10, 2021

11 May 2021

ASX Announcement

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HIGHLY EXPERIENCED URANIUM MARKETING AND SALES EXECUTIVE APPOINTED

Lotus Resources Limited ( ASX:LOT; OTCQB:LTSRF) (Lotus or the Company ) is pleased to announce the appointment of Dr Robert Rich Ph.D as Uranium Marketing and Sales Executive for the Company.

Dr Rich is based in the United States and has over 30 years’ experience working as a Nuclear Fuel Consultant. During this time, he has advised a number of major US utilities in the procurement of nuclear fuels and worked with a wide range of producers in securing offtake agreements.

Dr Rich has conducted business in North America, Europe, Australia, East Asia and the Middle East and during his career has consulted and worked with:

• Paladin Energy Ltd: US and Canadian Sales and Marketing Representative

• Emirates Nuclear Energy Corp: Uranium Consultant

• American Uranium Corp: President— Reno Creek Project, WY

• Olympic Dam Marketing: US/Canadian Sales & Marketing Rep (WMC/BHP-Billiton)

• Sumitomo Corp, Tokyo: Nuclear Fuel Cycle Consultant

• Several other North American nuclear utilities

During his career, Dr Rich has overseen the sale of over 60Mlbs of uranium from producers and been responsible for the purchasing of over US$100M annually of U3O8, conversion and enrichment in contracts.

Dr Rich received his PhD and Masters in Geology from Harvard University before becoming a Post-Doctoral Research Fellow for the US Department of Energy (previously ERDA) also at Harvard University.

Keith Bowes, Managing Director, commented : “One of the key requirements in securing longterm offtake with major utilities is having established working relationships with these groups. Having worked extensively over 30 years with both uranium producers and utility companies, Robert is clearly one of the leaders in this sector globally.

With the uranium market beginning to project a more bullish sentiment, the timing for bringing on a Marketing and Sales Executive is ideal. The Lotus team looks forward to working closely with Robert as we continue to advance the Kayelekera Project towards recommencing production.”

This announcement has been authorised for release by the Company’s board of directors.

For further information, contact:

Keith Bowes Adam Kiley Managing Director Business Development T: +61 (08) 9200 3427 T: +61 (08) 9200 3427

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ABOUT LOTUS

On completion of the acquisition of Kayelekera’s interest in Lily, Lotus owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 37.5M lbs U3O8 (see Table 1), and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study[1] which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future.

Table 1. Kayelekera Mineral Resource Estimate – March 2020[2]

Category	Mt	Grade(U3O8 ppm)	U3O8(M kg)	U3O8(M lbs)
Measured	0.7	1,010	0.7	1.5
Measured – RoM Stockpile3	1.6	760	1.2	2.6
Indicated	18.7	660	12.3	27.1
Inferred	3.7	590	2.2	4.8
Total	24.6	660	16.3	36.0
Inferred – LG Stockpiles4	2.4	290	0.7	1.5
Total All Materials	27.1	630	17.0	37.5

For more information, visit www.lotusresources.com.au

1 See ASX announcement 20 October 2020. Lotus confirms that all material assumptions underpinning the production target and forecast financial information included in that announcement continue to apply and have not materially changed.

2 See ASX announcement dated 26 March 2020. Lotus confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 26 March 2020 and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in that announcement continue to apply and have not materially changed.

3 RoM stockpile has been mined and are located near mill facility.

4 Medium-grade stockpiles have been mined and placed on the medium-grade stockpile and are considered potentially feasible for blending or beneficiation, with studies planned to further assess this optionality.

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