LOTUS RESOURCES LIMITED — Capital/Financing Update 2020

Mar 12, 2020

13 March 2020

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ASX Announcement

ASX Company Announcements Australian Securities Exchange Ltd Level 4 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Sir/Madam

CLEANSING NOTICE UNDER SECTION 708A(5)(e) OF THE CORPORATIONS ACT 2001

Lotus Resources Ltd ( Company ) refers to the issue of shares under the placement to sophisticated investors at $0.02 per share announced today and notifies ASX under section 708A(5)(e) of the Corporations Act that Lotus has issued 225,000,000 new shares at $0.02 per share pursuant to the second placement of the capital raising.

Shareholder approval was received on 29 August 2019 for the capital raising of these shares and 1 free attaching option for every 2 shares, exercisable at 4c with an expiry date 13 March 2023 and as such 112,500,056 options were issued today.

Also issued today was 90,000,000 shares as initial consideration to Paladin Energy Limited for the acquisition of Kayelekera Uranium Project as announced today and approved by shareholders on 29 August 2019.

Refer to announcements dated 30 August 2019 and 13 March 2020.

Lotus confirms that:

• (a) the Company will offer the New Shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) the Company is providing this notice under section 708A(5)(e) of the Corporations Act;

• (c) as at the date of this notice the Company has complied with:

  • (i) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

  • (ii) section 674 of the Corporations Act as it applies to the Company;

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• (d) as at the date of this notice, there is no excluded information within the meaning of section 708A(7) and 708A(8) of the Act.

This ASX announcement was approved for release by the Board of Directors of Lotus Resources Limited.

Yours sincerely

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Amanda Burgess Company Secretary

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