LOTUS RESOURCES LIMITED — Capital/Financing Update 2021

Jan 21, 2021

22 January 2021

ASX Announcement

==> picture [452 x 62] intentionally omitted <==

LOTUS ADDED TO THE SOLACTIVE GLOBAL URANIUM & NUCLEAR COMPONENTS TOTAL RETURN INDEX

Lotus Resources Limited ( LOT, Lotus or the Company ) is pleased to announce its inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index ( Index ). The Index will be rebalanced prior to 1 February 2020.

The inclusion in the leading global index for the uranium sector also means the largest uranium exchange traded fund ( ETF ) in the sector, Global X Uranium ETF (NYSE:URA), which tracks the Solactive Index, will now also include Lotus in in its ETF moving forward.

For further information, contact:

Eduard Smirnov

Managing Director T: +1 647 741 88 41 (North America)

Adam Kiley Business Development T: +61 (08) 9278 2441 (Australia)

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

ABOUT LOTUS RESOURCES LIMITED

Lotus owns a 65% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 37.5M lbs U3O8 (see Table 3), and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study 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.[1]

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– RoMStockpile3	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

1 In relation to the Restart Study announced on 21 October 2020, the Company 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 The information in this announcement that relates to the Mineral Resource at Kayelekera was announced on 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 of continue to apply and have not materially changed.

3 RoM stockpile has been mined and is located near the 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.

==> picture [452 x 70] intentionally omitted <==