LOTUS RESOURCES LIMITED — Investor Presentation 2021

Sep 20, 2021

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Kayelekera Proven Uranium Producer

September 2021 Non-Deal Institutional Roadshow Europe & North America LOT.ASX OTCQB: LTSRF

Important Notice

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FORWARD LOOKING STATEMENT

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including risks associated with investments in private and 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 Kayelekera Project (Project); foreign investment risks in Malawi; changes in laws or regulations; future actions by government; breach of any of the contracts through which the Company holds property rights; defects in or challenges to the Company’s property interests; uninsured hazards; disruptions to the Company’s supplies or service providers; reliance on key personnel, retention of key employees and the impact of the COVID-19 pandemic on the Company’s business and operations.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management 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 management believes 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 (Presentation) 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 agents of 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.

SCOPING STUDY

For information in this document relating to the Restart Scoping Study, refer to ASX announcement dated 20 October 2020. The Company confirms that in relation to the Restart Scoping Study announced on 20 October 2020, 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.

MINERAL RESOURCE (JORC 2012)

For information relating to the Mineral Resource Estimate in this document, refer to ASX announcements dated 26 March 2020 and 24 June 2019. 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.

EXPLORATION RESULTS

The information in this Presentation that relates to exploration results at the Company’s Kayelekera project in Malawi references ASX announcements dated 16 December 2020, 1 February 2021, 24 June 2021 and 16 September 2021. Lotus confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

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Lotus aspires to be a responsible uranium producer, building strong local communities, a safe and healthy work environment and making a positive contribution to a carbon free future

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Kayelekera is a proven uranium producer

LOW-COST, PROVEN URANIUM PRODUCING ASSET

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CAPITAL STRUCTURE

US$50m initial capex to recommence production[1] – one of the lowest in the industry

• Definitive Feasibility Study commenced – expected mid-2022

• Name plate production – 3Mlbs per annum[1]

FAST TRACK TO PRODUCTION

• 4[th] largest brownfield uranium assets on care and maintenance with PROVEN COMMERICAL PRODUCTON history[2] that can be fast tracked to production

• 11Mlbs of historical uranium production over four years

• US$200m spent on infrastructure at Kayelekera – in good condition

• Strong support from the Malawi Government to recommence production

EXPLORATION UPSIDE WITH DRILLING UNDERWAY

Existing resource of 37.5Mlb[3] with limited exploration for the past 20 years

• Multiple near mine targets identified – drilling commenced

• Milenje Hills high-grade Rare Earth (NdPr) discovery[3] – drilling commenced

STRONG FINANCIAL POSITION

Fully funded until 2023 with a strong institutional share base

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1. LOT ASX announcement 20 October 2020 2. Appendix 2 3. ASX announcement 1 February 2021

The Perfect Storm – Short and long-term catalysts

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Sprott Physical Uranium is the Electrification Forecast Utilities required Current pricing Uranium Trust only sustainable revolution Supply & to re-enter term too low to (SPUT) zero carbon - Global growth demand contracts encourage new baseload energy in GDP imbalance production – source - EVs - Min. 30MLbs in can’t commence 2024 without term - Min. 60Mlbs in contracts 2028

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Brownfield assets to be the first to react to increased demand

Brownfield uranium assets offer significantly lower risk compared to new development assets

• LOTUS

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US$9bn US$1.7bn US$235m US$1.1bn US$480m US$210m
Market Cap Market Cap Market Cap Market Cap Market Cap Market Cap
COMMERICAL PRODUCTION
NOT ACHIEVED
LARGEST ASSETS ON C&M THAT ACHIEVED COMMERCIAL PRODUCTION [2]
1.Refer to Appendix 1 and Appendix 2 for Company and asset information; 2 – 8 largest care and maintenance assets not owned by lotusresources.com.au | LOT:ASX LTSRF:OTCQB | 6
majority State enterprises
O)U83
Annual Production (Mlbs
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proven 3Mlbs uranium producing asset

1.4Mtpa processing Improved project Mining and Exploration Multiple near mine facility in place economics licences renewed untested targets lotusresources.com.au | LOT:ASX LTSRF:OTCQB |

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Pathway to recommence production at Kayelekera

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Definitive Feasibility Study underway

• Solid platform outlined – Re-Start Scoping Study (October 2020)[1]

• US$50m Initial capital cost – one of the lowest in the industry

• 14-year life of mine producing 23.8Mlbs U3O8 (ave. feed ~680ppm U3O8)

• Costing assumptions based on ACTUAL results from previous operations

• Name plate production capacity at Kayelekera – 3Mlbs/annum

• 1.4Mtpa processing facility, tailings, and accommodation camp in place

• Technologies and other alternatives not available during the previous operation have been identified

• Technical studies indicated significant operating and capital cost savings

• Ore sorting

• Power supply

• Acid recovery and leach optimization

• Tailings disposal options – US$20M sustaining capital saving potential

• Definitive Feasibility Study expected to be completed by mid2022

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1. LOT ASX announcement 20[th] October 2020

Ore Sorting enhances output and economic returns

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• but not to recommence

• Significant opportunity, required production

• Technology advanced significantly during the past decade

• Commercially proven at multiple mining operations globally • Nickel in Western Australia

• Gold – multiple operations globally

• Two rounds of test work on ~500kg (STEINERT)

• Two sensors (colour and density) on commercial scale unit

• Grades of the ore increased by up to 100% compared to the feed sample

Multiple positive impacts on the Project

• Increase annual production to nameplate (3Mlbs/annum) • Ore sorter unit cost – US$2M to US$3M

• Extended mine life

• Convert low-grade marginal material (400ppm) to more economic feed

• Decreased operating costs (target <US$30/lb)

• Increased head-grade

• Reduced reagent consumption, improved energy efficiency and reduced water consumption

For more information on ore sorting testwork, see ASX announcements 5 July 2021 and 26 August 2021

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New power supply options with major C0[2] reduction

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• Previous operations at Kayelekera powered by diesel generators – this was the only viable option available • Maximum C02 emissions

• Power historically accounted for 15% of total costs • Estimated historical power cost US$0.28 – $0.32 /kWh

Innovation and advancements driving reductions

• Lotus has significantly advanced a Power Assessment Study reviewing a number of power solutions

• Connect to the national grid

• Generate power from the excess steam produced in onsite acid plant

• • Renewable energy sources

• The optimal power solution will both significantly reduce CO[2] emissions and costs compared to the previous operation

• Power Assessment study expected 2H21

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1. LOT ASX announcement 8 [th] September 2021
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Wind Solar
Power Power
KAYELEKERA
MINE
Diesel
Acid
Plant
Grid
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Untested uranium targets and Rare Earth potential

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• ~

• has a total mineral endowment of 50Mlbs based on

• Kayelekera current resource (37.5Mlbs)[1] and historical production (11Mlbs)

• Minimal exploration in last 20 years, despite multiple near mine targets

• 5,000 metre RC drilling program underway

• Focused on pit resource extensions and near mine “satellite” anomalies

Significant Greenfields potential to be tested – 675km[2] package

• Little to no drilling outside of existing Mining Licence

• Ongoing discussions regarding advanced, nearby projects

Milenje Hills high-grade Rare Earth Oxides (REO)[1]

• 2020 high-grade material of up to 16% (Av. 8%) TREO[1] and 3.4% (Av. 1.6%) CREO[1]

• –

• Highly desirable assemblage Neodymium and Praseodymium oxides represent on average ~20% of the TREO

• Nd and Pr (along with Dy and Tb) are essential for the manufacture of permanent magnetics, which make-up ~90% of the value of the REO market.

• Inaugural Rare Earths drill program underway

• Assess the path forward to crystalise value for shareholders following results

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Lotus Exploration Tenements
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1 – ASX Announcements 1 February 2021 and 16 September 2021

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Ensuring a lasting and positive impact on Malawi

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Environmental, Social, and Governance (ESG)

Lotus aspires to be a responsible uranium producer, building strong local communities, a safe and healthy work environment and making a positive contribution to a carbon free future

• Lotus has committed to developing the Kayelekera Project to support the United Nations’ 17 Sustainable Development Goals

• Global Reporting Initiative Standards to be used as a guide to measuring ESG progress.

• Leading practice for ESG reporting globally, used by 66% of ASX100 companies.

• Lotus commited to reporting against these standards in the future to meet the expectations of all stakeholders in a transparent and accountable manner.

• Lotus has engaged with a range of stakeholders to develop a list of ESG priorities

• Lotus has produced a materiality matrix to prioritise the most-pressing ESG issues to be addressed

• Inaugural Sustainability Report – expected 2H21

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Lotus is positioned for the next uranium cycle

Proven production 11Mlb of historical supply with sales to major utilities Strong cash position Cash reserves until 2023 Valuation Upside Valuation discount compared CAPITAL STRUCTURE to peers A$320M A$28M 1,186M 61M US$235M US$21M Board and management team MARKET CAP CASH – JUNE 2021 SHARES ON ISSUE OPTIONS[1] Extensive African and uranium At $0.27 / share Unrestricted (A$15m/US$11M) Restricted (A$13m/US$10M) experience 21/22 TARGETS Existing infrastructure Definitive Exploration Ore sorting / Power On-going discussions Low capex to recommence Results Study updates with utilities Feasibility Study production 1 – Exercise prices range from $0.00 to $0.08 lotusresources.com.au | LOT:ASX LTSRF:OTCQB | 13

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CONTACT

Keith Bowes Managing Director 1202 Hay St West Perth WA 6005

For further information visit: www.lotusresources.com.au

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Appendix 1 - Significant valuation gap to peers[1] Spreadsheet assumptions are not always achieved on a mine site

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Ticker	LTSRF:OTC: LOT.ASX	PDN.ASX	EFR.TSX	BOE.ASX	PEN.ASX	URE.TSX	UEC.NYSE	BMN.ASX	DYL.ASX	VMY.ASX
Market Capitalisation (US$ M)	US$235M	US$1,740M	US$1,080M	US$480M	US$210M	US$370M	US$755M	US$280M	US$285M	US$175M
Project Name (Main project only) /	Kayelekera,	Langer Heinrich,	White Mesa,	Honeymoon,	Lance,	Lost Creek,	Hub & Spoke,	Etango,	Tumas,	Mulga Rock,
Country	Malawi	Namibia	USA	Australia	USA	USA	USA	Namibia	Namibia	Australia
Type of operation (OP / UG / ISR)	OP	OP	OP / UG / ISR	ISR	ISR	ISR	OP / UG / ISR	OP (HL)	OP		OP
OPERATION HISTORY
Historically achieved forecasted production target?	Yes1	Yes1	Yes4	No2	No3	No4	No4	New Development	New Development	New Development
Number of year project historically operated	51	101	+30	2.52	3.53	6	2	NA	NA		NA
Total historical production (M lbs)	111	431	39	0.72	0.43	2.6	0.3	NA	NA		NA
FUTURE STRATEGY & FORECASTS
Forecasted annual production (Mlbs)	3 Mlbs pa	5.9 Mlbs pa	NA Focus on Rare Earths?	2.0 Mlbs pa	2.3 Mlbs pa	1.5 Mlbs pa	2.0 Mlbs	3.5 Mlbs pa	2.5 Mlbs pa	3.5	Mlbs pa
Head grade (ppm) Mining phase / Stockpiles	898ppm	593ppm	NA	ISR - NA	ISR - NA	ISR – NA	ISR – NA	232ppm	344ppm	768ppm
Initial Capital Cost (US $ M)	$50	$81	NA	$63	$119	$41	NA	$274	$295	$255
Capital intensity (US$ / lb)	$21	$14	NA	$32	$52	$27	NA	$78	$118		$73
1 – Annual and quarterly reports PDN.ASX; 2 – MDA 4 – Company’s historical MDA reports – SEDAR		reports Uranium One; 3	– Annual and quarterly reports – PEN.ASX;			**lotusresources.com.au	**		LOT:ASX	**LTSRF:OTCQB	**

Appendix 1 - Significant valuation gap to peers[1] Continued – Global Uranium Development companies

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Ticker	LTSRF:OTC: LOT.ASX	PDN.ASX	EFR.TSX	BOE.ASX	PEN.ASX	URE.TSX	UEC.NYSE	BMN.ASX	DYL.ASX	VMY.ASX
Project Name (Main project only) /	Kayelekera,	Langer Heinrich,	White Mesa,	Honeymoon,	Lance,	Lost Creek,	Hub & Spoke,	Etango,	Tumas,	Mulga Rock,
Country	Malawi	Namibia	USA	Australia	USA	USA	USA	Namibia	Namibia	Australia
% Ownership	85%	75%	100%	100%	100%	100%	100%	95%	95%	100%
Type of operation (OP / UG / ISR)	OP	OP	OP / UG / ISR	ISR	ISR	ISR	OP / UG / ISR	OP (HL)	OP	OP
RESOURCE – COMPANY TOTAL
Measured – contained (M lbs) / grade (ppm)	4 @ 850	96 @ 475	9 @ 1,780	8 @ 1,100	4 @ 489	2 @ 728	-	13 @ 219	11 @ 412	13 @ 1,100
Indicated – contained (M lbs) / grade (ppm)	27 @ 660	5 @ 520	69 @ 1,660	25 @ 630	12 @ 496	7 @ 455	58 @ 404	137 @ 217	122 @ 288	33 @ 790
Inferred – contained (M lbs) / grade (ppm)	6 @ 518	19 @ 325	49 @ 1,710	39 @ 570	38 @ 474	8 @ 460	45 @ 1,007	57 @ 226	63 @ 258	45 @ 432
Total – contained (M lbs) / grade (ppm)	38 @ 630	120 @ 445	128 @ 1,680	72 @ 620	54 @ 480	37 @ 585	104 @ 547	208 @ 220	195 @ 282	90 @ 570
										Vimy Resources -
Source document	Lotus Resource - Kayelekera Re-start	Paladin Energy - Langer Heinrich Mine Restart	Energy Fuels – Corporate Presentation	Boss Energy - Honeymoon Feasibility	Pen Energy - Lance Project Feasibility Study	Ur Energy Presentation	UEC Presentation –	Bannerman Resources - Etango 8 PFS 2 August	Deep Yellow - Tumas Prefeasibility Study 9	Mulga Rock Definitive Feasibility 26 August
	study20 October 2020	Study 30 June2020	–Sept 2021	Study21January2020	17September 2018	–Sept 2021	September 2021	2021	February2021	2020

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Appendix 2 - Brownfield Uranium Assets Top 10 brownfield C&M assets that achieved commercial production

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Majority owned by state owned group	No	No	No	Yes	No	No	No	No	No	Yes
Project Name	Kayelekera	Langer Heinrich	Alta Mesa Project	Azelik Project	Nicholas Ranch Project	Rabbit Lake	McArthur River	Smith Ranch Highland	Crown Butte	Willow Creek
Country	Malawi	Namibia	USA	Niger	USA	Canada	Canada	USA	USA	USA
Measured – contained (M lbs) / grade (ppm)	4 @ 850	96 @ 475	1 @ 1,510	NA1	1 @ 1,400	-	325 @ 71,000	8 @ 1,100	6 @ 1,900	-
Indicated – contained (M lbs) / grade (ppm)	27 @ 660	5 @ 520	3 @ 1,070	NA1	5 @ 1,110	39 @ 9,500	75 @ 60,000	17 @ 500	7 @ 1,500	16 @750
Inferred – contained (M lbs) / grade (ppm)	6 @ 518	19 @ 325	17 @ 1,200	NA1	1 @ 990	34 @ 6,200	3 @ 28,500	8 @ 50	2 @ 1,600	0.1 @ 680
Total – contained (M lbs) / grade (ppm)	38 @ 630	120 @ 445	20 @ 1,180	NA1	7 @ 1,110	72 @ 7,600	404 @ 65,000	33 @ 570	16 @ 1,660	16 @ 750
Current capacity of processing facility	3.0	5.9	1.5	1.5	2.0	11.0	25.0	3.0	2.0	1.3
Source:
	Kayelekera Updated Mineral Resource, March 2020	Langer Heinrich Mine Restart Plan Presentation, June 2020	Energy Fuels Annual information form & 43-101	NEA: Uranium 2018: Resources, Production and Demand	Energy Fuels AIF 2020 & 43-101	Cameco AIF - 2020	Cameco AIF - 2020	Cameco AIF - 2020	Cameco AIF - 2020	Uranium One Annual Report

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1 - See Appendix 1 for further information; NA1 – Non JORC Reporting – Chinese controlled asset

Appendix 3 China will be the largest consumer of uranium by 2030

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NUCLEAR REACTORS - CHINA Nuclear Electricity Generation
(% of total power)
10.1%
180 4.9%
World
164 China average
160
140
Uranium consumption
120 Today vs. 2030/2040 target (Mlbs U308)
104 65Mlbs
100 28 Mlbs (2030)
today 91Mlbs
(2040)
80
60
49
Generation capacity by 2025(Gw)
40 5 yr plan (March 2021)
20 50GWe 70GWe
11
0
2010 2021 2030 2040
Actual Forecast [1]
18
1 - Operating + Construction + proposed - closures Source: WNA, Nuclear Fuel Report lotusresources.com.au | LOT:ASX LTSRF:OTCQB |
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Appendix 4 India to be 4[th] largest consumer of uranium by 2040

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NUCLEAR REACTORS - INDIA Global ranking – uranium consumption
Today vs. 2040 (tpa)
11 [th] 4 [th]
60 57
3 Mlbs 15 Mlbs
50
Nuclear Electricity Generation
40 (% of total power)
36
3.2% 10.1%
India -2019 World average
30
22
20 18
Generation capacity target
(Gwe)
10
7GWe 23GWe
Today 2031 Forecast
0
2010 2021 2030 2040
Actual Forecast [1]
19
1 - Operating + Construction + proposed - closures Source: WNA, Nuclear Fuel Report lotusresources.com.au | LOT:ASX LTSRF:OTCQB |
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Appendix 5 – Kayelekera Mineral Resource[1]

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		Grade	U3O8
Category	Mt	(U3O8 ppm)	(M lbs)
Measured	0.7	1,010	1.5
Measured – RoM Stockpile2	1.6	760	2.6
Indicated	18.7	660	27.1
Inferred	3.7	590	4.8
Total	24.6	660	36.0
Inferred – LG Stockpiles3	2.4	290	1.5
Total All Materials	27.1	630	37.5

• 1 - ASX announcement 26[th] March 2020.

• 2 - RoM stockpile has been mined and is located near the mill facility.

• 3 - 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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Appendix 6 – Experienced Board and Management Team Production, offtake, redevelopment and financing experience in uranium industry

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Keith Bowes Managing Director

Michael Bowen Grant Davey Mark Hanlon Non-Executive Chairman Non-Executive Director Non-Executive Director

Mr. Keith Bowes is a highly regarded Mr Bowen is a partner of the national law Grant is an entrepreneur with 30 years of Mr Hanlon has over 25 years of experience mining executive with over 20 years of firm Thomson Geer. He practices primarily senior management and operational in the resources and resource services experience working on project corporate, commercial and securities law experience in the development, sector, as well as in commercial and development and operations in Africa, with over 40 years of experience and construction and operation of precious merchant banking. South America and Australia across a emphasis on mergers, acquisitions, capital metals, base metals, uranium and bulk range of commodities and processes. raisings and resources. commodities throughout the world. He has a broad background of senior executive experience across a wide range Keith project managed the Boss Resources’ Mr Bowen holds a Bachelor of Laws, of industries including mining and mining redevelopment program for the Jurisprudence and Commerce from the services. Mr Hanlon is currently a NonHoneymoon Uranium Mine including all University of Western Australia. Executive Director with ASX listed company study phases and commercial trials of the Red River Resources Limited where he also new processing technology. chairs the audit and risk committee.

He has a broad background of senior executive experience across a wide range of industries including mining and mining services. Mr Hanlon is currently a NonExecutive Director with ASX listed company Red River Resources Limited where he also chairs the audit and risk committee.

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