LOTUS RESOURCES LIMITED — Investor Presentation 2021

Mar 8, 2021

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Kayelekera Proven Uranium Producer

GLOBAL INSTITUTIONAL ROADSHOW MARCH 2021

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 gold projects in Mali references the applicable announcement. Marvel confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

lotusresources.com.au | ASX:LOT |

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1 – ASX Announcement 26[th] March 2020 lotusresources.com.au | ASX:LOT | 3

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Proven production Low Capital Cost Significant High- Permitted for Upside Potential
11Mlbs of US$50M initial cost Grade Resource production Production costs
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production over Significant existing 37.5Mlb Resource [1 ] Strong government Exploration
5 years (2009-14) infrastructure inc. @630ppm U3O8 support Rare Earths
1.4Mtpa facility (~83% M&I) opportunity
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Significant valuation gap to peers[1]

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Spreadsheet assumptions are not always achieved on a mine site

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	Company information - General	(LOT)	(PDN)	(BOE)	(PEN)	(BMN)	(DYL)	(VMY)
	EV (A$ M)	$105m	$1,067m	$260m	$88m	$135m	$175m	$68m
	Project Name (Main project only) / Country	Kayelekera, Malawi	Langer Heinrich, Namibia	Honeymoon, Australia	Lance, USA	Etango, Namibia	Tumas, Namibia	Mulga Rock, Australia
	Type of operation (OP / UG / ISR)	OP	OP	ISR	ISR	OP (HL)	OP	OP
	OPERATION HISTORY
	Historically achieved forecasted production target?	Yes2	Yes2	No3	No4	New Development	New Development	New Development
	Number of year project historically operated	52	102	2.53	3.54	NA	NA	NA
	Total historical production (M lbs)	112	432	0.73	0.44	NA	NA	NA
	FUTURE STRATEGY & FORECASTS
	Forecasted annual production (Mlbs)	2.5 Mlbs pa	5.9 Mlbs pa	2.0 Mlbs pa	2.3 Mlbs pa	3.5 Mlbs pa	2.5 Mlbs pa	3.5 Mlbs pa
	Head grade (ppm) Mining phase / Stockpiles	898ppm / 400ppm	593ppm / 336ppm	ISR - NA	ISR - NA	232ppm	344ppm	768ppm
	Initial Capital Cost (US $ M)	$50	$81	$63	$119	$254	$295	$255
	Capital intensity (US$ / lb)	$21	$14	$32	$52	$73	$118	$73
	1 - See Appendix 1 for further information; 2 – Annual and quarterly reports PDN.ASX; 3 –MDA reports Uranium One; 4 –Annual and quarterly reports – PEN.ASX					lotusresources.com.au			ASX:LOT

11Mlbs of proven production history

• Proven historical production with 11Mlbs of uranium produced between 2009 – 2014

• Environmental Permit and Mining License already in place for restart

• 100% of historical production accepted by conversion facilities in the U.S., Canada and France

• Discussions underway with multiple, major nuclear utilities globally

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Historical sales by Customers Historical sales by utility region Historical sales by contract type
41%
44% 37%
59% 56%
63%
Utilities Nuclear fuel market Asia North America Term Spot
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Scoping Study - historical production and costing assumptions

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• Scoping Study[1] confirms Kayelekera can be among the first uranium projects to recommence production

• Low total initial capital cost of US$50M, due to existing infrastructure

• 1.4Mtpa processing facility, tailings facility, acid plant and accommodation camp

• Initial capital intensity of US$21/lb production - one of the lowest in the industry

• Two production scenarios considered:

• Scenario 1: 8 year life of mine, producing 16.4Mlbs U3O8 (~900ppm U3O8)

• Scenario 2: 14 year life of mine, producing 23.8Mlbs U3O8 with treatment of stockpiles from year 8 (average head grade ~680ppm U3O8)

• C1 cash costs of ~US$33/lb U3O8 with average production of 2.4Mlbs U3O8 per annum

• Scoping Study cost assumptions are based on actual operation costs achieved over 5 years of historical production

• Cost assumptions do not account for multiple potential benefits that may significantly reduce costs (ore sorting, power, mine optimisation)

• Quick production ramp-up possible due to existing ore material on RoM stockpile

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lotusresources.com.au | ASX:LOT |

1. LOT ASX announcement 20[th] October 2020

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Outcome of technical studies to drive Feasibility Study

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• Following the positive outcomes of the Scoping Study work has now commenced on technical improvements to support a Feasibility Study

Technical studies - underway

• Application of ore sorting (or similar) technology

• Upgrading of feed materials, specifically marginal ores

• Reducing acid consumption through rejection of gangue minerals in ore feeds

• Improved options around power supply

• Grid connections

• Solar/battery and acid plant by-product

• Acid recovery optimisation

• Tailings disposal options

Feasibility Study - commence 2H21

• Incorporates outputs from targeted studies into optimised case

• Updated resource with revised mining schedule

• Revised project economics to support financing and offtake

• The Feasibility Study is targeted for completion during 1H2022

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Environmental, Social, and Governance (ESG)

• The Company’s ambition is to become a uranium industry leader in ESG

• Uranium is the only current, realistic energy source that provides zero-carbon emissions for global utilities base load power requirements

• The Company has commenced a number of initiatives regarding ESG

Current and on-going achievements at the Project

• Clean water project for Karonga town (US$10M)

• School initiatives - new buildings, teachers

• Maximise local content / supply for all activities

Future targets being assessed as part of the recommencement of production

• Minimise GHG emissions compared to previous operations through reduced reliance on diesel generators

• Improved utilisation of resources such as treating lower grade materials previously considered waste

• Community Development Agreement (0.45% of profits back to the community)

Corporate

• Independent directors (50%)

• Modern and effective Corporate Governance Plan

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~ "~

Near mine and greenfield exploration potential

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Mineral Resources

• ~

• Kayelekera has a total mineral endowment of 50Mlbs based on current resource (37.5Mlbs)[1] and historical production (11Mlbs)

• • Little to no exploration in more than a decade, despite numerous near mine, drill ready targets

Brownfields Potential

• Kayelekera South[2] six anomalous radiometric within 3km of the mine site with no historical drilling

• targets

• Mpata[2] cluster of radiometric anomalies defined of mining license area but within 10 km of the mine site

  • outside

• Limited historical drilling in the area encountered +250 ppm eU3O8

• Drilling program planned for 1H2021

Greenfields Potential

• Significant greenfield exploration opportunities - 675km[2]

• Little to no drilling outside of a 10km radius from the mine site

• On-going discussions regarding advanced, nearby projects

1 – ASX Announcement 26[th] March 2020; 2 – ASX Announcement 16[th] December 2020

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Lotus Exploration Tenements
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Rare Earths - Neodymium and Praseodymium oxides

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

• Geophysics, mapping and trenching identified and discovered high-grade REO material of up to 16% (Av. 8%) and 3.4% (Av. 1.6%) CREO[2]

• Highly desirable assemblage - Neodymium and Praseodymium oxides represent on average ~20% of the TREO[3]

• Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy), Yttrium (Y), and Praseodymium (Pr) have seen price increases since last year

• These two elements, along with Dy and Tb are essential for the manufacture of permanent magnetics, which make-up ~90% of the value of the REO market.

• Additional low-cost field work to be completed during 2021, including trenching, metallurgical testwork and potentially drilling

• The Company will assess the optimal path forward to crystalise additional value for shareholders

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lotusresources.com.au | ASX:LOT |

1 – ASX Announcement 1[st] February 2021; 2- Critical Rare Earth Oxide; 3- Total Rare Earth Oxide

Lotus well positioned for the next uranium cycle

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Proven production 11Mlb of historical supply with sales to major utilities

Significant existing Board and Strong cash position infrastructure Significant cash management team Low capex to reserve until 2023 Extensive African and recommence uranium experience production

Valuation Upside Significant valuation discount compared to peers

Technical studies Paladin Energy 10% 942M $122M Sachem Cove7% SHARES ON ISSUE MARKET CAP Feasibility Study At $0.13 / share Retail & HNW $30M 82M Uranium exploration48% drilling Other Institutions CASH AT MARCH 2020 OPTIONS 31% Unrestricted ($17m) Restricted ($13m) Rare Earths opportunity Directors &

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URANIUM MARKET UPDATE

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Uranium positioned for significant re-rating

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• A decade of low uranium has resulted in no new prices

• developments, discoveries and minimal exploration

• Supply and demand fundamentals have significantly tightened with an estimated 30-60Mlbs U O annum shortfall 3 8 per

• expected by 2024 to 2028

• COVID 19 affected the uranium industry arguably more than any other with significant positive outcomes

• ~40Mlbs of lost production in 2020 with similar losses expected through 2021

• One of the best performing commodities in 2020 – 30% increase in spot price

• • Brought forward the impending supply deficit

• Stand off between producers and utilities

• Higher price required to re-start idle assets and advance new developments

• No substitute for end users; commercial inventories depleting

• Utilities buying focused on ensuring long term guarantee of supply resulted in price increase during the last long-term procurement cycle

• The worlds second largest producer, CAMECO, is one of the largest buyers on spot market (26.2Mlb U3O8 acquired during first 9 month of 2020)

• Majors are preserving long-term value by leaving uranium in the ground and buying uranium on the spot market until pricing increases

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400 Mlbs 400 Mlbs
350 Mlbs 350 Mlbs
UPPER CASE DEMAND
300 Mlbs 300 Mlbs
250 Mlbs 250 Mlbs
SUPPLY
GAP
200 Mlbs 200 Mlbs
REFERENCE CASE DEMAND
150 Mlbs SECONDARY 150 Mlbs
RE-START IDLE
CAPACITY
100 Mlbs 100 Mlbs
50 Mlbs PRIMARY PRODUCTION 50 Mlbs
0 Mlbs 0 Mlbs
2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039
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Source: WNA, Nuclear Fuel Report Note: Excludes production cuts through 2020

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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]
1 - Operating + Construction + proposed - closures Source: WNA, Nuclear Fuel Report lotusresources.com.au | ASX:LOT | 14
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India will be the 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]
1 - Operating + Construction + proposed - closures Source: WNA, Nuclear Fuel Report lotusresources.com.au | ASX:LOT | 15
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Long-term contracting cycle is imminent

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• Nuclear utilities cover their fueling needs through longterm contracts, which generally range between three to ten years

• Typically, no more than 10% is bought on spot

• Decreasing utility contract coverage rates are observed by the market across North America, Asia and Europe

• Further to decreasing contract coverage rates, the market expectation for the next long-term procurement cycle by utilities is based on industry specific fundamentals:

• Utilities need to ensure adequate long-term supply security to effectively generate electricity;

• Nuclear fuel production and delivery cycle requires a minimum of 18-24 months; and

• Most utility nuclear fuel inventories serve as a fuel bank for strategic purposes.

• Lotus has commenced discussions with major utilities globally regarding long-term base loading contracting[1]

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UTILITIES FACING RAPID PURCHASING
120%
105%
98% Target coverage rate
100% 95%
94%
87%
94%
91%
77%
80% EU Utility Coverage
73%
60% 65%
53%
50% 50%
US Utility Coverage
40% 47%
38%
20%
21% 20%
8%
0%
2020 2021 2022 2023 2024 2025 2026 2027 2028
Source: US Energy Information Administration, EurAtom
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1 – ASX announcement 25[th] August 2020

Significant price increase required to meet growing demand

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2024 2028
Shot-term Demand Mine Supply Long-term Demand Mine Supply
190Mlb 160Mlb 210Mlb 150Mlb
Annual Deficit Annual Deficit
30Mlbs U3O8 60Mlbs U3O8
Source: WNA, The Nuclear Fuel Report, September 2019; Note: Values based on the reference case rounded to the nearest 10Mlbs U3O8
$90
2019 Cost of Production Estimate US$/lbs U3O8 and production capacity
$80
$70
$60 Kazakhstan
Other
$50
$40
Current spot uranium price
$30
$20
$10
$0
0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220
Source: UxC Production Capacity M lbs U3O8
Note: (1) Installed uranium production capacity represents operating and idle production capacity installed for producing projects as of August 2019;
(2) Cost of production comprises operating and capital costs. Operating costs are made up of mining costs, hauling, milling, production/property taxes, environmental costs, and royalty severance tax.
(3) Capital costs are made up of acquisition cost/exploration costs, mine development costs, environmental/infrastructure costs, and general and administrative costs.
O8
3
U
2019 Cost of Production Estimate US$/lbs
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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 – Peer comparison

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Company information - General	(LOT)	(PDN)	(BOE)	(PEN)	(BMN)	(DYL)	(VMY)
EV (A$ m)1	$105m	$1,067m	$260m	$88m	$135m	$175m	$68m
Project Name (Main project only) / Country	Kayelekera, Malawi	Langer Heinrich, Namibia	Honeymoon , Australia	Lance, USA	Etango, Namibia	Tumas, Namibia	Mulga Rock, Australia
% Ownership	65%	75%	100%	100%	95%	95%	100%
Type of operation (OP / UG / ISR)	OP	OP	ISR	ISR	OP (HL)	OP	OP
RESOURCE – MAIN PROJECT ONLY2
Measured – contained (M lbs) / grade (ppm)	4 @ 850	96 @ 475	8 @ 1,100	4 @ 489	-	14 @ 194	13 @ 1,100
Indicated – contained (M lbs) / grade (ppm)	27 @ 660	5 @ 520	25 @ 630	12 @ 496	53 @ 247	150 @ 188	33 @ 790
Inferred – contained (M lbs) / grade (ppm)	6 @ 518	19 @ 325	39 @ 570	38 @ 474	51 @ 248	63 @ 196	45 @ 432
Total – contained (M lbs) / grade (ppm)	38 @ 630	120 @ 445	72 @ 620	54 @ 480	104 @ 247	227 @ 191	90 @ 570
FUTURE STRATEGY & FORECASTS
Study completed	Restart Study	Restart Study	FS	PFS	Pre-feasibility Study	PFS	DFS
	Lotus Resource -	Paladin Energy - Langer	Boss Energy - Honeymoon	Pen Energy - Lance Project	Deep Yellow - Tumas	Bannerman Resources -	Vimy Resources - Mulga Rock
Source document	Kayelekera Re-start study 20	Heinrich Mine Restart Study 30	Feasibility Study 21 January	Feasibility Study 17 September	Prefeasibility Study 9 February	Etango 8 Scoping Study 5	Definitive Feasibility 26 August
	October 2020	June2020	2020	2018	2021	August 2020	2020
Forecasted annual production (M lbs)	2.5	5.9	2.0	2.3	3.5	2.5	3.5
Head grade (ppm) Mining phase / Stockpiles	898ppm / 400ppm	593ppm / 336ppm	ISR - NA	ISR - NA	232ppm	344ppm	768ppm
Initial Capital Cost (US $ M)	$50	$81	$63	$119	$254	$295	$255
Capital intensity (US$ / lb)	$21	$14	$32	$52	$73	$118	$73

1 - Based on latest financial information and most recent announcements. 2 - All Mineral Resource and Ore Reserves have been reported on a 100% equity basis. Minority interests are shown against project name. The Mineral Resource and Ore Reserves including categories and stage of technical report are available from each and on the ASX Website

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Appendix 2 – Historical uranium pricing during the last boom

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UTILITY LONG TERM CONTRACTING VOLUME AND PRICING (2006 – 2010)
>$90 205
754Mlb U308 sold at prices
$81-90 59 greater than US$60 / lb U308
$71-80 324
$61-70 166
$51-60 121
$41-50 99
≤$40 19
0 50 100 150 200 250 300 350
Utility Long-term Contract Volumes (U3O8 million lbs)
Source: UxC, Aggregate utility long-term contracting volume and price for uranium in a 5-year period from 2006 to 2010
)O8
Utility Long-term Contract Price Category (US$/lbs U3
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Appendix 3 – Kayelekera Mineral Resource[1]

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		Grade	U3O8
Category	Mt
		(U~~3~~O~~8 ~~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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