Ann: Lotus Advances Kayelekera Towards Q3 CY25 Production, page-3

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23 April 2025 ASX Announcement
Lotus advances fully funded Kayelekera Project towards Q3 CY25 production
Lotus Resources Limited (ASX: LOT, OTCQX: LTSRF) (Lotus or the Company)
is pleased to provide an update on its Kayelekera uranium project in Malawi (Kayelekera or Project)
as refurbishment and restart works continue on track
for Q3 2025 production.
HIGHLIGHTS
• Kayelekera restart continues to progress as planned, with first uranium production
on track for Q3 2025
• Overall mechanical and electrical progress > 80% complete
o All key operational roles now appointed and on-site restart workforce of
more than 300 local and expat personnel
o Heavy mobile equipment / ROM fleet ordered and to be mobilised in May 2025
o Drying and Packaging steel fabrication complete and calciner and screw feeders are onsite
o More than 50% of diesel power station overhaul and refurbishment complete
o Acid plant civil works nearing completion
o Finalising appointment of mining contractor – mining to commence in Q3 2025
• Environmental and Social Impact Assessment (ESIA) and Radiation Licence applications lodged - approvals expected in Q2 2025
• Finalising power grid connection negotiations with ESCOM and contractors
• Four binding offtake agreements now in place representing close to 40% of 2026-2029 production,
at an escalated fixed price
o Contract pricing based on an agreed US$ base price referenced from the current published
long term prices with escalation - delivering a very attractive margin over Kayelekera’s
expected AISC1
• Uranium from Malawi is exempt from the latest imposition of US import tariffs
o Term price has remained steady at approximately US$80/lb U308
• Two export logistics paths to market
o Dar-es-Salaam and Walvis Bay identified as preferred export hubs;
finalising transport contracts with Tier One providers
• Lotus remains fully funded to complete the restart, with $112.7m cash at the end of March
(unaudited), and no debt drawn2

GLAH Mal ...