Kayelekera Project Update and Voluntary Suspension Extension

• Acid plant remediation works completed, production to resume in early August 2026
• Kayelekera optimisation program continues, targeting steady-state production by late CY2026
• Independent metallurgical review confirms final uranium product accounting

Lotus Resources Limited (ASX: LOT) provides an update on the Kayelekera Uranium Mine in Malawi. Key highlights include the completion of acid plant remediation works, with production expected to resume in early August 2026. The company is also implementing a processing optimization program to support sustainable steady-state production. An independent metallurgical review has confirmed final uranium product accounting, and the company is restructuring delivery obligations to reduce financial exposure. Additionally, Lotus has executed a binding Commitment Letter with Mercuria Energy Trading S.A., providing access to a marketing platform and an inventory-backed prepayment facility. The voluntary suspension of trading in the company's securities has been extended until the earlier of finalizing a funding option or the commencement of normal trading on 30 July 2026.

Targeted steady-state production by late CY2026, expected to be around 2.4Mlbs U3O8

Lotus Resources is focused on finalizing a strategic funding package critical to the ongoing financial viability of the company.