Summary of the Uranium/Nuclear Outlook Conference Call Industry Overview - The conference focuses on the uranium and nuclear power industry, emphasizing the increasing importance of nuclear energy in the future economy and its role in electrification [1][3][31]. Key Points and Arguments Supply and Demand Dynamics 1. A long-term supply/demand model indicates that known uranium supply will be insufficient to meet the increasing demand for nuclear power, particularly for U3O8 (yellowcake) [1][5]. 2. The expected supply deficit in 2026 is not anticipated to widen significantly, with close monitoring of NexGen's public hearing results and Kazatomprom's production guidance [5][31]. 3. The tightening supply-demand imbalance suggests structurally higher uranium prices, with term prices expected to hold above $85/lb [1][3][58]. Nuclear Power Developments 4. Nuclear power is projected to gain importance in power generation, with potential announcements regarding new reactors expected in 2026 [1][31]. 5. The U.S. government and Westinghouse are expected to make announcements that could drive incremental uranium demand, particularly with the potential for new reactor builds [31][36]. Market Trends and Pricing 6. The uranium price forecast has been revised upwards, with estimates for 2026 increased from $82 to $85 and for 2027 from $84 to $88 [4][58]. 7. The correlation between nuclear energy and AI is expected to strengthen, with uranium trading increasingly in line with AI themes [1][83]. Regional Insights 8. Kazakhstan is expected to maintain supply discipline, avoiding flooding the market, while China will continue to expand its reactor pipeline and increase uranium imports [1][8][31]. 9. U.S. utilities are anticipated to ramp up uranium contracting in 2026, driven by long-term needs and potential new reactor announcements [92][94]. Investment Recommendations 10. Kazatomprom (KAP) and Cameco (CCJ) are highlighted as top picks for 2026, with KAP valued at $71/share and CCJ at $101/share, based on their strong asset bases and expected benefits from higher uranium prices [3][4][66][79]. Additional Important Insights - The potential for U.S. Navy reactors to be repurposed for data center power generation is noted, although it faces regulatory hurdles [89][90]. - The market is characterized by a finite amount of low-cost uranium resources, which could support higher prices in the long term [64][65]. - The sentiment around nuclear energy has shifted positively, with increasing recognition of its role in energy security and grid reliability [36][31]. This summary encapsulates the critical insights and projections regarding the uranium and nuclear power industry as discussed in the conference call, highlighting the expected trends, pricing forecasts, and investment opportunities.

Equity Raising and Financial Strategy - Lotus Resources is undertaking an equity raising of approximately A$65 million through a placement of new shares [36, 92] - The offer price for the new shares is A$0.19 per share, representing a 15.6% discount to the last closing price on September 2, 2025 [92] - The equity raise aims to strengthen the balance sheet, providing financial flexibility for offtake strategy, inventory accumulation, and capital optimization [36, 92] - Approximately US$18 million (A$28M) of the proceeds will fund grid connection costs, previously intended to be funded off-balance sheet [41, 92] - Approximately US$2 million (A$2M) will fund remaining mining equipment, also previously intended to be funded by the contractor [41, 92] - US$17 million (A$26M) is allocated for the tailings storage facility (TSF) in FY2026, following detailed design changes [41, 92] Operational and Production Overview - Kayelekera restart achieved on schedule and within budget, with first yellowcake drummed in Q3 2025 [36, 52] - Targeting a steady-state production level of 2.4 Mlbs of U3O8 per annum in Q1 2026 at Kayelekera [36, 56] - The Accelerated Restart Plan for Kayelekera had an initial restart capex of US$50 million [52] Resource Base and Future Growth - The company has a strategic dual-asset portfolio with 165 Mlb U3O8 Global Mineral Resource [37] - Letlhakane scoping study indicates potential to be a 5.5 Mlbpa uranium producer [21]