Lotus Resources Limited (“Lotus”) is an Australian-based exploration company with exploration projects in New South Wales and Western Australia. The Company recently changed its name from Hylea Metals Limited (“Hylea”, ASX: HCO). Lotus has entered into an agreement (see ASX announcement dated 24th June 2019) to acquire a 65% interest in the high-grade Kayelekera Uranium Project in Malawi, Africa.
Kayelekera Uranium Project (“Kayelekera” or the ”Project”) is a large 157km2 tenement package with excellent exploration potential and hosts a high grade resource with an existing open pit mine and demonstrated excellent metallurgical recoveries. On 24 June 2019 Hylea announced it had entered into an agreement to acquire a 65% interest in the Project from Paladin Energy Limited (ASX: PDN). The remaining 35% is held by Lotus’s joint venture partner Chichewa (20%) and the Government of Malawi (15%). Lotus will have an option to acquire a further 20% interest in Kayelekera from Chichewa.
Lotus will continue to explore ways to advance the Hylea Cobalt Project in NSW.