Lotus Resources Limited (Lotus) is a leading ASX listed uranium developer headquartered in Perth, Australia, with significant scale and resources. Lotus owns an 85% interest in the Kayelekera Uranium Project in Malawi, and 100% of the Letlhakane Uranium Project in Botswana.
Our Kayelekera uranium mine (Kayelekera) was acquired from Perth-based Paladin Energy Limited in March 2020. Lotus owns an 85% equity interest in Kayelekera via its local subsidiary Lotus (Africa) Limited, with the remaining 15% held by the Malawi government. Due to sustained low uranium prices, Kayelekera has been in care and maintenance (C&M) since 2014. While in production from 2009 to 2014, it was Malawi’s largest mine, producing 10.9 million pounds (Mlb) of uranium oxide (U3O8). Kayelekera’s current Mineral Resource estimate is 51.5Mlb U3O8 at 475 parts per million (ppm), sufficient for a minimum 10 year life-of-mine.
In August 2022, Lotus released a Definitive Feasibility Study for the restart of the Kayelekera Mine which demonstrated the mine can support a viable long-term operation. The proposed restart timeline towards the mid 2020s aligns with projected uranium market under-supply that is currently evidenced by strongly increasing uranium spot prices.
Our large-scale Letlhakane uranium project (Letlhakane) is one of the largest undeveloped uranium projects in the world and was acquired by a merger with A-Cap Energy announced in July 2023. Letlhakane boasts a current Mineral Resource estimate of 190.4Mlb U3O8 at 321 ppm, which holds potential for decades of production in one of the best mining jurisdictions in the world. Having completed the merger with A-Cap in November 2023, Lotus is currently progressing several technical optimisation work streams, with the aim of completing a pre-feasibility study.
Lotus is focused on creating value for its shareholders, its customers and the communities in which it operates, working with local communities to provide meaningful, lasting impact. Lotus is focused on our future.