Lotus Resources Limited (Lotus) is an ASX listed uranium developer headquartered in Perth, Australia. Our sole asset is the Kayelekera uranium mine (Kayelekera) in Malawi, Africa which 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 and has the potential to be one of the first uranium projects to recommence production in the future. The proposed restart timeline aligns with industry predictions of a market under-supply of approximately 30Mlbs uranium commencing in 2024/2025.