The Letlhakane Uranium Project (“Letlhakane”) in Botswana, Africa is one of the largest undeveloped uranium projects, with a resource base of 155Mt at 345ppm U3O8 for 118Mlb contained uranium (RPEEE basis); 29% Measured & Indicated.

Botswana is the top mining jurisdiction in Africa, achieving a global ranking of 2 (Policy Perceptions Index) in the 2022 Fraser Institute global survey.

Letlhakane has a granted Mining Licence (granted in 2016) and a Prospecting Licence granted April 2023; water abstraction rights and provisional surface rights are also granted.

Letlhakane is located close to high quality infrastructure, with a sealed road, rail line and power line running past the Mining Licence. Francistown, a major population center, is located within 50km of the Project.

Lotus has recently1 updated Letlhakane’s mineral resource model to a reasonable prospects of eventual economic extraction (RPEEE) basis, and is progressing beneficiation test work, geometallurgical modelling and a processing options studies. This work will inform an infill drilling programme to help define optimized mining envelopes, and complete a pre-feasibility study (“PFS”).

1 See ASX Announcement 9 May 2024 – link here