Our Story
Energy solutions to support the world’s net-zero goals.
Lotus Resources Limited (Lotus) is a leading ASX-listed uranium developer headquartered in Perth, Australia, which owns an 85% interest in the Kayelekera Uranium Project in Malawi (Government of Malawi holds 15%), and 100% of the Letlhakane Uranium Project in Botswana.
We acquired Kayelekera from Paladin Energy Limited in March 2020. While in production from 2009 to 2014, it was Malawi’s largest mine, producing 10.9 million pounds (Mlb) of uranium oxide (U3O8) but has been on care and maintenance since 2014. 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.
Our October 2024 accelerated restart plan confirmed Kayelekera as one of the lowest capital cost uranium projects globally, with an 8-10 month timeline to first uranium production and initial restart capital expenditure of US$50m.
We are accelerating Kayekelera’s production restart, which is on track for Q3 CY2025. In July 2024, Lotus and the Government of Malawi signed a Mine Development Agreement (“MDA”) that guarantees a Stability Period of 10 years. Lotus has secured initial offtake arrangements for up to 3.2Mlb over 2026-2032 (minimum 2.9Mlb), with leading industry participants PSEG Nuclear and Curzon Uranium amongst others. Curzon has also provided a US$15m unsecured loan facility.
Our Letlhakane Uranium Project in Botswana, Africa, is one of the largest undeveloped uranium projects, with a resource base of 142Mt at 363ppm U3O8 for 113.7Mlb contained uranium (RPEEE basis); 50% of which is Measured & Indicated.
An updated Letlhakane Scoping Study in March 2024 demonstrated it can support ~3Mlbpa of U3O8 production with flexibility to align production with uranium price fluctuations. Lotus aims to deliver optimised operating and capital cost structures, with this work now underway along with trade-off studies.
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.
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.