Lotus Resources Limited (ASX: LOT | OTCQB: LTSRF) has announced that post the completion of its acquisition of A-Cap, the company has now finalized the preliminary work programmes required to enable it to become a leading global uranium player, targeting a potential restart at Kayelekera in late 2025 and the optimization of Letlhakane to define a robust, economic project.
Managing director, Keith Bowes, commented, “The A-Cap merger has delivered Lotus a vastly increased resource base of 241Mlb uranium, the bulk of which is located in the top ranked global mining jurisdiction of Botswana, and combines two highly complementary and synergistic projects with significant leverage to the global uranium thematic.”
Lotus is now a leading uranium player with the third largest resource of ASX-listed peers, with mineral resources of 241Mlbs U308 at Kayelekera and Letlhakane. The company will leverage its proven uranium expertise in developing Letlhakane, in Botswana, one of the world’s top mining jurisdictions.
Lotus has further identified opportunities to add value at Letlhakane’s in the short to medium term. The company will focus on optimizing Letlhakane’s resource and targeting a higher grade component as the basis for a value maximizing development strategy, and a resource update is planned for H1 2024.
Furthermore, Lotus plans to test the market for debt for the Kayelekera restart of production. Kayelekera work streams have been prioritized to enable a final investment decision (FID) to be made as quickly as possible
“While Letlhakane is considered the longer term asset, Lotus remains focused on restarting the Kayelekera Project as soon as practicable to benefit from the current strong and increasing uranium prices. As such, Lotus is testing the market for debt and is focused on undertaking the necessary planned activities to prepare Kayelekera for a potential restart of production in late 2025 when the supply gap for the nuclear utilities is forecast,” added Mr. Bowes.
To find out more, please visit www.lotusresources.com.au
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