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Lotus Resources Limited (ASX:LOT)

ALERT: Price-sensitive ASX Announcement for LOT
Current share price for LOT : $0.660 -0.7 (-51.47%)+
Announcement
Release
7 Apr 2026 8:42AM
Price at Release
$1.360
Full Release
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Summary
Lotus Resources Limited has announced an update regarding its Kayelekera Uranium Mine in Malawi, following a fire that damaged two electrical control panels in the drying and packaging area. The fire, which was quickly contained, did not impact personnel or other parts of the facility. A root cause analysis is ongoing, and interim solutions are being implemented to rebuild the affected panels, while new ones are being sourced. This incident is expected to cause a production downtime of approximately three weeks, although mining operations will continue. Despite this setback, the company remains on track to achieve steady-state production in the second quarter of 2026, supported by adequate acid inventory and ongoing reagent supply plans. The sulphuric acid plant is ready for commissioning but will defer production until uranium production resumes.
Key Points
  • Fire damaged electrical control panels at Kayelekera Uranium Mine.
  • Fire was contained quickly with no personnel injured.
  • Root cause analysis and interim solutions in progress.
  • Expected production downtime of approximately three weeks.
  • Mining operations continue during downtime.
  • Steady-state production expected by Q2 2026.
  • Adequate acid inventory and reagent supply.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.