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Lotus Resources Limited (ASX:LOT)

ALERT: Price-sensitive ASX Announcement for LOT
Current share price for LOT : $0.660 -0.765 (-53.68%)+
Announcement
Release
30 Apr 2026 9:12AM
Price at Release
$1.425
Full Release
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Summary
Lotus Resources Limited's March 2026 quarterly report highlights their ongoing operations at the Kayelekera Uranium Mine and the Letlhakane Uranium Project. The quarter saw no Lost Time Injuries, reflecting a strong safety focus. Infrastructure upgrades and leadership strengthening at Kayelekera were completed, with uranium product acceptance by the Orano facility in France. While mining activities are progressing well, production was impacted by reagent supply issues and maintenance, although improvements are expected. The cash flow from operations was negative, but financing activities augmented reserves. A share placement and SPP raised A$79M. Lotus is exploring inventory financing ahead of their first shipment. They maintain an 85% stake in Kayelekera and 100% in Letlhakane.
Key Points
  • Lotus Resources Limited operates the Kayelekera Uranium Mine in Malawi and the Letlhakane Uranium Project in Botswana.
  • The company reported no Lost Time Injuries in the March 2026 quarter and focused on a strong safety culture.
  • Lotus has upgraded infrastructure at Kayelekera, including a laboratory, and strengthened the site leadership team.
  • Kayelekera achieved uranium product acceptance by the Orano conversion facility in France.
  • The mining activities are progressing with mining now across three fronts.
  • Production improvements are ongoing, but were impacted by reagent supply issues and plant maintenance.
  • Cash flow from operating activities was negative, but financing activities provided a boost to cash reserves.
  • Lotus completed a share placement and SPP raising a total of A$79M before costs.
  • Lotus is pursuing inventory financing options in anticipation of the first shipment.
  • The company holds 85% interest in Kayelekera and 100% in Letlhakane.
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.