Lotus Resources' stock plummeted 5.51% intraday on Tuesday, following news of a fire incident at its Kayelekera Uranium Mine.

The company announced it will replace two electrical control panels in the drying and packaging area of the mine due to fire damage that occurred on April 4. The incident is expected to result in a production downtime of approximately three weeks for repairs.

While the damage was limited to the two electrical panels and no personnel were impacted, the significant production halt is likely to concern investors regarding near-term operational and financial performance.