Lotus Resources Says Fully Funded to Restart Production at Kayelekera Uranium Project in Malawi in Q3 2025; Shares Up 4%

MT Newswires Live

Nov 06, 2024

Lotus Resources (ASX:LOT) reported progress in its plans to restart production at its Kayelekera uranium project in Malawi in the third quarter of 2025, with enough funds to support the operations, according to a Wednesday filing with the Australian bourse.

The mining company raised AU$130 million via a placement in October and has an ongoing share purchase plan that targets to pool a further AU$15 million. Its cash as of the end of September stood at AU$25 million.

"The progress to date is clearly visible with a whole host of site activities and work streams focused on lifting the tailings storage, repairing, refurbishing and recommissioning plant and equipment along with plant structural modifications," said Lotus Resources Chief Executive Officer Greg Bittar.

The company's shares were up 4% in recent Wednesday trade.

Price (AUD): $0.26, Change: $+0.01, Percent Change: +4.08%

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