Name of the Project
Letlhakane uranium project.

Location
Botswana.

Project Owner/s
Lotus Resources.

Project Description
Letlhakane is one of the biggest undeveloped uranium deposits in Botswana, with an estimated resource of 155-million tonnes at 345 parts per million triuranium octoxide (U₃O₈), equivalent to 118-million pounds of U₃O₈. 

The base case is expected to support production of up to 3.3-million pounds a year of U₃O₈ over an initial 15-year life-of-mine. 

The project is designed to use openpit mining methods, with potential for in situ recovery (ISR) for deeper mineralised zones. The openpit mine is expected to produce 42.3-million pounds of U3O8 over its mine life.

To complement the base case, two other scenarios have also been considered.

The first proposes a smaller operation with less total material movements. This was developed by analysing pit shells from the optimisation work with a reduced revenue factor. 

The second scenario considers a much larger project with a higher throughput, based on analysing pit shells with an increased revenue factor.

Potential Job Creation
Not indicated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Startup capital is estimated at $465-million. This includes costs for mining, processing infrastructure and an on-site sulphur-burning acid plant for producing necessary reagents.

Planned Start/End Date
Lotus aims to start production in 2025. A resource update and further optimisation work are scheduled for early 2025.

Latest Developments
Lotus Resources has completed its infill and exploration drilling programmes at the Letlhakane uranium project.

The company reported on November 12 that it had drilled 21 holes at the project.

The mineral resource estimate, constrained by pit shells based on reasonable prospects of eventual economic extraction, is 155.3-million tonnes grading 345 ppm U₃O₈, containing 118.2-million pounds of U₃O₈, of which 34.4-million pounds, or 29%, are classified as indicated mineral resources.

An update to the Letlhakane mineral resource estimate is under way, integrating recent drilling results, and is expected to be completed later this month.

Lotus is also conducting trade-off studies for Letlhakane, covering aspects such as acid consumption, downstream process optimisation and mining methodology. The company has said it plans to provide an update on these studies in the fourth quarter.

Additionally, Lotus is assessing the feasibility of ISR extraction, with a potential future field leach trial under consideration.

Key Contracts, Suppliers and Consultants
SnowdenOptiro (mineral resources and mining and openpit optimisation); Ashmet (processing and infrastructure costs); and ERM Australia Consultants (ISR assessment).

Contact Details for Project Information
Lotus Resources, tel +61 8 9200 3427 or email info@lotusresources.com.au.