Name of the Project
Letlhakane uranium project.

Location
Botswana.

Project Owner/s
ASX-listed 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 (ppm) 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’ recent infill drill programme has successfully converted a significant portion of the inferred mineral resources into the indicated mineral resource category, with the indicated portion of the mineral resource estimate (MRE) at 50%, CEO Greg Bittar has said.

The revised pit-constrained MRE has increased Letlhakane’s indicated mineral resources by 65%, with global resources of 142.2-million tonnes at 363 ppm of uranium oxide for 113.7-million pounds. 

The revised Letlhakane MRE is constrained by pit shells demonstrating reasonable prospects of eventual economic extraction (RPEEE) and incorporates the recent infill drilling of 164 holes for 12 108 m.

Targeted exploration at Marotobolo, on the western border of the mining licence, has added 4.4-million pounds of new RPEEE-constrained inferred mineral resources.

Drilling has also identified further mineral resource growth opportunities, which Lotus will assess in its next planned drilling campaign.

Lotus will incorporate the MRE into various mining and process flowsheet optimisation studies.

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.