Name of the Project
Letlhakane uranium project.

Location
Botswana.

Project Owner/s
ASX-listed uranium developer Lotus Resources.

Project Description
The study has confirmed the project’s potential to become a significant uranium operation and complements the company’s production at the Kayelekera uranium project, in Malawi. 

The project case is a ten-year life-of-mine (LoM) producing three-million tonnes a year of triuranium octoxide (U₃O₈) for total LoM production of 29-million pounds U₃O₈.

The production schedule is based on 45-million pounds (75% of which is in the indicated mineral resource category) in the mill feed, being about 40% of Letlhakane’s global resource of 114-million pounds.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Funding in the order of an estimated $465-million will likely be required for startup capital.

Planned Start/End Date
Not stated.

Latest Developments
Lotus reported in October 2025 that metallurgical testwork had shown that a low-acid consuming flowsheet is viable at the current uranium price, with an estimated 70% reduction in acid consumption at a 6% to 8% reduction in uranium recovery. 

The preferred new processing flowsheet removes solvent extraction.

Processing and mining studies for Letlhakane are ongoing, including: 

• engineering to redesign process flowsheet and estimated capital costs, 
• process modelling of the lab heap-leach results to define new mass balance and
• investigating the optimal mining approach and methodology.

Lotus is also undertaking resource infill drilling at Letlhakane to upgrade its current mineral resource estimate of 142.2-million tonnes at 363 parts per million for 113.7-million pounds of U₃O₈.

Metallurgical testwork and an updated mineral resource estimate will support a comprehensive prefeasibility study for Letlhakane, scheduled for completion in the second half of 2026.

Key Contracts, Suppliers and Consultants
SnowdenOptiro (mineral resources, openpit optimisation and mining costs); and Ashmet (updated plant and infrastructure capital and operating expenditures).

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