ASX-listed Lotus Resources has finalised the transition of its board of directors as fully funded restart works at its Kayelekera uranium project, in Malawi, move closer to production in the third quarter of this year.

With the production restart programme on track, founding board member Grant Davey has informed the company of his decision to step down from the board, with his resignation effective April 1.

Nonexecutive chairperson Michael Bowen expressed the company’s appreciation to Davey.

“His contribution has been immense in building the foundation for Lotus’s success. From securing the Kayelekera project, guiding the strategies for developing the project through to the execution of the accelerated restart strategy, positioning Lotus to be the next global uranium producer, Grant has been integral in delivering shareholders a very exciting opportunity.

“I am confident Lotus will continue to benefit from Grant’s extensive expertise in the uranium sector as we transition to production and consider the company’s long-term growth,” Bowen says.

“With funding secured, the accelerated restart well on track and the board being reshaped, I feel very confident about Lotus’s position and look forward to remaining very close to the company during the very exciting restart and commercialisation of operations at Kayelekera,” Davey avers.

Long-standing director Mark Hanlon has also advised the company that he will leave the board, effective April 30.

His departure marks a planned change in the company’s broader governance and leadership evolution.

The Lotus board has been undergoing a transition with several recent appointments, including Greg Bittar, who was appointed CEO in August 2024 and then MD in December 2024.

During this time, Lotus says it has continued to make strong progress in positioning itself as the next global uranium producer.

To support the board transition, Leanne Heywood and Simon Hay were appointed nonexecutive directors last month.

Along with their appointments, it was contemplated that Heywood would assume the role of chair of the audit and risk committee.

With the lodgement of the interim financial report for the half-year ending December 31, 2024, the transition of the audit and risk committee chair from Hanlon to Heywood will now occur.

It was also contemplated that Hay would replace Hanlon as chair of the remuneration and nomination committees and this will also now occur.

Dixie Marshall will remain on the board and as chair of the environmental, social and governance (ESG) committee, until the environmental- and social-impact assessment approval for Kayalekera is secured, which is anticipated before mid-year.

At that time,  Hay will assume the ESG committee chairperson role.

Lotus points out that Marshall has played a critical role in advancing key aspects of the approval roadmap for Kayelekera’s production restart.

“Dixie and Mark have contributed significantly to Lotus's key milestones: from the acquisition of Kayelekera, to the adoption of the accelerated restart plan, to now being fully funded and being on track to become the next global uranium producer. We recognise Dixie and Mark’s long standing commitment and contribution,” Bowen comments.