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8 stories mentioning ASX:LOTUpdated 8d ago

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Asia

Lotus Resources Raises AU$138.1 Million Strategic Funding Package to Support Kayelekera Ramp-Up

Lotus Resources (ASX:LOT) disclosed a strategic funding package to de-risk Kayelekera's continued ramp-up and provide financial flexibility as it transitions to steady-state production, according to a Thursday Australian bourse filing.The company said the package comprises a fully underwritten AU$60.1 million accelerated non-renounceable entitlement offer, a binding agreement for AU$35 million in senior unsecured convertible notes from CVI Investments, managed by Heights Capital Management, and a binding commitment letter with Mercuria Energy Trading for a AU$43 million inventory-backed prepayment facility and marketing agreement.

ASX:LOT
Asia

Lotus Resources Completes Interim Furnace Repair Works at Malawi Uranium Mine Acid Plant

Lotus Resources (ASX:LOT) said interim furnace repair works at its acid plant at the Kayelekera uranium mine in Malawi were completed, and operations are expected to resume in early August, according to a Thursday Australian bourse filing.The commissioning of the acid plant was interrupted after refractory bricks failed within the sulfur furnace, after achieving the first acid production.It is targeting steady-state production later in the year at an annualized run rate of around 2.4 million pounds of triuranium octoxide. Total production for the June quarter was 155,000 pounds of triuranium octoxide (drummed).

ASX:LOT
Asia

Lotus Resources Says Malawi Uranium Mine Production Temporarily Paused, Flags Impact to Initial Offtake Obligations

Lotus Resources (ASX:LOT) said production at the Kayelekera uranium mine in Malawi was temporarily paused due to a disruption in the third-party acid supply chain linked to disruptions in the Middle East and acid plant repair work, and the delays will impact its ability to meet its initial offtake obligations, according to a Thursday Australian bourse filing.Ongoing geopolitical tensions in the Middle East region adversely impacted the availability, reliability, and cost of sulfur and sulfuric acid, leading to several contracted and prepaid deliveries being delayed or not fulfilled.Meanwhile, several refractory bricks within the sulfur furnace showed signs of failure after the final stages of hot commissioning works at the Kayelekera acid plant and the first production of acid. Repair work is underway at the plant. A full furnace brick relining is planned during a scheduled maintenance shutdown, expected in the December quarter.Lotus has obligations to deliver 1.01 million pounds of triuranium octoxide in the second half of the year. It is engaging with its customers to defer delivery of a significant proportion of those deliveries into 2027 due to delays to export permitting and production.It requested an extension of its voluntary suspension from the ASX until the earlier of a disclosure that a funding option has been finalized and the start of trading on July 16.Subject to acid supply and funding, steady-state production is now expected later in the year.

ASX:LOT
Asia

Lotus Resources Appoints Sam Penglis as Interim Chief Operating Officer

Lotus Resources (ASX:LOT) said it has appointed Sam Penglis as interim chief operating officer, according to a Friday Australian bourse filing.Penglis will succeed Mike Da Costa, who left the company on May 15, per the filing.The company said Penglis is an experienced chemical engineer and minerals processing leader with two decades of experience at BHP across operations readiness, production, planning, and integrated operations, the filing added.Lotus is also finalizing the appointment of a technical services manager at Kayelekera, focused on life-of-mine planning and operational excellence, including mine-to-mill reconciliation processes, it added.

ASX:LOT
Asia

Lotus Resources Most Shorted Stock on Australian Bourse, ASIC Data Shows

Lotus Resources (ASX:LOT) was the most shorted stock on the Australian bourse as of May 7, with 16.02% of its total share registry reported as short positions, according to data from the Australian Securities and Investments Commission (ASIC).Domino's Pizza Enterprises (ASX:DMP) was the second most shorted stock, with 15.59% of its share registry reported as short positions. Telix Pharmaceuticals (ASX:TLX) was at the third top spot, with 15.31% of its share registry reported as short positions.The regulator cautioned that its aggregated short position reports are reliant on the accuracy of reports received from individual short sellers.

ASX:DMPASX:LOTASX:TLX
Asia

Lotus Resources Says State Street Increases Stake, Shares Hit 6-Year Low

Lotus Resources (ASX:LOT) said State Street and its subsidiaries have increased their stake in the company on May 8 to 8.27% or 22.6 million shares from 7.22% or 19.7 million shares, according to a Wednesday Australian bourse filing.The company's shares fell 7% to their lowest since May 2020 in recent Wednesday trade.

ASX:LOT
Asia

Lotus Resources Confirms Continuity of Mineralization at Botswana Project; Shares Down 3%

Lotus Resources (ASX:LOT) confirmed continuity of mineralization at Serule West upon completion of the first phase of infill drilling within its Letlhakane project in Botswana, according to a Wednesday filing with the Australian bourse.Results include 8.23 meters at 1,357 parts per million radiometric equivalent triuranium octoxide from 48 meters, and nearly 12 meters at 567ppm radiometric equivalent triuranium octoxide from 49 meters, the filing said.Results will be used to update the project's mineral resource estimate in the second half of the year, per the filing.Shares fell 3% in morning trade on Wednesday.

ASX:LOT
Asia

Lotus Resources Resumes Uranium Production at Malawi Mine

Lotus Resources (ASX:LOT) resumed uranium production at its Kayelekera mine in Malawi after fire damage to electrical control panels resulted in a suspension of operations earlier this month, according to a Friday filing with the Australian bourse.The company said it resumed production after installing "interim engineered panels," and expects new panels to be delivered and installed in the coming weeks.

ASX:LOT

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