• Lotus Resources announced on Wednesday, April 29, the successful completion of the first phase of a drilling program at its Letlhakane uranium project in Botswana, ahead of an updated mineral resource estimate.

• The Letlhakane deposit holds 113.7 million pounds of uranium, half of which sits in the indicated category, and Lotus plans to launch a preliminary feasibility study in the first half of 2027.

• France's Orano has secured exploration permits and added Botswana to its 2026 exploration targets, following an invitation from President Duma Boko, who raised the issue with Emmanuel Macron during a visit to Paris in early April.

Lotus Resources announced on Wednesday, April 29, the successful completion of the first phase of a drilling program at Letlhakane, its uranium project in Botswana. The work feeds into an upcoming mineral resource update, and it lands just as Orano, the French uranium specialist, has set up shop in the country to back Gaborone's ambitions in the sector.

Botswana is looking to broaden its mining base beyond the diamonds that still dominate its extractive sector. Uranium stands as one pillar of that diversification, with national reserves estimated at 800,000 tonnes. Lotus Resources is positioning itself as the lead player in that strategy, holding a Letlhakane deposit that contains 113.7 million pounds of uranium, half of it classified in the indicated category.

The ongoing 10,000-meter drilling program targets the conversion of more resources from the inferred category — the least reliable for estimating mineral potential — into the indicated category. Based on the resource update expected in the second half of 2026, Lotus plans to launch a preliminary feasibility study in the first half of 2027. In parallel, the company is working to streamline its processing route and refine its mining approach, with a view to improving project economics.

Orano, for its part, has secured its permits in Botswana and added the country to its 2026 exploration targets. Its arrival partly answers an invitation from Gaborone, which wants to draw foreign investors into its mining sector. President Duma Boko himself raised the topic during his visit to Paris in early April, telling Emmanuel Macron that French companies stood to gain from investing in Botswana. Orano, however, has not detailed a timeline for its activities in the country or the budget assigned to them.

While the French group remains far from producing uranium in Botswana, Lotus too still has ground to cover. The company already operates the Kayelekera mine in Malawi, which is set to reach its nominal capacity of 2.4 million pounds per year in the coming months. At Letlhakane, Lotus still has to prove the economic viability of a mine through more advanced studies. Against the backdrop of a global market where uranium demand keeps rising, Botswana looks more like a long-term source of supply than a near-term producer.

Emiliano Tossou