• Lotus launched a four-month drilling program to expand Letlhakane’s 113 million-pound uranium resource.
• The prefeasibility study, due H2 2026, aims to optimize economics of a $465 million, 3M lb/year mine plan.
• Lotus targets combined production of 6M lb/year from Letlhakane and Kayelekera.

Lotus Resources has started a new exploration program at its Letlhakane uranium project in Botswana, the company said on October 2. The four-month program aims to expand the project’s 113 million pounds of mineral resources and “further strengthen its profitability and development potential.”

The campaign includes up to 12,000 meters of reverse circulation drilling and 1,500 meters of diamond drilling across several targets. A reverse circulation rig is already on site, with a diamond rig expected soon. Lotus did not disclose the total cost but announced in September plans to raise $42 million to finance development.

The drilling program forms part of the ongoing prefeasibility study for Letlhakane. Lotus plans to incorporate the results into the study to refine the project’s economics.

A scoping study published in March 2025 outlined a $465 million mine with capacity to produce 3 million pounds of uranium annually over 10 years. The prefeasibility study is scheduled for completion in the second half of 2026.

Lotus is also advancing operations at Kayelekera in Malawi, where it restarted production in August 2025. The company aims to achieve combined output of 6 million pounds of uranium per year from Letlhakane and Kayelekera.

Management said these assets position the company to benefit from rising uranium demand expected over the next decade.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum