• Australian miner plans $42 mln share placement to fund African uranium assets
• Target output of 6 mln pounds a year hinges on Kayelekera and Letlhakane projects
• Move reflects wider uranium investment push across Africa

Lotus Resources said on September 4 it plans to raise $42 million through a shareholder-backed share placement to advance its uranium projects in Africa.

The funds will support work at the Kayelekera mine in Malawi and the Letlhakane project in Botswana. Both sites are central to the company’s strategy to reach annual output of 6 million pounds of uranium announced in 2024.

“This provides Lotus with greater working capital and balance sheet flexibility as we move through to steady state production and build uranium inventory. Achieving this at Kayelekera will provide a strong foundation and funding for advancing Letlhakane’s development, enabling Lotus to become a globally significant, multi-asset uranium producer,” the Australian miner said in a statement.

Kayelekera, restarted in August, is expected to deliver 2.4 million pounds of uranium annually over a 10-year mine life. A large portion of the new capital will go to completing infrastructure, including energy facilities and mining equipment, needed for production.

At Letlhakane, Lotus is conducting fresh studies to cut development costs and preparing an exploration campaign to improve mineral potential. A scoping study outlines a future mine capable of producing 3 million pounds of uranium a year for 10 years, with an initial investment of $465 million.

The announcement comes as uranium projects gain momentum across Africa. Bannerman Energy recently launched a $55 million raise to move its Namibian Etango project toward a final investment decision by end-2025. Aura Energy is progressing its Tiris project in Mauritania, while Global Atomic is aiming to start production at its Dasa asset in Niger in 2026.