• Lotus Resources raises A$76 million via share placement

• Funds support Kayelekera uranium mine in Malawi, Botswana project

• Company targets first uranium shipment in Q2 2026

Australian miner Lotus Resources said on Friday it had completed a previously announced share placement, raising A$76 million ($53 million), as it looks to bolster its balance sheet while advancing its uranium projects in southern Africa. The company said the proceeds would strengthen its cash position as it continues development of the Kayelekera uranium mine in Malawi and the Letlhakane project in Botswana.

“We are delighted with the support we have received from existing and new institutional shareholders, which  provides us with an enhanced liquidity runway during ramp up to reach steady-state production and expected  first shipment in Q2 CY2026. The funding delivers a simplified, more flexible balance sheet, along with funding  certainty as Kayelekera progresses to positive cash flow, and we are positioned to maximise exposure to potential uranium price upside,” managing director Greg Bittar said. 

Lotus announced in August 2025 that it had launched Kayelekera, which is expected to produce an average of 2.4 million pounds of uranium per year over a 10-year mine life.

The company is also progressing its Letlhakane project in Botswana. A scoping study indicates the project could produce around 3 million pounds of uranium annually for 10 years, with project parameters currently being refined as part of a pre-feasibility study due for completion in the second half of this year.

Lotus is positioning itself to benefit from an anticipated upswing in the uranium market, driven by renewed investment in civil nuclear power globally. Spot uranium prices rose above $100 per pound in late January.

“Still, yellowcake prices remain sharply higher on expectations that nuclear power capacity will continue to increase to match datacenter and electrification demand,” Trading Economics indicates.

The extent to which Lotus will capitalise on these market conditions will become clearer as Kayelekera ramps up production, with Letlhakane offering potential longer-term upside. For host countries, continued investment in these projects could translate into new mining revenues once production begins.

Aurel Sèdjro Houenou