Lotus Resources (ASX: $LOT) Announces Board and Management Restructure

Lotus Resources Limited (ASX: $LOT) has announced the restructure of its Board and senior management team to accelerate the Kayelekera Mine Development Agreement with the Government of Malawi and advance the development of the Letlhakane Project. The Company's strategic objective is to become the next significant global uranium producer. The restructured team aims to deliver value through the accelerated near term uranium production project at Kayelekera and the large scale, high-grade resource potential at Letlhakane. Lotus has a cash balance of $34.1M, exclusive of restricted cash of $15.0m, as at 30 June 2024.

Executive Commentary on Restructuring and Strategic Vision

This is a very exciting time for Lotus as we advance both of our projects. With the focus for Kayelekera being on financing, procurement, execution, and project delivery, the Board decided it was the right time to realign and build up the senior management team to focus on commercial and project execution. The team's vision is to be the quickest and cheapest restart of a uranium mine, taking advantage of the existing processing plant and open pit, which are in exceptionally good condition. We are delighted to welcome Greg and Warren to their respective positions. Greg has become very familiar with Lotus through his role in recent months and his commercial, leadership, and markets experience will position Lotus well. Warren will assume responsibility for executing the strategy of resuming production at Kayelekera, taking advantage of his experience to optimize the refurbishment and examine the possibility of bringing forward the time to production. Importantly, Greg, Mike, and Warren have the skills and expertise required to drive Kayelekera to become the next meaningful global uranium producer. The Board thanks Keith for his fantastic work as Managing Director over the past 4 years, which has included taking the Company into the ASX 300 index and are excited to have him become the Technical Director on the Board where he will be instrumental in supporting the management team in the execution of Kayelekera and Letlhakane through his vast knowledge and expertise.

Summary of Lotus Resources Announcement

Lotus Resources Limited (ASX: $LOT) has restructured its Board and senior management team to accelerate the Kayelekera Mine Development Agreement with the Government of Malawi and advance the development of the Letlhakane Project. The Company aims to become the next significant global uranium producer and has a cash balance of $34.1M, exclusive of restricted cash of $15.0m, as at 30 June 2024. The restructured team is focused on driving near term uranium production at Kayelekera and leveraging the large scale, high-grade resource potential at Letlhakane. The vision is to be the quickest and cheapest restart of a uranium mine, utilizing the existing processing plant and open pit, which are in exceptionally good condition. The Company is excited about the unique opportunity to restart Kayelekera to meet the strong uranium market and to expedite the development of Letlhakane in Botswana, providing a step change in scale, life, and value for Lotus. The incoming CEO, Greg Bittar, brings significant experience in equity capital markets, debt advisory, project development studies, and project evaluation, positioning Lotus for strategic growth and development.