Lotus Resources (LOT.AX) has signed an additional offtake agreement with US utility PSEF Nuclear LLC whereby the latter will be entitled to 800,000 pounds of uranium to be delivered in the 2026-2029 time frame. The offtake price has not been disclosed, but Lotus mentioned the realized price will be referenced to the current published long-term prices with fixed price escalation on an annual basis.
The company’s 85%-owned Kayelekera uranium mine in Malawi currently hosts 23 million pounds of uranium in a reserve calculation at an average grade of 660 ppm, while the total resources at Kayelekera stand at 46.3 million pounds at an average grade of 500 ppm. Lotus has a global resource (including the resources at the Lethlhakane and Livingstonia projects) totalling 165 million pounds at an average grade of 392 ppm.
Disclosure: The author has no position in Lotus Resources. Please read the disclaimer.
