Lotus Resources has announced its first two uranium offtake agreements and secured a US$15 million ($22.2 million) unsecured loan facility to support the restart of its Kayelekera Uranium Project in Malawi.
The agreements encompass the sale of 1.5 million lbs of uranium between 2026 and 2029, with the option to expand up to 1.8 million lbs by 2032.
The agreements were made with PSEG Nuclear LLC and Curzon Uranium Ltd., both prominent entities in the global energy sector.
"These contracts, along with the unsecured financing, represent a significant milestone for Lotus and our Kayelekera Project, demonstrating the confidence of our customers in the uranium market and a strong endorsement of our project plans," said Lotus CEO, Greg Bittar.
The binding agreement with Curzon includes a US$15 million ($22.2 million) loan facility, enabling flexible financing for the project.
Additionally, Curzon has been granted the option to purchase an additional 300,000 lbs of uranium annually from 2030 to 2032.
Lotus continues to engage with North American nuclear power utilities for further contracts, aiming to leverage ongoing demand for long-term uranium pricing to support the project’s restart and development.
Lotus Resources is an advanced uranium company. The principal activities of the company include exploration for uranium and the evaluation and development of uranium resources.
The company focuses on the company’s advanced Kayelekera Uranium Project, in Malawi.
At the time of reporting, Lotus Resources’ share price was $0.2275.