Lotus Resources (ASX:LOT) announced financial results for the quarter ended 30 September 2022.

Quick re-start (15 months development), low-cost with an average production of 2.4Mlbs U3O8 per annum (first 7 years) and 19.3Mlbs U3O8 over a 10-year life-of-mine.

Low initial capital cost of US$88 million ranks the Project as one of the lowest capital cost uranium projects globally with an Initial Capital Intensity of US$37/lb.

Cash Costs are US$29.1/lb and AISC3 of US$36.2/lb during the first 7 years of production (excluding ramp-up).

Inaugural Ore Reserve declared for the Project (23Mlbs U3O8 at 660ppm).

The Project has significantly reduced power related CO2 emissions by ~72% (or ~21,000tpa) compared to the historical operation through a number of new and innovative initiatives.

The timing of the Project restart is also aligned with uranium market conditions where significant demand is anticipated based on the global zero carbon and electrification goals.

Community Development Agreement finalised with local communities and awaiting Malawian Government ratification.

Lotus completed an institutional placement to raise A$25 million at $0.24 per share. This placement was at a 2.6% discount to the 10-day VWAP of A$0.246 (as of 31 August 2022).

As at 30 September 2022, Lotus had cash of $25.5 million (unaudited), exclusive of the restricted cash of $15.5 million (US$10 million) held as part of the Environmental Bond.

Following the announcement the company?s share price rose 6.818%.