Lotus Resources raises $81M for uranium restart

Lotus Resources (ASX:LOT) announced a strategic capital raising initiative totaling approximately $81 million to accelerate the restart of its Kayelekera Uranium Project.

The funding package is headlined by a $76 million non-underwritten placement to institutional and sophisticated investors, priced at $2.15 per share.

The offer price reflects a 25.3% discount to the company’s last closing price of $2.88 on Feb. 4.

To complement the placement, Lotus is also launching a share purchase plan aiming to raise an additional $5 million from its existing shareholder base.

The primary objective of this capital injection is to provide the "enhanced financial flexibility" required to transition Kayelekera into steady-state production.

Following the raise, the company’s pro-forma cash position will bolster to roughly $145 million, which will be directed toward critical infrastructure projects, including the completion of an acid plant and grid connection to optimise operating costs.

The company expects to achieve a monthly nameplate production of 200klb (approx. 2.4Mlbpa equivalent) by the second quarter of 2026.