Ann: Letlhakane Increases Indicated Mineral Resources by 65%, page-3

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6 December 2024
Lotus increases Indicated Mineral Resources by 65% at Letlhakane Uranium Project
Lotus Resources Limited (ACN 119 992 175) (ASX: LOT, OTCQB: LTSRF) (Lotus or the Company) is pleased to
provide a revised Mineral Resource Estimate (MRE) for its Letlhakane Uranium Project in Botswana (Letlhakane) incorporating new data from the Company’s recent infill drill program.
Letlhakane complements Lotus’s Kayelekera Project in Malawi (Kayelekera), which is set to restart uranium
production in Q3 CY20251
. Letlhakane’s revised MRE further underlines its potential as a large-scale, standalone
uranium development project.
HIGHLIGHTS
• Revised pit constrained Mineral Resource Estimate (MRE) has increased Letlhakane’s Indicated Mineral
Resources by 65% with global resources of 142.2Mt at 363ppm U3O8 for 113.7Mlb1,2
.
• Revised Letlhakane MRE is constrained by pit shells demonstrating reasonable prospects of eventual
economic extraction (RPEEE) and incorporates the recent infill drilling of 164 holes for 12,108 metres.
- targeted exploration at Marotobolo on the western border of the ML has added 4.4Mlbs1 of
new RPEEE-constrained Inferred Mineral Resources.
• Drilling has also identified further Mineral Resource growth opportunities which Lotus will assess in its
next planned drilling campaign.
• Lotus will incorporate the MRE into various mining and process flowsheet optimisation studies.
• Botswana is considered one of the best mining jurisdictions in Africa and was ranked #4 globally in Policy
Index Ranking by the Fraser Institute in 2023
3
• Lotus plans to progress Letlhakane development in parallel with the Kayelekera restart, which is targeted
for Q3 CY20252
.
CEO Greg Bittar commented: “Our infill drilling has successfully converted a significant portion of the Inferred
Mineral Resources at Letlhakane into the Indicated Mineral Resource category, with the Indicated portion of the
MRE now standing at 50%. We are now focused on completing mining optimisation studies, process flowsheet
development and associated cost estimates to prepare an updated Scoping Study for release during Q3 2025.
“This drill program has also provided valuable insight into opportunities for further mineral resource growth
which we will look to pursue during infill drilling next year that will seek to convert more of the remaining Inferred
material into Indicated status.”
1 Refer to ASX Announcement dated 8 October 2024. The Company confirms that all material assumptions underpinning the information in
that ASX announcement continue to apply and have not materially changed.
2 Letlhakane Mineral Resources reported at 200ppm cut-off grade within pit shells based on various uranium prices.
3 https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2022; Policy Perceptions Index ranking
ASX:LOT 2
LETLHAKANE REVISED MINERAL RESOURCE ESTIMATE
Lotus, and independent mineral resource estimation specialist Snowden Optiro, prepared a revised Mineral
Resource Estimate (MRE) for the Letlhakane deposit that incorporated results of the recently completed 164-
hole (12,108m) Mineral Resource infill drill program4
(see Figures 1 and 2).
As part of the update, Snowden Optiro has updated the existing uranium mineralisation zones from this recent
infill program. The program targeted the shallower, higher-grade parts of the deposit, as well as focusing on
reducing the spacing between drill holes to increase confidence in the geological and grade continuity, thereby
allowing a significant portion of the Inferred Mineral Resources to be upgraded to the Indicated Mineral Resource
category (see Figure 2).
The results of the revised MRE have been reported as Mineral Resources that have "reasonable prospects of
eventual economic extraction", or RPEEE, and lie within pit shells defined by cost of mining and processing, as
well as other criteria, including losses in mining and metallurgical recoveries (see Error! Reference source not
found.).
Table 1: Letlhakane MRE reported above a 200ppm cut-off at various uranium price assumptions5
Indicated Inferred Total
Price
US$/lb
Mt U3O8
ppm
Mlb
U3O8
Mt U3O8
ppm
Mlb
U3O8
Mt U3O8
ppm
Mlb
U3O8
80 53.5 373 44.1 41.2 386 35.0 94.7 379 79.1
90 63.1 365 50.81 61.4 371 50.3 124.6 368 101.1
100 71.6 360 56.8 70.6 366 56.9 142.2 363 113.7
Mineral Resource tonnes, grades and uranium contained within the US$100/lb pit shells and based on a 200pm
U3O8 cut-off grade, are shown for each domain and mineralisation type in Table 2.
Table 2: Letlhakane Optimised MRE reported above a 200ppm cut-off at US$100/lb5
Indicated Inferred Total
Material
type
Deposit Mt U3O8
ppm
U3O8
Mlb Mt U3O8
ppm
U3O8
Mlb Mt U3O8
ppm
U3O8
Mlb
Secondary
Mokobaesi 2.1 344 1.6 - - - 2.1 344 1.6
Total Secondary 2.1 344 1.6 - - - 2.1 344 1.6
Oxide
Gorgon 8.6 353 6.7 7.0 303 4.7 15.6 330 11.4
Mokobaesi 3.1 323 2.2 - - - 3.1 323 2.2
Kraken 3.1 307 2.1 0.5 237 0.3 3.6 297 2.4
Serule East - - - 0.8 239 0.4 0.8 239 0.4
Serule West 0.9 349 0.7 2.8 371 2.3 3.7 366 3.0
Total Oxide 15.7 337 11.7 11.1 313 7.7 26.8 327 19.4
Primary
Gorgon 42.8 355 33.4 33.2 321 23.5 76.0 340 56.9
Mokobaesi 0.3 316 0.2 - - - 0.3 316 0.2
Kraken 5.3 384 4.5 0.5 289 0.3 5.8 376 4.8
Serule West 5.4 449 5.4 21.8 439 21.1 27.2 441 26.5
Marotobolo - - - 4.0 495 4.4 4.0 495 4.4
Total Primary 53.8 367 43.5 59.5 376 49.3 113.3 372 92.8
Total 71.6 360 56.8 70.6 366 56.9 142.2 363 113.7
4
Refer to ASX Announcements dated 25 June 2024, 25 July 2024, 15 August 2024, 10 September 2024 and 12 November 2024.
5
Letlhakane Mineral Resources reported at 200ppm cut-off grade with optimised pit shells based on various uranium prices. No forecast is made of actual uranium prices.

GLAH Mal..