What is in the bush?

Jessica Cummins

13:35 Fri 07 May 2021

Lotus Resources non-executive director continues to build holding with fourth on-market purchase this week

The company’s key asset is the Kayelekera Uranium Project in northern Malawi, Africa.

Lotus shares have today reached a new three-year high of A$0.205.

Lotus Resources Ltd (ASX:LOT) (OTCMKTS:LTSRF) non-executive director Grant Davey has continued to build his holding in the company with his fourth on-market purchase of shares this week with a total value of more than A$213,000.

In his latest purchase, on May 5 Davey acquired a further 250,000 shares worth A$46,250 in an indirect interest, increasing the number of securities held in that interest to more than 16.148 million.

This follows his purchase on May 3 of 303,602 shares valued at A$96,398, on May 4 of 200,000 shares valued at A$30,000 and May 5 of 246,398 shares valued at A$40,656.

OTCQB market trading

Last week, the company completed its secondary listing on the OTCQB market in the United States with the ticker LTSRF.

The secondary listing on the OTC Markets is aimed at enhancing the visibility and accessibility of the uranium development company to North American investors. It will allow potential North American investors to both trade and settle during US trading hours in US dollars.

Kayelekera project

Lotus owns an 85% interest in the Kayelekera Uranium Project in Malawi that hosts a resource of 37.5 million pounds of U3O8 and historically produced around 11 million pounds of uranium between 2009 and 2014.

The company has completed a positive Restart Study which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future.

Lotus Resources has a market cap of approximately A$175.8 million while today shares have been almost 11% higher to A$0.205 cents, a new three-year high.