Summary

Mine Type	Open Pit
Study Completed	Preliminary Economic Assessment
Study in Progress	Prefeasibility
Stage	Permitting
Commodities	Uranium
Mining Method	Truck & Shovel / Loader Surface miner
Mine Life	...
Snapshot	Letlhakane Uranium Project is one of the largest undeveloped uranium projects in the world. The project comprises five deposits: Gorgon, Kraken, Mokobaesi, Serule East, and Serule West. Lotus Resources Limited has an Environment Certificate and Mining Licence in place for the operation. Draft Environmental Management Plans, including Radiation Management Plans have been generated for the Project. An updated Scoping Study completed in March 2025 based on the December 2024 Mineral Resource Estimate. No revenue assumptions have been made for the Scoping Study. On octoner 2, 2025, a new phase of drilling has commenced at its large-scale Letlhakane Uranium Project in Botswana (Letlhakane), aiming to upgrade its current Mineral Resource Estimate and provide metallurgical test samples to support a Pre-Feasibility Study due in the second half of CY2026.

Deposit type

• Sediment-hosted
• Sandstone hosted

Summary:

The December 2024 Mineral Resource Estimate (MRE) for Letlhakane comprises six deposit areas Gorgon, Mokobaesi, Kraken, Marotoboloand Serule West and East.

Geologically, the Letlhakane uranium mineralisation is hosted within shallow, flat-lying sedimentary rocks of the Karoo Super Group. The mineralisation occurs within the upper parts of the Mea Arkose where it is in contact with the Tlapana Formation, as well as within the lower part of the Tlapana Formation. Parts of the deposit occur at surface within more recent pedogenic and valley calcretes and within the upper parts of the Tlapana Formation.

Three distinct styles of mineralogy related to weathering, have been identified in the main resource area and are closely related to the geological setting found in this area. The mineralisation is defined as Secondary, Oxide and Primary. Secondary mineralisation is dominated by the mineral carnotite and occurs in calcrete and the upper mudstones. Oxide and Primary mineralisation are dominated by orthobrannerite (U4+U6+Ti4O12(OH)2) and uraninite (UO2). These minerals occur as discrete grains up to 250µm on quartz grain boundaries, partially or wholly encapsulated in calcite, kaolinite and/or illite. Uranium anomalies associated with the organic bands in the sandstone show a strong correlation to titanium and this may imply orthobrannerite is present within the bands or that titanium is also incorporated into the humate along with uranium. The weathering defines the boundary between the oxide and the primary and due to the alteration of minerals in the oxide zone, they display differing metallurgical characteristics.

Mineralisation appears to closely follow basement topography and valleys can be traced following fluid flow paths and containing higher uranium grade areas. The Mea group sediments dip 1 degree to the west and mineralisation has been intersected further out to the west past the defined resource area. This mineralisation, although deeper and presently not defined, can be potential future resources for the Project.

Much of the mineralisation at Letlhakane is hosted in primary or oxide domains, with a single secondary mineralised lens modelled at Mokobaesi which is related to a calcrete horizon.

The lenses of uranium mineralisation at Letlhakane are flat-lying.

The sandstone-hosted mineralisation has roll front characteristics, where the uranium was precipitated at redox boundaries. Three material types have been identified; Primary material, Secondary material and Oxide material; the most abundant material type is the Primary material.

Dimensions:
- The area spans 14 km N-S and up to 11 km E-W.
- The resource has been modelled from surface to approximately 125 m depth.
- The deeper intersections are to the west and become shallower to the east.

Mining Methods

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Comminution

Crushers and Mills

Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
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