Lotus Resources Secures Uranium Product Acceptance from Orano's Conversion Facility Ahead of First Shipment

• Orano Chimie-Enrichissement (Orano CE), which operates the Malvesi conversion facility in France, has confirmed it will accept uranium concentrate from Lotus Resources' Kayelekera mine in Malawi
• Independent laboratory testing results will be provided by Lotus as a condition for initial shipments, with commissioning-phase material also currently under review by Orano CE
• An Orano CE account enables product exchange or swap arrangements across all three western conversion facilities, providing delivery flexibility across existing and future sales contracts
• Nameplate production at Kayelekera remains on track for Q2 2026 following consistent plant performance improvement through the second half of February and into March 2026
• Walvis Bay in Namibia has been activated as an alternative export route due to reduced shipping availability from Dar es Salaam, Tanzania to the Singapore trans-shipment hub

Lotus Resources Limited (ASX: LOT, OTCQX: LTSRF) is an Australian-based uranium producer with mineral resources across two countries. The company holds an 85% interest in the Kayelekera Uranium Mine in Malawi, which restarted production in August 2025, on time and on budget. Kayelekera produced approximately 11 million pounds of uranium between 2009 and 2014 and holds a total mineral resource of approximately 46 million pounds. Lotus also wholly owns the Letlhakane Uranium Project in Botswana, which hosts a mineral resource of approximately 114 million pounds, bringing the company's total uranium mineral resource to approximately 165 million pounds.

Orano CE Confirms Acceptance of Kayelekera Uranium Product

Lotus received confirmation from Orano CE that it will accept Kayelekera's uranium ore concentrate, known as U3O8, at the Malvesi conversion facility in southern France. The acceptance follows months of close collaboration between Lotus and Orano through an iterative process to optimise and qualify the product. As a condition for initial shipments, Lotus will provide independent laboratory testing results to Orano CE.

Orano CE is separately reviewing whether to accept material produced during the commissioning phase of the plant restart in Q4 2025. Lotus initially reported 105,000 pounds of uranium produced to 31 December 2025, revised to 98,000 pounds following reconciliation from independent laboratory testing.

Managing Director Greg Bittar said: 

"Orano's acceptance of uranium marks a fantastic milestone for the Kayelekera restart, positioning Lotus as the next global uranium supplier. We are very excited to have achieved this acceptance by Orano CE, which allows us to now plan for first product to be dispatched from site."

Delivery Flexibility Across the Western Conversion Network

There are three western uranium conversion facilities: Orano CE in France, ConverDyn in the United States, and Cameco in Canada. Lotus is continuing to pursue accreditation with ConverDyn and Cameco, but the confirmed acceptance from Orano CE already carries a practical commercial benefit. In the uranium market, product held at one converter can be exchanged or swapped with material at another facility, meaning an Orano CE account effectively covers delivery obligations across all three.

This swap mechanism means Lotus does not need accreditation at all three facilities before honouring its contractual obligations. Existing and future sales contracts can be met through the Orano CE account while accreditation with the remaining two converters is pursued in parallel.

Managing Director Greg Bittar noted:

"Whilst we will continue working to achieve accreditation with the other two western converters, ConverDyn and Cameco, the ability to exchange or swap product between converters means an Orano CE account provides us with delivery flexibility across all contracts and for future sales."

Nameplate Production on Track for Q2 2026

Kayelekera's processing plant has recorded consistent performance improvement through the second half of February and into March 2026. Nameplate production, the designed operating capacity of the plant, remains on track for Q2 2026, in line with previously stated guidance.

Supply chains remain robust as of the 25 March 2026 update. First dispatch of uranium from site is subject to final product preparation, testing, acceptance, permits, and shipping arrangements, all expected to be completed within Q2 2026.

With production performance improving and logistics in place, the focus now turns to completing the remaining steps required before first export.

Walvis Bay Activated as Alternative Export Route

As of 10 March 2026, Dar es Salaam in Tanzania remains the preferred export route for uranium out of Kayelekera. Due to reduced shipping availability from Dar es Salaam to the Singapore trans-shipment hub, driven by the impact of global events on shipping logistics, Lotus is working with road transport group Alistair Group and freight forwarder Orano NPS to commence exports via Walvis Bay in Namibia.

Both routes remain active options. Dar es Salaam continues as the preferred route, with Walvis Bay providing an additional logistics pathway as shipping availability from Tanzania fluctuates.

First export of uranium remains subject to final product preparation, testing, regulatory acceptance, permits, and shipping arrangements, all expected within Q2 2026.

Outlook

With Orano CE's product acceptance confirmed, Lotus has met a key commercial requirement ahead of its first uranium shipment from Kayelekera. The focus now shifts to final product preparation, independent testing, regulatory permits, and shipping arrangements to execute first dispatch in Q2 2026. Ongoing milestones include the outcome of Orano CE's review of commissioning-phase material, continued progress toward nameplate production, and accreditation discussions with ConverDyn and Cameco.

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