Lotus Resources (ASX:LOT) has raised $76 million through a non-underwritten placement to support the company in its ramp up activities for production at the Kayelekera Uranium Mine in Malawi.
The company will issue 35.4 million shares at an offer price of $2.15 each, representing a 25.3% discount to the last closing price of $2.88 on 4 February 2026.
Macquarie Capital and Canaccord Genuity acted as bookrunners and joint lead managers for this placement, together with Barrenjoey Markets and Jett Capital Advisors as co-lead managers. Argonaut Securities also acted as co-manager.
Shares are expected to settle on 11 February 2026.
Managing Director Greg Bittar says the capital raise provided Lotus with an “enhanced liquidity runway during ramp up to reach steady-state production and expected first shipment in Q2 CY2026”.
“The funding delivers a simplified, more flexible balance sheet, along with funding certainty as Kayelekera progresses to positive cash flow, and we are positioned to maximise exposure to potential uranium price upside,” Bittar says.
Meanwhile, the company is also conducting a non-underwritten share purchase plan to raise another $5 million, with shareholders eligible to subscribe for up to $30,000 worth in shares.
The share purchase plan is expected to close on 2 March, after opening on 16 February. Shares will be issued on 9 March.
Lotus Resources is an African-focused uranium explorer that holds an 85% stake in the Kayelekera Uranium Project, along with its wholly owned Letlhakane Uranium Project in Botswana.
Write to Maddison Elliott at Mining.com.au
Images: Lotus Resources
