NEW YORK, May 31, 2024 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Lotus Resources Ltd. (ASX: LOT; OTCQX: LTSRF), a leading Africa-focused advanced uranium company, has qualified to trade on the OTCQX® Best Market. Lotus Resources Ltd. upgraded to OTCQX from the OTCQB® Venture Market.
Lotus Resources Ltd. begins trading today on OTCQX under the symbol “LTSRF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
Lotus Managing Director Keith Bowes commented:
“Lotus has traded on the OTCQB Market since April 2021, and we have found the resulting opportunity to engage with North American investors very beneficial for the Company.
“We are pleased to have met the stricter trading criteria and been upgraded to the OCTQX, the top tier of OTC Markets, and we look forward to seeing increased volumes resulting from a broader base of potential North American investors that can now invest in Lotus.”
About Lotus Resources Ltd.
Lotus Resources Limited is a leading Africa-focused advanced uranium player with significant scale and resources. Lotus is focused on creating value for its shareholders, its customers and the communities in which it operates, working with local communities to provide meaningful, lasting impact. Lotus is focused on our future. Lotus owns an 85% interest in the Kayelekera Uranium Project in Malawi, and 100% of the Letlhakane Uranium Project in Botswana. The Kayelekera Project hosts a current mineral resource of 51.1Mlbs U3O8, and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Definitive Study which has determined an Ore Reserve of 23Mlbs U3O8 and demonstrated that Kayelekera as one of the lowest capital cost uranium projects globally whilst also having the ability to quickly recommence production (15 months development for construction/refurbishment) once a Final Investment Decision (FID) has been made. The Study also detailed production of ~20Mlbs U3O8 over an initial 10-year life-of-mine at a low cash cost of US$29/lb and an ASIC cost of US$36/lb. The Letlhakane Project is a greenfield project which hosts a current mineral resource of 118.2Mlbs U3O8. It is in early-stage development project with a mining and environmental licence already in place. Lotus is undertaking a series of technical and engineering studies to optimise the mining and processing strategy for the project.
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