Lotus Resources Limited announced that the inaugural greenfield exploration drill program at the Chilumba Prospect in Malawi has intercepted uranium mineralisation. The Company's southern project area, including Livingstonia (4.8Mlbs U3O8) and Chilumba, has historically been poorly explored. The Company believes this area has strong long-term potential to contain additional uranium mineralisation that could be the basis for a future satellite operation.

HIGHLIGHTS: The inaugural greenfield exploration drill program at the Chilumba Prospect, 8km from the Livingstonia deposit, has successfully intercepted uranium mineralisation The assay results from the 7-hole (1,140m) RC exploratory drill program include: 3m at 382 ppm U3O8 from 43m (CH002). 3m at 138 ppm U3O8 from 38m (CH002). The exploration program was designed to test surface radiometric anomalies that had been detected through an aerial program and were responsible for identifying the Livingstonia mineralisation.

This is the first ever drill program completed at this prospect These preliminary results, in addition to the nearby Livingstonia deposit, highlight the potential for additional uranium discoveries at the Company's regional targets Additional exploration work at these regional targets will be completed in the future INAUGURAL CHILUMBA RC DRILLING PROGRAM: The Chilumba Prospect lies within the Chilumba exploration tenement (EL418) which is located in northern Malawi, approximately 80km southeast of the Company's Kayelekera Uranium Mine. Combined with the Company's Livingstonia tenements, this covers 300km2. In early 2022, Lotus commenced an inaugural exploration drill program at Chilumba.

The program consisted of 1,140 metres of drilling in 7 reverse circulation (RC) holes (3 vertical and 4 angled) that were designed to test surface radiometric anomalism that had been identified by previous explorers. The drilling was carried out by Thompson Drilling Lda (Mozambique) with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists. Selected mineralised intervals were analysed for uranium by ALS Laboratories in Johannesburg.

The best results were from drillhole CH002 located to the northwest sector of the prospect which intersected a 12m thick anomalous zone from 38m to 46m. Two separate zones within the interval, including 3m grading 382 ppm U3O8 from 43m, were identified. Drillholes CH001 and CH003, which both intersected anomalous uranium mineralisation, appear to be located peripheral to an interpreted north-westerly tending channel or NE-SW Fault zone.

ADDITIONAL WORK PROGRAM: The Company is currently reviewing the opportunity to undertake additional drilling at Livingstonia to follow up on high grade trends identified in that program. At the same time a program to further delineate the Chilumba mineralisation by following up on the interpreted north-westerly tending channel will be considered.