Lotus Resources Limited announced the results of the reverse circulation (RC) drilling program at its Livingstonia prospect, located approximately 90km from the Kayelekera uranium mine (Kayelekera or the Project) in Malawi. Whilst not part of the current Definitive Feasibility Study (DFS), Livingstonia has the potential to become a satellite deposit in the future. The Livingstonia exploration tenements are located in northern Malawi, approximately 90km southeast of the company's Kayelekera uranium mine.

Combined with the company's Chilumba tenements, this region covers 300km. In December 2021, the company commenced its inaugural uranium exploration drill program at Livingstonia. The program consisted of 3,395 metres in 29 vertical RC drill holes, targeting areas both within and peripheral to the existing Mineral Resource to test the margins of the resource estimate for further extensions.

The drilling was caried out by Thompson Drilling Lda (Mozambique) with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists. Selected mineralized intervals were analysed for uranium by ALS Laboratories in Johannesburg. The focus of the RC program was on the northern margins and north-eastern extensions of the known mineralized trend.

The holes completed in these locations were designed to either define extensional mineralization or increase the confidence in the existing resource classification. The best results of 4m grading 983 ppm U3O8 and 4m grading 636ppm U3O8 are located to the north of the existing resource limits and extend the previous resource limits by up to 250m. Several holes were completed within the existing resource limits in order to validate the historic resource.

Following these results, the Company intends to prepare an updated Mineral Resource estimate, which is anticipated to be completed during second quarter 2022.