Lotus Resources Limited announced that it has commenced a Definitive Feasibility Study (DFS or the Study) for the company's Kayelekera Uranium Project. The Study follows strong results from multiple technical studies being undertaken which have indicated the potential for significantly enhanced outputs and returns compared to the Scoping Study released in October 2020. Kayelekera is a proven uranium operation, having successfully produced 11Mlbs U308 over five years (nameplate production capacity – 3Mlbs/annum), which ceased operations in 2014 due to sustained low uranium prices and was placed on care and maintenance. HIGHLIGHTS: DFS to assess the recommencement of production at Kayelekera is underway, expected to be completed by mid-2022; The Study will incorporate results from multiple technical studies (power supply, ore sorting, acid recovery and tailings) that have demonstrated the potential for reduced operating costs and increased production compared to the Scoping Study; Ore sorting testwork results indicate a significant step change for the Project, with results seeing grades increase by up to 100% when compared to the feed sample, with high recovery (up to 92%): Ore sorting provides the option to increase production rates and convert lower marginal grade ores that could extend the mine life; Initial results from the power study indicate a mix of power supply options incorporating connection to the national grid, solar power and energy recovery from the acid plant will be the most reliable and cost-effective option for Kayelekera: This could see power cost materially reduced compared to historical operations at Kayelekera and reduced CO2 emissions; Assessment of tailings storage facilities is ongoing, with the currently preferred option being to maximise storage in the existing facility and then co-disposal of tailings and waste rock in the depleted open pit: This option would reduce the life-of-mine capital cost compared to the Scoping Study; Acid was historically a significant component of the total operating costs (~14% C1 costs). Reducing acid consumption through ore sorting, installed nano-filtration plant and improved recirculation is being assessed.