Lotus Resources Limited, operator of the Kayelekera Uranium Mine in Malawi’s Karonga District, has raised $53 million through a share sale to accelerate mining operations and reach steady-state uranium production by the second quarter of 2026. The Australia Stock Exchange-listed company issued 35.4 million new shares at A$2.15 each to both existing and new institutional investors.
The funding comes as Lotus resumed mining operations in August 2025 and prepares for its first uranium export in Q2 2026. According to CEO Greg Bittar, the capital will be used to complete critical infrastructure, including a sulphuric acid plant for uranium processing and connection of the mine to Malawi’s national electricity grid. These steps aim to address prior supply chain constraints that had threatened monthly production targets of 200,000 pounds.
Mining policy expert Paul Mvula described the funding as a “production accelerator,” allowing Lotus to acquire equipment, secure working capital, and overcome logistical and technical challenges. He emphasized that access to such capital inflows enables faster operational scaling.
Malawi’s long-term development blueprint, MW2063, identifies mining as a key driver for economic growth. Mining currently contributes about 1 percent to GDP, with projections to rise to 12 percent by 2027, highlighting the strategic importance of the Kayelekera project in the country’s economic diversification efforts.
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