Lotus Resources Limited

Lotus Resources (“Hylea”) is an exploration company controlling exploration projects in Malawi and Australia. The company recently entered into an agreement with Paladin Energy to acquire a 65% interest in the Kayelekera Uranium Project. The Kayelekera Mine was officially opened in April 2009 and produced 10.9Mlb between 2007 and 2014. The mine is currently in care and maintenance since 2014 due to the sustained low uranium spot price and to preserve resource and shareholder value. It is expected that production will recommence once the uranium price provides a sufficient incentive and grid power supply (ESCOM) is available on site to replace the existing diesel generators. Once uranium prices offer sufficient incentive for restart, production, with some RIP/elution upgrades, is expected to be approximately 3Mlbpa. The company also holds the Hylea Cobalt project in New South Wales, Australia. Previous name: Hylea Metals Limited