Lotus Secures 10-Year Fiscal Stability with New Mine Development Agreement

Lotus Resources Limited (ASX: LOT) has signed a Mine Development Agreement (MDA) with the Government of Malawi for its Kayelekera uranium mine, marking a significant milestone in its redevelopment. The MDA ensures a ten-year stable fiscal regime, protecting the project from detrimental changes and aligning key tax terms with Restart DFS assumptions, including a 5% royalty rate and 30% corporate tax. It also offers relief on Resource Rental Tax and Withholding Tax for non-resident dividends and exemptions on duties related to capital goods. The agreement highlights the Government's commitment to local mining development, a key aspect of Malawi's economic vision, Malawi 2063. Additionally, Lotus reported a cash balance of AU$34.1 million (unaudited) as of June 30, 2024, excluding AU$15 million in restricted cash.

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