LOT released its 1QFY25 quarterly report which highlighted the recent completion of FEED for Kayelekera which has seen first production from restart being accelerated to 8-10 months from FID. Initial restart capital has also declined to US$50m and LOT is raising US$84m (A$125m) to fund the restart. Initial contracts (~1.5mlb) have been signed, the mine development agreement has been secured and LOT is now completing funding. Near-term catalysts include additional contracts/offtakes and updates on restart ramp-up at Kayelekera. We believe the timing of the Kayelekera restart and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook. Longer-term there is upside from the Letlhakane uranium project development.
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