LOT is now fully funded for the Kayelekera restart, targeting a 10-month repair and commissioning phase followed by first production in 3QCY25. The DFS and FEED study highlighted a 10-year LOM production ~2.4mlbpa at an AISC of US$44.8/lb. 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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