# LOT - Lotus Resources



## springhill (11 July 2012)

DLE hold a suite of IO tenements in the Pilbara and MidWest regions of WA.

FPO shares - 206m
Cash - $10m (less $3.2m for Rocklea)

There have also been board changes last month.
Dragon Energy Ltd (ASX: DLE) hereby advises that Mr Qingyong Guo and Mr
Anthony Ho have resigned as directors of the Company. Ms Karen Logan has
resigned as the Company Secretary and Mr Ho has assumed this role.

*ACQUISITION OF MURCHISON METALS LTD’S ROCKLEA IRON PROJECT*
Highlights
• Dragon Energy Ltd to acquire Murchison’s Rocklea iron ore project including the southern extension of the Rocklea Deposit Channel Iron Mineralisation for a cash consideration of $3.2m.
• Dragon’s Rocklea Mineral Resource to substantially increase from 62.7Mt @ 53.41% Fe (60.39% caFe) to 151.7Mt @ 53.3% Fe (60.1% caFe).
• Consolidation of the Rocklea assets will provide significant cost efficiencies and substantially greater ability to pursue the development of the Rocklea Project.

*Pilbara Iron Project- development of a DSO operation*
Following the decision to pursue rapid development of the Pilbara Iron Project a number of studies and negotiations have been completed or are in the planning phase:
*Completed*
Scoping Study- conducted by GHD Limited on Dragon’s Pilbara Iron Project (Rocklea and Nameless projects)  was completed December 2011. It assessed the potential viability of the Project and identified immediate priorities to advance the Project, and also assessed infrastructure and transport solutions. The Scoping Study highlighted the relevant environmental and approval issues associated with the development of the Project. It concluded that, subject to the identification and establishment of a suitable port operation, the Project may commence production through road transportation as early as the end of 2013.
Environmental Studies- a Vertebrate, SRE and Flora surveys have been completed.
Detailed resource drilling- completed at Rocklea and Nameless, in January and February 2012 respectively
*Ongoing and Planned*
Environmental Studies- a Mine Waste study has been initiated. A Subterranean survey has been planned
for the September quarter. A soil characterisation study will follow geotechnical drilling.
Water- a surface water study has been initiated. A hydrogeological drilling programme will be submitted to the DMP for approval in the following quarter.
Resource Estimation- a revised resource calculation of Rocklea, and a maiden resource calculation for Nameless project has been initiated.
Mining Lease Application- heritage negotiations initiated during the quarter.
Port- securing approvals for an export port suited to road transportation, while awaiting access to Anketell Port.
Finance- identifying and securing financial resources for the projects development.



*Lee Steere Project *is located some 200km NE of Wiluna, in the Earaheedy Basin of the Midwest.
Previous exploration activities in the 1970s identified enriched hematite mineralisation of Banded Iron Formations and Superior-type iron within the Frere Formation; rock chips of up to 66.1% Fe were reported. The project contains 48km strike of the prospective Frere Formation, as identified from magnetics and outcrop. Dragon’s exploration focus has been on supergene enriched hematite/goethite and outcropping manganese mineralisation.
A drilling programme has been designed primarily to test an identified stratabound manganese unit adjacent to Superior-type iron mineralisation. New native title access agreements are in the negotiation process and require a resolution before heritage surveys can be undertaken, following which the Company will apply to the DMP for approvals for drilling.

*Mt Gibson Project* lies 80km NE of Wubin, 7-32km south and east of the Extension Hill Hematite/Magnetite Project, and partly hosts the Mt Gibson Gold Operation. The project is situated in the Midwest Region of the Yilgarn Craton. E59/1686 incorporates a couple of open pits from the Mount Gibson Gold Operation (870,000oz
mined), within the southern Retaliation Belt. Regional magnetics indicates that similar geological
and structural features hosting gold mineralisation extend within E59/1686 and E59/1637, together with magnetic (BIF/ultramafic) units. A low-level surface geochemistry sampling programme has been
designed to test various structural and geological targets. No activity this quarter.
A total of 25 stream sediment samples were taken from E59/1638 during the quarter, focussing on the southern Ninghan Belt greenstones. 33 broad spaced soil samples were taken from E59/1687.
Assay results are still outstanding.


*Carters Well Project* is located 30km south of Mt Magnet, adjacent to the Great Northern Highway, in the Yilgarn Craton of the Midwest.
A total of 4 anomalous zones, including Au-Ag, Ce-Pb, Pb-Zn-Cu, Pb-Zn, were identified from MMI surface sampling in the previous quarter. The most notable is a 3.5km, NE striking gold and coincident silver anomaly to the southeast of the project area. The Ce-Pb anomaly may relate to felsic volcanic lithology contacts. In the Mt Magnet district potential gold pathfinder elements also includes Cu and Zn (Parkinson Pit) and Pb (Stellar & Quasar Deposits). 
No exploration activities this quarter.

*Ashburton Project* is located in the Ashburton Basin, and is 10 to 40km from rail and other infrastructure associated with the Paraburdoo operations of Rio Tinto Iron Ore. Approximately 50% of the project area has a Cainozoic cover which potentially conceals CID within the braided drainages of Turee and Seven Mile Creeks, which drain the ranges of the Brockman Iron Formation near Paraburdoo. Base metals and gold provide alternative exploration targets. Exploration licences E08/2209 and E08/2210 were granted during the quarter. 
No exploration activities this quarter.

*Milly Milly Project* is located 196km west of Meekatharra, and 58km east of the Jack Hills iron operation in the northern Yilgarn Craton. The project has the potential to host Jack Hills style, high quality magnetite iron ore deposits. BMR regional magnetic surveys indicate favourable host rocks of 42km strike within the tenement. GSWA mapping indicates 26km strike of BIF (quartz-magnetite) outcrop. Rock chip sampling returned Fe grades of up to 44% Fe. A chromite rich magnetite layer with an interpreted strike length of 1.6km provides an alternative exploration target.
No exploration activities undertaken as the tenement is currently progressing through the application process.

*Yamarna Project* is located 120km NE of Laverton, within the Goldfields-Esperance Region. The project is situated between two greenstone belts; the Cosmo-Newberry Greenstone belt to the west and the Yamarna Greenstone belt to the east. Gold mineralisation identified to the east is hosted by laminated quartz-mica-amphibole schist units- altered and sheared mafic volcanics and sediments. Dragon’s project lies 5km to the south of Platina Resources & Global Nickel’s Mt Venn Cu-Ni-PGE Prospect. Regional magnetics indicate that the greenstone succession at Mt Venn is also present on E38/2665. 
The licence is in application, consequently no exploration activity this quarter.


*Meekatharra Project* is located 13km SE of Meekatharra, within the Midwest Region of the Yilgarn Craton.
The project lies in the Archaean Meekatharra greenstone belt, a regional N-NE trending synclinal structure. Gold was discovered in the area in the 1890s, with mineralisation generally structurally hosted and associated with quartz veining. Arsenic anomalies have been found to be associated with gold mineralisation (eg. Jones Prospect).
Limited exploration activities in the project area identified linear northerly trending arsenic anomalies with coincident weakly anomalous gold mineralisation to the north, and gold anomalies on lithological contacts with strongly anomalous arsenic to the south. 
The licence is in application, consequently no exploration activity this quarter.

*Corporate Development*
Tim Williams joined the company as Chief Operating Officer and Executive Director. Discussions with a number of Chinese parties regarding different modes of cooperation were continued during this quarter. These discussions are still preliminary and are ongoing, but the interests shown by these parties continue to be encouraging.
The Company remains focused on the objective of early development of the Pilbara Iron Project and realisation of shareholder values.


Most information was taken from March quarterly, see upcoming June quarterly for updated information.


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## springhill (26 July 2012)

*Re: DLE - Dragon Energy*

*RESOURCE UPDATE FOR DRAGON’S ROCKLEA DEPOSIT

*• Dragon has completed a new resource model for its Rocklea Project with over 84% of the JORC Resource now being categorised as “Indicated”.

• Dragon’s Rocklea Project Channel Iron Mineralisation Resources increased by over 30Mt to 93.59Mt @ 52.19% Fe (59.16% caFe) with a 50% Fe cut-off grade, including 26.57Mt @ 54.12% Fe (61.06% caFe) with a 53% cut-off grade.

• Resource model also indicates a good average grade at a lower 45% cut-off grade with a total of 117.06Mt @ 51.65% Fe (58.60% caFe).

• When combined with the acquisition of Murchison’s Rocklea project, Dragon will have 182.6Mt @ 52.7% Fe (59.5% caFe) for its consolidated Rocklea project.

• Increased resource base expected to offer significant cost efficiencies and substantially greater ability to pursue the development of the Rocklea Project.


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## springhill (27 July 2012)

*Re: DLE - Dragon Energy*

*NAMELESS PROJECT MAIDEN RESOURCE

*• A maiden JORC Inferred Resource of the Nameless Project 81Mt @ 52.39% Fe (57.08% caFe) with a 50% Fe cut-off.
• Possibility of substantially larger Nameless resource being economically viable at a lower grade cut-off of 45% Fe with 159Mt @ 49.43% Fe (53.85% caFe).
• Pilbara Iron Project (Nameless and Rocklea Deposits) total Mineral Resource increased to 263.6Mt @ 52.6% Fe (58.8% caFe) at a 50% Fe cut-off.


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## System (15 December 2016)

On December 15th, 2016, Dragon Energy Limited (DLE) changed its name and ASX code to Riva Resources Limited (RIR).


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## greggles (6 December 2017)

Riva Resources announced today that they have executed a binding agreement to acquire 100% of the Hylea cobalt-nickel-scandium-platinum project in central NSW. However, the share price plunged after the announcement due to the terms of the deal. To fund the purchase price of $8 million the company will pay $4 million in cash and issue 1,000,000,000 (yes, one billion) shares at $0.004 cents per share.

The company will fund the $4 million upfront payment via a fully underwritten capital raising, comprising:

(a) a placement of 450,000,000 shares at an issue price of $0.004 per share to raise $1.8 million; and
(b) a pro-rata entitlement issue at a ratio of 3 shares for every 4 shares held at an issue price of $0.004 per share to raise approximately $2.2 million.

So there will be 1,450,000,00 more shares on the Riva Resources register after the acquisition. This news did not impress the market and the share price plunged 52.94% to 0.008 today. Hardly unexpected considering the further selling that will inevitably commence after the shares are issued.


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## PZ99 (6 December 2017)

Having that many shares and at this price sounds like a good reason for a consolidation once the dust settles ?


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## System (28 March 2018)

On March 26th, 2018, Riva Resources Limited (RIR) changed its name and ASX code to Hylea Metals Limited (HCO).


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## barney (5 July 2018)

HCO popped up in the Risers today … Recent good drilling results on newly acquired project but only a Mill+ in the bank ……  

I like the prospects but I suspect a cap raise will be needed to progress the project ….. Watch and wait at the moment.


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## greggles (24 June 2019)

HCO has announced the acquisition of a 65% interest in the Kayelekera Uranium Project in northern Malaw from Paladin Energy Limited. The remaining 35% is held by HCO's joint venture partner Chichewa (20%) and the Government of Malawi (15%). HCO will have an option to acquire a further 20% interest in Kayelekera from Chichewa.

Kayelekera hosts a high grade resource with an existing open pit mine and demonstrated excellent metallurgical recoveries (87.5%) having historically produced over 10.9MIb of uranium between 2009 and 2014. Significant infrastructure is already in place including a 3Mlb per annum resin in pulp extraction plant.

Consideration for the project is:

1. Initial Consideration of$1.8M worth of Hylea ordinary shares
2. Deferred Consideration of $3M worth of Hylea ordinary shares to be issued on the 3rd anniversary of completion
3. Royalty of 3.5% of gross returns at the Kayelekera mine up to a maximum of $5M; and
4. Environmental Bond – Replacement of the environmental of US$10M to be paid over three years.

HCO up a whopping 430.8% to 6.9c today following the announcement. This deal could be a new lease on life for the company. Time will tell of course.


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## Sean K (24 June 2019)

greggles said:


> HCO has announced the acquisition of a 65% interest in the Kayelekera Uranium Project in northern Malaw from Paladin Energy Limited.
> 
> HCO up a whopping 430.8% to 6.9c today following the announcement. This deal could be a new lease on life for the company. Time will tell of course.




Nice jump! 

Buying something that's under care and maintenance doesn't seem like the required impetus for that. Maybe it becomes economical, but why would Paladin sell it if that was the case? Bit weird really. 

Hasn't Paladin taken a tumble the past 10 years? Ouch. All part of that U bubble I suppose.


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## System (3 September 2019)

On August 29th, 2019, Hylea Metals Limited (HCO) changed its name and ASX code to Lotus Resources Limited (LOT).


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## debtfree (3 January 2021)

I have chosen LOT as 1 of my 4 picks in the Tipping Competition for Full CY 2021, only looked at the charts for my picks. Thought I'd post a quick chart recording my thoughts at this time.

There has been a bit interest since March 2020 with price and volume increasing and mostly stronger than the XAO over this time. Short term MA above the Long term MA.

Can it get a roll on back towards the $0.60 level in 2017 by the end of the year? I don't know but if it does it will be a great return.


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## greggles (28 May 2021)

LOT is looking good. It has made some real gains this month on the back of a bullish uranium sector. Director Grant Davey has been buying up big on market with around one million shares picked up this month. Closing in on three year highs. One to watch for sure.


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## Sean K (2 September 2021)

LOT riding the Sprott Uranium Trust, otherwise known as SPUT, hype like lots of the juniors - except for the ones I own.


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## Sean K (27 September 2021)

LOT is looking like the next best player on C&M going back into production I reckon. Proven miner, good grades, low Capex to get back, and MC hasn't really got out of control, especially after this nice consolidation, which looks similar to the other players. Expect 24c support now that some of the day traders have been shaken out. Looks like the best value (slide 15) at the moment.

The other thing they have that might pop up is a rare earths prospect (slide 11) which is a flavour of the day. I don't think that's been ramped at all yet. Inaugural drill program underway. Don't tell anyone.


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## Sean K (6 October 2021)

Good interview by Bill Powers with the MD out yesterday. Even though on C&M it's going to take time for these things to ramp up to production and get contracts/sales in place. 

News before the end of the year will be some drilling results to extend the resource (high grade but lower tonnage compared to others), progress on getting back into operations and rare earths drill results.


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## Sean K (14 October 2021)

LOT have bought another block of land with some radioactive stuff in it. That's good, I guess. Not much but adds to the inventory for not much. Who buys that much land for $25K?

Also, interview with the MD out yesterday. I think the Rare Earths thing could give this another dimension once properly announced.

Uranium spot price up 15% overnight. It's going to be a good day for uranium juniors.  But, I fear they are going to run away from sensible valuation once again. The market went nuts yesterday on a $2 gain.


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## Sean K (16 November 2021)

My portfolio is a sea of red today, except TIE. Love those days. 

The uranium space if bloody, and LOT is no exception. No news except the quarterly last month that didn't provide too much excitement. 

I'm hoping the rare earths exploration adds another string to their bow and surprises the market. Results due in the next few weeks.

LOT chart still looks pretty good and hitting some diagonal uptrend support, but I'm not feeling warm and fuzzy on this line holding.


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## Dona Ferentes (3 January 2022)

Kayelekera : CAPITAL STRUCTURE ... A LOW COST, PROVEN URANIUM PRODUCING ASSET                                    

US$50m initial capex to recommence production ... one of the lowest in the industry                           
Definitive Feasibility Study commenced ; expected mid 2022                           
Name plate production ... some 3Mlbs per annum                           
Lotus is positioned for the next uranium cycle
Strong cash position ; Cash reserves until 2023 
Which means there will be a need for cash this year (being 2022 already). And they go play the (opportunistic) purchase of more ground. At least in the same jurisdiction. And then there's always the headline grabbing _Rare Earths _bait/ distraction.


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## Sean K (3 January 2022)

Dona Ferentes said:


> Kayelekera : CAPITAL STRUCTURE ... A LOW COST, PROVEN URANIUM PRODUCING ASSET
> 
> US$50m initial capex to recommence production ... one of the lowest in the industry
> Definitive Feasibility Study commenced ; expected mid 2022
> ...




I wouldn't be surprised if DYL have been having coffee with these guys to create a bigger company with more weight and diversity. They've already tried VMY. My crystal ball is a bit fuzzy but a tie up of DYL, LOT, VMY and BOE could not be out of the realm of possibility. Which is why I own all four. Could be a mighty company, if the nuclear narrative runs.

(tried not to cross-promote but it's hard not to when it's such a tight field)


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## Sean K (15 February 2022)

A bit of a resource upgrade due mainly to lowering the cut-off grade, which is disappointing. It's actually only a 3% increase in total ore from the previous MRE. The M&I ore has hardly changed at all. 

One thing that's very good with this deposit is the high grade when compared to Namibia which is quite low. For eg, BMNs deposit is down around the cut-off grade for this. 

On the surface of it, you'd be a little confused as to why they're going through all this preliminary work and a DFS to start a mine that was actually already operating prior to Fukushima. But, the key change has been the ore sorting process which means they'll be processing higher grade ore through the system, creating efficiencies and lowering Opex. 

Of ASX listed companies, PDN will probably be the first mothballed miner back into the race with BOE and LOT fighting for second and third. LOT the cheapest to get back on the track. 

Surprises to the upside for LOT are the Livingstonia initial MRE that will provide only incremental additional ore, and the rare earths drilling near Kayelekera which has gone a bit quiet.


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## Sean K (3 March 2022)

New interview out with Bill Powers.


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## Country Lad (9 March 2022)

Looks like a break to me


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## TechnoCap (9 March 2022)

Country Lad said:


> Looks like a break to me
> 
> View attachment 138853



Setting sail into the sunset I hope


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## Sean K (11 March 2022)

TechnoCap said:


> Setting sail into the sunset I hope




Nudging its highs today which is lovely to watch. All U stocks have had a good run since POU re-started it's move up and the war started with one very notable unwarranted sell-off. In hindsight, with belief in the uranium narrative, holding and keeping and topping up on the sell off has proved a good tactic. Only one nuclear accident away from disaster though.


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## TechnoCap (11 March 2022)

Sean K said:


> Nudging its highs today which is lovely to watch. All U stocks have had a good run since POU re-started it's move up and the war started with one very notable unwarranted sell-off. In hindsight, with belief in the uranium narrative, holding and keeping and topping up on the sell off has proved a good tactic. Only one nuclear accident away from disaster though.
> 
> View attachment 138915



The U train is fuelled for now


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## Sean K (8 April 2022)

LOT breaking up. 

Most U players are running though...


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## TechnoCap (10 April 2022)

Sean K said:


> LOT breaking up.
> 
> Most U players are running though...
> 
> View attachment 140107



Hamburger with the LOT has 64c in sight shorter term IMO


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## Country Lad (10 April 2022)

Country Lad said:


> Looks like a break to me



It was and it is again 
	

		
			
		

		
	





	

		
			
		

		
	
it is


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## Sean K (11 April 2022)

TechnoCap said:


> Hamburger with the LOT has 64c in sight shorter term IMO




Not sure how you plucked 64c TC?

As a broad measure, looks undervalued compared to some peers who will get back into production around the same time. Probably should be about 2/3 of Boss's MC, due to assets and future production profile, IMO.


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## Sean K (9 June 2022)

Not much been happening in the World of LOT. Waiting for the POU to get to a certain price before pulling the trigger, unlike BOE. I think the difference is that LOTs OPEX / AISC is slightly higher than BOEs projected $25. I think I heard $30 a pound, so not much but enough to make them wait.

A small increase to the overall resource here which should grow in the future and add a few years of LOM. Not as good a grade but will add value down the track. Not sure why they couldn't add another three years in production to the DFS based on this. Looks like an easy thing to add to an excel spreadsheet.

I wonder if JB over at DYL is looking at these guys as a bolt on starter for the merged DYL-VMY?


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## Sean K (11 August 2022)

Time for LOT to pull the trigger and get some finance sorted for the re-start. If BOE and PDN can do it, these guys can. But, there's no FID until a specific U price is reached, which I think is around $60.


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## Sean K (1 September 2022)

Maybe this capital raise is part of the funding to finance start up. Lucky U stocks have had a run the past week or so, the raise might have been done at the lower end of trading range. Or, they were just waiting for a pop to pull the trigger on this.

I reckon JB at DYL would like to take this back and add to the stable. Could be their first operating mine.


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## Sean K (1 September 2022)

In the Fin:


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## frugal.rock (6 September 2022)

Chart update


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## Sean K (7 September 2022)

frugal.rock said:


> Chart update
> 
> View attachment 146435




Has been following most of the U sector even after the capital raise. I don't like their lack of confidence in not going for a re-start along with PDN and BOE. If those two think it's OK, it means LOT aren't sure about their Opex numbers to me. 

Slightly worried about the potential fallout from the nuclear plant in Ukraine that Russia and Ukraine are playing around.


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## chuckyball (7 September 2022)

Sean K said:


> Has been following most of the U sector even after the capital raise. I don't like their lack of confidence in not going for a re-start along with PDN and BOE. If those two think it's OK, it means LOT aren't sure about their Opex numbers to me.
> 
> Slightly worried about the potential fallout from the nuclear plant in Ukraine that Russia and Ukraine are playing around.


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## chuckyball (7 September 2022)

I think it's a blink issue, the producers and the utilities are in a contracting price standoff. 
Will be interesting to see what comes out of the London gathering happening at the moment, historically been a trigger for movement in the U market


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