New Risk • Jul 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$68.3m (US$47.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$197k revenue, or US$138k). Minor Risk Market cap is less than US$100m (AU$68.3m market cap, or US$47.9m). Price Target Changed • Jul 27
Price target decreased by 19% to AU$1.15 Down from AU$1.42, the current price target is an average from 5 analysts. New target price is 360% above last closing price of AU$0.25. Stock is down 88% over the past year. The company is forecast to post a net loss per share of AU$0.29 next year compared to a net loss per share of AU$0.073 last year. Board Change • Jul 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Simon Hay was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jul 23
Lotus Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 60.146292 million. Lotus Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 60.146292 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 248,846,782
Price\Range: AUD 0.22
Discount Per Security: AUD 0.011
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,818,182
Price\Range: AUD 0.22
Discount Per Security: AUD 0.011
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 22,727,273
Price\Range: AUD 0.22
Discount Per Security: AUD 0.011
Transaction Features: Rights Offering New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$142.1m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$197k revenue, or US$138k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$142.1m market cap, or US$99.6m). Price Target Changed • Jun 01
Price target decreased by 16% to AU$1.46 Down from AU$1.74, the current price target is an average from 6 analysts. New target price is 140% above last closing price of AU$0.61. Stock is down 70% over the past year. The company is forecast to post a net loss per share of AU$0.30 next year compared to a net loss per share of AU$0.073 last year. Actualités en direct • May 04
Lotus Resources Faces Production Setbacks and Data Challenges at Kayelekera Uranium Mine Lotus Resources reported operational issues and a slower-than-expected ramp-up at its Kayelekera uranium mine in Malawi in the March quarter.
The company retracted previously reported grade and recovery figures while it reconciles data, raising questions about the reliability of earlier production metrics.
Management highlighted fixed-price contracts with North American utilities and a supportive uranium market as key supports while it works to stabilise operations.
For you as an investor, the immediate focus is on execution at Kayelekera. Slower ramp-up, supply chain challenges and the need to restate grade and recovery data point to practical and reporting hurdles that can affect confidence. Management is pointing to improvements in mining activity, processing infrastructure and reagent supply as the levers it is using to lift throughput, but progress here will likely be judged quarter by quarter.
On the revenue side, fixed-price contracts with North American utilities provide some visibility and reduce exposure to short-term uranium price moves. At the same time, commentary around global uranium markets references demand from nuclear energy as a supportive backdrop. When assessing Lotus, you may want to weigh the benefits of contract-backed sales and a supportive commodity backdrop against the operational risks and data-quality issues flagged in the latest update. Price Target Changed • May 03
Price target decreased by 16% to AU$2.49 Down from AU$2.97, the current price target is an average from 5 analysts. New target price is 176% above last closing price of AU$0.90. Stock is down 57% over the past year. The company is forecast to post a net loss per share of AU$0.27 next year compared to a net loss per share of AU$0.073 last year. Major Estimate Revision • May 02
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -AU$0.224 to -AU$0.258 per share. Revenue forecast of AU$6.95m unchanged since last update. Oil and Gas industry in Australia expected to see average net income growth of 33% next year. Consensus price target down from AU$2.79 to AU$2.67. Share price fell 39% to AU$0.90 over the past week. Price Target Changed • Apr 30
Price target decreased by 10% to AU$2.84 Down from AU$3.15, the current price target is an average from 6 analysts. New target price is 202% above last closing price of AU$0.94. Stock is down 53% over the past year. The company is forecast to post a net loss per share of AU$0.22 next year compared to a net loss per share of AU$0.073 last year. New Risk • Feb 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (AU$197k revenue, or US$139k). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). Price Target Changed • Feb 10
Price target decreased by 7.1% to AU$3.07 Down from AU$3.30, the current price target is an average from 4 analysts. New target price is 39% above last closing price of AU$2.21. Stock is down 15% over the past year. The company is forecast to post a net loss per share of AU$0.12 next year compared to a net loss per share of AU$0.073 last year. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$197k revenue, or US$137k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Annonce • Feb 06
Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 76.216689 million. Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 76.216689 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,449,623
Price\Range: AUD 2.15
Discount Per Security: AUD 0.09675
Transaction Features: Subsequent Direct Listing Major Estimate Revision • Jan 24
Consensus estimates of losses per share improve by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$61.6m to AU$62.4m. EPS estimate increased from -AU$0.097 per share to -AU$0.082 per share. Oil and Gas industry in Australia expected to see average net income decline 8.1% next year. Consensus price target broadly unchanged at AU$3.30. Share price rose 9.8% to AU$2.59 over the past week. New Risk • Jan 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$53.2m (US$35.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$197k revenue, or US$132k). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$53.2m market cap, or US$35.8m). Major Estimate Revision • Dec 11
Consensus revenue estimates fall by 32% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$90.1m to AU$61.6m. Forecast losses increased from -AU$0.0076 to -AU$0.0085 per share. Oil and Gas industry in Australia expected to see average net income decline 8.1% next year. Consensus price target of AU$0.29 unchanged from last update. Share price rose 6.1% to AU$0.17 over the past week. Major Estimate Revision • Nov 04
Consensus estimates of losses per share improve by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$90.6m to AU$93.9m. EPS estimate increased from -AU$0.0088 per share to -AU$0.0072 per share. Oil and Gas industry in Australia expected to see average net income decline 11% next year. Consensus price target up from AU$0.28 to AU$0.30. Share price rose 8.6% to AU$0.19 over the past week. Major Estimate Revision • Oct 28
Consensus revenue estimates increase by 24% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from AU$73.0m to AU$90.6m. EPS estimate unchanged from -AU$0.0096 at last update. Oil and Gas industry in Australia expected to see average net income decline 13% next year. Consensus price target broadly unchanged at AU$0.28. Share price fell 13% to AU$0.17 over the past week. Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -AU$0.009 to -AU$0.0107 per share. Revenue forecast unchanged at AU$81.5m. Oil and Gas industry in Australia expected to see average net income growth of 15% next year. Consensus price target of AU$0.26 unchanged from last update. Share price fell 6.7% to AU$0.21 over the past week. New Risk • Sep 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risk Revenue is less than US$5m (AU$3.6m revenue, or US$2.4m). Annonce • Sep 19
Lotus Resources Limited, Annual General Meeting, Nov 18, 2025 Lotus Resources Limited, Annual General Meeting, Nov 18, 2025. Major Estimate Revision • Sep 09
Consensus revenue estimates increase by 20% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from AU$1.85m to AU$2.21m. Forecast losses expected to reduce from -AU$0.0081 to -AU$0.0077 per share. Oil and Gas industry in Australia expected to see average net income growth of 18% next year. Consensus price target down from AU$0.29 to AU$0.27. Share price fell 8.9% to AU$0.20 over the past week. Price Target Changed • Sep 08
Price target decreased by 7.4% to AU$0.27 Down from AU$0.29, the current price target is an average from 6 analysts. New target price is 36% above last closing price of AU$0.20. Stock is down 7.0% over the past year. The company is forecast to post a net loss per share of AU$0.0077 next year compared to a net loss per share of AU$0.015 last year. Annonce • Sep 04
Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 65.23 million. Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 65.23 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 342,105,264
Price\Range: AUD 0.19
Discount Per Security: AUD 0.0095
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,210,526
Price\Range: AUD 0.19
Transaction Features: Subsequent Direct Listing Major Estimate Revision • Jul 15
Consensus revenue estimates decrease by 54%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$1.84m to AU$840.0k. EPS estimate increased from -AU$0.0089 to -AU$0.0069 per share. Oil and Gas industry in Australia expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at AU$0.29. Share price fell 8.1% to AU$0.17 over the past week. Breakeven Date Change • Jul 15
Forecast to breakeven in 2027 The 5 analysts covering Lotus Resources expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 22% per year to 2026. The company is expected to make a profit of AU$111.8m in 2027. Average annual earnings growth of 61% is required to achieve expected profit on schedule. New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$21k revenue, or US$14k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Significant insider selling over the past 3 months (AU$21m sold). Price Target Changed • May 31
Price target decreased by 12% to AU$0.29 Down from AU$0.33, the current price target is an average from 6 analysts. New target price is 49% above last closing price of AU$0.20. Stock is down 58% over the past year. The company is forecast to post a net loss per share of AU$0.0084 next year compared to a net loss per share of AU$0.015 last year. Recent Insider Transactions • May 06
Insider recently sold AU$21m worth of stock On the 1st of May, Grant Burnaford Davey sold around 118m shares on-market at roughly AU$0.18 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$21m more than they bought in the last 12 months. Major Estimate Revision • Apr 15
Consensus EPS estimates fall by 32% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -AU$0.0061 to -AU$0.008 per share. Revenue forecast of AU$2.22m unchanged since last update. Oil and Gas industry in Australia expected to see average net income growth of 15% next year. Consensus price target down from AU$0.43 to AU$0.33. Share price rose 10% to AU$0.16 over the past week. Price Target Changed • Apr 14
Price target decreased by 28% to AU$0.33 Down from AU$0.45, the current price target is an average from 5 analysts. New target price is 105% above last closing price of AU$0.16. Stock is down 65% over the past year. The company is forecast to post a net loss per share of AU$0.008 next year compared to a net loss per share of AU$0.015 last year. Major Estimate Revision • Mar 19
Consensus revenue estimates increase by 61%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from AU$1.38m to AU$2.22m. EPS estimate fell from -AU$0.0051 to -AU$0.0061 per share. Oil and Gas industry in Australia expected to see average net income growth of 21% next year. Consensus price target down from AU$0.45 to AU$0.43. Share price rose 8.8% to AU$0.18 over the past week. Price Target Changed • Mar 18
Price target decreased by 11% to AU$0.43 Down from AU$0.48, the current price target is an average from 5 analysts. New target price is 152% above last closing price of AU$0.17. Stock is down 57% over the past year. The company is forecast to post a net loss per share of AU$0.0061 next year compared to a net loss per share of AU$0.015 last year. Major Estimate Revision • Mar 11
Consensus EPS estimates fall by 40% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -AU$0.0036 to -AU$0.0051 per share. Revenue forecast of AU$1.38m unchanged since last update. Oil and Gas industry in Australia expected to see average net income growth of 20% next year. Consensus price target of AU$0.45 unchanged from last update. Share price fell 2.9% to AU$0.17 over the past week. Price Target Changed • Mar 07
Price target decreased by 12% to AU$0.45 Down from AU$0.51, the current price target is an average from 5 analysts. New target price is 167% above last closing price of AU$0.17. Stock is down 57% over the past year. The company is forecast to post a net loss per share of AU$0.0051 next year compared to a net loss per share of AU$0.015 last year. Annonce • Mar 04
Lotus Resources Limited Completes Board Transition Lotus Resources Limited announced that Grant Davey has informed the Company of his decision to step down from the Board, with his resignation effective 1 April 2025. Additionally, long-standing director Mark Hanlon has advised the Company that he will leave the Board, effective 30 April 2025. His departure marks a planned change in the Company's broader governance and leadership evolution. Following these changes, the Lotus Resources Board will comprise: Michael Bowen -Non-Executive Chairman; Gregory Bitta- Managing Director;Leanne Heywood -Non-Executive Director;Simon Hay -Non-Executive Director. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Revenue is less than US$1m (AU$21k revenue, or US$13k). Annonce • Dec 12
Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 130 million. Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 130 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 267,131,151
Price\Range: AUD 0.25
Discount Per Security: AUD 0.0125
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 252,354,145
Price\Range: AUD 0.25
Discount Per Security: AUD 0.011875
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 514,704
Price\Range: AUD 0.25
Discount Per Security: AUD 0.0125
Transaction Features: Subsequent Direct Listing New Risk • Oct 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$21k revenue, or US$14k). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Annonce • Oct 17
Lotus Resources Limited Approves the Appointment of Keith Bowes as Director Lotus Resources Limited approved the appointment of Keith Bowes as Director, at the AGM held on 17 October 2024. Price Target Changed • Sep 23
Price target decreased by 15% to AU$0.57 Down from AU$0.67, the current price target is an average from 5 analysts. New target price is 137% above last closing price of AU$0.24. The company is forecast to post a net loss per share of AU$0.0073 next year compared to a net loss per share of AU$0.015 last year. Breakeven Date Change • Sep 23
Forecast breakeven date pushed back to 2027 The 4 analysts covering Lotus Resources previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 40% per year to 2026. The company is expected to make a profit of AU$270.0m in 2027. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Annonce • Sep 12
Lotus Resources Limited, Annual General Meeting, Oct 17, 2024 Lotus Resources Limited, Annual General Meeting, Oct 17, 2024. Location: at conference suites, level 1, 140 st georges terrace, perth, western australia Australia New Risk • Mar 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$3.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$102k revenue, or US$67k). Minor Risks Shareholders have been diluted in the past year (36% increase in shares outstanding). Significant insider selling over the past 3 months (AU$3.2m sold). Recent Insider Transactions • Mar 01
MD, CEO & Director recently sold AU$1.8m worth of stock On the 28th of February, Keith Bowes sold around 6m shares on-market at roughly AU$0.30 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Keith's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 01
Now 23% undervalued Over the last 90 days, the stock has risen 19% to AU$0.34. The fair value is estimated to be AU$0.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 22,939% in a year. Earnings are forecast to grow by 17% in the next year. Annonce • Feb 29
Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million. Lotus Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.3
Discount Per Security: AUD 0.015
Transaction Features: Subsequent Direct Listing Annonce • Feb 24
Lotus Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 30 million. Lotus Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 30 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.3
Discount Per Security: AUD 0.015
Transaction Features: Subsequent Direct Listing Price Target Changed • Feb 16
Price target increased by 22% to AU$0.64 Up from AU$0.52, the current price target is an average from 3 analysts. New target price is 97% above last closing price of AU$0.33. Stock is up 44% over the past year. The company is forecast to post a net loss per share of AU$0.0033 next year compared to a net loss per share of AU$0.0076 last year. Buy Or Sell Opportunity • Feb 08
Now 20% undervalued Over the last 90 days, the stock has risen 47% to AU$0.36. The fair value is estimated to be AU$0.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 74,555% in 2 years. Earnings are forecast to grow by 9.7% in the next 2 years. Breakeven Date Change • Jan 22
Forecast breakeven date pushed back to 2026 The 2 analysts covering Lotus Resources previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of AU$206.4m in 2026. Average annual earnings growth of 86% is required to achieve expected profit on schedule. New Risk • Dec 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$8.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.9m free cash flow). Revenue is less than US$1m (AU$102k revenue, or US$68k). Minor Risks Shareholders have been diluted in the past year (30% increase in shares outstanding). Significant insider selling over the past 3 months (AU$314k sold). Recent Insider Transactions • Nov 07
Non-Executive Director recently sold AU$314k worth of stock On the 3rd of November, Dixie Marshall sold around 1m shares on-market at roughly AU$0.26 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Annonce • Oct 19
Lotus Resources Limited, Annual General Meeting, Nov 28, 2023 Lotus Resources Limited, Annual General Meeting, Nov 28, 2023, at 14:00 W. Australia Standard Time. Location: Level 20, 140 St Georges Terrace, Perth, Western Australia Perth Australia Agenda: To consider the Adoption of Remuneration Report; to consider the Re-election of Director – Michael Bowen; to consider the Issue of Performance Options to Keith Bowes; to consider the Issue of Director Options to Keith Bowes; to consider the Issue of Director Options to Michael Bowen; to consider the Issue of Director Options to Grant Davey; and to consider other matters. New Risk • Oct 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.9m free cash flow). Revenue is less than US$1m (AU$102k revenue, or US$65k). Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.9m free cash flow). Revenue is less than US$1m (AU$102k revenue, or US$65k). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Price Target Changed • Sep 26
Price target increased by 7.2% to AU$0.44 Up from AU$0.41, the current price target is an average from 3 analysts. New target price is 74% above last closing price of AU$0.26. Stock is up 16% over the past year. The company is forecast to post a net loss per share of AU$0.005 next year compared to a net loss per share of AU$0.0076 last year. New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Revenue is less than US$1m (AU$634k revenue, or US$422k). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Price Target Changed • Jun 27
Price target increased by 21% to AU$0.41 Up from AU$0.34, the current price target is an average from 2 analysts. New target price is 144% above last closing price of AU$0.17. Stock is down 26% over the past year. The company is forecast to post a net loss per share of AU$0.008 next year compared to a net loss per share of AU$0.01 last year. Breakeven Date Change • May 25
Forecast to breakeven in 2025 The 2 analysts covering Lotus Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$71.3m in 2025. Average annual earnings growth of 88% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 15 The 2 analysts covering Lotus Resources previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 1.4% per year to 2024. The company is expected to make a profit of AU$71.3m in 2025. Average annual earnings growth of 1.4% is required to achieve expected profit on schedule.
Price Target Changed • Jan 17
Price target increased to AU$0.34 Up from AU$0.32, the current price target is an average from 3 analysts. New target price is 49% above last closing price of AU$0.23. Stock is down 21% over the past year. The company is forecast to post a net loss per share of AU$0.004 next year compared to a net loss per share of AU$0.01 last year. Annonce • Jan 12
Lotus Resources Limited Announces Company Secretary Changes Lotus Resources Limited announced the appointment of Catherine Anderson (B Juris (Hons) LLB (UWA)) as Company Secretary, replacing Mr. Brian Scott. Mr. Scott remains with the Company as Commercial Manager. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Grant Burnaford Davey is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annonce • Oct 28
Lotus Resources Limited Completes Second Stage of its Preliminary Exploration Work at its Milenje Rare Earth Prospect Lotus Resources Limited announced that the company has completed the second stage of its preliminary exploration work at the company's Milenje Rare Earth Prospect (Milenje), located 2km from the company's Kayelekera Uranium Project (Kayelekera). While the Company remains firmly focused on the recommencement of uranium production at Kayelekera, the rare earth grades at Milenje are highly promising and as such the Company is considering undertaking an exploration program at Milenje during 2023 to better understand the potential for rare earth mineralization at the prospect. Highlights: The Company completed its second exploration program at the Milenje Hills Rare Earth Prospect, with work focusing on further trench sampling, an RC drill program and preliminary mineralogy studies. The new samples from the trenching program confirmed high-grade rare earth elements (REE) including: Total Rare Earth Oxides (TREO) of up to 25.5%, Average TREOs 11.6% from the 11 samples, Critical REO of up to 5.6% (Dy, Eu, Nd, Pr, Tb, Y oxides) and average 2.48% across the 11 Samples. The RC drill program intercepted several anomalous zones of gneisses which, though showing some elevated REE mineralization, were lower than the surface (trench) samples. Further structural mapping and interpretation is required to better understand the mineralization controls. A follow up exploration program is being considered at Milenje for the 2023 field season. Milenje Hills REO Prospect: The Milenje Hills prospect is located 2km to the north of Lotus's Kayelekera deposit in the Karonga region of northern Malawi. The Milenje Hills prospect was first identified through ground surveys and mapping in 2014 whilst the previous owners of the asset were undertaking an exploration program for uranium mineralization adjacent to the Kayelekera uranium resource. Previous Exploration: Lotus followed up on this historical work with a geophysical and trenching program in late 2020. The 2020 program of work comprised of additional radiometric and magnetometer surveys with mapping undertaken to define the extent of the rare earth oxide (REO) and rutile mineralization (allanite and rutile bearing rocks) and to characterize the host rock in terms of mineralogy and chemistry. Based on this work 23 pits and trenches were then excavated, logged and sampled at one metre spacings. The hand-dug trenches were excavated over three main lithologies: microgranites, pegmatitic granites, biotite granite gneisses. The mineralization is interpreted as being associated with allanite-rich pegmatite dykes and associated fluid alteration within associated granitoids. Importantly, the rare-earth assemblage identified includes significant portions of the high-value critical REOs of Neodymium (Nd), Europium (Eu), Terbium (Tb), Dysprosium (Dy), Yttrium (Y), and Praseodymium (Pr): up to 3.4% across all samples. Of this, Neodymium and Praseodymium oxides represent on average ~20% of the TREO content of the assayed samples. These two elements, along with Dy and Tb are essential for the manufacture of permanent magnetics which make-up ~90% of the value of the REO market. 2022 Trench Sampling & Mineralogy: Eleven of the previously excavated trenches were selected for further assaying and mineralogical studies. Two of the trenches sampled were excavated in the microgranites (MTR16 and 17) and four trenches were cut across the pegmatitic granites (MTR24A & B, 25A and 26). The remaining trenches were excavated in predominantly biotite granite gneisses. The samples from the eleven trenches were analyzed by ALS Laboratory Edenvale, Johannesburg using the XRF analytical method to confirm REO grades. RC Drilling: An RC drill program consisting of a total of 15 RC holes for 2,035m was completed. The drilling was initially planned to intersect mineralization directly below the respective trench targets. However, due to very mountainous terrain it was not possible to place the drilling safely in the optimum locations. Thus, the initial drilling was re-designed to test for down-dip extensions to the nearest point at which a rig could be placed. Samples were collected at 1m intervals and were analyzed by ALS Laboratory Edenvale, Johannesburg using XRF. Although no high-grade results were obtained, several zones that are anomalous in rare earth mineralization were intersected. The current interpretation of the combined trench and drilling results suggests that mineralization may be associated with steeper oriented structures with a broadly south-west dipping units of alternating pegmatite, microgranite, and biotite gneiss. Annonce • Oct 08
Lotus Resources Limited, Annual General Meeting, Nov 25, 2022 Lotus Resources Limited, Annual General Meeting, Nov 25, 2022. Agenda: To consider The re-election of certain directors of the Company. Annonce • Oct 06
Lotus Resources Limited Announces Greenfield Drill Program at Chilumba Hits Mineralisation Lotus Resources Limited announced that the inaugural greenfield exploration drill program at the Chilumba Prospect in Malawi has intercepted uranium mineralisation. The Company's southern project area, including Livingstonia (4.8Mlbs U3O8) and Chilumba, has historically been poorly explored. The Company believes this area has strong long-term potential to contain additional uranium mineralisation that could be the basis for a future satellite operation. HIGHLIGHTS: The inaugural greenfield exploration drill program at the Chilumba Prospect, 8km from the Livingstonia deposit, has successfully intercepted uranium mineralisation The assay results from the 7-hole (1,140m) RC exploratory drill program include: 3m at 382 ppm U3O8 from 43m (CH002). 3m at 138 ppm U3O8 from 38m (CH002). The exploration program was designed to test surface radiometric anomalies that had been detected through an aerial program and were responsible for identifying the Livingstonia mineralisation. This is the first ever drill program completed at this prospect These preliminary results, in addition to the nearby Livingstonia deposit, highlight the potential for additional uranium discoveries at the Company's regional targets Additional exploration work at these regional targets will be completed in the future INAUGURAL CHILUMBA RC DRILLING PROGRAM: The Chilumba Prospect lies within the Chilumba exploration tenement (EL418) which is located in northern Malawi, approximately 80km southeast of the Company's Kayelekera Uranium Mine. Combined with the Company's Livingstonia tenements, this covers 300km2. In early 2022, Lotus commenced an inaugural exploration drill program at Chilumba. The program consisted of 1,140 metres of drilling in 7 reverse circulation (RC) holes (3 vertical and 4 angled) that were designed to test surface radiometric anomalism that had been identified by previous explorers. The drilling was carried out by Thompson Drilling Lda (Mozambique) with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists. Selected mineralised intervals were analysed for uranium by ALS Laboratories in Johannesburg. The best results were from drillhole CH002 located to the northwest sector of the prospect which intersected a 12m thick anomalous zone from 38m to 46m. Two separate zones within the interval, including 3m grading 382 ppm U3O8 from 43m, were identified. Drillholes CH001 and CH003, which both intersected anomalous uranium mineralisation, appear to be located peripheral to an interpreted north-westerly tending channel or NE-SW Fault zone. ADDITIONAL WORK PROGRAM: The Company is currently reviewing the opportunity to undertake additional drilling at Livingstonia to follow up on high grade trends identified in that program. At the same time a program to further delineate the Chilumba mineralisation by following up on the interpreted north-westerly tending channel will be considered. Price Target Changed • Sep 09
Price target decreased to AU$0.28 Down from AU$0.32, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of AU$0.27. Stock is up 10% over the past year. The company is forecast to post a net loss per share of AU$0.0029 next year compared to a net loss per share of AU$0.0061 last year. Breakeven Date Change • Aug 25
Forecast to breakeven in 2025 The 2 analysts covering Lotus Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$51.8m in 2025. Average annual earnings growth of 69% is required to achieve expected profit on schedule. Price Target Changed • Aug 14
Price target decreased to AU$0.34 Down from AU$0.39, the current price target is an average from 2 analysts. New target price is 40% above last closing price of AU$0.24. Stock is up 55% over the past year. The company is forecast to post a net loss per share of AU$0.003 next year compared to a net loss per share of AU$0.0061 last year. Breakeven Date Change • Jun 30
Forecast to breakeven in 2025 The 2 analysts covering Lotus Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$52.2m in 2025. Average annual earnings growth of 85% is required to achieve expected profit on schedule. Annonce • Jun 09
Lotus Resources Limited Announces Resource Increases to 51.1Mlbs U3o8 Following Inaugural Resource At Livingstonia Uranium Deposit Lotus Resources Limited announced the inaugural Mineral Resource estimate (MRE) for the Livingstonia Uranium deposit of 6.9Mt at 320 ppm U3O8. This increases the total global MRE for the Company in Malawi to 51.1Mlbs U3O8. The MRE has been reported above a cut-off grade of 200ppm U3O8 reflecting estimated processing costs and recoveries as well as projected product pricing Using the historic resource reporting cut-off of 150ppm, the updated MRE reports a total 6.5Mlbs U3O8 which represents an increase of 0.5Mlbs U3O8 from the historic numbers (ASX announcement 14 October 2021). The geology of the area comprises a westerly dipping series of interbedded Karoo mudstones andarkoses/sandstones (Table 2). Uranium mineralisation follows a north-westerly trending channel system that is developed within the K3, K4 and K5 stratigraphic units. The MRE is defined by a total of 12,113m of drilling completed in 102 vertical drillholes (Appendix 1, Figure 3). Of this total 9,903m (82 holes) were completed between 2007 and 2011 by the previous owners, Globe Uranium Limited ("Globe") and Resource Star Ltd. In 2021, Lotus completed an additional 20 holes for 2,210m within and adjacent to the resource. The most recent program targeted extensions of the known mineralisation and confirmation of existing drilling. The majority of drillholes within the mineral resource estimate used reverse circulation drilling techniques with drill recoveries reported to be good. The central portion of the deposit is drilled on a variable grid due to drill site access issues, with drill distances ranging from 50m to 300m east-west and 50m to 200m north-south. The grid separation expands away from the centre of the deposit area. All drilling was vertical with a range between 70m and 170m and an average length of 120m. The principal sampling method for all drilling completed has been by downhole geophysical gamma logging. Data was acquired on the way up at a 2.5m/min speed and at a frequency of 5cm. Data was collected using either a Century Geophysical probe or Auslog slimline total count gamma probe with data for the most recent drilling processed by Lotus. The majority of holes were logged open-hole following withdrawal of the drilling rods. For the early Globe drilling, the entire drill hole was also sampled for assay with later drilling only sampling mineralised intervals definedby either examination of the downhole logs or hand-held scintillometers. The drilling in this announcement relies on assays and downhole gamma data from calibrated probes which were converted into equivalent uranium values (eU3O8) by experienced personnel and then confirmed by a competent person (geophysics). The final mineral resource dataset has been factored for disequilibrium identified by comparing downhole gamma results and geochemical assays. For the most recent drilling mineralised intervals, defined by a 200ppm eU3O8 cut off over a minimum thickness of 1m, were selected for sampling. These samples were analysed for uranium by ALS Laboratories in Johannesburg using pressed powder XRF. Sampling during historical drilling programs was either the entire hole (early) or intervals selected based on radiometric response (later) and utilised an aqua regia digest with either an ICP-OES or MS finish at either ACME Laboratories in Vancouver or Genalysis in Perth. Gamma probes were historically calibrated at either the facility in Adelaide (Australia), Pelindaba (South Africa) and more recently at the nearby Kayelekera Minesite. Sensitivity checks were routinely performed on the probes to confirm correct operation. Gamma data (as counts per second) from calibrated probes are converted into equivalent uranium values (eU3O8) using appropriate calibration factor (K factor) and all other applicable correction factors (probe dead times, water, hole diameter and disequilibrium). Price Target Changed • Apr 27
Price target increased to AU$0.37 Up from AU$0.34, the current price target is provided by 1 analyst. New target price is 11% above last closing price of AU$0.34. Stock is up 179% over the past year. The company is forecast to post a net loss per share of AU$0.0018 next year compared to a net loss per share of AU$0.0061 last year. Board Change • Apr 27
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Grant Burnaford Davey is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Recent Insider Transactions • Apr 20
Non-Executive Director recently sold AU$2.1m worth of stock On the 13th of April, Grant Burnaford Davey sold around 6m shares on-market at roughly AU$0.38 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$5.0m more than they bought in the last 12 months. Annonce • Apr 12
Lotus Resources Limited Announces the Results of the Reverse Circulation Drilling Program At Its Livingstonia Prospect Lotus Resources Limited announced the results of the reverse circulation (RC) drilling program at its Livingstonia prospect, located approximately 90km from the Kayelekera uranium mine (Kayelekera or the Project) in Malawi. Whilst not part of the current Definitive Feasibility Study (DFS), Livingstonia has the potential to become a satellite deposit in the future. The Livingstonia exploration tenements are located in northern Malawi, approximately 90km southeast of the company's Kayelekera uranium mine. Combined with the company's Chilumba tenements, this region covers 300km. In December 2021, the company commenced its inaugural uranium exploration drill program at Livingstonia. The program consisted of 3,395 metres in 29 vertical RC drill holes, targeting areas both within and peripheral to the existing Mineral Resource to test the margins of the resource estimate for further extensions. The drilling was caried out by Thompson Drilling Lda (Mozambique) with downhole radiometric (gamma) logging undertaken by experienced local contractors under the supervision of Lotus geologists. Selected mineralized intervals were analysed for uranium by ALS Laboratories in Johannesburg. The focus of the RC program was on the northern margins and north-eastern extensions of the known mineralized trend. The holes completed in these locations were designed to either define extensional mineralization or increase the confidence in the existing resource classification. The best results of 4m grading 983 ppm U3O8 and 4m grading 636ppm U3O8 are located to the north of the existing resource limits and extend the previous resource limits by up to 250m. Several holes were completed within the existing resource limits in order to validate the historic resource. Following these results, the Company intends to prepare an updated Mineral Resource estimate, which is anticipated to be completed during second quarter 2022. Price Target Changed • Feb 17
Price target increased to AU$0.34 Up from AU$0.30, the current price target is provided by 1 analyst. New target price is 35% above last closing price of AU$0.25. Stock is up 67% over the past year. The company is forecast to post a net loss per share of AU$0.002 next year compared to a net loss per share of AU$0.0061 last year. Annonce • Feb 15
Lotus Resources Limited Announces Kayelekera Mineral Resource Increases by 23% Lotus Resources Limited announce the Mineral Resource Estimate for the Kayelekera Uranium mine in Malawi has increased to 46.3Mlbs at 500 ppm U3O8. This is a 23% increase compared to the previous MRE. The updated MRE will form the basis of a revised mine plan to be incorporated in the Definitive Feasibility Study (DFS), that remains on track for mid-2022. Whilst a portion of the updated MRE is a result of the recent exploration success at the Kayelekera Project, the majority of material was included due to decreasing the cut-off grade from 300ppm to 200ppm. They are comfortable with this revised cut-off grade given the success to date from ore sorting test work on material from the Project, as well as the continuing strengthening of fundamentals for the sector, including higher uranium prices. Annonce • Jan 27
Lotus Resources Limited Announces A 35-Hole RC Drill Program Has Successfully Expanded the Known Mineralized Zone Surrounding the Kayelekera Uranium Mine (Kayelekera or the Project) Lotus Resources Limited announced that a 35-hole RC drill program has successfully expanded the known mineralised zone surrounding the Kayelekera Uranium mine (Kayelekera or the Project). Following these positive drill results, the Company has decided to prepare an updated Mineral Resource Estimate to be released later this quarter. During September 2021, Lotus commenced its inaugural uranium exploration drill program at the Kayelekera mine site. The program consisted of 4,533 metres in 35 reverse circulation (RC) drillholes, targeting areas peripheral to the existing Mineral Resource to test the margins of the resource estimate for further extensions, together with limited exploratory testing of radiometric anomalies located within 3km of the existing processing facility. The drilling was caried out by Thompson Drilling Lda (Mozambique) with downhole radiometric logging carried out by experienced local contractors under the supervision of Lotus geologists. Mineralised intervals, defined by a 200ppm U3O8 cut off over a minimum thickness of 1m, were selected for sampling. These samples were analysed for uranium by ALS Laboratories in Johannesburg. The focus of the current RC program was the southern and eastern margins of the known resource. The holes completed in these locations were designed to either define extensional mineralisation or increase the existing resource classification (Figure 1). The best results of 2m grading 2,541ppm U3O8 and 3m grading 829ppm U3O8 are located on the eastern edge of the mineralised system. A total of eight holes were also drilled at the Kayelekera South prospect, which is located approximately two kilometres south of the current Kayelekera pit. The area comprises several airborne radiometric anomalies. In the Target 1 area, drillhole LRC033 successfully intersected 2m grading 817ppm U3O8 from a depth of 28m. This drillhole represents the first intersection of significant uranium mineralisation outside the known mineral resource area. Following these results the Company is planning on preparing a Mineral Resource upgrade which is anticipated to be completed during 1Q2022. The updated mineral resource will be used for the updated mine plan to be incorporated with the Definitive Feasibility Study, which remains on track to be released in mid-2022. The information in this document that relates to Exploration Data is based on information provided by Mr. Alfred Gillman. Mr. Gillman is a Fellow and Chartered Professional of theAustralian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve. Mr. Gillman consents to the inclusion in the report of the matters based upon theinformation in the form and context in which it appears. 
