ASX 300 uranium stock Lotus Resources Limited (ASX: LOT) is surging higher today.
Lotus Resources shares closed yesterday trading for $1.275. In early morning trade on Wednesday, shares are changing hands for $1.395 apiece, up 9.4%.
For some context, the S&P/ASX 300 Index (ASX: XKO) is up 1.7% at this same time amid renewed hopes that the Iran war could be winding down.
Now, here's what's happening with Lotus.
ASX uranium stock lifts off on enrichment agreement
The Lotus Resources share price is leaping higher after the company announced that Orano Chimie-Enrichissement has confirmed that it will accept the uranium ore concentrate from Lotus' Kayelekera Uranium Mine, located in Malawi.
The uranium will be processed at the Orano CE conversion facility in France.
The ASX 300 uranium stock said it has been working closely with Orano during the past months to optimise and qualify its product. Lotus is providing independent laboratory testing results as a condition for initial shipments of its Kayelekera uranium ore to Orano CE.
The uranium miner said it remains on track to deliver nameplate production at Kayelekera in the second quarter of calendar year 2026. This follows ongoing performance improvements through the second half of February and into March.
Lotus also reiterated that its supply chains "remain robust".
However, the ASX 300 uranium stock is not immune from the widespread impacts of the Iran war.
The company said that exporting uranium via the port of Dar-es-Salaam in Tanzania remains its preferred route to market. But with the availability of shipping from Dar es Salaam to the trans-shipment hub in Singapore impacted by the conflict, Lotus said it is working with road transport group, Alistair Group and freight forwarder, Orano NPS, to commence exporting its uranium ore via Walvis Bay, Namibia.
What did management say?
Commenting on the agreement that's helping boost the ASX 300 uranium stock today, Lotus Resources managing director Greg Bittar said, "Orano's acceptance of uranium marks a fantastic milestone for the Kayelekera restart, positioning Lotus as the next global uranium supplier."
Bittar continued:
We are very excited to have achieved this acceptance by Orano CE, which allows us to now plan for first product to be dispatched from site. The first export of uranium is subject to final product preparation, testing, acceptance, permits and shipping arrangements, all expected to occur in Q2 CY26.
Looking ahead, Bittar added:
Whilst we will continue working to achieve accreditation with the other two western converters, ConverDyn and Cameco, the ability to exchange or swap product between converters means an Orano CE account provides us with delivery flexibility across all contracts and for future sales.
The post Guess which ASX 300 uranium stock is rocketing today on a 'fantastic milestone' appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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