Lotus Resources (ASX:LOT) signed a term sheet for the sale of triuranium octoxide to a unit of US-based Public Sector Enterprise Group, PSEG Nuclear, according to a Wednesday Australian bourse filing.
The arrangement covers a total of 800,000 pounds of uranium from 2026 to 2029, at an escalated fixed price.
The fixed-price escalation percentage per annum applies from the time of delivery, the filing said.
The term sheet is non-binding and conditional on the execution of a full-form document, which is expected to be finalized in the March quarter.
Lotus shares rose nearly 6% in early trading on Wednesday.
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