Boutique corporate and investment advisory firm BW Equities has reiterated its buy rating for Lotus with Lotus shares trading at a significant discount to BW's revised 14.3 cents per share valuation. The following is an extract from BW's research update: Positive Restart Scoping Study: LOT released its anticipated restart scoping study for the Kayelekera uranium project, which outlined a "high-grade ore only" scenario requiring capex of US$50m for a 1.4mtpa processing plant targeting average annual production of 2.3mlbs U3O8 over an 8 year mine life at steadystate AISC of US$40/lb. These parameters were positive relative to our expectations, most notably with regards to unit costs which were significantly below the US$48/lb estimate we had previously assumed.