Boss Energy has put cash on the table to help Eclipse Metals get its Liverpool uranium project in the Northern Territory up and running.
Boss has offered up $250,000 to Eclipse through an earn-in agreement that will give it the right to earn up to an 80 per cent interest in the project by providing up to $8 million in exploration funding over the next seven years.
As part of the staged earn-in, Boss Energy must spend a minimum of $1.5 million on exploration before it is able to withdraw from the agreement. The two companies are forming an unincorporated joint venture (JV) to explore and develop the project.
Upon successful earn-in, Boss Energy will have the option to purchase an additional 10 per cent interest from Eclipse, bringing its total interest in Liverpool to 90 per cent, for $50 million.
Liverpool comprises five exploration licences located in the highly prospective Alligator Rivers uranium field of West Arnhem Land.
The field is renowned for its high-grade deposits, which Eclipse Metals executive chair Carl Popal said positions both companies to capitalise on the region’s significant potential.
“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region,” Popal said.
“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities.
“Our key projects in Greenland, with their rich rare earth and industrial mineral potential, and other Australian assets remain central to our mission of contributing to the global critical minerals supply chain.”
Boss Energy intends to begin exploration activities on the Project during the 12-month option period, which will include mineral prospectivity mapping, target generation and validation of targets.
“The agreement has been structured so we can systematically progress the work through a number of stages and decision points,” Boss managing director Duncan Craib said.
“Boss has developed some leading uranium exploration technical capacity, and we look forward to applying this at the Liverpool project.”
Boss produced its first drum of triuranium octoxide – a uranium compound used to make nuclear fuel – at its Honeymoon uranium project in South Australia in April 2024 and since then has continued to ramp up the project to its nameplate capacity.
Boss’ Alta Mesa uranium project in south Texas is also progressing well, with the company receiving its first pro-rata shipment of 35,181lbs triuranium octoxide.
