Boss Energy has made another move to expand its uranium foothold in Australia, just days after it announced an earn-in agreement for the incoming Liverpool uranium project in the Northern Territory.
Boss offered up $250,000 earlier this week to Eclipse Metals, giving it the right to earn an 80 per cent interest in the project by providing up to $8 million in exploration funding over the next seven years.
Just days later, Boss has announced it is bolstering its interest in Queensland’s uranium reserves, increasing its shareholding in Laramide Resources by nine per cent for a price of $C0.60 ($0.66) per share.
This brings Boss’ total holding in Laramide to a total of 18.4 per cent on an undiluted basis, which represents around 48.1 million shares.
Boss will acquire the Laramide shares for a mix of $3.9 million cash and $11.7 million in Boss scrip as consideration for a total $15.5 million.
Laramide’s flagship asset is the Westmoreland uranium project in Queensland which has a JORC indicated resource of 27.8 million tonnes of uranium. It also owns the Churchrock-Crownpoint uranium project in New Mexico.
Despite the jump in shareholding, Boss has been firm it has no immediate plans to launch a takeover bid.
“This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost,” Boss managing director Duncan Craib said.
Boss not concerned about Queensland’s uranium moratorium
Queensland currently has a moratorium on uranium mining, but Craib believes it is prudent to secure exposure to Westmoreland for the price it has paid, given the project’s potential value should the ban be overturned.
“While Queensland currently has a moratorium on uranium mining, we believe the state will enviably lift this,” he said.
“If the moratorium is overturned, Boss’ can apply its knowledge, experience and financial strength to the Westmoreland project.
“This would be of significant benefit to the people of Queensland and all stakeholders.”
In the meantime, Boss remains focused on delivering a successful ramp up at its flagship Honeymoon uranium project in South Australia.
Honeymoon achieved commercial production in January 2025 and remains on track to meet its 850,000-pound production guidance for this financial year.
