Boss Energy continues to advance growth and exploration strategy at Honeymoon uranium project
Boss Energy (ASX: BOE) is set to utilise its first-mover advantage in a rising uranium market as it continues to ramp up its Honeymoon project in South Australia.
With $229 million in liquid assets including $64 million held in cash, as well as 1.21 million pounds of uranium on hand, Boss remains on track to drum 850,000 pounds of uranium at Honeymoon in FY2025.
The project has now recorded its first quarter of positive free cash flow, with the March quarter run rate of approximately 1.2 million pounds per year positioning the project to deliver on next year’s target.
Growth initiatives
A focus has been the company’s ramping up of NIMCIX column 3 at Honeymoon, with columns 1 and 2 already operating at nameplate capacity.
Boss is also progressing completion of NIMCIX columns 4 and 6.
The company has a number of additional growth initiatives underway, including continued Honeymoon drilling and ordering long-lead items for its planned activities at Wellfields.
Exploration upside
Boss has identified the exploration potential of its acreage outside of Honeymoon as a key factor in its continued ramp-up at the South Australian mine.
“These satellite deposits have the potential to drive growth as well as enabling us to leverage existing infrastructure and further capitalise on the opportunity presented by growing global demand for uranium from tier-one locations,” the company’s management said.
Boss has recently completed infill drilling at the Gould’s Dam and Jasons satellite deposits, identifying a number of significant intersections.
Resource update
Boss has engaged consultants to produce a mineral resource update for the Gould’s Dam and Jasons deposits, with the report due in Q4 FY2025.
Elsewhere, new exploration has defined a zone of mineralisation approximately 1 square kilometre in area at the Cummins Dam prospect.
The zone remains open, with Boss planning to commence further drilling at the prospect in Q3 FY2025.