Boss Energy expands uranium portfolio with increased stake in Laramide Resources

Boss Energy (ASX: BOE) has agreed to acquire an additional 9% interest in Laramide Resources (ASX: LAM), increasing its holding in the Queensland uranium developer to approximately 18.4% on an undiluted basis.

Boss will acquire the additional shares for a total consideration of approximately $15.5 million.

This will comprise approximately $3.9m in cash and approximately $11.7m via the issue of approximately 5.2 million new fully paid ordinary shares in Boss.

Westmoreland uranium project

Laramide’s flagship asset is the Westmoreland uranium project in Queensland and it also owns the Churchrock-Crownpoint uranium project in New Mexico.

Exploration at Westmoreland has so far identified an Indicated resource of 27.8 million tonnes at an average grade of 770 parts per million for 48.1m contained pounds of U₃O₈.

This includes an Inferred resource of approximately 11.8Mt at an average grade of 680ppm for 17.7m contained pounds of U₃O₈.

No current takeover plans

Boss managing director Duncan Craib said the company has no current intention to acquire control or make a takeover offer for Laramide.

“This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost,” Mr Craib said.

“Boss remains focused on delivering a successful ramp-up at our flagship Honeymoon uranium project in South Australia, which achieved commercial production in January 2025 and remains on track to meet FY25 production guidance of 850,000lb U₃O₈.”

Queensland moratorium

Boss believes the current moratorium on uranium mining in Queensland will eventually be reversed.

“If the moratorium is overturned, Boss can apply its knowledge, experience and financial strength to the Westmoreland project,” Mr Craib added.

“This would be of significant benefit to the people of Queensland and all stakeholders.”

Alligator River deal

Boss added a Northern Territory asset to its portfolio earlier this week, when it entered into an agreement to earn up to a 90% interest in the Liverpool project in the highly prospective Alligator River uranium field.

Boss can earn an initial 49% interest in the project by spending $3m within three years and a further 31% interest (total 80%) by investing an additional $5m within four years after that.

It will assume operational control over the project during the earn-in stage, where it has a minimum commitment of $1.5m in exploration expenditure before it can withdraw from the project.