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Highlights
- Boss Energy (ASX:BOE) increases its stake in Laramide Resources (ASX:LAM) to 18.4%.
- Westmoreland uranium project holds significant resource potential.
- Boss continues expanding its uranium portfolio with new ventures.
Boss Energy (ASX:BOE) is making significant strides in strengthening its position in the uranium sector with an increased stake in Laramide Resources (ASX:LAM). The company has secured an additional 9% interest in Laramide, bringing its total holding to approximately 18.4% on an undiluted basis. The deal is valued at around $15.5 million, comprising $3.9 million in cash and approximately $11.7 million in newly issued Boss shares.
Strategic Move in Uranium Exploration
Laramide’s key asset, the Westmoreland uranium project in Queensland, presents a promising opportunity. The project currently holds an Indicated resource of 27.8 million tonnes at an average grade of 770 parts per million (ppm), translating to 48.1 million pounds of U₃O₈. Additionally, the project has an Inferred resource of 11.8 million tonnes at 680 ppm, contributing 17.7 million pounds of U₃O₈.
Apart from Westmoreland, Laramide also owns the Churchrock-Crownpoint uranium project in New Mexico, further strengthening its resource base. Boss sees this acquisition as a cost-effective approach to gaining exposure to Westmoreland’s exploration and development potential.
No Immediate Takeover Plans
Despite the increased investment, Boss managing director Duncan Craib clarified that the company has no immediate plans to acquire full control or launch a takeover bid for Laramide. The move is primarily aimed at leveraging Westmoreland’s future upside while maintaining focus on Boss’s flagship Honeymoon uranium project in South Australia.
The Honeymoon project commenced commercial production in January 2025 and remains on track to achieve its fiscal year 2025 production guidance of 850,000 pounds of U₃O₈.
Potential Shift in Queensland’s Uranium Policy
Boss remains optimistic that Queensland’s moratorium on uranium mining may eventually be lifted. If that happens, the company’s expertise and financial strength could play a crucial role in advancing the Westmoreland project, benefiting local communities and stakeholders.
Expanding Footprint with Alligator River Deal
Beyond the Laramide investment, Boss continues to broaden its uranium asset base. Recently, the company secured a 90% interest in the Liverpool project, located in the uranium-rich Alligator River region of the Northern Territory.
Under the agreement, Boss will initially earn a 49% stake by investing $3 million over three years. An additional $5 million expenditure over the following four years will increase its stake to 80%, with the potential to reach 90%. Boss will assume operational control of the project during the earn-in phase, with a minimum commitment of $1.5 million in exploration.
This expansion aligns with Boss’s long-term strategy to strengthen its uranium portfolio and capitalize on emerging opportunities in the sector.
