Boss Board approves Final Investment Decision for Honeymoon Uranium Project

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Boss Energy Limited has announced that the Honeymoon Uranium Project in South Australia has been approved by the Company’s Board of Directors.

In an ASX announcement, the company revealed it will immediately speed up construction, assuring Honeymoon will begin production in the December quarter of 2023 and build up to a steady-state rate of 2.45 million pounds of U3O8 per year.

The Final Investment Decision (FID) was preceded by a full updated briefing on the project to Hon Tom Koutsantonis, Minister for Infrastructure, Transport, Energy and Mining for South Australia on Friday May 27, 2022.

The forecast A$113 million capital cost of the development is fully funded. The company raised A$125 million via a share placement and share purchase plan in March 2022 and also holds a strategic 1.25 million pound uranium stockpile valued at US$59.38 million.

Adertisement

“This Final Investment Decision puts Boss firmly on track to be Australia’s next uranium producer. We are fully funded with no debt, fully-permitted and extensive infrastructure in place. Our front-end engineering studies are completed, and we are ready to order key equipment and start construction immediately,” said Boss Managing Director Duncan Craib.

“This puts us in an extremely strong negotiating position with utilities and ensures we can capitalise on the looming uranium supply deficit.”

The company acquired the Honeymoon uranium project from Russia’s state-owned Uranium One Inc. (U1) for a compensation package worth more than A$10 million in 2015.

Honeymoon is one of the five Australian uranium mines in Australia.

Image credit: bossresources.com.au