Boss Energy’s first production column at the Honeymoon uranium operation in South Australia has hit nameplate capacity, marking a significant milestone for the company.
It comes as Boss produced 89,516 pounds of uranium oxide (U3O8) in the September quarter, a substantial increase from the 28,844 pounds produced the quarter before.
With the first NIMCIX production column hitting nameplate capacity, the second column is now operational, and the third column is set for commissioning in the December 2024 quarter.
The quarter also saw Boss complete its first shipment from the Honeymoon operation, sending 57,000 pounds of U3O8 to the Honeywell uranium hexafluoride processing facility in Illinois, US.
Boss also received $23.4 million from the sale of 200,000 pounds of U3O8 as part of an existing contract with a European nuclear facility.
“Our strategy is proceeding to plan on all fronts,” Boss Energy managing director Duncan Craib said.
“Honeymoon’s key metrics are all in line with our targets and we are on track to meet our FY25 (2024–25 financial year) production guidance (850,000 pounds of U3O8).”
Boss is also benefiting from favourable market conditions, with the growing demand for uranium driven by the clean energy transition and expanding artificial intelligence (AI) sector.
“The combination of this increasing production profile and the fact that most of it is uncontracted means we are ideally placed to capitalise on the strong outlook for uranium prices,” Craib said.
“The supply–demand fundamentals in the uranium market are increasingly favourable and long-term contract prices are rising.
“The growing demand for clean energy, particularly stemming from the rapidly expanding AI industry, further strengthens the outlook for uranium and supports our strategic decision to commit to contracts in a gradual manner, maximising our ability to capitalise on rising prices while maintaining financial security.”
In corporate developments, Boss appointed Matt Dusci as chief operating officer who formerly served as acting chief executive officer at IGO.
As Boss continues to scale up production, the company remains debt-free with liquid assets of $244.9 million.
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