Boss Energy has boosted its stake in Queensland uranium developer Laramide Resources, acquiring approximately nine per cent of Laramide’s issued shares for $15.5 million.
With an increased interest in Laramide (18.4 per cent in total), Boss has gained further exposure to Laramide’s Westmoreland uranium project, which has a JORC indicated resource of 27.8 million tonnes at an average grade of 770 parts per million (ppm) uranium oxide.
While there is a current freeze on uranium mining in Queensland, Boss is hopeful it will be overturned, potentially supporting the exploration and development of the Westmoreland project.
Boss managing director Duncan Craib said he is excited about the prospects and opportunities of this move.
“This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost,” he said.
“If the moratorium is overturned, Boss can apply its knowledge, experience and financial strength to the Westmoreland project. This would be of significant benefit to the people of Queensland and all stakeholders.”
The transaction saw Boss acquire an additional 23.5 million shares in Laramide Resources, taking the company’s total to approximately 48 million Laramide shares.
In addition to Laramide’s Westmoreland project, the company also owns the Churchrock-Crownpoint unanium project in New Mexico, US.
Alongside its Laramide stake, Boss remains committed to giving its flagship Honeymoon project the attention it deserves, which remains on track to meeting its production guidance of 850,000 pounds of uranium oxide for the 2024–25 financial year.
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