Boss Energy has announced the acquisition of 23.5 million shares in Laramide Resources, a uranium developer in Queensland.
This purchase increases Boss Energy’s stake in the company to approximately 18.4% on an undiluted basis, equivalent to around 48.1 million Laramide shares.
The acquisition involves a mix of cash and Boss Energy scrip, with a total consideration of approximately A$15.5m.
This includes A$3.9m in cash and A$11.7m in scrip through the issuance of 5.2 million new fully paid ordinary shares in Boss.
Laramide Resources’ flagship asset, the Westmoreland Uranium Project in Queensland, holds a JORC Indicated Resource of 27.8 million tonnes (mt) at an average grade of 770 parts per million (ppm) of triuranium octoxide (U3O8), amounting to 48.1 million pounds (mlb) of U3O8.
The JORC Inferred Resources stand at approximately 11.8mt with an average grade of 680ppm of U3O8 for 17.7mlb of U3O8.
Despite Queensland’s moratorium on uranium mining, Boss Energy sees potential value in securing exposure to the Westmoreland project.
Boss managing director Duncan Craib said: “This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost.
“While Queensland currently has a moratorium on uranium mining, we believe the state will enviably lift this. 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.
“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 [fiscal year 2025] production guidance of 850,000lbs U3O8.”
Boss Energy is not currently engaged in discussions with Laramide and has no intention to acquire control or make a takeover offer, barring any material changes in Laramide’s shareholding or actions.
Boss Energy also recently entered a binding option and earn-in agreement with Eclipse Metals to advance exploration at the Liverpool uranium project in Australia.
