Boss Energy surges on strong drilling results
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The news: Urnaium mining play Boss Energy has continued its share price rally, gaining 4% in early trading after favourable exploration results near its Honeymoon mine in South Australia. The project is on track for its first drum of produced uranium in March 2024.
The numbers: The Jason's deposit, about 13 kilometres north of Honeymoon mine, has a JORC resource of 6.2 megatonnes at 790 parts per million of triuranium octoxide. Honeymoon's total resource stands at 52.4Mt, Boss said, and the new results will allow the miner to lift its annual production profile to 2.45 Mlb. Boss Energy shares were 4% higher in early trading, fetching $5.50.
The context: Boss has been on a tear since March 2023, tracking with the rising price of uranium as its popularity grew with national governments looking for diversified solutions to meet emissions targets. Boss's share price has lifted more than 170% since March 2023 and more than 37% this year.
What they said: "We have a twin-pronged strategy at Honeymoon to drive shareholder value by successfully ramping up production while increasing the inventory in preparation for our next round of growth," Boss Managing Director Duncan Craib said in a statement.
The source: ASX Announcement
