SYDNEY: Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) has announced the acquisition of 23.5 million shares in Laramide Resources (TSX & ASX: LAM), representing approximately 9 percent of the issued shares, at a price of C$0.60 per share.
This purchase will increase Boss’ interest in Laramide to approximately 18.4 percent on an undiluted basis, equating to approximately 48.1 million Laramide shares.
The acquisition will be financed through a mix of cash and Boss scrip as consideration. The total consideration of approximately A$15.5 million includes approximately A$3.9 million in cash and approximately A$11.7 million in scrip via the issue of approximately 5.2 million new fully paid ordinary shares in Boss.
These shares will be issued under Boss’ existing placement capacity under ASX Listing Rule 7.1, with the acquisition and share issue expected to be completed within five business days.
Laramide’s flagship asset is the Westmoreland Uranium Project in Queensland, which also includes the Churchrock-Crownpoint uranium project in New Mexico. The Westmoreland project has a JORC Indicated Resource of 27.8 million tonnes at an average grade of 770 ppm U3O8 for 48.1 million contained lbs. of U3O8. The JORC Inferred Resources are approximately 11.8Mt at an average grade of 680 ppm U3O8 for 17.7 million contained lbs of U3O8.
Boss is not currently in active discussions with Laramide and, subject to there being no actual or proposed material change in the shareholding of Laramide (including a change of control proposal) or the actions of Laramide, Boss has no current intention to acquire control or make a takeover offer for Laramide.
Queensland currently has a moratorium on uranium mining. However, Boss believes it is prudent to secure exposure to the outstanding Westmoreland project asset for the price it has paid given the project’s potential value should the ban be overturned.
Boss Managing Director Duncan Craib commented, “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.”
Craib added, “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 production guidance of 850,000lbs U3O8.”