Interview with Duncan Craib, MD & CEO of Boss Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/boss-energy-asxboe-first-mover-advantage-to-large-scale-production-6643

Recording date: 19th March 2025

Boss Energy (ASX: BOE) is positioning itself as a significant uranium producer amid market uncertainty, with CEO Duncan Craib outlining the company's expansion strategy through both production ramp-up and strategic acquisitions.

The company's portfolio includes 100% ownership of the Honeymoon mine in South Australia, a 30% stake in Alta Mesa project in South Texas, and an 18.4% stake in Laramide Resources. This diversification provides exposure to multiple uranium jurisdictions with varying timelines for development.

Honeymoon, Boss Energy's flagship asset, is steadily increasing production with targets of 850,000 pounds by June 2025, 1.6 million pounds by June 2026, and 2.45 million pounds at full capacity. Recent production has been promising, with February 2025 output exceeding the entire December 2024 quarter. The company reports competitive C1 costs of $23-25 per pound, providing substantial margins at current spot prices around $65 per pound.

The Alta Mesa project is also ramping up, with the second ion exchange circuit recently brought online and a third scheduled by the end of 2025. At full capacity, Boss Energy will receive approximately 450,000 pounds annually from this operation, with potential to expand beyond the nameplate capacity of 1.5 million pounds.

The recent acquisition of an 18.4% stake in Laramide Resources represents a longer-term strategic position, particularly targeting the Westmoreland deposit in Queensland (containing approximately 70 million pounds of resources) despite the current moratorium on uranium mining in the region. Craib believes this policy could change with the right approach, noting that the current premier previously lifted a similar moratorium when previously in power.

Financially, Boss Energy maintains a strong position with approximately $250 million AUD in liquid assets and no debt. The company expects to achieve positive cash flow by the end of Q2 2025 as production continues to ramp up.

The combined output from Honeymoon and Alta Mesa positions Boss Energy to become a 2 million pound-plus producer in the near future. This established production base, coupled with strategic investments and financial strength, gives the company flexibility to pursue additional opportunities, particularly if market conditions create value in the sector.

Craib supports industry consolidation to reduce corporate overhead and create operational synergies, suggesting well-funded producers like Boss Energy may be positioned to pursue acquisitions if other developers struggle to advance projects in the current price environment.

View Boss Energy's company profile: https://www.cruxinvestor.com/companies/boss-energy

Sign up for Crux Investor: https://cruxinvestor.com