Highlights

Boss Energy has extended the repayment date of a US$10.4 million loan to enCore Energy U.S. Corp. to 27 December 2025.

A new US$3.6 million cash facility has been provided to support enCore’s capital contributions to the Alta Mesa joint venture.

The agreement includes enhanced interest terms, a parent company guarantee, and security provisions offering downside protection for Boss.

Boss Energy Limited (ASX:BOE) has announced an amendment to its existing Uranium Loan Agreement with enCore Energy U.S. Corp., a subsidiary of enCore Energy Corp. The revised arrangement includes an extension of the loan repayment deadline and the provision of a new funding facility to support joint venture activities.

The outstanding loan amount of US$10.4 million, part of an original uranium-backed loan, will now be repayable by enCore on or before 27 December 2025. Under the original agreement, Boss loaned 200,000 pounds of uranium to enCore, with repayment terms allowing for repayment in cash or in kind, at Boss's discretion. The initial spot price at the time of the loan was US$100.54 per pound, equivalent to US$20.1 million. enCore has already repaid US$11.9 million, including interest.

In addition to the extension, Boss has offered a new US$3.6 million cash facility. This facility is designed to provide additional working capital to enCore, specifically to fund its capital commitments to the Alta Mesa joint venture. These contributions must align with the JV’s budget, which requires approval from both enCore and Boss.

The new facility introduces updated financial terms. Interest on drawn funds will rise to 10% per annum, up from 9% under the original agreement. Interest on undrawn amounts—currently the full US$3.6 million—will be charged at 2% per annum. The facility is to be repaid either by the new 27 December 2025 deadline or earlier, should enCore complete an equity raise of at least US$23.5 million.

Security provisions have also been enhanced. The new arrangement includes a parent company guarantee from enCore and a first-ranking security package over the Alta Mesa project. In the event of default—triggered by conditions such as non-payment, material asset disposition, or a change in control—Boss has the right to either demand immediate repayment or convert the outstanding debt into a 51% controlling stake in the Alta Mesa joint venture, thereby assuming management of the project.

Boss Energy’s Managing Director, Duncan Craib, commented that the amendment reflects Boss’s continued support for its joint venture partner during a critical phase of project development. He highlighted that Boss remains financially well-positioned, with Honeymoon progressing through key production milestones.