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Highlights

  • Bell Potter maintains BUY rating on Boss Energy Ltd with a price target of AUD 4.65, implying 11.24% upside.

  • Boss Energy amends and extends Uranium Loan Agreement with enCore Energy, adding a new US$3.6 million facility.

  • Alta Mesa project ramps up uranium production, exceeding 3,000 lbs/day by late June 2025.

Boss Energy Ltd (ASX:BOE), a leading player in the uranium sector, continues to receive bullish support from analysts, with Bell Potter Securities reaffirming a BUY recommendation. As per the latest data reviewed on 3 July 2025, the stock has a current target price of AUD 4.65, offering a potential 11.24% upside from its trading price of AUD 4.10.

Despite a recent decline of 1.91% in its share price, the long-term growth potential remains compelling. Bell Potter’s confidence stems from Boss Energy’s strategic investments and operational developments, particularly at the Alta Mesa Uranium Project in Texas, where production is ramping up sharply.

Loan Agreement Extended to Boost Alta Mesa Operations

On 4 July 2025, Boss Energy announced a key amendment to its existing Uranium Loan Agreement with enCore Energy U.S. Corp., a subsidiary of enCore Energy Corp. Under the revised terms, Boss has extended the repayment timeline for the US$10.4 million outstanding loan to 27 December 2025 and offered an additional facility of US$3.6 million to support enCore’s capital contributions to the Alta Mesa joint venture.

This new facility features an increased interest rate of 10% per annum on drawn funds and 2% on undrawn funds. Boss also secured enhanced collateral protections, including a first-ranking security package over Alta Mesa and a parent company guarantee from enCore.

Importantly, if enCore defaults on the agreement, Boss has the option to assume a 51% controlling interest in the Alta Mesa project.

Alta Mesa Project Shows Promising Production Trends

Boss Energy’s 30% stake in the Alta Mesa Uranium Project is already yielding strong operational benefits. enCore Energy, which holds the remaining 70% and operates the project, reported uranium production exceeded 3,700 pounds/day as of June 20, 2025. For the seven days ending June 23, daily output consistently surpassed 3,000 pounds/day, while the monthly averages for June and May stood at 2,410 and 2,103 pounds/day, respectively.

The wellfield development continues with the addition of 28 new wells, bolstering capacity to meet the annualised production target of 1.5 million pounds of U₃O₈. With uranium prices holding firm and global demand on the rise amid clean energy transitions, Alta Mesa positions Boss as a critical player in the nuclear fuel supply chain.