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Highlights:

  • BOE records production average of 2,410 lbs/day at Alta Mesa in June 2025.
  • The company holds 30% stake in Alta Mesa; enCore operates and owns 70%.
  • BOE shares rise 3.99% to AUD 4.69 following uranium output and expansion update.

Boss Energy Limited (ASX:BOE) has provided an operational update on the Alta Mesa Uranium Project in Texas, following a report issued by project operator and 70% owner enCore Energy Corp. Boss Energy acquired a 30% stake in Alta Mesa in exchange for receiving 30% of the uranium produced from the site.

The project is undergoing production ramp-up with a targeted annualised output rate of 1.5 million pounds of U₃O₈ (triuranium octoxide). The latest data from enCore highlights a steady month-on-month increase in uranium output, reflecting expanded operational capacity and continued wellfield development.

For the first 22 days of June 2025, the Alta Mesa site averaged 2,410 pounds of captured uranium per day, totalling 53,022 pounds. The highest single-day capture during this period occurred on June 20, with 3,705 pounds of uranium recorded. The final week ending June 23 saw uranium capture consistently exceed 3,000 pounds per day.

Looking at recent monthly performance, uranium production in May 2025 averaged 2,103 pounds per day, while April 2025 averaged 1,942 pounds per day. These increases suggest ongoing progress in output efficiency, although no production guidance has been formally issued by Boss or enCore.

Wellfield development at Alta Mesa is also progressing. enCore reported the addition of 28 new wells as part of the expansion effort, which supports the planned scale-up to the 1.5-million-pound annual capacity target.

Alta Mesa operates as an in-situ recovery (ISR) uranium project. ISR is a commonly used extraction method in the U.S. uranium industry due to its lower environmental impact compared to traditional mining methods. The project had previously been on care and maintenance before enCore and Boss Energy began reactivating operations.

As per the commercial agreement, Boss Energy receives 30% of all uranium produced from the project in line with its equity stake.

Boss Energy, headquartered in Australia, is primarily focused on uranium development and production. Alongside Alta Mesa, the company is advancing its flagship Honeymoon Uranium Project in South Australia. Its interest in Alta Mesa provides the company with exposure to the North American uranium market amid shifting energy policy trends and increasing attention to nuclear as a low-carbon energy source.

The latest operational news coincided with a modest gain in the company’s stock price. Boss Energy shares were trading 3.99% higher at AUD 4.69 at the time of writing on 27 June 2025, following the release of enCore’s production update.