Production Ramp-Up Proceeding to Plan with Technology Proven at Commercial Scale

Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to report on the June 2024 quarter, during which the Company achieved a number of milestones including first production at Honeymoon and at its 30 per cent-owned Alta Mesa Project in South Texas.

Highlights

Honeymoon Uranium Project, South Australia

Operations

Successful commissioning, with Boss proving its lixiviant chemistry and ion exchange technology at commercial scale57,364lbs of uranium produced during the June quarterConstruction of NIMCIX columns 2 and 3 proceeding to plan and on target for commissioning in Q3 and Q4, 2024 respectivelyPreliminary updates on costs to be provided once NIMCIX columns 2 and 3 are commissionedBoss expects production of at least 850,000lbs of U308 in FY25; This is in line with Feasibility Study forecasts

Geology

Strong drilling intercepts confirm production potential of Gould’s Dam at HoneymoonA further 96 mud rotary holes were drilled for 12,911m, with uranium mineralisation highlights including (PFN results, ppm pU3O8):

Alta Mesa, South Texas (Boss 30%)

Successful production start-up announced 13 June 2024Alta Mesa expected to reach full operational capacity of 1.5Mlbs a year by 2026. Boss’ shareof Alta Mesa production is 30 per cent (450,000lbs a year at nameplate capacity)Alta Mesa has potential for further resource growth and additional drying capacity of 500,000lbs a year

Corporate

As at 30 June 2024, Boss held liquid assets of A$272.5M; Boss has no debtWell positioned to benefit from rising uranium prices with most of Honeymoon Life of Mine (LOM) production and all of Alta Mesa production uncontractedBoss continues to strengthen its senior management team in line with the Company’s growing status as a global uranium producer; Highly experienced uranium exploration geologist Dr. Andy Wilde was appointed Chief Geologist

Boss Managing Director Duncan Craib said:

“Putting cake in the can with our first production at Honeymoon was a significant milestone for Boss which proved that our lixiviant chemistry and ion exchange technology works at commercial scale.

“The production ramp up at Honeymoon, including the key production metrics, is progressing in line with our Feasibility Study forecasts and therefore we are on track to produce at least 850,000 pounds of U308 in FY25.

“This strong outlook is also supported by the progress being made in the construction of the second and third NIMCIX columns which are scheduled to start operating, in line with the production ramp-up timetable, by Q3 and Q4, 2024 respectively.

“With both Honeymoon and Alta Mesa producing, Boss has become the only multi-asset uranium producer on the ASX.”

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