Boss Energy (ASX:BOE) is on track to fill the Pregnant Leach Solution (PLS) processing ponds by the end of 2023 for its Honeymoon Project in South Australia.
The $1.52 billion market capitalisation company says it has passed another key milestone in the development of the project, with production-grade uranium generated during the pre-flushing of the start-up wells.
Once flushed, Honeymoon will begin the leaching with optimal lixiviant to achieve targeted tenors of uranium.
This involves strengthening the pre-conditioned groundwater with reagents prior to injecting the lixiviant into and through the orebody to dissolve uranium.
Boss Energy Managing Director Duncan Craib says: “To see production-grade uranium in well pre-flushing augurs extremely well for the start of commissioning and production ramp-up.
We continue to execute our development strategy in line with the timetable and budget. With the uranium price recently hitting a 15-year high of US$81 a pound, we are perfectly positioned to capitalise on this huge opportunity.
Our position is further strengthened by the fact that we have no debt, cash on hand of $63 million and a strategic uranium stockpile now worth $156 million based on current spot prices, representing a book profit of more than $100 million since acquisition in March 2021.”
The Honeymoon project sits in South Australia, 80km northwest of the town of Broken Hill.
Boss Energy is an ASX-listed uranium company focused on the re-start of the Honeymoon project.
As of 30 September 2023, the company had $63.118 million cash and cash equivalents at hand and no debt, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Boss Energy
