Boss Energy (ASX:BOE) is raising its stake in Laramide Resources (ASX:LAM) to over 18% to secure greater exposure to the target’s Westmoreland Uranium Project in Queensland.
However, the company says it has no plans to make a takeover play for its fellow uranium explorer.
Boss Energy is buying an additional 23.5 million shares at C$0.60 ($0.66) per share, which will increase its holding to 48.1 million shares, equating to an 18.4% interest.
The company, which has a market capitalisation of $889 million, will acquire the shares for a mix of cash and scrip as consideration.
The $15.5 million consideration comprises $3.9 million in cash and $11.7 million in scrip via the issue of 5.2 million shares. The transaction is expected to be completed within five days.
Laramide’s flagship Westmoreland Project in Queensland has an indicated resource of 27.8 million tonnes @ 770 parts per million (ppm) triuranium octoxide (U3O8) for 48.1 million pounds. The inferred resource is 11.8 million tonnes @ 680ppm U3O8 for 17.7 million pounds.
Managing Director Duncan Craib says the investment in Laramide represents an opportunity to secure exposure to the exploration and development upside at the Westmoreland Project.
“While Queensland currently has a moratorium on uranium mining, we believe the state will enviably lift this,” Craib says.
“If the moratorium is overturned, Boss can apply its knowledge, experience, and financial strength to the Westmoreland Project. This would be of significant benefit to the people of Queensland and all stakeholders.
“Boss remains focused on delivering a successful ramp up at our flagship Honeymoon Uranium Project in South Australia, which achieved commercial production in January 2025 and remains on track to meet FY25 production guidance of 850,000 pounds of U3O8.”
Boss says it is not in active discussions with Laramide and, subject to there being no actual or proposed material change in the shareholding of Laramide or the actions of the company, Boss has no intention to acquire control or make a takeover offer.
Laramide Resources is focused on exploring and developing uranium assets in Australia and the mid-western US.
Boss Energy is an Australian uranium producer focused on two projects in tier one locations.
Write to Aaliyah Rogan at Mining.com.au
Images: Laramide Resources
