Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is expanding its footprint in the uranium sector, announcing it has acquired an additional 23.5 million shares in Laramide Resources (TSX & ASX: LAM) for C$0.60 per share. This A$15.5 million investment increases Boss’ stake in Laramide to approximately 18.4% on an undiluted basis.
Why the Investment?
Laramide owns the Westmoreland Uranium Project in Queensland, one of Australia’s largest undeveloped uranium deposits, as well as the Churchrock-Crownpoint project in New Mexico. The Westmoreland project boasts a JORC Indicated Resource of 27.8Mt at 770 ppm U₃O₈ for 48.1M lbs of uranium, plus an Inferred Resource of 11.8Mt at 680 ppm for 17.7M lbs.
While Queensland currently has a moratorium on uranium mining, Boss sees strategic value in securing a position at Westmoreland now, in anticipation of potential policy changes.
Deal Structure
Boss is funding the acquisition through a combination of cash (A$3.9 million) and scrip (A$11.7 million), issuing approximately 5.2 million new shares under its existing placement capacity. The deal is expected to be finalized within five business days.
No Takeover Plans – For Now
Boss has stated it is not currently in discussions with Laramide and has no intention to make a takeover offer unless there are material changes in Laramide’s ownership structure or strategy.
What Boss Says
Boss Managing Director Duncan Craib emphasized the long-term opportunity:
“This investment secures exposure to Westmoreland’s significant exploration and development upside at a compelling price. While uranium mining is currently restricted in Queensland, we believe this will inevitably change. If and when that happens, Boss can leverage its expertise and financial strength to help unlock Westmoreland’s value—benefiting both Queensland and our stakeholders.”
In the meantime, Boss remains focused on ramping up production at its flagship Honeymoon Uranium Project in South Australia, which achieved commercial production in January 2025 and is on track to meet FY25 production guidance of 850,000 lbs U₃O₈.
