**Please note this was written and completed just before Reuters announced a report that US President Donald Trump will sign executive orders aimed to jumpstart the US nuclear industry by easing the regulatory process for new reactor approvals and enhancing the fuel supply chain.
Wow what a great and refreshing write up - well done sir! I wanted to ask a few questions about Boss as a rising dominant force in the Uranium Junior Space: (1) in your opinion is Alta Mesa (Encore) viewed by management as a resource uranium supply pressure spigot for access to pounds if there are local Australian production (unforeseeable calamities for example) where they can not be forced to the spot market with production shortfalls or could it be the early stages of an acquisition (because Encore has had a rough year on many fronts)? (2) which producers or near producers have the most savvy/savage uranium marketing strategy infrastructure and team members in place? (man I agree with your very well stated notation that this is a key part of the enterprise success going forward) (3) What properties have upside "nearology' to Boss over the next few years as potential acquisition targets because they have seemed like the corporate leader to me (4) Is Laramide more valuable for its Aussie holdings or the New Mexico assets? Thank you in advance for answering and thank you again for very valuable well written analysis
Hi Bryan, thanks for taking the time to read the write-up and glad you enjoyed it. I think Boss viewed their stake in Alta Mesa as just a great way to diversify their asset base (at a reasonable price) by getting access to pounds in a very good jurisdiction. As a part of our write-ups on companies, we'll spend time going through the teams and who we believe have some of the better strategies in place. I think one of the really interesting things about Boss is that they have a lot of pounds they already own outside of the Honeymoon restart area. Half of their JORC resource is at Gould's Dam and Jason's and they continue to explore there to prove up even more. We think this will be a great source of nearby pounds that they don't need to acquire- just prove up and then build wellfields and connect them to the plant. It's a great question on LAM's assets. On one hand Westmoreland will need to see the jurisdiction lift the ban but on the other, its a very nice resource with ~66M-lbs of indicated and inferred resource so it's more valuable than the US assets just based scope and size and so I like that Boss is taking a bit of deliberate bet that permitting will change in the future and unlock that asset.
Great deep dive, thanks, with valuable insights and information. Going forward will you provide timely updates on material positive and negative developments?
Absolutely Greg. The idea is to cover these companies on a quarterly basis and provide our views on them. Our job isn't to tell people which stocks to buy or sell, but to lay out as much relevant information as we can so subscribers can make the most informed decision they can.
Excellent. Would you consider publishing important ad hoc updates between quarterly updates? Eg. Your view on BOE directors selling down and the market overreaction?
Great analysis! It’s interesting to see how Boss Energy is positioning itself amid the uranium market’s recovery. I’m curious to watch how their ISR expansion at Honeymoon will impact production costs and overall competitiveness. Thanks for the insights!
Thanks for reading and your feedback! As long as they can keep their capital costs like they have (wellfield drilling, etc.), as the pounds they produce rise, unit costs should fall. So, as you say, very curious to see as they approach 250K-lbs per quarters, 350K-lbs, and keep rising as they work to get toward ~2.5M-lbs per year.
This is great stuff. Thank you. Not sure if you take requests but would love to see global atomic be your next deep dive. One of the few uranium stocks out there with potential short term catalysts.
Thanks for reading the feedback Tom. Thrilled to hear that. As we noted, Boss is in good shape and they continue to ramp up Honeymoon and should continue to layer in market-related contracts. $120 sounds good!!!
Firstly, thanks for this in-depth report. Greatly appreciated.
One question. You lost the pre-tax NAV as $4.81. You also suggest that it could trade at 1.25X NAV. Does this mean that a reasonable target is $6.00 ($4.80 AUD x 1.25)?
I should have articulated this slightly better. The A$4.81/sh uses the 1.25x multiple. To your point, perhaps I should have quoted the NAV at 1x and then applied the 1.25x to make it more clear. I appreciate this feedback so I can make sure readers are not confused.
Hi Greg, we appreciate the support and thrilled to have you aboard. Absolutely on post-tax NAVs. I am diligently working out on them. To your point, it is very important to have these and plan on keeping them updated frequently.
Excellent work, and what’s most appreciated by me is your personal view on the stock sales by certain directors. Great deep dive, sir.
While it’s speculative and probably not the main focus of these kinds of pieces, I’d still like to hear your thoughts on "Boss Energy’s growth strategy". We saw a glimpse of it with the $LAM position. To me, it’s clear Duncan is willing to use script when the share price is strong to secure growth. The Jabiluka bid felt like an extension of that same play: go after quality Australian assets stuck in regulatory limbo, and back the company’s (young but proven) reputation to advance them responsibly.
Duncan seems to believe he can shift government sentiment. He might actually pull it off at Westmoreland. But Jabiluka? That was a different ball game, and I think he was a bit naive to think it might work out.
Their NT tenements via the Eclipse JV are also interesting. Very prospective, but the sandstone is deep-seated, the terrain is rough, and a lot of the drilling is heli-supported. Not cheap. But it shows $BOE isn’t just sitting on its hands; they’re clearly chasing exploration upside too.
Curious to hear others’ thoughts. Will Duncan eventually venture into more conventional underground mining assets? Or will he stay focused on ISR-style and open-pit models like Honeymoon and Westmoreland?
Thanks for the comments and feedback PK! The company says "they're open for business" so like you, we're all waiting to see what the next moves are.
Agree with you about Jabiluka, that was always going to be difficult but shows their willingness to take risk, just like they believe the regulatory environment around Westmoreland will shift. Obviously, they have a JV with Encore in the US and one wonders if they are going to try and secure another JV or more in the US where there are some very good ISR assets. Or, stick more towards Australia.
As you mention, it appears they are open to doing deals across the spectrum, from early stage exploration to development projects to a JV in a working mine. It makes a lot of sense to us to have different buckets and time horizons given the slow moving and long time lines in the industry. And this doesn't mention any organic growth from their own tenements. But, we all know mining companies have depleting assets so current ones will need to be replaced in some way, shape or form ahead.
Great report thankyou. I'm fingers crossed you do Paladin next!
Wow what a great and refreshing write up - well done sir! I wanted to ask a few questions about Boss as a rising dominant force in the Uranium Junior Space: (1) in your opinion is Alta Mesa (Encore) viewed by management as a resource uranium supply pressure spigot for access to pounds if there are local Australian production (unforeseeable calamities for example) where they can not be forced to the spot market with production shortfalls or could it be the early stages of an acquisition (because Encore has had a rough year on many fronts)? (2) which producers or near producers have the most savvy/savage uranium marketing strategy infrastructure and team members in place? (man I agree with your very well stated notation that this is a key part of the enterprise success going forward) (3) What properties have upside "nearology' to Boss over the next few years as potential acquisition targets because they have seemed like the corporate leader to me (4) Is Laramide more valuable for its Aussie holdings or the New Mexico assets? Thank you in advance for answering and thank you again for very valuable well written analysis
Hi Bryan, thanks for taking the time to read the write-up and glad you enjoyed it. I think Boss viewed their stake in Alta Mesa as just a great way to diversify their asset base (at a reasonable price) by getting access to pounds in a very good jurisdiction. As a part of our write-ups on companies, we'll spend time going through the teams and who we believe have some of the better strategies in place. I think one of the really interesting things about Boss is that they have a lot of pounds they already own outside of the Honeymoon restart area. Half of their JORC resource is at Gould's Dam and Jason's and they continue to explore there to prove up even more. We think this will be a great source of nearby pounds that they don't need to acquire- just prove up and then build wellfields and connect them to the plant. It's a great question on LAM's assets. On one hand Westmoreland will need to see the jurisdiction lift the ban but on the other, its a very nice resource with ~66M-lbs of indicated and inferred resource so it's more valuable than the US assets just based scope and size and so I like that Boss is taking a bit of deliberate bet that permitting will change in the future and unlock that asset.
Great deep dive, thanks, with valuable insights and information. Going forward will you provide timely updates on material positive and negative developments?
Absolutely Greg. The idea is to cover these companies on a quarterly basis and provide our views on them. Our job isn't to tell people which stocks to buy or sell, but to lay out as much relevant information as we can so subscribers can make the most informed decision they can.
Excellent. Would you consider publishing important ad hoc updates between quarterly updates? Eg. Your view on BOE directors selling down and the market overreaction?
Yes, anything that is material to the market, supply, demand, fuel cycle, company-related qualifies for us.
Great analysis! It’s interesting to see how Boss Energy is positioning itself amid the uranium market’s recovery. I’m curious to watch how their ISR expansion at Honeymoon will impact production costs and overall competitiveness. Thanks for the insights!
Thanks for reading and your feedback! As long as they can keep their capital costs like they have (wellfield drilling, etc.), as the pounds they produce rise, unit costs should fall. So, as you say, very curious to see as they approach 250K-lbs per quarters, 350K-lbs, and keep rising as they work to get toward ~2.5M-lbs per year.
This is great stuff. Thank you. Not sure if you take requests but would love to see global atomic be your next deep dive. One of the few uranium stocks out there with potential short term catalysts.
They are on the list Tom. Very interesting situation obviously and everyone in this market is watching to see how funding is resolved.
A very large chunk of my networth has been sitting in Boss since 2020 (allowed me to quit my job & 'retire' in 2023) - & I have never sold a share...
Great writeup 🥂
Here is to $120 lbs spot price in 2026...! 😂🤞
Thanks for reading the feedback Tom. Thrilled to hear that. As we noted, Boss is in good shape and they continue to ramp up Honeymoon and should continue to layer in market-related contracts. $120 sounds good!!!
Firstly, thanks for this in-depth report. Greatly appreciated.
One question. You lost the pre-tax NAV as $4.81. You also suggest that it could trade at 1.25X NAV. Does this mean that a reasonable target is $6.00 ($4.80 AUD x 1.25)?
Thanks
I should have articulated this slightly better. The A$4.81/sh uses the 1.25x multiple. To your point, perhaps I should have quoted the NAV at 1x and then applied the 1.25x to make it more clear. I appreciate this feedback so I can make sure readers are not confused.
Thanks.
That is helpful.
As a new subscriber, I would like to know whether you can provide post-tax NPVs, which are more relevant for investment decisions?
Hi Greg, we appreciate the support and thrilled to have you aboard. Absolutely on post-tax NAVs. I am diligently working out on them. To your point, it is very important to have these and plan on keeping them updated frequently.
Excellent work, and what’s most appreciated by me is your personal view on the stock sales by certain directors. Great deep dive, sir.
While it’s speculative and probably not the main focus of these kinds of pieces, I’d still like to hear your thoughts on "Boss Energy’s growth strategy". We saw a glimpse of it with the $LAM position. To me, it’s clear Duncan is willing to use script when the share price is strong to secure growth. The Jabiluka bid felt like an extension of that same play: go after quality Australian assets stuck in regulatory limbo, and back the company’s (young but proven) reputation to advance them responsibly.
Duncan seems to believe he can shift government sentiment. He might actually pull it off at Westmoreland. But Jabiluka? That was a different ball game, and I think he was a bit naive to think it might work out.
Their NT tenements via the Eclipse JV are also interesting. Very prospective, but the sandstone is deep-seated, the terrain is rough, and a lot of the drilling is heli-supported. Not cheap. But it shows $BOE isn’t just sitting on its hands; they’re clearly chasing exploration upside too.
Curious to hear others’ thoughts. Will Duncan eventually venture into more conventional underground mining assets? Or will he stay focused on ISR-style and open-pit models like Honeymoon and Westmoreland?
Thanks again. Cheers
Thanks for the comments and feedback PK! The company says "they're open for business" so like you, we're all waiting to see what the next moves are.
Agree with you about Jabiluka, that was always going to be difficult but shows their willingness to take risk, just like they believe the regulatory environment around Westmoreland will shift. Obviously, they have a JV with Encore in the US and one wonders if they are going to try and secure another JV or more in the US where there are some very good ISR assets. Or, stick more towards Australia.
As you mention, it appears they are open to doing deals across the spectrum, from early stage exploration to development projects to a JV in a working mine. It makes a lot of sense to us to have different buckets and time horizons given the slow moving and long time lines in the industry. And this doesn't mention any organic growth from their own tenements. But, we all know mining companies have depleting assets so current ones will need to be replaced in some way, shape or form ahead.
Appreciate your views, sir. Thanks! Have a great weekend.
You as well!!!
Excellent, thanks