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Australia’s Boss Energy has completed the acquisition of a 30% stake in the Alta Mesa in-situ recovery uranium projectfor $60-million in cash.

The company acquired the interest in the project, located in south Texas, from Nasdaq- and TSX-V-listed enCore Energy.

“The Alta Mesa project has many key similarities to our Honeymoon uranium project in South Australia, where the commissioning process is well on track and we are set to produce our first drum of uranium in the coming weeks,” said Boss MD Duncan Craib.

“Alta Mesa will also enable us to diversify our production on both a project and geographical basis,” he added.

Craib pointed out that Boss’ strong production and growth outlook was underpinned by a robust balance sheet with no debt and a strategic uranium stockpile now worth $195-million based on current spot prices.

“We look forward to developing future opportunities to collaborate with enCore.

“The combination of the significant commissioning progress and ramp-up at Honeymoon, the explorationsuccess which will underpin growth there, the Alta Mesa acquisition, our very strong balance sheet and impending cashflow means we are ideally positioned to capitalise on the strong demand for uranium from tier-one locations.”