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Boss Energy has successfully acquired a 30 per cent stake in the Alta Mesa ISR uranium project in South Texas, US for $US60 million.

Boss successfully raised $205 million last December in order to purchase the 30 per cent stake in the project. The remaining 70 per cent of the project is owned by enCore Energy Corp and its wholly owned subsidiary enCore Energy U.S. Corp.

Boss paid $US60 million in cash for the stake, while investing $US10 million in enCore’s shares.

The South Australian uranium miner will also loan enCore up to 200,000 pounds of yellowcake – a type of uranium concentrate powder – for commercial use over the next year. The uranium is expected to be transferred to enCore next week.

“This acquisition marks another major milestone in Boss’ strategy to continue growing our uranium inventory, production and cashflow in Tier-1 locations,” Boss Energy managing director Duncan Craib said.

“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.”

Alta Mesa’s current total operating capacity equals 1.5 million pounds of triuranium octoxide per year.

Craib said the Alta Mesa project will enable Boss to diversify its production on a project and geographical basis.

“Our strong production and growth outlook is underpinned by a robust balance sheet with no debt and a strategic uranium stockpile now worth ($1.9 billion) based on current spot prices,” he said.

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