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Boss Energy has celebrated a “highly successful” first quarter as a fully-fledged uranium producer as it turns its eye to expansion.

The March quarter was defined by the commissioning of the company’s flagship Honeymoon project in South Australia, followed by the first drum of uranium being produced shortly after the quarter ended.

“With production at Honeymoon now underway, we have established that the ion-exchange processing route we put in place is extremely effective,” Boss managing director Duncan Craib said.

“In light of this huge success, we are accelerating plans to unlock the vast inventory which sits outside the mine plan at Honeymoon.”

Craib said Boss aims to use the additional inventory to expand the project’s production rate and cashflow.

“As we ramp up production at Honeymoon towards our current target of 2.45 million pounds a year, this organic growth strategy will move into sharp focus,” he said.

“This will ensure that Boss increases its exposure to what is a very bullish uranium market, capitalising on what is an exceptional opportunity, while delivering superior financial returns in the process.”

Craib also had an update on the Alta Mesa ISR uranium project in South Texas it acquired a slice of in February.

“We are just weeks away from first production at our 30 per cent-owned Alta Mesa uranium project in Texas,” he said.

“The commissioning at Alta is proceeding well and our share of production will be 500,000 pounds a year once steady-state operations are in place.”