Boss Energy Ltd.

Boss Energy Ltd. is a mid-tier uranium producer headquartered in Subiaco, Australia, operating primarily in USA and Australia. The company's portfolio consists of 2 operating mines. Key assets include Honeymoon. The company's business model is centered on being a pure-play producer, utilizing a self-perform construction strategy to retain in-house expertise and resolve historical operational challenges. A key technological advantage is the successful implementation of the ion exchange processing method, a globally prevalent technology, which was proven at a commercial scale during commissioning. The operational approach is de-risked by a strong balance sheet with no debt, providing stability during the production ramp-up phase. A core component of its risk management and commercial strategy is the holding of a significant strategic physical inventory. This inventory enhances the company's financial position, provides flexibility in project funding and offtake negotiations with customers, and ensures the organization remains fully leveraged to potential commodity price appreciation. The enterprise has also diversified its production base through a collaborative partnership with a US-based peer, establishing itself as a multi-mine producer.

Strategic focus centers on increasing production rates and extending mine life through a two-pronged exploration and development approach. The first prong involves advancing satellite deposits by conducting delineation programs and detailed modeling to support future feasibility studies and mining lease applications. The second involves greenfields exploration on a large, newly awarded tenement package, leveraging existing infrastructure by targeting deposits where material can be economically transported to the central processing plant. A key strategic element is the use of partnerships to fund non-core activities. An earn-in agreement with a global mining major facilitates exploration for base and precious metals on the company's tenements at no cost to the company, allowing it to maintain focus on its primary business while retaining exposure to potential discoveries. The organization also aims to capitalize on utility interest in supply from politically stable countries, positioning itself to secure long-term contracts.

Executive leadership features a Managing Director and CEO who is a Chartered Accountant with sector-specific experience since 2008, including a key role in the development and commissioning of a world-class project. The Non-Executive Chairman's experience includes 15 years at a major global producer and senior operational roles managing project construction and production. The board is composed of 4 directors, of whom 2 are independent. In FY24, the governance framework was enhanced by establishing an independent Human Resources Committee, chaired by an independent director, with a mandate covering nominations, succession planning, and board composition. To align with governance best practices for an ASX200-listed company, the CEO resigned from this committee in May 2024. The board also has an Audit Committee chaired by a non-executive director and a Technical and Risk Committee chaired by an independent director. A minimum shareholding requirement has been introduced for all public officers.

The organization's sustainability approach is integrated into its operational and governance frameworks. It formally acknowledges Traditional Owner groups as key stakeholders, stating their consent and agreement were critical to bringing its primary project back into production. Environmental stewardship is managed through a Program for Environment Protection and Rehabilitation, a Radiation Management Plan, and a Radioactive Waste Management Plan, with a stated goal of returning land to a condition suitable for pastoral use and by Native Title Holders. Safety performance is a key metric, with the company reporting a Total Reportable Injury Frequency Rate of 2.2, which is below industry averages. Accountability is driven through executive remuneration, with the Short-Term Incentive plan including specific weightings for achieving a TRIFR target of 4.0 or less, maintaining 100% radiation and environmental compliance, and launching an ESG framework that includes formal participation in the 'Towards Sustainable Mining' initiative.

In February 2024, the company acquired a 30% interest in the Alta Mesa Project from enCore Energy Corp, forming a joint operation. This transaction established a broader strategic relationship that includes an exclusive Australian license for enCore's Prompt Fission Neutron technology, a US$10 million equity investment in enCore, and a physical commodity loan agreement. The company also has an exploration earn-in agreement with First Quantum Minerals Ltd, established in February 2022, under which FQM can earn a 51% interest in base and precious metal rights on 5 tenements by funding $6 million in exploration. Operationally significant, wholly-owned subsidiaries include Honeymoon Resources Pty Ltd and Boss Energy (US) LLC. As of July 2024, substantial shareholders with holdings over 5% included State Street Corporation, The Vanguard Group, and Ausbil Investment Management Limited.