Australia is home to some of the world’s richest uranium deposits.
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The Boss Energy Ltd (ASX: BOE) share price leapt 8% higher in the early minutes of trade before giving back all those gains to fall 2% lower than it closed on Friday.
In mid-morning trading, Boss Energy’s share price is 2.22% in the red at 22 cents a share.
Below, we take a look at the latest announcement from the ASX uranium producer.
What did Boss report?
Boss Energy’s share price has been on a rollercoaster after the company reported the front-end engineering and design (FEED) process at its Honeymoon Project in South Australia is running ahead of schedule.
According to the release, this has “cemented its position as Australia’s most advanced emerging uranium producer”.
Boss said that the primary goals of the FEED process include:
Finalising key technical decisions
Producing foundation technical documents
Confirming product specifications
Refining budget and scope for the project
The company now forecasts it can finish the FEED work early in 2022 at which stage it can commence design work and order long-lead items.
Commenting on the progress, Boss Energy’s managing director Duncan Craib said:
We continue to extend our advantage as the most advanced emerging uranium producer in Australia. We have a plant on care and maintenance, other significant production and storage infrastructure in place, we have formed an Owner’s Team to restart Honeymoon and we are moving through the FEED stage rapidly.
Boss also noted that uranium is trading at 6-year highs of US$39.00 per pound. In March, Boss bought 1.25Mlbs of uranium for US$30.15/lb at a total cost of US$37.68 million. It said that at current spot prices, this inventory is now worth US$48.75 million.
Boss Energy share price snapshot
The Boss Energy share price is up a whopping 121% year-to-date. That compares to a gain of 12% posted by the All Ordinaries Index (ASX: XAO).
Over the past month, Boss Energy’s share price is up 28%.
Should you invest $1,000 in Boss Energy right now?
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.