Boss Energy Ltd (ASX:BOE) has seen its shares rise nearly 12% after releasing news that production from the Honeymoon uranium mine in South Australia is on track to meet production guidance of 850,000 pounds (lbs) triunranium octoxide (U3O8) for the 2025 fiscal year.
In its quarterly activity report for December, the company said commissioning and production ramp-up activities at Honeymoon were either hitting or going beyond expectations, with 137,084lbs of U3O8 drummed during this period – a rise of 53% from the September quarter.
Additionally, there has been a ramp-up from NIMCIX column three, while columns one and two are operating at nameplate capacity, and the commissioning of Kiln Two has been completed and is now operating.
Based on these developments, Boss has declared commercial production from the Honeymoon mine, effective from January 1, 2025.
At the same time, inflationary cost increases have been noted since the June 2021 Enhanced Feasibility Study, and C1 cost guidance for 2H FY25 has been set at $37-41/lb U3O8 (USD $23-25/lb).
Boss also reported ramp-up from the Alta Mesa operation in south Texas, which included a first shipment of 35,181lbs U3O8.
Boss shares last traded at $3.18 – a rise of 11.97% since market open.
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