Boss Energy Ltd (ASX:BOE) saw its stock price soaring 6.19% in Tuesday's trading session, following a positive announcement from its joint venture partner, enCore Energy, regarding uranium extraction at their Texas project.
According to a filing on the Australian Securities Exchange, enCore Energy reported a significant increase in uranium capture at the Texas Alta Mesa central processing plant. Between March 6 and March 31, the project extracted 50,000 pounds of uranium, with Boss Energy entitled to 30% of this production as its own inventory. This translates to approximately 15,000 pounds of uranium for Boss Energy.
The project demonstrated impressive efficiency, achieving an average daily capture rate of over 1,900 pounds of uranium per day in the last 26 days of March. This marks the highest rate since the plant resumed operations in June 2024. The improved extraction rates have also accelerated enCore's contract delivery timeline, moving from August to May. This development suggests potential for increased revenue and profitability for Boss Energy in the near term, likely contributing to investor enthusiasm and the subsequent stock price surge.
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