Boss Energy (ASX:BOE) has linked up with Eclipse Metals (ASX:EPM) to work on Eclipse’s Northern Territory-based Liverpool Project in an agreement that will see Boss trade up to $8 million for a huge stake in the uranium mine.

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The agreement, signed this week, will see Boss invest $250,000 over the coming twelve months to help Eclipse operate uranium exploration activities.

In return, Boss will get an option period on the project that runs the same length.

“We look forward to working with Eclipse on unlocking the exploration potential of the Liverpool Project in the Northern Territory,” Boss managing director Duncan Craib said today.

“The agreement has been structured so we can systemically progress the work through a number of stages and decision points. Boss has developed some leading uranium exploration technical capacity… we look forward to applying this at the Liverpool Project.”

Boss may not choose to activate the deal’s option – the company has until March 2026 to pull the trigger – but should it decide to, the $942M energy explorer will be handed a 49% stake in Liverpool and be on the hook for $3 million.

It can then opt to spend another $5 million in investments before 2029 to build the project. Should it activate that last option, its stake will then up to 80%.

Once all of this has been completed, Boss Energy will have one final option it could then take up: Buy 10% more from Eclipse (which would then take its total Liverpool stake up to 90%) for $50 million in a lump sum.

On the other side, should Boss want to withdraw it will need to splurge $1.5M.

“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities,” Eclipse executive chairman Carl Popal said on the deal today.

“Boss as a… producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region.”

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As for Eclipse’s other plans – and in this HotCopper writer’s eyes it sounds like it’s already expecting Boss to take up the 90% eventually – the focus will be on its Greenland project and its “rich rare earth potential.”

Boss opened at $2.30 today, down 4.96%; Eclipse has been trading flat.

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