Boss Energy Limited has released a New Feasibility Study and updated Mineral Resource Estimate for the Honeymoon uranium operation in South Australia, transitioning to a wide-spaced in-situ recovery wellfield design following an operational review.

The updated study forecasts life-of-mine production of approximately 13.8 million pounds of drummed uranium oxide over a nine-year operating period through to fiscal 2034, reaching an annual rate of 1.9 million pounds between fiscal 2030 and fiscal 2033. This forecast production is 26% lower compared to the 2021 Enhanced Feasibility Study.

The updated Mineral Resource Estimate totals 21.4 million tonnes at 440 parts per million U₃O₈ for 20.8 million pounds of contained metal at a 100 parts per million cut-off grade, comprising 66% Indicated and 34% Inferred resources. Boss Energy stated that the wide-spaced wellfield design enabled a reduction in the cut-off grade to 100 parts per million, bringing lower-grade mineralisation into an economic mine plan.

Increasing wellfield spacing reduces life-of-mine all-in sustaining costs by approximately $30 per pound on a like-for-like basis. The operation guides to an average C1 cost of A$50 per pound, or US$35 per pound, and an all-in sustaining cost of A$79 per pound, or US$55 per pound. Sustaining capital is phased as new wellfields come online, with minimal additional facilities capital of $48 million over the next three years and $58 million over the life of the mine.

This work has enabled us to redesign the wellfields around the characteristics of the orebody. The selected wide-spaced design accesses more of the resource with substantially fewer wells and less infrastructure, while increasing lixiviant residence time to support higher PLS grades and improved recoveries. Together, these benefits materially reduce capital intensity and operating costs, establishing a structurally lower-cost pathway for Honeymoon compared with the previous wellfield design. — Matthew Dusci, Managing Director/ CEO

Capital works include completing NIMCIX column 6 and a staged expansion of the water treatment plant. The mine plan incorporates the Brooks Dam North domain, contributing approximately 15% of forecast production and requiring the planned Honeymoon Mine Extension, with approvals targeted by 2030.

Read the full announcement: Honeymoon New Feasibility Study and MRE Update