Grant of an option over the Liverpool Uranium Project provides BOE with a new exploration horizon beyond the Frome embayment. Liverpool is located within the Alligator River Uranium Field, a province home to world class deposits like Ranger and Jabiluka. Issues related to the selloff in Alta Mesa partner enCore Energy (TSX:EU, Not Covered / No Rating) do not materially impact our valuation. We have adjusted our 12-month uranium price forecast, reducing pricing in approaching periods. We maintain a Buy recommendation for BOE, reducing our Price Target from A$3.40 to A$3.05 per share.
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