BOE’s recent production update suggests ramp-up of its 100% owned Honeymoon uranium project is progressing well. The operation is expected to produce 0.85 Mlbs of U3O8 in FY25. Crucially, the first Ion Exchange extraction column has reached nameplate capacity. The second and third columns should be complete by the end of CY2024. Having been a victim of a recent sector wide sell off, BOE’s share price has retreated to a level of value and we upgrade to Buy (prior Hold). Catalysts include continued evidence for successful ramp up of Ion-Exchanged columns, exploration success at Honeymoon and news flow on the Alta Mesa restart. Argonaut will be attending a site visit to some of Kazatomprom’s (LON:KAP) (Not Covered, No Rating) Kazakhstan operations in early October. We will update our uranium price outlook following the visit.
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