Argonaut has initiated on Boss Energy (BOE). BOE is in the midst of commissioning and ramp-up of the Honeymoon Uranium Project located in South Australia. Following ramp-up, Honeymoon is scheduled to produce 2.45Mlbs of U3O8 per annum. We scope an upscaled 3.3Mlb U3O8 per annum operation with additional extraction from the currently unscheduled Jason’s and Gould’s Dam deposits. Investment in the Alta Mesa project and parent company enCore (TSXV:EU) provide a foothold exposure to North American production. Uranium has run particularly hot during the last few months. We expect the market to remain strong in the short term, prior to softening as new supply flows into the market.
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