Ann: Quarterly Activities Report, page-7

BOE stated that since July 2021, the spot price of uranium has increased from US$32.40/lb to over US$50/lb. This compares with Boss’ forecast all-in cost of US$31.90/lb. The Company revealed that due to this price rise, BOE’s inventory of 1.25Mlb of U3O8 had a spot market value of AU$79.17 million as of 27 October 2021. Besides, Boss paid US$30.15/lb for this inventory in March 2021 for a total cost of US$37.68 million (AU$49.69 million), representing a book profit of AU$29.48 million.

Today’s announcement also revealed:

• Boss has swiftly developed key workstreams in preparation for a Final Investment Decision. This was following the release of a robust Enhanced Feasibility Study for Honeymoon in June this year.
• Conclusion and lock of Piping and Instrumentation Diagrams designs are now 72% complete (69 of 95 diagrams).
• In its two-fold strategy, the company targets the greenfields exploration objectives to progress further its current identified zones, which have the potential for high-grade mineralisation; and improve the satellite JORC resources of the Jason’s & Gould’s Dam Deposits.

The Company maintains a strong balance sheet with unrestricted cash and cash equivalents of AU$20.11 million as of 30 September 2021. Besides, the inventory value reported by the Company today is of immense strategic value to Boss on several levels as it increases flexibility in the funding of the Honeymoon uranium project and offtake negotiations with customers in preparation to re-start production.

By continuing to advance Honeymoon on several fronts while growing the uranium inventory, the Company is confident that it can capitalise on the rapidly turning uranium market at the moment of its choosing.