Uranium mining company Boss Energy MD and CEO Duncan Craib has called on Australia to unlock its vast uranium resources, warning that the country is missing out on a once-in-a-generation opportunity to supply the global push towards net zero.

Speaking at the Diggers and Dealers Mining Forum on Monday, Craib said that despite holding one-third of the world’s uranium reserves, Australia had only three operating uranium mines – BHP’s Olympic Dam, Heathgate’s Four Mile, and Boss Energy’s Honeymoon.

“Despite Australia's tremendous potential, there are only three operating uranium mines in Australia,” Craib said. “With this political and economic stability, Australia has a once in a generation opportunity to contribute in achieving net zero and capitalise on the inevitable surge of global uranium demand that will accompany it.”

Honeymoon, which entered production in 2024, is South Australia's third operating uranium mine and Australia's first new producer in a decade. Craib said the mine had given Boss a “first mover advantage” as uranium markets begin to tighten on the back of renewed global interest in nuclear power.

“Think about it, and what an amazing opportunity we have that we're not capitalising on,” said Craib. “Australia holds one third of the world's uranium reserves, but as a producer, we only supply 7% of the global uranium demand.”

He added that South Australia's current uranium exports alone could theoretically power “67% of Australia's national electricity market with zero carbon emission nuclear power".

Boss’s flagship Honeymoon uranium mine in South Australia reached a major milestone in June, producing 873 000 lb of uranium in its first year, exceeding its 2025 financial year guidance of 850 000 lb.

Craib detailed the mine’s staged restart. “In June 2022, we then made the final investment decision, in April 2024, we restarted production, and in January of this year, we declared our commercial production, and with that provided our first guidance.”

By April this year, Honeymoon was free cash flow positive, and the mine has since demonstrated strong operating performance. “Our operating columns are performing in line with design and our initial wellfields 1 to 3 are all operating at flow capacity.”

Craib noted that columns 4 to 6 are currently being commissioned, with hydro testing under way, and are expected to come on line in the coming quarters.

Boss recently released its 2026 financial year guidance, forecasting 1.6-million pounds of uranium production, in line with its 2021 feasibility study. The expected C1 cash cost is $41/lb to $45/lb, up $4/lb from 2025, reflecting a forecast decline in grade as new, outer wellfields come into production.

“Sustaining capex for the year is forecast to be $29- to $32-million,” said Craib, “which reflects the capital to build four to five wellfields and bring the total number of wellfields in operation to nine.”

Initial drilling of wellfields 6 to 9 has revealed lower-than-expected continuity of mineralisation, prompting a review to optimise leaching and recovery techniques. “So as a company, our primary focus is to now assess the potential challenges this poses, and what optimisational techniques we can apply to ensure Honeymoon's positive start to production continues for years to come.”

In parallel, Boss is also actively exploring and proving up its satellite deposits, including Jason, located about 15 km north of the Honeymoon mine, and Gould's Dam.

Meanwhile, Craib said the global uranium market had entered a new phase, with government support rising and new nuclear capacity expanding across multiple jurisdictions.

“The uranium market has seen renewed strength since April, recent driven by a rising government support, expanding nuclear programs, and research in financial interest,” said Craib.

China is building six new reactors, India is advancing approvals for 21 units, and Japan has extended reactor lifespans beyond 60 years. In the US, Craib noted, the nuclear fleet is expanding, and small modular reactors are gaining traction, with Canada investing in early deployment.

“As a company, our key focus remains on seeing Honeymoon go through successfully its ramp-up and increase its production profile,” Craib said.

Craib will step down in September after nearly eight years leading the company.