Name of the Project
Honeymoon uranium mine restart project.

Location
South Australia, about 80 km north-west of Broken Hill, near the border with New South Wales.

Project Owner/s
Australian uranium producer Boss Energy.

Project Description
In June 2021, Boss delivered an enhanced feasibility study (EFS) on the project. The EFS proposed the removing of the existing solvent extraction (SX) plant and replacing it with ion exchange (IX) capacity to increase the production profile to 2.45-million pounds a year over an 11-year life-of-mine (LoM).

Uranium produced over the LoM is estimated at 21.81-million pounds.

In situ recovery has been chosen as the preferred method of mining.

The EFS is based on only 36-million pounds of the total Joint Ore Reserves Committee-compliant resources of 71.6-million pounds, highlighting scope for significant growth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Honeymoon has a pretax net present value of $308.7-million and a forecast internal rate of return of 47.1%.  Project payback is estimated at 3.5 years.

Capital Expenditure
$80.01-million – using IX as a replacement the existing SX plant.

Planned Start/End Date
Boss started mining activities at the project in October 2023. 

Latest Developments
Boss Energy has formally withdrawn the 2021 enhanced feasibility study (EFS) after a detailed review flagged material deviations from the assumptions underpinning the study, particularly from the 2027 financial year onwards.

The Honeymoon review identified “an expected material and significant deviation from the assumptions underpinning the company’s 2021 EFS”, driven by less continuity of higher-grade mineralisation, limited overlap of mineralised zones, lower leachability and smaller wellfields. As a result, Boss has advised that the EFS should no longer be relied upon as a guide to future operational performance.

Boss MD Matthew Dusci has said the review outcomes are disappointing, but have helped clarify a potential pathway forward for the operation.

Despite the longer-term reset, Boss has confirmed there has been no change to its 2026 financial year production and cost guidance, and that it remains on track to deliver 1.6-million pounds of drummed uranium oxide at a C1 cost of A$41/lb to A$45/lb, and an all-in sustaining cost (AISC) of A$64/lb to A$70/lb.

Boss has initiated a new feasibility study to assess an alternative wide-spaced wellfield design, which the company believes could better optimise the Honeymoon resource and asset base. The concept-stage design is expected to be evaluated through a series of accelerated work programmes, with an initial update due in the first quarter of 2026, a scoping study targeted for the second quarter of 2026 and completion of the new feasibility study in the third quarter of 2026.

The company has also initiated work to bring the satellite deposits of Gould’s Dam and Jason into the production profile, with an updated resource model and further details expected in the first quarter of 2026. Successful implementation of the wide-spaced wellfield design could improve recoverability and cost structures at these satellite deposits.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Boss Energy, tel +61 8 6263 4494 or email boss@bossenergy.com.