The March quarter saw the South Australian producer finish the successful commissioning of its Honeymoon mine.
That mine is now ramping up to a production rate of 2.45 million pounds of uranium oxide per annum.
The company says Honeymoon is already exceeding feasibility study forecasts.
Boss is now executing plans to increase the production rate and mine life at the site.
The company will become a two-mine producer in the current quarter with commissioning of its 30%-owned Alta Mesa mine in the US.
Its share of production in Texas will be 500,000lbpa, with potential for future resource growth and drying capacity to expand the existing 1.5Mlb plant capacity.
Boss bought the stake in Alta Mesa last December in a deal with owner enCore Energy.
In its analysis of the current uranium market, Boss says increased demand for the fuel is expected as nuclear reactor capacity is projected to rise 18% between 2023 and 2030.
Meeting these new fuel needs will require considerable growth in uranium production, according to the company.
“Even small increases in demand are likely to put pressure on price and analysts forecast that the spot price will trend up during the year,” the company reported.
“Honeymoon mine is in the right place at the right time to supply uranium from the uranium-friendly state of South Australia to a market that is characterised by growing geopolitical instability.”
Spot uranium reached just over US$100/lb in the March quarter and had stabilised to around US$90/lb by the end of the period.
Managing director Duncan Craib said production of the first drum of uranium was a major milestone in the growth of Boss.
“As well as being culmination of this journey, the first drum marks the start of Boss’ next phase which we believe will be notable for the growth we will generate in our inventory, mine life, production rates and cashflow,” he added.
The current mine plan utilises only 36Mlb of the project’s total resource of 71.6Mlb.
Boss also has a uranium mineral export permission to cover shipments from Australia up to 3.3Mlbpa.
