Boss Energy has announced it will acquire a 30% interest in the Alta Mesa in-situ-recovery restart uranium project, which is currently 100%-owned by Canadian-based enCore Energy.

Alta Mesa is targeting a restart of production in the 1H of 2024 ramping-up to nameplate of 1.5m/lb per annum over three years.

Boss Energy will finance the acquisition and exploration activities with a $205m placement and $10m share purchase plan.

Bell Potter raises its target to $5.69 from $5.53. Speculative Buy.

Sector: Materials.

Target price is $5.69.Current Price is $4.17. Difference: $1.52 - (brackets indicate current price is over target). If BOE meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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