Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) (Boss or the Company) is pleased to announce that the Company's Board of Directors has made a Final Investment Decision to develop the Honeymoon Uranium Project in South Australia.

The decision means that Boss will now accelerate construction, ensuring Honeymoon remains on track for first production in the December quarter of 2023, ramping up to a steady-state rate of 2.45Mlb of U3O8 a year.

The forecast A$113 million capital cost of the development (including contingency) is fully-funded. Boss raised A$125 million via a share placement and share purchase plan in March 2022. The Company also holds a strategic 1.25 million pound uranium stockpile valued at US$59.38 million1 . Boss has no debt, ensuring it has maximum flexibility and pricing leverage in its offtake negotiations. The FID follows a full updated briefing provided to the South Australian Minister for Infrastructure, Transport, Energy and Mining, Tom Koutsantonis, by Boss Managing Director Duncan Craib and Director Bryn Jones on Friday May 27, 2022.

The Board's endorsement of the project's development comes ahead of Mr Craib's presentation next week at the annual World Nuclear Fuel Market conference, which is also attended by many of the world's leading uranium customers and power utilities. 'This Final Investment Decision puts Boss firmly on track to be Australia's next uranium producer,' Mr Craib said. 'We are fully-funded with no debt, fully-permitted and extensive infrastructure in place.

Our front-end engineering studies are completed and we are ready to order key equipment and start construction immediately. 'This puts us in an extremely strong negotiating position with utilities and ensures we can capitalise on the looming uranium supply deficit.' Boss' FEED study showed Honeymoon will be a technically and financially robust project. Importantly, the FEED study confirmed that the cost estimates in the EFS remain accurate

The key highlights in the Honeymoon EFS include: Honeymoon is economically robust with an IRR of 47% at a US$60/lb U308 price; Honeymoon is technically robust, with nameplate production of 2.45Mlb U308 per annum at an AISC of US$25.60 over the Life of Mine; Potential to extend beyond initial 11-year mine life through near mine satellite deposits.

Mr Craib said since completing the FEED study, the Company had made rapid progress on several key fronts to minimise the lead time between FID and first production. This included a successful recruitment program which saw the Company build a highly experienced senior project management team. Several long lead items have been ordered, including the award of NIMCIX columns tender and the Water Treatment Plant tender, and detailed engineering was underwayFor further information, contact:

Contact:

Duncan Craib

Tel: +61 (8) 6263 4494

Email: boss@bossenergy.com

Forward-Looking Statements

This announcement includes forward-looking statements. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside the control of Boss, which could cause actual results to differ materially from such statements. Boss makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this announcement.

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