S&P/ASX 200 Index (ASX: XJO) uranium share Boss Energy Ltd (ASX: BOE) is charging higher today.
Boss Energy shares closed yesterday trading for $2.17. In morning trade on Thursday, shares are changing hands for $2.27 apiece, up 4.4%.
For some context, the ASX 200 is up 0.2% at this same time.
Here's what's happening.
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ASX 200 uranium share expands Queensland footprint
The Boss Energy share price is higher after the ASX 200 uranium share announced that it's increasing its stake in Laramide Resources Ltd (ASX: LAM).
Boss will acquire an additional 23.5 million shares, or some 9% of issued shares, in Laramide Resources for 60 Canadian cents per share (approximately 66 Aussie cents per share).
This boosts Boss Energy's interest in Laramide to around 18.4%, or 48.1 million Laramide shares.
Laramide owns the Westmoreland uranium project in Queensland and the Churchrock-Crownpoint uranium project in the US state of New Mexico.
According to the release, Westmoreland has a JORC Indicated Resource of 27.8 million tonnes at an average grade of 770 parts per million (ppm) U3O8 for 48.1 million contained pounds.
The Laramide Resources share price is up 14.8% on the news.
ASX 200 uranium share Boss will pay for the $15.5 million acquisition with around $3.9 million in cash and approximately $11.7 million in scrip. Boss said it will issue 5.2 million new fully paid ordinary shares. The company currently has 409.7 million shares outstanding.
Boss stressed that it does not currently have any intention to acquire control or make a takeover offer for Laramide.
What did management say?
Commenting on the acquisition helping to lift the Boss Energy share price today, managing director Duncan Craib said, "This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost."
Addressing Queensland's moratorium on uranium mining, Craib said:
While Queensland currently has a moratorium on uranium mining, we believe the state will inevitably lift this. If the moratorium is overturned, Boss' can apply its knowledge, experience and financial strength to the Westmoreland project. This would be of significant benefit to the people of Queensland and all stakeholders.
The ASX 200 energy share's own flagship project is the Honeymoon Uranium Project. Craib reaffirmed full-year FY 2025 uranium production guidance for Honeymoon. He noted:
Boss remains focused on delivering a successful ramp up at our flagship Honeymoon Uranium Project in South Australia, which achieved commercial production in January 2025 and remains on track to meet FY25 production guidance of 850,000lbs U3O8.
