HONEYMOON URANIUM MINING IN SOUTH AUSTRALIA

Australia’s Next Uranium Producer – near term production with substantial exploration upside

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Fully permitted uranium mining project

Fully Permitted

  • Fully Permitted for 3.3M Ib export (one of only four mines in Australia)
  • Only non- producing project in Australia Licenced to be brought into production
  • Production within 12-months compared with the avg of 7-10 years from green field exploration to production

Infrastructure

Infrastructure

  • $170m plant exists, successfully operated and in good condition
  •  Stage 1 costs of US$23.6M to restart mine to with capacity of 880Klbs pa
  •  Stage 2 costs of US$39.6M to expand production to 2Mlbs
  • US$78M optionality to expand production to 3.3Mlbs in Year 4+

Low operating expense

Low Opex

  • Uranium demand and prices expected to increase
  • Average all-in costs of US$32.3/lb U3O8
  • Stage 2 Operating Costs C1 of <U$19/Ib
  • One of the lowest operating production costs worldwide

Uranium mining in Australia

Resource Target

  • Significant exploration target 58M-190M Ib+ U3O8
  • 71.6M Ib U3O8 JORC Resource
  • Huge 80+ km potentially mineralised strike
  • 2,600km² under explored uranium province

Experienced team

Team

  • MD/ CEO/ Strategic Advisor ex- Kalahari Minerals/ Extract Resources which was subject to a $2.2B takeover and $2.8B Husab Uranium mine build
  • Technical Director ex COO Larimide Resources and Heathgate
  • Enviable long term supply relationships with utilities world wide

Who We Are

Boss Resources

Boss Resources has one of the few uranium projects ready to participate in the early stages of the new uranium bull market; it truly is a product for this time. Against a backdrop of strengthening uranium prices, the Company has been proactively identifying, addressing, and positioning the Honeymoon Project to be Australia’s next producer of up to 3.3M lbs per annum.

Honeymoon is unique in that it contains a fully permitted uranium mine with $170M of established infrastructure including a plant in good condition under care and maintenance, , that has produced and exported uranium from the safe jurisdiction of South Australia; where it holds approved Heritage and Native Title mining agreements.

The Honeymoon mine can be fast tracked into production in a short 12-month time span. to seize upon improved market fundamentals as uranium prices rise. This will be followed by the increased production through the addition of the ion exchange plant, which will take approximately 24 months to construct and commission.

Uranium Outlook

Boss Resources remains confident that despite being a buyer’s market there are positive signs of upward price movement in the spot and term markets. Demand is growing particularly in China, India and Russia, and emerging nuclear nations such as Saudi Arabia, in addition tomore reactors restarting in Japan. Even prior to the recent cutback in uranium production in Canada, Kazakhstan and Africa due to unsustainably low prices, industry forecasts showed a need for new uranium production in the early to mid 2020s; cutbacks to world production have brought that deadline forward. To bring existing production back on line and encourage development of new production in time to meet demand prices will have to rise significantly several years prior to when production is needed.

Boss Resources has a clear price objective to maximise returns for shareholders and while it is higher than the current market expectations, it is well within the range of expected near term price movements. In a favourable uranium market the Honeymoon mine can respond very quickly to changing market conditions and catch the upside of the market cycle by operating from operating in the lowest cost quartile worldwide. The existing SX plant is currently on care and maintenance and can reach a production level of around 880,000lbs per year within a 9 month period and, with the addition of the IX plant, ramp up to 2 mlbs per year within 24 months then increasing to 3.2 mlbs.

With deliveries under long term contracts typically commencing around 18 months to 2 years after the contracts are signed, Boss Resources has the significant advantage of signing term agreements for supply in parallel with taking the decision to move forward with production. This is a rare advantage for a new producer as in many instances production may start several years after the decision to produce is taken and market conditions may have changed significantly.

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