Boss Energy is set to acquire a 30% stake in EnCore Energy's Alta Mesa Project in South Texas for US$70 million ($106.9 million).
Under the deal, Boss Energy will pay US$60 million ($91.6 million) in cash, invest US$10 million ($15.3 million) in EnCore shares, and provide a loan of up to 200,000 lb. of yellowcake.
The deal enhances Boss Energy's uranium assets. EnCore will use the proceeds to expedite its uranium production in South Texas.
The transaction is expected to be completed in February 2024, contributing to Boss Energy's goal of becoming a multi-mine uranium producer in 2024.