BOE’s September quarterly indicated ramp-up of uranium production at the 100% owned Honeymoon project is progressing well. Ramp-up of EnCore Energy (Not Covered / No Rating) Alta Mesa ISR plant is underway (30% BOE ownership). Alta Mesa U3O8 production was 38,589 pounds at the end of September. Ramp-up to 1.5Mlbs of annual production is expected at Alta Mesa by CY2026. Recent weakness in BOE’s hare price has returned it to Buy territory (previous recommendation Hold). Future catalysts could include strengthening in uranium pricing, positive news on commissioning of Honeymoon’s second and third Ion Exchange columns and regional exploration success.
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