Boss Energy Limited (ASX: BOE), a company focused on uranium development, has announced the full repayment of its Uranium Loan Agreement with enCore Energy U.S. Corp., a subsidiary of enCore Energy Corp. The final payment, totaling US$10.6 million including US$0.2 million of accrued interest, concludes the agreement initially announced on July 4, 2025.
Under the original terms, Boss Energy lent enCore 200,000 pounds of uranium, with repayment due in kind or cash at Boss’s discretion, based on a spot price of US$100.54 per pound, equivalent to US$20.1 million. Prior to this final payment, enCore had already repaid US$11.9 million in cash, covering a portion of the principal and interest.
The loan agreement’s purpose was to provide working capital for enCore, with repayment initially due by December 27, 2025, or upon completion of an equity raise of at least US$23.5 million. Interest on the loan had been increased from 9% to 10% per annum as part of the agreement. The repayment was triggered by enCore’s successful completion of an upsized US$115 million offering of Senior Convertible Notes on August 22, 2025.
Boss Energy clarified that despite the loan repayment, their joint venture with enCore at the Alta Mesa Uranium Project in Texas remains active. enCore operates the project with a 70 per cent ownership stake, while Boss Energy holds the remaining 30 per cent and receives 30 per cent of the mine’s uranium production. This announcement was authorised for release by the CEO on behalf of the Board of Boss Energy Limited.
