Springfield nuclear power plant supervisor Homer Simpson handles a uranium rod.

It’s the early stages of a uranium bull market, Boss Resources managing director Duncan Craib says, and the explorer is “positioned to participate”.

Boss (ASX:BOE) has boosted mineral resources at the Honeymoon uranium project in South Australia by 30 per cent, which will help “fast-track the re-start of uranium production and facilitate offtake arrangements”, Mr Craib said.

The new resource for the restart area totals 36 million pounds of uranium, using a cut-off grade of 250 ppm.

The Boss share price, which has ranged between 3.8c and 8c over the past year, was up 3.5 per cent to 5.8c in morning trade.

The resource upgrade was an essential part to completing a definitive feasibility study, due in the first half, which is part of a three-stage restart plan at Honeymoon.

Boss also reckons that mineralisation is still open in multiple directions, and much of the area remains relatively under-explored.

Boss Resources (ASX:BOE) shares over the past 12 months.
Boss Resources (ASX:BOE) shares over the past 12 months.

“We believe Honeymoon’s global uranium endowment will increase through future exploration activity on our surrounding 100 per cent-owned tenements,” Mr Craib said.

The company had about $12.6 million in the bank at the end of December, boosted by the $10 million sale of some African gold projects.