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Boss Energy (ASX:BOE) has picked up a fresh 9% shareholding in Canada and Australia dual-listed Laramide Resources (ASX:LAM) – pushing the latter’s shares up nearly 15% approaching lunchtime trades.
This brings Boss’ total holding in Laramide to 18.4% with this latest acquisition a mix of cash and scrip – with cash resembling just $3.9M and scrip worth $11.7M.
Still, Boss insists it isn’t taking a real run at Laramide.
“Boss is not currently in active discussions with Laramide and, subject to there being no actual or proposed material change in the shareholding of Laramide (including a change of control proposal) or the actions of Laramide, Boss has no current intention to acquire control or make a takeover offer for Laramide,” Boss Energy wrote on Thursday. Sure.
Boss in turn jumped 3.7% to $2.25/sh on Thursday in the additional context of a green day on the market – the first in recent memory. Its position in the ASX200 is likely as equal a driver, if not more so, than its 9% stake in Laramide.
Let’s just get this out of the way: Worth remembering is Boss Energy remains the heaviest shorted stock on the ASX. Approaching shorts of 10% in September last year, by March of 2025, that has more than doubled to 22% at time of writing.
To be sure, Boss’s 1Y returns are down over -50% as short sellers appear to believe Boss Energy, a uranium miner, will face more difficulty than it’s accounting for.
This also happens in the background of uranium prices hitting closer to US$60/lb in early 2025 – 14 months ago, prices were above US$100/lb.
So why does Boss want to pick up nearly 20% of Laramide (but not take it over?)
“This investment represents an attractive opportunity to secure exposure to the significant exploration and development upside at Westmoreland for a relatively small cost,” Boss MD Duncan Craib said on Thursday.
“While Queensland currently has a moratorium on uranium mining, we believe the state will enviably [sic] lift this… [then] Boss can apply its knowledge, experience and financial strength to the Westmoreland project.” This would be of significant benefit to the people of Queensland and all stakeholders.”
But they’re not moving to buy out Laramide. Nope, no way.
LAM last traded at 70cps; BOE at $2.25/sh.
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