The study confirmed significant cost reductions, with a capital expense saving of $US6.3 million ($8.7 million) and an operating expense saving of $US1.22 per pound of triuranium octoxide.

They are a result of reduced site power demand and transmission line upgrade costs, with additional technical studies relating to potential reagent savings still ongoing.

The Honeymoon mine is fully permitted and is capable of restarting production in 12 months.

Once operational, it is positioned to be one of the lowest cost uranium producers in the world.

“Boss continues to work on opportunities to optimise Honeymoon as a first-mover uranium restart operation,” Boss managing director and chief executive Duncan Craib said.

“This outstanding test work result is one example, with an identified 10 per cent saving in capital expenses.

“We will continue working towards net present value accretive technical advancements and revising estimates contained within the feasibility study, strengthening Honeymoon’s potential to be one of the lowest cost uranium producers globally.”

Boss also plans to complete a revised feasibility study level estimate for the Honeymoon restart.

The Boss exploration team is undertaking a comprehensive review of the Honeymoon database to define new uranium exploration targets.