Eclipse Metals Ltd has entered into a binding option and earn-in agreement with Boss Energy Ltd to advance exploration at the Liverpool Uranium Project in the Alligator Rivers Uranium Field, Northern Territory. Under the agreement, Boss Energy will commit $250,000 to exploration during an initial 12-month option period.
The Liverpool Uranium Project.
Following the exercise of the option, Boss has the right to earn up to an 80% interest in the project by investing up to $8 million in exploration funding over a seven-year period, structured in two stages.
A minimum commitment of $1.5 million is required before Boss can withdraw from the agreement. Upon earning an initial 49% stake, Boss will have the option to increase its interest to 80%, forming an unincorporated joint venture (JV) with Eclipse to advance the project.
Additionally, Boss will have the option to acquire a further 10% stake for $50 million, potentially increasing its total interest to 90%. This partnership allows Eclipse to retain a strong presence in the Australian uranium sector while focusing on its rare earth assets in Greenland.
This strategic alliance could unlock the potential of the Liverpool Uranium Project through a structured investment and exploration program, leveraging Boss Energy’s expertise in uranium development.
“Partnering with Boss Energy is a key milestone for Eclipse Metals and the advancement of the Liverpool Uranium Project,” Eclipse Metals executive chairman Carl Popal said.
“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region.
“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities. Our key projects in Greenland, with their rich rare earth and industrial mineral potential, and other Australian assets remain central to our mission of contributing to the global critical minerals supply chain.”
About the Liverpool Uranium Project
The Liverpool Uranium Project consists of five exploration licences—EL27584, ELA31065, ELA31770, ELA31771, and ELA31772—spanning 1,229 square kilometres. The Devil’s Elbow prospect, within EL27584, has returned high-grade surface uranium assays, with results of up to 5.8% U₃O₈, alongside notable gold and palladium mineralisation.
Eclipse’s previous exploration programs have targeted high-priority areas around the Devil’s Elbow, Terrace, and Ferricrete uranium prospects. These efforts focused on historical geochemical and radiometric anomalies within EL27584, as well as relatively underexplored terrain south of the Ranger Fault.
The Devil’s Elbow prospect shares strong geological similarities with the Jabiluka uranium and gold deposit, discovered in 1971. Located approximately 75 kilometres west of Devil’s Elbow and 20 kilometres north of the Ranger Uranium Mine, Jabiluka hosts uranium and gold mineralisation within an altered section of the Cahill Formation, near reverse faulting structures resembling those found at Devil’s Elbow.