Boss Energy (BOE) investor relations material

Executive summary

• Honeymoon produced 359 klbs of drummed uranium in Q1 FY27, with production and costs in line with expectations; FY27 guidance remains on track.

• The New Feasibility Study supports wide-spaced ISR wellfields and production at Honeymoon to at least FY34; regional hub growth remains aspirational and subject to further work and approvals.

• A debt-free balance sheet and 1.641 Mlbs of uranium inventory support the wellfield transition and retain exposure to stronger prices.

Financial highlights

• Q1 sales were 301 klbs for A$35.2M (US$24.6M); realised price was A$117/lb (US$81.8/lb), up ~9% QoQ.

• Honeymoon C1 cost was A$47/lb and AISC A$79/lb; capital expenditure was A$13M, comprising A$9M sustaining and A$4M process facilities.

• Quarter-end cash was A$39.2M; cash, liquid assets and inventory totalled A$194.9M, including 1.641 Mlbs of uranium inventory; there was no debt.

• Cash declined A$10.5M, primarily reflecting A$22.2M operating costs and A$15.3M capital expenditure, partly offset by A$34.9M customer receipts.

Outlook and guidance

• FY27 guidance remains 1.25–1.30 Mlbs U3O8 production, A$51–56/lb C1 cost, A$83–92/lb AISC and A$58–65M capital expenditure.

• The NFS forecasts ~13.8 Mlbs U3O8 over nine years, with Honeymoon production to at least FY34; forecast life-of-mine AISC is ~A$30/lb lower than the like-for-like original-spacing case.

• Q2 FY27 realised pricing is expected at US$87–89/lb; legacy-contract deliveries are planned at 124 klbs per quarter in Q3 and Q4 FY27.

• Regional hub aspiration is 2.5 Mlbs/year at A$65/lb AISC by the early 2030s; it is not a production target and has no certainty of achievement.

• Water-treatment Stage 1 completion is targeted for Q4 FY27 and Stage 2 for Q3 FY28; first EKT1 leaching results are expected in Q2 FY27.