Boss Energy (BOE) Diggers & Dealers Mining Forum 2025 summary

Key operational achievements

• Exceeded first-year and FY2025 production and cost guidance, delivering 872,607 lbs U3O8 at a C1 cost of US$23/lb, and maintaining strong margins and a robust balance sheet.

• Honeymoon mine became South Australia's third operating uranium mine and Australia's newest uranium producer in a decade, securing a first-mover advantage.

• Alta Mesa joint venture in Texas delivered 204,000 lbs U3O8 for the quarter, with a 30% interest supporting U.S. market entry and operational efficiencies reducing costs.

• NIMCIX columns 1-3 are operating at design capacity, with columns 4-6 nearing commissioning; wellfields 1-3 are at flow capacity, and wellfields 4-9 scheduled to come online through FY26.

• Maintains a strong balance sheet with A$224M in cash and liquid assets, plus 1.41M lbs of inventory.

Market and industry context

• Global uranium demand is rising due to expanding nuclear programs in China, India, Japan, the U.S., Canada, and France, with 65 reactors under construction, the highest since 1990, and SMRs gaining traction.

• Australia holds one third of the world's uranium reserves but supplies only 7% of global demand, highlighting significant growth potential.

• Recent global policy support, including the US Nuclear Fuel Security Act, and financial interest have strengthened the uranium market since April.

• Long-term uranium prices remain strong at US$80/lb, with term price at an all-time high in AUD.

Project development and future plans

• Honeymoon mine's development spanned nearly 50 years, with key milestones including feasibility studies, investment decisions, and commercial production declared in January 2024.

• Enhanced feasibility study in 2021 introduced ion exchange, boosting output and lowering costs.

• FY2026 production guidance targets 1.6M lbs U3O8, with nine wellfields operational by June 2026.

• Cash costs are expected to rise to US$41–45/lb due to chemistry changes and wellfield expansion; sustaining and project capital expenditure for FY26 is projected at A$56–62M.

• Ongoing review of wellfield performance and optimization techniques to address mineralization continuity challenges.