Boss Energy (BOE) Diggers & Dealers Mining Forum 2026 summary

Market outlook and uranium sector trends

• Uranium market faces a structural deficit, with demand outpacing supply due to global nuclear expansion policies and limited new project pipelines.

• 38 countries plan to triple nuclear capacity by 2050, with the U.S. aiming to quadruple and India committing $178 billion to nuclear infrastructure.

• Current supply is concentrated among few companies and regions, increasing geopolitical risks and market bifurcation.

• Approximately 150 million pounds of new uranium production needed by 2040 to meet projected demand.

• Nuclear energy is increasingly valued for energy security, grid reliability, and economic competitiveness.

Operational performance and asset portfolio

• Honeymoon operation in South Australia produced 1.4 million pounds of uranium this financial year, a 61% increase from last year.

• Portfolio includes producing assets and growth options, such as Goulds and Jasons satellite deposits and a 30% interest in a South Texas uranium asset.

• 1.58 million pounds of uranium held in inventory, valued at approximately AUD 192 million.

• Majority of capital investment at Honeymoon is complete, with five NIMCIX columns operating and a sixth ready for commissioning.

• Cash flow positive year, supported by AUD 207 million in cash and liquid assets.

Production strategy and technological advancements

• ISR (in-situ recovery) mining methods adopted, offering low-impact, low-emission, and efficient water usage.

• Transitioning to wide-spaced well field designs at Honeymoon to optimize resource extraction and reduce costs.

• C1 cost for FY2026 was AUD 39/lb, with all-in sustaining cost at AUD 61/lb; uranium price in the U.S. is around $90/lb.

• Goulds and Jasons deposits are amenable to ISR and will leverage Honeymoon infrastructure for low-cost growth.

• New feasibility study underway to further refine well field design and drive operational efficiencies.