Boss Energy (BOE) H2 2024 earnings summary

Executive summary

• Achieved first uranium production at Honeymoon project in April 2024 after nine years of development, confirming commercial-scale viability of proprietary extraction technology.

• Became the only pure-play Australian uranium producer on the ASX and the first ASX-listed multi-mine uranium producer with a 30% stake in the Alta Mesa project, which began production in June 2024.

• Maintained a strong safety record with a TRIFR of 2.2, below industry averages.

• Included in the S&P/ASX 200 Index, reflecting increased market capitalization and trading volumes.

Financial highlights

• Statutory net profit after tax (NPAT) of $44.6 million, up from $12.6 million in 2023, driven by a $58.1 million gain in uranium investment value.

• Net assets increased to $510.3 million (2023: $250.8 million), with $274.1 million in cash and liquid assets and no debt.

• Revenue of $306,000 and net financing income of $5.5 million.

• Basic earnings per share rose to 11.63 cents (2023: 3.56 cents).

• Cash and cash equivalents at year-end were $67.1 million, down from $88.9 million, after significant investments in mine development and Alta Mesa acquisition.

Outlook and guidance

• On track to ramp up Honeymoon production to at least 850,000 lbs in FY25, with ongoing construction of additional processing columns.

• Strong uranium market fundamentals expected to support higher term prices; company continues to receive offtake and long-term contract proposals.

• Well-positioned financially to support production ramp-up and pursue further growth opportunities.