Boss Energy (BOE) H2 2025 earnings summary

Executive summary

• Transitioned from project developer to uranium producer, exceeding FY25 production and cost guidance at Honeymoon Uranium Operation, with total production surpassing 1Mlbs U3O8 shortly after year-end.

• Published FY26 production guidance of 1.6Mlbs U3O8, with C1 cash cost guidance of A$41-45/lb and all-in sustaining cost of A$64-70/lb; expected to become cash flow positive in FY26.

• Achieved significant progress at 30% owned Alta Mesa project in Texas and made strategic investments, including a stake in Laramide Resources and new regional partnerships.

• Leadership transition: Mr. Craib to step down as MD/CEO, succeeded by COO Mr. Dusci effective 1 October 2025.

Financial highlights

• FY25 revenue: $75.6 million from uranium sales; first sales recorded after ramp-up at Honeymoon.

• Net loss after tax: $34.2 million (2024: $44.6 million profit), mainly due to operating costs and inventory write-downs.

• Operating costs: $87.6 million, including $77.3 million attributed to purchased uranium sales and $7.7 million inventory write-down.

• Positive net cash from operating activities: $17.4 million, with $224.3 million in cash and liquid assets and no debt at year-end.

• Net assets: $483.7 million (2024: $510.3 million).

Outlook and guidance

• FY26 production guidance: 1.6Mlbs U3O8, C1 cost A$41-45/lb, all-in sustaining cost A$64-70/lb.

• Focus on advancing geological understanding, technical studies, and permitting for satellite deposits.

• Robust balance sheet and leadership, positioned to benefit from rising uranium demand and prices.