Boss Energy (BOE) Q1 2026 TU earnings summary

Executive summary

• Achieved record quarterly uranium production at Honeymoon of 386,000 lbs (up 11% from prior quarter) and 206,231 lbs at Alta Mesa (up 15%), with costs below guidance and strong free cash flow generation.

• Robust financial position with AUD 212 million ($212.4M) in cash and liquid assets, no debt, and 1.44 million lbs of uranium inventory.

• Ongoing optimization and cost-saving initiatives, including reagent optimization and wellfield development, contributed to improved performance.

• Accelerated permitting and baseline studies for satellite deposits at Jason’s, Gould’s Dam, and Brooks Dam North, and initiated major resource delineation drilling at Honeymoon.

• Appointment of Matthew Dusci as Managing Director and CEO, effective 1 October 2025.

Financial highlights

• C1 cash cost at Honeymoon was AUD 34/lb ($34/lb, US$22/lb), below guidance of AUD 41–45/lb ($41-45/lb, US$27-29/lb); AISC was AUD 50/lb ($50/lb, US$33/lb), below guidance of AUD 64–70/lb ($64-70/lb, US$41-45/lb).

• Sales and loan repayments totaled AUD 57.1 million ($57.1M, US$37.3M) for the quarter, with a realized price of AUD 114/lb ($114.3/lb, US$74.7/lb).

• Free cash flow from Honeymoon was approximately AUD 13 million, excluding loan repayments and timing adjustments.

• Cash increased from AUD 36.5 million to AUD 47.8 million during the quarter.

• Weighted average cost of inventory reduced from $85/lb to $74/lb.

Outlook and guidance

• On track to meet FY 2026 production guidance of 1.6 million lbs drummed at Honeymoon.

• Guidance for C1 costs may be updated in the December quarter, depending on ongoing cost-saving initiatives.

• Sales and cash receipts expected to align with Honeymoon production for the remainder of FY 2026, subject to market prices.

• Completion of the East Kalkaroo trunkline targeted for March quarter 2026; Honeymoon Review completion expected in December quarter 2025.