Boss Energy (BOE) Q2 2025 TU earnings summary

Executive summary

• Commercial production declared at Honeymoon effective January 1, 2025, with key ramp-up milestones achieved and strong quarter-on-quarter growth at both Honeymoon and Alta Mesa.

• FY25 production guidance for Honeymoon maintained at 850,000 lbs U3O8, with ramp-up at Alta Mesa progressing and full capacity expected by 2026.

• Robust financial position with cash and liquid assets at AUD 252 million as of December 31, 2024, and zero debt.

• First shipment received from 30% owned Alta Mesa Uranium Operation; ramp-up ongoing.

• First quarterly cost guidance published, with regular site visits and analyst engagement planned.

Financial highlights

• Cash and liquid assets at AUD 252 million as of December 31, 2024, up AUD 6.7 million from the previous quarter.

• Zero debt maintained.

• 200,000 lbs of uranium sold at a realized price of US$77.50/lb, generating revenue of US$15.5 million.

• Drummed inventory on hand totals 1.1 million lbs U3O8, supporting ongoing shipments and sales.

• Inventory on hand at quarter-end was AUD 117.3 million.

Outlook and guidance

• On track to deliver 850,000 lbs of uranium by June 2025, in line with production guidance.

• C1 cost guidance for Honeymoon set at AUD 37–41/lb (USD 23–25/lb) for H2 FY25, reflecting inflation-adjusted feasibility study forecasts.

• Capital costs for H2 FY25 estimated at AUD 38–43 million, mainly for wellfields and sustaining capital.

• Alta Mesa expected to reach full operational capacity of 1.5 million lbs/year by 2026, with a 30% share.

• Future guidance and all-in sustaining costs to be updated in the June quarter for FY2026.