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 production growth at both Honeymoon and Alta Mesa operations.

• Maintained robust financial position with AUD 252 million (USD 252M) in cash and liquid assets and zero debt.

• Sold 200,000 lbs of uranium at a realized price of US$77.50/lb, above the average market price, generating US$15.5 million in revenue.

• First shipment received from 30% owned Alta Mesa Uranium Operation; ramp-up progressing with full capacity expected by 2026.

• Production and commissioning milestones achieved ahead of schedule, with regular quarterly calls and first cost guidance published.

Financial highlights

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

• Quarterly revenue of US$15.5 million from uranium sales at an average realized price of US$77.50/lb.

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

• No external capital or debt required during the quarter; all ramp-up and capital projects funded from existing cash.

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

Outlook and guidance

• Production guidance for FY2025 remains at 850,000 lbs of uranium, with confidence in achieving this target.

• Maiden C1 cost guidance for Honeymoon set at AUD 37–41/lb (USD 23–25/lb) for the six months to June 30, 2025, in line with feasibility study forecasts adjusted for inflation.

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

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

• All-in sustaining cost guidance and FY2026 production guidance to be provided in the June quarter.