Boss Energy (BOE) Q2 2026 TU earnings summary

Executive summary

• Achieved record quarterly uranium production of 456,000 lbs (456 klbs) at Honeymoon, up 18% quarter-over-quarter, with IX production up 8% due to increased wellfield activity.

• Remain on track for FY26 production guidance of 1.6 million lbs, with production expected to soften in Q3 FY26 before rebounding in Q4 FY26.

• Strong balance sheet with AUD 208 million ($208M) in cash and liquid assets, including $53M cash and 1.62 million lbs of drummed inventory, and no debt.

• Initiated a new feasibility study for Honeymoon and satellite deposits, focusing on wide-space wellfield design to reduce costs and extend mine life.

Financial highlights

• Sales reached AUD 39.3 million ($39.3M) at an average realized price of AUD 112/lb ($112.2/lb, US$74/lb) for 350,000 lbs sold.

• C1 cash cost reduced to AUD 30/lb ($30/lb, US$20/lb), down 12% from the prior quarter and below guidance.

• All-in sustaining cost (AISC) dropped to AUD 49/lb ($49/lb, US$33/lb), down 3% and below guidance.

• Drummed uranium inventory increased to 1.62 million lbs (1,615 klbs), up 12% from the prior quarter.

• Project and infrastructure capital costs increased to AUD 11 million ($11M) for the quarter.

Outlook and guidance

• FY26 production guidance reaffirmed at 1.6 million lbs.

• C1 cash cost guidance revised down to AUD 36–40/lb ($36-40/lb, US$24-26/lb); AISC guidance lowered to AUD 60–64/lb ($60-64/lb, US$40-42/lb).

• Q3 FY26 production expected to be softer due to wellfield phasing, with a rebound in Q4 as new wellfields come online.

• Capital expenditure guidance for FY26 increased to AUD 30–33 million ($60-66M), mainly due to feasibility studies and drilling.

• First deliveries into a legacy contract scheduled for Q3 and Q4 FY26, with realized prices at 65–70% of spot.