Boss Energy (BOE) Q3 2025 TU earnings summary

Executive summary

• Achieved first quarter of positive free cash flow from Honeymoon, with uranium production nearly doubling to 296,000 lbs, a 116% increase from the prior quarter, and robust margins.

• Maintained a strong balance sheet with AUD 229 million in cash and liquid assets, no debt, and 1.21M lbs uranium inventory.

• Remain on track to meet full-year 2025 production guidance of 850,000 lbs and cost guidance.

• Strategic growth initiatives include ramping up Alta Mesa JV and increasing stake in Laramide Resources to 19.7%.

• Disciplined capital allocation with only 3% of market cap invested in strategic uranium opportunities.

Financial highlights

• Sold 268,000 lbs of uranium at a realized price of $84/lb, above spot prices, with C1 costs at $21/lb (AUD 33/lb), below guidance.

• Positive free cash flow achieved within one year of production start at Honeymoon.

• Liquid assets decreased by AUD 22 million from the prior quarter, mainly due to mark-to-market movements.

• Received repayment of a loan to enCore at $100/lb for 118,000 lbs.

• Total capex for the quarter was AUD 12 million, with wellfield capex of AUD 8 million and construction capital for columns four to six at AUD 4 million.

Outlook and guidance

• Confident in achieving 2025 production and cost guidance for Honeymoon, with FY2026 production guidance set at 1.6 million lbs and a long-term ramp-up target of 2.4–2.45 million lbs.

• C1 cost guidance for FY2026 expected in the AUD 37–41/lb range.

• Construction of columns four to six to be completed by end of June financial year, with commissioning in the first quarter of next financial year.

• Updated mineral resource estimates for Jasons and Goulds Dam expected next quarter.

• Continued investment in wellfield infrastructure and NIMCIX columns to support further ramp up.