Boss Energy (BOE) Q3 2026 TU earnings summary

Executive summary

• Q3 FY26 production at Honeymoon and Alta Mesa declined sharply due to heavy rainfall, adverse weather, and site access issues, impacting output and costs.

• FY26 production guidance was revised to 1.40–1.5 million pounds due to weather disruptions and commissioning delays, with cost guidance maintained at the upper end.

• Significant progress was made on feasibility studies, wellfield development, and strategic initiatives, supporting future scalability.

• Updated mineral resource estimates and accelerated development pathways were released for Gould's Dam (33.1 million pounds) and Jason's Deposit (12 million pounds).

• Strong balance sheet with $211 million in cash and liquid assets and no debt.

Financial highlights

• Q3 FY26 sales totaled $34.4 million at an average realized price of $106/lb (US$73.6/lb).

• C1 cost for Q3 FY26 was $60/lb (US$41/lb), and AISC was $93/lb (US$64/lb), both up significantly due to lower production.

• Cash and liquid assets at quarter-end were $211 million.

• Drummed uranium inventory finished at 1.53 million pounds.

• Sustaining capital expenditure was $5 million, mainly for wellfield development; project and infrastructure capital was $8 million.

Outlook and guidance

• FY26 production guidance revised to 1.40–1.5 million pounds due to weather impacts and commissioning delays.

• C1 cost guidance for FY26 reconfirmed at $36–40/lb (US$24–26/lb) and AISC at $60–64/lb (US$40–42/lb), likely at the upper end.

• Q4 FY26 production expected to increase to 356,000–406,000 pounds as new infrastructure comes online.

• Completion of the New Feasibility Study targeted for September quarter 2026.