Boss Energy (BOE) Q4 2025 TU earnings summary

Executive summary

• Surpassed FY25 production and cost guidance at Honeymoon, producing over 1 million lbs U3O8 since commissioning, with quarterly drummed production up 18% and IX production up 60% quarter-over-quarter.

• Alta Mesa JV (30% stake) produced over 200,000 lbs U3O8 (100% basis), with Boss's share rising to 44,000 lbs, up from 29,000 lbs in the prior quarter.

• Maintained a strong balance sheet with AUD 224 million in cash and liquid assets, no debt, and inventory of 1.41 million lbs U3O8.

• Management transition announced: CEO stepping down, COO to become CEO in October 2025; two new non-executive directors appointed.

• Increased stake in Laramide Resources to 19.9%, with Laramide receiving a mineral development license; continued ramp-up and growth initiatives.

Financial highlights

• Sold 100,000 lbs uranium at an average realized price of US$71.15/lb during the quarter; C1 cost for FY25 was A$35-36/lb (US$23/lb), below guidance.

• All-in sustaining cost guidance for FY26 is US$41-45/lb; capex for FY25 was AUD 25 million, with AUD 15 million deferred to FY26.

• Inventory increased to 1.41 million lbs due to production exceeding sales.

• Cash receipts for the quarter were A$10.9 million (US$7.1 million) from uranium sales.

• Positive marked-to-market movements in listed investments during the quarter.

Outlook and guidance

• FY26 production guidance set at 1.6 million lbs U3O8 from Honeymoon and East Kalkaroo, with 9 wellfields online by June 2026.

• C1 cost guidance for FY26 is US$27-29/lb, reflecting higher reagent consumption and lower grades; all-in sustaining cost A$64-70/lb (US$41-45/lb).

• Total capital expenditure for FY26 expected at AUD 56-62 million (US$37-41 million), with AUD 15 million capex carried over from FY25.

• Infrastructure in place to support at least 900,000 lbs production in FY27.

• Independent review underway to assess resource continuity, wellfield design, and long-term production assumptions.