Boss Energy Posts 385,910 lbs Uranium at $34/lb Cost, Beats FY26 Targets

Record Production and Cost Efficiency

Boss Energy Limited has delivered a standout September quarter, posting record uranium production of 385,910 pounds of U3O8 at its Honeymoon Uranium Project in South Australia. This output represents an 11% increase from the previous quarter and positions the company well on track to meet its FY26 production guidance of 1.6 million pounds.

Notably, the company achieved a C1 cash cost of $34 per pound, comfortably below its FY26 guidance range of $41 to $45 per pound. The All-In Sustaining Cost (AISC) also came in at $50 per pound, beating the forecasted $64 to $70 per pound. These cost efficiencies were driven by operational improvements, including the commissioning of new NIMCIX columns and the addition of wellfield 4, alongside early positive results from reagent optimisation initiatives.

Robust Financial Position and Cashflow

Financially, Boss Energy remains in a strong position with $212.4 million in liquid assets, including cash, investments, trade receivables, and drummed uranium inventory, and zero debt. The quarter saw sales and loan repayments totaling $57.1 million at an average realised price of $114.3 per pound, generating robust free cashflow. Inventory levels slightly increased to 1.44 million pounds, reflecting ongoing production and strategic stockpiling.

Operational and Exploration Progress

Operationally, the company advanced construction activities with the completion of structural steelwork for NIMCIX columns 4 to 6 and the commissioning of column 4 expected in the December quarter. Wellfield 4 was brought online, and wellfield 5 infrastructure is being installed. Exploration efforts continue apace, highlighted by the discovery of additional roll-front uranium mineralisation at the Alta Mesa joint venture in South Texas, where Boss holds a 30% stake. The acquisition of the adjacent Alta Mesa East property further expands exploration potential.

Leadership Transition and Strategic Review

Boss Energy announced a key leadership change with the appointment of Matthew Dusci as Managing Director and CEO, effective October 1, 2025. Dusci brings over 25 years of mining industry experience, including senior roles at IGO Limited, and has been with Boss since September 2024 as COO. Outgoing CEO Duncan Craib steps down after nearly nine years, transitioning to a non-executive director role.

The company is prioritising a comprehensive review of the Honeymoon resource, aiming to assess mineralisation continuity and leachability against prior feasibility assumptions. This review, expected to conclude in the December quarter, will inform future resource estimates and wellfield designs. Concurrently, permitting and pre-feasibility studies are underway for satellite deposits including Brooks Dam North, Jason’s Deposit, and Gould’s Dam, with the goal of accelerating their development.

Safety and Outlook

Safety remains a focus, though the Total Reportable Injury Frequency Rate (TRIFR) increased due to two lost time incidents during the quarter. Boss is implementing initiatives to enhance hazard reporting and reduce injuries.

Overall, Boss Energy’s September quarter results reflect operational momentum, disciplined cost management, and strategic leadership renewal, setting a solid foundation for FY26 ambitions.