Boss Energy Surpasses 1M lbs Uranium, Beats FY25 Guidance with Strong Margins

Operational Excellence at Honeymoon

Boss Energy has delivered a standout June quarter, surpassing its FY25 production and cost guidance at the Honeymoon Uranium Project in South Australia. The project’s total uranium production since commissioning recently passed the significant 1 million pounds milestone, underscoring the success of the operational ramp-up. With 349,188 pounds of uranium drummed this quarter; an 18% increase from the previous quarter; and a 60% jump in ion exchange production, the company is clearly hitting its stride.

Notably, the company achieved a C1 cash cost of A$36 per pound, comfortably below its second-half FY25 guidance of A$37-41 per pound. This cost efficiency, combined with an average realised price of A$109 per pound, reflects strong margins and operational discipline. The ongoing commissioning of additional NIMCIX columns and wellfields signals further production growth ahead.

Growth and Efficiency at Alta Mesa

Boss Energy’s 30% stake in the Alta Mesa Uranium Project in Texas also contributed positively, with production increasing to 203,798 pounds on a 100% basis. Recent management changes and operational improvements have enhanced uranium extraction rates and reduced costs, supporting the joint venture’s ramp-up strategy. The company’s strategic amendment to the uranium loan agreement with enCore Energy Corp extends repayment terms and provides additional liquidity.

Financial Strength and Strategic Governance

Boss Energy’s balance sheet remains robust, with A$224 million in cash and liquid assets and zero debt. The company’s under-contracted sales approach allows it to withhold inventory when market prices do not reflect long-term value, a strategy that paid off this quarter. The appointment of two experienced non-executive directors, Joanne Palmer and Caroline Keats, enhances the board’s expertise, while the planned CEO transition from Duncan Craib to COO Matt Dusci signals continuity and fresh leadership as the company scales operations.

Exploration and Market Outlook

Exploration efforts continue to advance, with drilling at the Lake Constance target and upcoming resource updates for Gould’s Dam and Jason’s expected to add value. Globally, uranium markets are showing renewed strength, driven by government support, expanding nuclear programs, and increased financial interest. This backdrop positions Boss Energy well to capitalise on rising demand and tightening supply dynamics.

Overall, Boss Energy’s June quarter report highlights a company transitioning from development to growth, underpinned by operational success, financial discipline, and strategic governance enhancements.