Boss Energy reports a 71% surge in revenue driven by record uranium production, narrows its net loss, and pivots with a new feasibility study after withdrawing its 2021 plan.
- 71% revenue increase to $81.8 million in H1 FY2026
- Record uranium production of 842k lbs at Honeymoon operation
- Net loss narrows to $7.9 million despite higher operating costs
- Withdrawal of 2021 Enhanced Feasibility Study due to resource deviations
- Initiation of new wide-spaced wellfield feasibility study
Operational Momentum and Financial Performance
Boss Energy Limited has delivered a robust first half for fiscal 2026, with revenue climbing 71% to $81.8 million, underpinned by a significant ramp-up in uranium production. The Honeymoon Uranium Operation achieved a record 842,000 pounds of drummed uranium oxide, expanding output from four wellfields compared to three in the prior period. This operational success was complemented by a reduction in the C1 cash cost to $32 per pound, prompting the company to revise down its full-year cost guidance to $36-$40 per pound, reflecting efficiencies from reagent optimisation and plant improvements.
Despite these gains, Boss Energy reported a net loss after tax of $7.9 million, a modest improvement from the previous year’s $9.5 million loss. The loss was largely attributed to accounting impacts related to inventory valuation and higher operating costs, including the sale of purchased uranium inventory at a deemed cost above current production costs. Nevertheless, the company’s cash position remains strong, with $208 million in cash and liquid assets and no debt, supported by positive operating cash flow of $36.2 million.
Strategic Shift: Withdrawal of 2021 Feasibility Study
In a notable strategic development, Boss Energy formally withdrew its 2021 Enhanced Feasibility Study (EFS) for the Honeymoon project. The company’s recent comprehensive review revealed significant deviations from the assumptions underpinning the EFS, including less continuity of higher-grade mineralisation, reduced leachability, and smaller wellfield sizes. These factors are expected to materially impact production profiles and costs from fiscal 2027 onwards, rendering the previous study unreliable as a guide for future operations.
In response, Boss Energy is pursuing a new feasibility study centred on a wide-spaced wellfield design concept. This approach aims to extend leaching times, reduce reagent consumption, and leverage infrastructure over a larger surface area, potentially lowering costs and improving uranium recovery. While still at a conceptual stage, this design could unlock value not only at Honeymoon but also at satellite deposits such as Gould’s Dam and Jason’s Deposit, which remain key near-term opportunities.
Alta Mesa Joint Venture and Exploration Focus
Boss Energy’s 30% interest in the Alta Mesa operation in South Texas contributed 113,522 pounds of uranium production during the half-year. The joint venture advanced development with the commissioning of Wellfield 7 and ongoing expansion of Wellfield 3. Additionally, the acquisition of a 5,900-acre parcel adjacent to existing operations signals a strategic push to extend mineralisation potential. Exploration efforts continue to focus on defining palaeovalley targets around Honeymoon, with accelerated drilling programs underway to update resource models and support the new feasibility study.
Leadership Transitions and Outlook
Leadership changes marked the period, with Matthew Dusci appointed Managing Director and CEO in October 2025, bringing extensive mining industry experience. Former CEO Duncan Craib stepped down after nearly nine years, leaving a legacy of disciplined execution. Meanwhile, Non-Executive Chairman Wyatt Buck announced his intention to step down, though he will remain on the board to ensure continuity.
Looking ahead, Boss Energy has outlined a clear timetable for key milestones: an updated mineral resource statement and satellite deposit development plan in Q1 2026; completion of a scoping study and updated resource model by Q2; and the finalisation of the new feasibility study and JORC resource statement by Q3. These deliverables will be critical in defining the company’s medium to long-term production and cost trajectory.
Bottom Line?
Boss Energy’s strategic pivot and operational gains set the stage for a pivotal year as it redefines its uranium production roadmap.
Questions in the middle?
- How will the new wide-spaced wellfield design impact long-term production and costs at Honeymoon?
- What are the implications of withdrawing the 2021 feasibility study for investor confidence and project financing?
- How will leadership changes influence the company’s strategic direction and execution?