Boss Energy Limited

FY 2026 sales revenue doubled to AUD 151.1 million, helped by AUD 15.5 million of uranium loan repayment income and an average realized price of AUD 111 per pound. Net profit after tax was AUD 2.5 million, versus a AUD 34 million loss in the prior year. Operating cash flow was AUD 73.6 million, production rose 61% to 1.41 million pounds, C1 cost was AUD 39 per pound, and all-in sustaining cost was AUD 61 per pound, both within revised guidance. The company closed with AUD 207.3 million in cash and liquid assets and no debt. The new feasibility study supports production of 13.8 million pounds over nine years through FY 2034, with annual production peaking at 1.9 million pounds; FY 2027 guidance is 1.25 million to 1.3 million pounds of production, C1 cost of AUD 51 to AUD 56 per pound, AISC of AUD 83 to AUD 92 per pound, and total capital of AUD 58 million to AUD 64 million.

Matt Dusci framed FY 2026 as a milestone year in which Boss strengthened the business while spending heavily on Honeymoon’s future. He said the new feasibility study confirms a “robust and economically viable pathway” and that the wide-spaced wellfield design fundamentally improves the cost structure by accessing more resource with fewer wells and less infrastructure. His tone was confident but measured, emphasizing that FY 2027 is transitional and that the feasibility study is the starting point, not the endpoint, for further optimization and regional growth.

Justin Laird highlighted the financial turnaround and balance sheet strength: revenue doubled to AUD 151.1 million, operating cash flow reached AUD 73.6 million, and the company ended with AUD 207.3 million in cash and liquid assets and no debt. He said Boss reinvested AUD 66.6 million at Honeymoon in FY 2026, increased cash by AUD 13.1 million to AUD 49.7 million, and now holds 1.58 million pounds of drummed inventory with a book value of AUD 116 million and market value of about AUD 195 million. On costs, he noted FY 2026 C1 cost of AUD 39 per pound and AISC of AUD 61 per pound, while FY 2027 guidance rises because of lower-grade legacy well fields and a higher fixed-cost burden.

Analysts focused on the ramp from current operations to the new wide-spaced wellfield plan, asking what must happen to reach eight wellfields per year and what the main bottlenecks are. Management said the Water Treatment Plant is the key constraint; wellfield setup itself is relatively straightforward, and the main challenge is the initial flush needed to deal with chlorides and calcium. Questions also centered on how the reactive transport model will be validated, with management saying it is calibrated against a large historic and current operating dataset and that they do not expect EKT1 to materially change the overall economics. Later questions probed plant capacity, the timing of Gould’s Dam and Jasons, and the confidence band around costs and inferred resources; management said the plant is flow-constrained before it is metal-constrained, permitting for the satellite deposits is expected to take about two to three years, and the biggest uncertainty in the feasibility capital estimate is the Water Treatment Plant.