Citigroup Lowers Stake in Boss Energy Below 5.2% Following Share Transactions on July 22, 2026

Details of Citigroup's Shareholding Reduction in Boss Energy

Citigroup Global Markets Australia Pty Limited and its global affiliates have significantly reduced their substantial shareholding in Boss Energy Ltd, an emerging Australian uranium energy firm. According to the Form 604 filing, the group's combined voting power declined from 26,687,372 ordinary fully paid shares (6.4280%) to 21,500,869 shares (5.1787%). This adjustment places Citigroup's stake just under the 5% threshold that typically triggers substantial shareholder classification under Australian corporate governance rules.

The reduction reflects a strategic portfolio move by this major global financial institution with exposure to Australia's energy sector. Prior to the transactions, four Citigroup entities—Citibank, N.A. Sydney Branch; Citigroup Global Markets Australia Pty Limited; Citigroup Global Markets Inc; and Citigroup Global Markets Limited—held relevant interests in BOE shares. Each entity's holdings were reduced through coordinated securities transactions executed on 22 July 2026, indicating a deliberate portfolio management decision rather than isolated trades. The collective disposal of approximately 5.19 million shares underscores significant institutional rebalancing in BOE securities.

Impact of Securities Lending Agreements on Shareholding Changes

The decline in Citigroup's voting power primarily stems from reduced relevant interests under securities lending arrangements, a common practice for large financial institutions managing extensive equity portfolios. Citibank, N.A. Sydney Branch's relevant interest decreased by 1,623,435 ordinary fully paid shares, acting as Agent Lender with obligations to return shares under securities lending contracts. These agreements involve temporarily transferring securities to borrowers with contractual commitments to return equivalent shares later or upon recall.

Citigroup Global Markets Inc lowered its relevant interest by 918,905 shares, and Citigroup Global Markets Limited reduced its stake by 2,622,234 shares through similar lending agreements. Additionally, Citigroup Global Markets Australia Pty Limited decreased its relevant interest by 21,929 shares via securities lending and routine stock market transactions conducted under standard terms without special conditions. These arrangements are governed by standard AMSLA, GMSLA, or MSLA securities lending agreements, which permit early recall rights for both lenders and borrowers under specified conditions.

Current Holdings Across Citigroup Entities Post-Transaction

Following the 22 July 2026 transactions, Citigroup entities collectively hold 21,500,869 ordinary fully paid shares across four entities. Citibank, N.A. Sydney Branch retains 4,574,814 shares as Agent Lender and under securities lending obligations. Citigroup Global Markets Australia Pty Limited, the principal reporting entity, holds 9,041,447 shares via Citicorp Nominees Pty Limited, representing the largest individual stake among the four.

Citigroup Global Markets Inc holds 2,967,006 shares, and Citigroup Global Markets Limited maintains 4,917,602 shares, both registered through Citicorp Nominees Pty Limited. The use of Citicorp Nominees Pty Limited as the registered holder for three entities reflects standard institutional practice to consolidate beneficial ownership while preserving distinct relevant interests and contractual arrangements. The distribution across multiple entities illustrates the complex ownership structures typical of multinational financial firms with global trading and investment operations.

Boss Energy's Role as an ASX-Listed Uranium Energy Company

Boss Energy Ltd operates as an Australian uranium and energy company listed on the ASX, focusing on uranium resource development and operations. The company plays a vital role in global energy security and the transition to cleaner baseload power generation. Its shareholder base includes major institutional investors like Citigroup, indicating strong interest in uranium as a strategic commodity and energy source. Citigroup's stake reduction may reflect portfolio rebalancing influenced by valuation, hedging strategies, or broader fund allocation decisions across global equities and commodities.

The uranium sector has gained momentum driven by rising global electricity demand, climate change concerns promoting nuclear power adoption, and recognition of uranium's role in decarbonization. Boss Energy's ASX listing offers investors exposure to uranium sector dynamics and commodity price fluctuations. The company's ability to attract and retain significant institutional shareholders like Citigroup underscores the sector's strategic importance, despite periodic portfolio adjustments by financial institutions based on market conditions and fund strategies.

Voting Rights and Early Recall Provisions in Securities Lending

The securities lending agreements underpinning Citigroup's relevant interests in Boss Energy include standard provisions on voting rights and early recall. According to the Form 604 notice, voting rights during the lending period rest with the borrowers of the shares, who face no restrictions under AMSLA, GMSLA, or MSLA terms. Borrowers can fully exercise voting rights without limitation from the lending agents.

Both lenders and borrowers retain rights to request early return of loaned securities, allowing flexibility in managing portfolios. Borrowers may return shares early if portfolio needs change, while lenders can recall shares to regain voting or economic rights. Scheduled return dates are unspecified, consistent with typical indefinite-term securities lending arrangements subject to mutual agreement and early recall. This structure provides liquidity and operational efficiency while protecting contractual rights. The absence of voting restrictions means effective voting power during the loan rests with borrowers, not Citigroup entities.

Routine Stock Market Transactions Without Special Conditions

Besides securities lending, Citigroup Global Markets Australia Pty Limited's voting power reduction also reflects ordinary course trading on stock exchanges. The company update confirms these transactions occurred under standard terms without special provisions, indicating routine market activity rather than structured financial engineering or strategic repositioning. This aspect of the reduction aligns with typical institutional portfolio management practices involving active secondary market trading based on investment decisions, client demand, and rebalancing needs.

The distinction between securities lending and standard market transactions highlights different management approaches for large equity positions. Lending arrangements typically represent medium- to long-term positioning generating fee income while maintaining economic exposure. Standard trades reflect shorter-term liquidity and trading considerations. Citigroup's combined use of both methods suggests a multifaceted strategy to adjust exposure to Boss Energy through structured lending and active market trading.

Coordinated Execution of Shareholding Reduction on 22 July 2026

The shareholding reduction was simultaneously executed by all four Citigroup entities on 22 July 2026, demonstrating coordinated portfolio management rather than independent subsidiary decisions. This timing indicates a central portfolio strategy within Citigroup, with execution delegated to specific trading and lending entities based on operational roles. The prior Form 604 notice was dated 24 July 2026, showing the reduction occurred just before formal public disclosure.

This coordination across Sydney, New York, and London operations reflects global trading and investment management involvement. It exemplifies modern institutional investment practices where central committees direct allocation decisions, and regional entities execute trades under regulatory frameworks. The single-day execution evidences operational efficiency and a planned portfolio rebalancing rather than coincidental independent trades.

No Changes in Association or New Substantial Shareholder Links

The update confirms no changes in association between Citigroup and other parties regarding voting interests in Boss Energy. No new associates were added, no existing associations ended, and no relationships with other substantial shareholders changed due to the shareholding reduction. This indicates the adjustment was a portfolio management decision affecting only Citigroup's own holdings without altering shareholder coalitions or governance alignments.

This disclosure is important for investors monitoring substantial shareholding patterns and potential coordinated voting arrangements. The change focused solely on reducing Citigroup's relevant interests through securities transactions and lending adjustments, with no structural changes in relationships. For Boss Energy shareholders, this means no shifts in the broader institutional investor landscape or shareholder dynamics related to corporate governance or strategy.

Regulatory and Market Context of Substantial Shareholding Disclosures

Under section 671B of the Corporations Act, substantial shareholder notices provide transparency in Australian securities markets by requiring disclosure of voting power changes above defined thresholds. Citigroup's voting power decline from 6.43% to 5.18%, while still substantial, places its stake below the 5% level that triggers heightened disclosure and governance requirements for substantial shareholders. This positioning may affect Citigroup's obligations under corporate governance and securities law.

The Form 604 notice offers detailed insights into the nature of shareholding changes, enabling investors and market participants to discern whether dispositions are permanent, temporary lending, or other transactions with varying implications for voting and economic interests. Disclosure of standard securities lending terms and absence of special conditions assures stakeholders that the reduction involves no extraordinary arrangements or hidden contingencies impacting Boss Energy's capitalization or voting structure. This transparency supports efficient price discovery and informed investment decisions regarding BOE shares.