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HIghlights
- Boss Energy produced 872,000 lbs of U3O8 in FY25, exceeding its annual guidance.
- Cash on hand at the end of Q1 FY26 increased to AUD 47.767 million.
- The company plans FY26 production of 1.6 million lbs U3O8 with targeted capital expenditure.
Boss Energy Ltd (ASX:BOE) specialises in uranium mining and manages advanced in-situ recovery (ISR) operations in both Australia and the United States. Its main asset, the Honeymoon Uranium Project in South Australia, is fully owned and utilizes cost-efficient, environmentally conscious ISR methods to produce uranium for the global nuclear energy market.
Financial Update
For the financial year 2025 (FY25), the company recorded revenue of AUD 75.6 million, with production of 872,000 lbs of U3O8, which exceeded its guidance of 850,000 lbs and generated positive free cash flow in its first year of production. The C1 cash cost was AUD 35 per lb, below the guidance range of AUD 37–41 per lb in FY25.
The company held AUD 224.3 million in cash and liquid assets with zero debt, and operating activities produced a net cash inflow of AUD 17.4 million in FY25 compared to net cash outflow of AUD 11.67 million in FY24.
During the same period, investments and other liquid assets increased to AUD 51.64 million, up 45% from FY24’s AUD 35.72 million. Despite these operational and financial achievements, the company reported a net loss after tax of AUD 34.2 million, primarily due to non-cash costs from purchased uranium inventory valuation, write-downs, and non-recurring plant completion expenses.
Business Update
BOE announced that Duncan Craib will not re-join its Board on 1 January 2026 and will instead pursue full-time employment elsewhere, while providing limited support under a consultancy agreement until then.
In the September 2025 quarter, the Honeymoon Uranium Project produced 385,910 lbs of U3O8, an 11% increase from the prior quarter, at a C1 cash cost of AUD 34/lb. Sales and loan repayments totalled AUD 57.1 million with an average price of AUD 114.3/lb. The company ended the quarter with AUD 212.4 million in cash, zero debt, and 1.44 million lbs of U3O8 inventory.
Key Positives and Negatives
At the end of Q1 FY26, the company held AUD 47.767 million in cash, up from AUD 36.530 million at the close of Q4 FY25. The net margin for FY25 dropped to negative 45.2%, considerably below the industry median of 11.1%. Additionally, total expenses for FY25 increased by 141% compared to the previous fiscal year.
Business Outlook
For FY26, BOE has set a production target of 1.6 million lbs (Mlbs) at the Honeymoon Uranium Project. Cash costs are expected to range between AUD 41–45 per lb (USD 27–29/lb), while all-in sustaining costs are projected at AUD 64–70 per lb (USD 41–45/lb). Total capital expenditure for FY26 is guided between AUD 56–62 million, primarily directed towards sustaining wellfield development, construction of NIMCIX columns, and permitting of satellite deposits.
Strategically, the company plans to continue ramping up operations and commissioning processing infrastructure to achieve production targets, alongside advancing permitting, feasibility studies, and drilling at satellite deposits such as Jason’s and Gould’s Dam to extend mine life and enhance production flexibility.
Share Performance of BOE
BOE’s shares were trading at AUD 1.63 per share on 19 November 2025 with an intraday loss of 0.91%. BOE’s stock has increased by 2.19% in the last three months, decreased by 55.21% over the six months and decreased by 46.55% over the past year. BOE’s 52-week high is AUD 4.750, recorded on 27 June 2025, and 52-week low is AUD 1.57, recorded on 28 October 2025.
Support and Resistance Summary
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 19 November 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Disclaimer
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