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Highlights
- In FY25, the company generated revenue of AUD 75.6 million through its first sales.
- Operating cash flow turned positive to AUD 17.38 million from a negative AUD 11.67 million in FY24.
- In FY26, the company expects to record production of 1.6 million lbs, AISC AUD 64–70/lb, capex AUD 56–62 million, with positive free cash flow projected.
Boss Energy Ltd (ASX:BOE) is engaged in uranium mining across Australia and the United States. Its primary asset is the Honeymoon Uranium Project in South Australia, where in-situ recovery (ISR) mining technology is used for uranium extraction. The company also holds a 30% interest in the Alta Mesa Uranium Project in Texas.
Financial Update
In the financial year 2025 (FY25), the company reported AUD 75.6 million in revenue from contracts with customers. Operating cash flow improved from a negative AUD 11.67 million in FY24 to a positive AUD 17.38 million in FY25. Cash and liquid assets for the period declined by 18%, from AUD 274.17 million at the end of FY24 to AUD 224.33 million at the end of FY25. The company finished the year debt-free.
Despite a net loss after tax of AUD 34.2 million, mainly due to non-cash items such as uranium inventory valuation adjustments, write-downs, and non-recurring plant completion costs, Boss Energy maintained positive operating cash flow.
Business Update
On 1 October 2025, Matthew Dusci was appointed Managing Director and CEO, focusing on completing the operational review and achieving FY26 production guidance of 1.6 million lbs from Honeymoon. The Honeymoon Operational Review, started in July 2025, is assessing mineralisation continuity and viability under Enhanced Feasibility Study assumptions, with completion expected in the December quarter.
Key Positives and Negatives
In FY25, Boss Energy recorded first sales of AUD 75.6 million. Year-on-year expenses decreased by 141% in FY25. The operating margin for FY25 was -41.8%, compared with the industry median of 21.0%. Cash balances declined by AUD 30.6 million, from AUD 67.1 million at the end of FY24 to AUD 36.5 million at the end of FY25.
Outlook
In FY26, the Honeymoon Uranium Project is expected to produce 1.6 million pounds of uranium. The All-In Sustaining Cost (AISC) is projected at AUD 64–70 per pound, with total capital expenditure of AUD 56–62 million. Production is expected from nine wellfields by June 2026.
Share Performance of BOE
BOE shares closed at AUD1.965 per share on 01 October 2025, recording an intraday loss of 4.61%. In the last three months, the stock down by 55.74%, as well as down by 14.56% in the past six months. The 52-week high of BOE is AUD 4.750, recorded on 27 June 2025, and the 52-week low is AUD 1.570, recorded on 21 August 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 01 October 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
This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.
