Boss Energy Limited Posts Record Uranium Output, Costs Drop Sharply

Highlights:

• Boss Energy Limited (ASX: BOE) surged nearly 20% to $1.91 after reporting record quarterly uranium production from its Honeymoon Project in South Australia, with output up 11% from the previous quarter.
• Production costs beat expectations, with cash costs at US$22/lb and all-in sustaining costs at US$33/lb, both well below the company’s FY26 guidance range.
• Boss Energy ended the quarter with A$212.4 million in cash and no debt, positioning it strongly as uranium demand climbs amid the global shift toward nuclear energy.

Quarterly Breakthrough at Honeymoon

At the time of writing, Boss Energy Limited (ASX: BOE) revealed a standout quarter from its 100%-owned Honeymoon Uranium Project in South Australia, producing a record 385,910 lbs of U₃O₈ drummed, up 11 % from the prior quarter. The company also generated sales and loan repayments of approximately A$57.1 million (US$37.3 million) at an average realised price of US$74.7 per lb.

Cost Efficiency & Financial Strength

Boss Energy achieved cash costs of US$22 per lb (A$34/lb) and all-in sustaining costs (AISC) of US$33 per lb (A$50/lb) — both well below its FY26 guidance of A$41–45/lb and A$64–70/lb respectively. The company ended the quarter with around A$212.4 million in cash and liquid assets and no debt, positioning it strongly for further growth.

Growth Path & Market Context

The ramp-up is backed by construction milestones at Honeymoon including commissioning of wellfield 4, delivery of the wellhouse for wellfield 5 and commencement of the East Kalkaroo trunkline scheduled for completion in the March quarter 2026. Management says they’re on track to meet FY26 production guidance of ~1.6 million lbs. The positive momentum comes amid renewed interest in uranium as a strategic input for nuclear power and cleaner energy.

Why It Matters

With uranium demand gaining traction globally, Boss Energy’s combination of record output, lower cost structure and robust balance sheet offers potential appeal to investors focused on the nuclear sector. The result also demonstrates effective execution at an in-situ recovery operation in Australia, helping reduce supply risk in a tightening market.

Outlook

If the company sustains these cost levels and maintains growth in production, it may bolster its position among uranium producers exporting to global utilities. The key tracks to watch will include the rollout of additional wellfields, satellite deposit permitting (Jason’s Deposit, Gould’s Dam) and uranium price trends.

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