Boss Energy Ltd. reported a net profit of $2.5 million for the fiscal year ended June 2026, a sharp turnaround from a $34.2 million loss in the prior year, as uranium production at its Honeymoon project in South Australia more than doubled.
The company produced 1.407 million pounds of uranium oxide (U3O8) in FY26, up 61% from 872,000 pounds in FY25, driven by restarted operations at Honeymoon in April 2024. Revenue nearly doubled to $151.1 million from $75.6 million, while operating cash flow rose to $73.6 million from $17.4 million. Cash and liquid assets totaled $207.3 million at year-end, with no debt on the balance sheet.
Production costs increased to $122 million from $87.6 million, reflecting higher operational activity. Capital expenditures reached $65.9 million, primarily for infrastructure and technical work at Honeymoon. The company’s C1 cash costs were $39 per pound, with all-in sustaining costs (AISC) at $61 per pound. Uranium inventory was valued at approximately $195 million at spot prices, with 1.581 million pounds of drummed product held.
Boss Energy’s shares fell 16.53% to $1.515 following the results, extending a 14.33% decline during the presentation. The stock has traded between $0.995 and $2.20 over the past 52 weeks.
The company also unveiled a new feasibility study projecting economic production through at least FY2034, with a life-of-mine plan totaling 13.8 million pounds of U3O8. Peak annual output is expected to reach 1.9 million pounds from FY2030 through FY2033. Updated mineral resource estimates show 20.8 million pounds of U3O8 at 440 ppm, net of depletion, with a 34% increase in drilling data since 2019.
A strategic shift in wellfield design—adopting 49-meter injector-to-extractor spacing—reduces the total number of wells by 46% and wellfields by 54%, while improving ultimate recovery to 90%. The company plans 59 eight-pattern wellfields across Honeymoon and adjacent deposits, with production ramping up to 16 active wellfields by FY2030.
FY27 guidance anticipates lower production of 1.25–1.30 million pounds, alongside higher costs of $51–$56 per pound for C1 and $83–$92 per pound for AISC. Capital expenditures are projected at $58–$65 million, including $25–$28 million for processing facilities. Steady-state costs are expected to settle near $47 per pound by FY2030–2033.
