Boss Energy Ltd’s shares fell 14.33% to AUD 1.555 on Tuesday after the uranium producer reported a 98.6% surge in annual revenue but flagged a decline in production guidance for fiscal 2027.
The company, which operates the Honeymoon uranium project in South Australia, posted revenue of AUD 151.1 million for the year ended June 30, up from AUD 76 million a year earlier. Net profit after tax improved to AUD 2.5 million from a loss of AUD 34 million in the prior period, while operating cash flow rose to AUD 73.6 million from AUD 17 million. Free cash flow turned positive for the first time, and the company ended the year with AUD 207.3 million in cash and liquid assets, including AUD 49.7 million in operating cash and no debt.
Production climbed 61% to 1.41 million pounds of uranium, within revised guidance, while C1 costs held at AUD 39 per pound and all-in sustaining costs (AISC) at AUD 61 per pound. The company’s uranium inventory increased to 1.58 million pounds, with a book value of AUD 116 million and an estimated market value of AUD 195 million at the June 30 spot price. The average realized uranium price was AUD 111 per pound, or approximately US$74 per pound.
Guidance for fiscal 2027 points to lower output, with production expected to fall to 1.25 million–1.3 million pounds, down from 1.41 million pounds in the prior year. The company attributed the decline to a shift in mining focus toward legacy well fields, which will contribute about 900,000 pounds, with the remainder from new wide-spaced well fields. Longer-term targets remain ambitious, with production projected to rise to 1.5 million pounds in FY2028, 1.7 million pounds in FY2029, and 1.9 million pounds in FY2030.
Cost guidance for FY2027 indicates higher expenses, with C1 costs projected at AUD 51–56 per pound and AISC at AUD 83–92 per pound. Capital spending is expected to total AUD 58–64 million, including AUD 25–28 million for processing facility upgrades and AUD 33–37 million for sustaining capital. A water treatment plant is scheduled for completion in two stages, with Stage 1 targeted for Q1 FY2027 and Stage 2 for Q3 FY2028.
The company’s updated mineral resource estimate for Honeymoon stands at 20.8 million pounds of U3O8 at a 100 parts-per-million cut-off grade, with 66% classified as indicated and 34% as inferred. The broader district resource totals 65.9 million pounds, including 45 million pounds at Gould’s Dam and adjacent deposits. Drilling activity expanded by 34% to 87,000 meters across 685 drill holes.
Management emphasized the resilience of the business model, noting a deliberate under-contracting strategy to retain inventory and benefit from higher prices. The company’s 30% stake in the Alta Mesa joint venture contributed 162,000 pounds of uranium during the year, while a AUD 15.5 million loan was repaid.
Boss Energy’s market capitalization stood at AUD 712 million, with shares trading near the lower end of their 52-week range of AUD 0.995–2.20.
