Highlights

  • Boss Energy (ASX:BOE) will release an updated feasibility study for its Honeymoon uranium operation by the end of August 2026.
  • Honeymoon produced 1.41 million pounds of U3O8 in FY26, with C1 cash costs of A$39 per pound.
  • The company is testing wider-spaced wellfield designs aimed at improving uranium recovery and reducing reagent consumption.
  • Boss Energy ended FY26 with A$207 million in cash and Liquid assets and no debt.

The most consequential document in Boss Energy (ASX:BOE)'s recent history is due within weeks. At its FY26 results on 29 July 2026, the company said the new feasibility study for its Honeymoon uranium operation in South Australia had been brought forward to the end of August, a month earlier than flagged. It replaces the study Boss withdrew on 18 December 2025, when it told the market the assumptions underpinning the 2021 work had deviated materially from what the wellfields were delivering. Eight months on, production and costs have improved, but the question the study must answer — how much uranium Honeymoon can recover, and at what cost — remains a key focus.

Company and market context

Boss Energy (ASX:BOE) operates the Honeymoon in-situ recovery (ISR) uranium project in South Australia. ISR pumps a lixiviant solution through permeable ore-bearing sands via wells rather than digging ore out of the ground. It is a method where performance depends heavily on geological conditions and wellfield design.

Honeymoon began commercial production in January 2025. Boss also holds 30 per cent of the Alta Mesa ISR project in South Texas, operated by enCore Energy, two satellite deposits near Honeymoon — Gould's Dam, with a 33 million pound resource around 80 kilometres away, and Jason's, with 12 million pounds roughly 13 kilometres away — and 19 per cent of the Gnaraloo West Balands project. At its Diggers & Dealers presentation on 4 August 2026, the company described itself as the only ASX-listed uranium producer operating domestically.

The latest catalyst

Boss Energy (ASX:BOE) halted Capital spending on the older, tighter wellfield pattern and is now testing a wide-spaced design intended to lengthen leaching time and reduce reagent consumption. Two trial wellfields are running: EKT1, on 60-metre spacing, was scheduled for flushing in August 2026 with leaching data expected in the second quarter of FY27; EKT2, on 50-metre spacing, is under construction, with data anticipated in the third and fourth quarters of FY27.

That sequencing matters. The end-August study lands before the trial data it is meant to validate. Boss Energy (ASX:BOE) has said the wide-spaced concept, if successful, could improve recoverable metal and reduce capital intensity at Gould's Dam and Jason's, but has been explicit that the design remains conceptual pending results.

Leadership changed through this period too. Managing director Duncan Craib stepped down in 2025, with chief operating officer Matt Dusci becoming chief executive from the end of September 2025.

What the numbers show

FY26, to 30 June 2026, was an improved operational year for Boss Energy (ASX:BOE). Honeymoon produced 1.41 million pounds of U3O8, up 61 per cent on FY25's 872,607 pounds. The June 2026 quarter delivered 362,000 pounds, 79 per cent above the March quarter, on record solution flow of 3.5 million cubic metres.

Costs also changed during FY26. C1 cash costs came in at A$39 per pound and all-in sustaining costs at A$61 per pound, both below the A$41–45 and A$64–70 ranges guided in July 2025. June quarter C1 fell to A$45 per pound from A$61 in March, and AISC declined to A$70 from A$93. Production finished below the 1.6 million pound FY26 target set in July 2025.

Boss Energy (ASX:BOE) sold 325,000 pounds in the June quarter for A$34.8 million, with a realised price near A$170 per pound (about US$75). The year ended with A$207 million in cash and liquid assets, no debt, and 1.58 million pounds of uranium inventory. Capital Expenditure was A$66 million and the group generated A$13.1 million of cash flow.

Alta Mesa contributed 161,000 pounds to Boss's FY26 attributable production and 13,000 pounds in the June quarter, with Texas permitting delays affecting new production areas while an existing area declined.

Why investors are watching

The Investment case for Boss Energy (ASX:BOE) is centred on whether the Honeymoon operation can achieve improved recovery outcomes through revised wellfield designs. The company is testing wider-spaced wellfield concepts that are intended to extend leaching time and reduce reagent consumption, with the feasibility study expected to outline the impact on future production and operating costs.

Boss Energy (ASX:BOE) also has a Balance Sheet that provides flexibility during the redesign process. The company ended FY26 with A$207 million in cash and liquid assets, no debt, and uranium inventory of 1.58 million pounds. Management has indicated that the revised wellfield approach could influence future development plans for Gould's Dam and Jason's, subject to further technical results.

What could drive the next move

The updated feasibility study and life-of-mine plan for Honeymoon is the key near-term catalyst for Boss Energy (ASX:BOE), targeted for release by the end of August 2026. The update is expected to include an updated mineral resource estimate and provide further detail on production assumptions, costs and future operating plans.

The company’s EKT1 and EKT2 trial wellfields will provide additional technical information during FY27. EKT1 data is expected in the second quarter of FY27, while EKT2 results are expected during the third and fourth quarters of FY27. Future performance at Alta Mesa will also depend on Texas permitting progress.

Risks

The main risk for Boss Energy (ASX:BOE) remains technical uncertainty around the Honeymoon wellfield design. The company withdrew its previous feasibility study after identifying that assumptions behind the earlier study had diverged from actual wellfield performance. The updated study will need to demonstrate that revised designs can support the expected production profile and cost structure.

Execution risk remains relevant as Boss Energy (ASX:BOE) transitions through further technical testing and mine planning updates. The company also has exposure to Alta Mesa performance, where permitting delays have affected production areas. Uranium price movements, operating cost inflation, and dependence on a single producing operation remain additional considerations.

Outlook

Boss Energy (ASX:BOE) enters the second half of 2026 with higher FY26 production and lower reported costs compared with the previous year, while the technical outlook for Honeymoon remains dependent on the upcoming feasibility study. The company is targeting release of the updated study by the end of August 2026, followed by further trial wellfield data during FY27. The market focus will remain on production assumptions, cost estimates, resource updates and the company’s ability to establish a sustainable operating profile.