Highlights
- Honeymoon delivered its highest quarterly drummed output, supporting FY26 production guidance.
- Unit costs declined quarter-on-quarter, prompting a downward revision to full-year cost guidance.
- Cash and liquid assets remained above AUD 200 million despite inventory value movements.
Boss Energy (ASX:BOE) reported record quarterly drummed production at its Honeymoon uranium operation for the December 2025 quarter. Drummed output reached 456 klbs of U₃O₈, an 18% increase from the prior quarter, while ion exchange (IX) production rose 8% to 406 klbs. The company attributed the increase to higher wellfield availability, with four wellfields operating for the full quarter.
Management reiterated that the company remains on track to deliver FY26 production guidance of 1.6 Mlbs. However, production is expected to moderate in Q3 FY26 due to the planned phasing of wellfields, before increasing again in Q4 FY26. Commissioning of additional NIMCIX columns and the start-up of Wellfield B5 are scheduled during the current quarter.
Alta Mesa Output Reflects Wellfield Timing
At the Alta Mesa joint venture in the United States, quarterly drummed production totaled 143 klbs on a 100% basis, down 31% quarter-on-quarter. Boss Energy’s attributable share was 68 klbs, higher than the previous quarter due to timing differences in deliveries. New wellfields continued to be developed, with drilling also commencing at Alta Mesa East to assess potential extensions of known mineralisation.
Costs and Margins: Guidance Revised Lower
Operating cost metrics improved during the quarter. C1 cash costs declined to USD 20 per lb, compared with USD 22 per lb in the prior quarter, while all-in sustaining costs (AISC) eased to USD 33 per lb. Based on recent performance and reagent optimisation initiatives, full-year FY26 C1 cost guidance was revised to USD 24–26 per lb, and AISC guidance was lowered to USD 40–42 per lb.
Capital expenditure increased quarter-on-quarter, reflecting higher spending on wellfields and delineation drilling. Management indicated that infrastructure spending was moderated to align with potential changes in wellfield design under review.
Financial Position and Sales Profile
Boss Energy recorded uranium sales of 350 klbs during the quarter at an average realised price of USD 74.0 per lb, generating AUD 39.3 million in revenue. Drummed inventory increased to 1.615 Mlbs, providing additional exposure to future market pricing. Cash and liquid assets totaled AUD 208.0 million at quarter end, slightly lower than the previous quarter, mainly due to mark-to-market adjustments on listed investments.
The company noted that initial deliveries into legacy contracts are scheduled for Q3 and Q4 FY26, with pricing linked to a percentage of spot prices at the time of delivery.
Strategic Focus: New Feasibility Study
A key development during the quarter was the initiation of a new feasibility study for Honeymoon, following the completion of a site review. The study is examining a wide-spaced wellfield design, which differs materially from assumptions used in the 2021 enhanced feasibility study.
Workstreams include drilling, resource modelling, metallurgical testing, and regulatory considerations. The outcome of this study is expected to influence future development at Honeymoon and nearby satellite deposits.
Share perfromacne
BOE traded at AUD 1.96, up 8.89% today at the time of writing.






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