Boss Energy (ASX:BOE) Drums 359,335lbs at Honeymoon as Wide-Spaced Wellfield Transition Begins

Sonal Goyal

28 October 2026 01:08 PM AEDT

Boss Energy (ASX:BOE) Drums 359,335lbs at Honeymoon as Wide-Spaced Wellfield Transition Begins

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Key Highlights

Honeymoon drummed 359,335 lbs of U3O8 in Q1 FY27, down 0.8%, with C1 cost of A$47/lb and AISC of A$79/lb.
The average realised price rose 9% to US$82/lb on 300,621 lbs sold, with Q2 FY27 pricing guided to US$87-89/lb.
Cash and liquid assets totalled A$194.9 million with no debt, including cash of A$39.2 million and 1,641 klbs of inventory.
FY27 guidance stays at 1.25-1.30 Mlbs U3O8, C1 cost of A$51-56/lb, AISC of A$83-92/lb and capital expenditure of A$58-65 million.

Boss Energy Limited (ASX:BOE) drummed 359 klbs of U3O8 at its Honeymoon uranium operation in the September 2026 quarter, the first of FY27, while starting flushing at its first wide-spaced wellfield. The quarter was marked by a completed New Feasibility Study, a new Chair and 19 days of lost production after heavy August rain. Honeymoon C1 costs came in at A$47/lb and AISC at A$79/lb, both below the full-year guidance ranges, and the company reported A$194.9 million in cash and liquid assets with no debt.

Honeymoon Output, Costs and Sales

Drummed production of 359,335 lbs compared with 362,152 lbs in the June quarter, while ion exchange production fell 9.2% to 337,093 lbs. Record flow of 3.69 million cubic metres, up 4.3%, was offset by a 12.6% fall in average tenor to 43 mg/l U3O8. IX recovery slipped 0.4 percentage points to 95.7% during trials in the ion exchange and elution circuit.

C1 cost rose from A$45/lb to A$47/lb and AISC from A$70/lb to A$79/lb. Capital expenditure was A$13 million, comprising A$9 million of sustaining spending and A$4 million for process facilities. Sales were 300,621 lbs for A$35.2 million (US$24.6 million) at an average realised price of A$117/lb (US$81.8/lb), compared with US$75.1/lb in the prior quarter. Q2 FY27 realised pricing is expected at about US$87-89/lb, and 124 klbs per quarter are due for delivery under the legacy contract in each of Q3 and Q4 FY27.

At the Alta Mesa joint venture, in which Boss holds 30%, drummed production on a 100% basis fell to 10 klbs from 45 klbs, and Boss received no product. Permitting delays at the Texas Commission on Environmental Quality stopped plant operations until new wellfields come online.

Wellfield Transition and Feasibility Study

Wellfield B6, the last built to the original 30 m injector-to-extractor spacing, completed its first full quarter and recovered about half its resource after 12.1 pore volume exchange at an average leach solution tenor of 102ppm. Flushing began at EKT1, the first wellfield at 58 m spacing, with leaching data due in Q2 FY27. HMT1, EKT2 and EKT3 are under construction, with production expected in Q3 FY27, Q4 FY27 and Q1 FY28. Stage 1 of the water treatment plant upgrade is due by Q4 FY27 and Stage 2 by Q3 FY28.

The New Feasibility Study, which draws on 86,670 metres of new drilling, supports continued production until at least FY34, with about 13.8 Mlbs U3O8 drummed over nine years. It forecasts a reduction of about A$30/lb in life-of-mine AISC against the original spacing applied to the updated resource. At its September Market Day the company outlined an aspiration of 2.5 Mlbs a year at an AISC of A$65/lb by the early 2030s, using Honeymoon as a hub for Jason's Deposit and Gould's Dam. The EPBC referral for the Honeymoon Mine Extension was submitted, with a decision expected in Q2 FY27.

Balance Sheet, Safety and Governance

Cash fell A$10.5 million to A$39.2 million, with outflows of A$22.2 million for operating costs, A$15.3 million for capital expenditure and A$7.9 million of other items against A$34.9 million of sales receipts. Listed investments dropped A$9.9 million on mark-to-market losses, while inventory increased A$8.0 million to A$124.2 million. Total cash and liquid assets were A$194.9 million, down from A$207.3 million. Honeymoon's TRIFR eased to 17.8 from 19.7, including two lost time injuries.

Peter Botten became Non-Executive Director and Chair on 30 September 2026, with Wyatt Buck remaining on the board. Kathryn Walker was appointed General Counsel, and the ASX reclassified the company as a mining producing entity, removing the Appendix 5B requirement.

Where the Quarter Leaves Boss Energy

Boss reported production and costs consistent with its FY27 guidance, a realised price up 9% and a balance sheet free of debt, with inventory at 1,641 klbs. Jason's Deposit drilling was deferred to Q2 FY27 by rainfall and rig reallocation.

FAQs

Q: How much uranium did Boss Energy produce at Honeymoon?

A: Honeymoon drummed 359,335 lbs of U3O8 in the September 2026 quarter, down 0.8% on the June quarter, and produced 337,093 lbs through ion exchange.

Q: What were Honeymoon's unit costs?

A: C1 cost was A$47/lb (US$33/lb) and AISC was A$79/lb (US$55/lb), both below the FY27 guidance ranges of A$51-56/lb and A$83-92/lb.

Q: What is Boss Energy's financial position?

A: The company held A$194.9 million of cash and liquid assets with no debt, comprising A$39.2 million of cash, A$31.4 million of investments and A$124.2 million of inventory.

Q: What does the New Feasibility Study forecast?

A: It forecasts production until at least FY34, with about 13.8 Mlbs U3O8 drummed over a nine-year operating period under the wide-spaced wellfield design.

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