Highlights

  • Honeymoon produces 359,335 pounds U3O8 in Q1 FY27, down just 0.8% on the June quarter despite 19 lost production days from August rain.
  • Alta Mesa drums only 10,000 pounds after Texas regulatory permitting delays stop plant operations; PAA3 extension permit expected in Q2 FY27.
  • FY27 guidance of 1.25–1.30 million pounds at C1 of A$51–56/lb and AISC of A$83–92/lb is unchanged.
  • EKT1 wide-spaced wellfield flushing underway; first leaching data expected next quarter, with three new wellfields starting in Q2 FY27 through Q1 FY28.

August rain in South Australia's Eyre Peninsula interrupted in-situ recovery operations at Honeymoon, while a Texas state regulatory queue paused production at Alta Mesa. Boss Energy (ASX:BOE) reported both in its September quarter report on 28 October 2026 — and maintained full-year guidance regardless. The company's first quarterly under an ASX reclassification as a mining producing entity sets an early marker for FY27.

Honeymoon: Output Stable Despite Rain

Honeymoon produced 359,335 pounds of U3O8 in the September 2026 quarter, down just 0.8% on the June quarter's 362,152 pounds. Ion exchange (IX) production was 337,093 pounds, a 9.2% fall, as pregnant liquor solution tenor declined 12.6% to 43 mg/L — in line with expectations as the wellfield matures. IX flow rose 4.3% to a record 3.69 million cubic metres. The company sold 300,621 pounds for A$35.2 million at an average realised price of A$117.0 per pound (US$81.8/lb), up from US$75.1/lb in the prior quarter. Boss expects a realised price of about US$87–89/lb in the December quarter.

C1 costs lifted to A$47/lb (US$33/lb) from A$45/lb, and AISC rose to A$79/lb (US$55/lb) from A$70/lb. Quarterly capital expenditure was A$13 million. Full-year guidance of 1.25–1.30 million pounds at C1 of A$51–56/lb and AISC of A$83–92/lb is maintained, with costs expected to trend toward the upper end of the ranges as tenor continues to decline.

Alta Mesa: Regulatory Pause

At Alta Mesa, where Boss holds 30% alongside operator enCore Energy's 70%, only 10,000 pounds of U3O8 was drummed on a 100% basis in the quarter, down from 45,000 pounds. Boss received no product. Texas Commission on Environmental Quality permitting delays stopped plant operations. The company expects the PAA3 extension permit in the December quarter and the PAA8 permit in the March quarter. Only when permits are in hand will the Texas operation rebuild momentum.

Balance Sheet and Wellfield Progress

Boss reported cash of A$39.2 million and total cash and liquid assets of A$194.9 million, including A$124.2 million of uranium inventory. No debt. Uranium inventory rose to 1,641,000 pounds. The A$12.4 million fall in liquid assets was attributed mainly to mark-to-market losses on investments.

The wide-spaced wellfield approach from the recently released New Feasibility Study is being tested at EKT1, with wells 58 metres apart. Flushing has begun and early results support the design, with leaching data expected next quarter. New wellfields HMT1, EKT2 and EKT3 are scheduled to come online in Q2 FY27, Q4 FY27 and Q1 FY28 respectively. The company also recorded two lost-time injuries in the quarter and flagged further safety improvement as required.