Boss Energy

Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is an Australian-based uranium producer advancing the Honeymoon Uranium Project in South Australia, one of the country's most advanced in-situ recovery (ISR) uranium operations. With production underway and FY26 guidance of 1.6 million pounds of drummed U3O8, Boss Energy has established itself as an emerging force in the global uranium sector. 

The company maintains a robust financial position with A$212 million in cash and liquid assets as of September 2025, providing substantial capacity to self-fund its ambitious growth initiatives. Boss Energy's strategic focus centers on optimizing its existing resource base while exploring innovative wellfield designs that could significantly enhance resource recoverability and cost efficiency across its Honeymoon operation and satellite deposits.

Boss Energy presents a compelling investment opportunity in the uranium sector, underpinned by its low-cost production profile and significant resource optimization potential. The company is on track to deliver FY26 production guidance of 1.6Mlbs drummed U3O8 with industry-leading C1 cash costs of A$41-45/lb (US$27-29/lb) and all-in sustaining costs of A$64-70/lb (US$41-45/lb), positioning it among the most cost-efficient uranium producers globally. Strong operational performance in Q2 has already delivered 357klbs drummed to December 10, 2025, demonstrating consistent execution capability.

The company's strategic pivot toward a wide-spaced wellfield design represents a transformative value proposition. This innovative approach could unlock substantial lower-grade resources currently excluded by the existing design, potentially increasing recoverable uranium by up to 49% if cutoff grades are reduced from 400ppm to 100ppm U3O8. 

Additionally, the development pathway for satellite deposits—Gould's Dam and Jason's Deposit—provides organic growth opportunities that could further enhance production profiles and extend mine life. With uranium market fundamentals strengthening amid global energy transition initiatives, Boss Energy's combination of operational excellence, technical innovation, and financial strength creates significant leverage to rising uranium prices.

Boss Energy Limited is led by Managing Director and CEO Matt Dusci, an accomplished mining executive with over 25 years of experience spanning technical studies, project development, operations, and strategy. Dusci previously served as Acting CEO, Chief Operating Officer, and Chief Growth Officer at IGO Limited, playing a pivotal role in the company's growth and transformation. His career includes senior management positions at PMI Gold, Gold Fields, and WMC Resources, demonstrating proven ability to lead complex projects and drive business growth in competitive markets.​

Supporting the executive team is Chief HR Officer Lara Vermaak, bringing over 20 years of mining industry experience across copper, gold, uranium, nickel, and cobalt in Africa and Australia. Vermaak spent 12 years at First Quantum Minerals in senior management roles, combining deep HR strategy expertise with labor and commercial law qualifications.​

Chief Financial Officer Justin Laird, a Chartered Accountant, contributes nine years of senior experience at Wesfarmers in business development and strategic finance, plus prior roles at Ernst and Young and Vodafone Ireland. His expertise in leading transaction teams and scaling new businesses strengthens Boss Energy's financial management capabilities.

Boss Energy is executing a comprehensive growth strategy centered on technical innovation and resource expansion. The company has initiated a New Feasibility Study to evaluate a wide-spaced wellfield design that could revolutionize ISR uranium extraction by reducing capital intensity, lowering reagent consumption, and enabling economic recovery of lower-grade resources. This phased approach includes hydrogeological testing, mineralogical characterization, reservoir simulation, and trial pattern establishment, with completion targeted for Q3CY26.

Parallel to the Honeymoon optimization, Boss Energy is advancing its satellite deposits through detailed work programs aimed at bringing Gould's Dam and Jason's Deposit into the production profile. An updated resource model and development timeline for these deposits will be provided in Q1CY26. The company's strong cash position enables self-funding of these critical work programs without dilutive equity raises. If successfully implemented, the wide-spaced design could improve recoverability and cost structures across all company assets, creating a replicable model for ISR uranium development. This strategic focus on innovation, combined with disciplined execution and financial prudence, positions Boss Energy to deliver sustainable production growth and enhanced shareholder returns.

Boss Energy maintains a strong financial foundation that supports its ambitious growth initiatives without external capital requirements. As of September 30, 2025, the company holds A$212 million in cash and liquid assets, providing substantial runway to self-fund the New Feasibility Study, potential wellfield design changes, and early satellite deposit development. FY26 guidance remains firmly on track with production targets of 1.6Mlbs drummed U3O8, C1 costs of A$41-45/lb, and AISC of A$64-70/lb, demonstrating operational cost discipline.

The company's financial outlook is underpinned by its low-cost ISR production model, which delivers superior margins even in volatile uranium price environments. Based on current wellfield designs, FY27 production is expected to align with FY26 levels, though AISC may increase approximately 15% due to higher sustaining capital requirements. The potential implementation of a wide-spaced wellfield design could materially improve these economics by reducing both operating and capital costs per pound of uranium produced. With no debt and strong liquidity, Boss Energy is uniquely positioned among uranium developers to fund its transformation while maintaining financial flexibility for strategic opportunities.

Boss Energy Limited stands at a pivotal inflection point as it transitions from a conventional ISR uranium producer to an innovative, low-cost operator leveraging advanced wellfield design concepts. The company's decisive response to the Honeymoon Review findings—formally withdrawing outdated feasibility assumptions and initiating a comprehensive New Feasibility Study—demonstrates management's commitment to technical excellence and shareholder transparency. With production firmly on track to meet FY26 guidance, a strong balance sheet of A$212 million in cash, and a clear pathway to potentially unlock significantly more resources through wide-spaced wellfield design, Boss Energy offers a unique investment proposition in the uranium sector.

The combination of operational execution, financial strength, and technical innovation positions the company to restore and enhance shareholder value while establishing itself as a leader in ISR uranium optimization. As Boss Energy advances through its Q1CY26 update, Q2CY26 scoping study, and Q3CY26 feasibility completion, investors will gain clarity on the full potential of this transformative approach. For those seeking exposure to a de-risked, low-cost uranium producer with significant operational upside, Boss Energy Limited presents a compelling opportunity in the evolving global energy landscape.