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2026-11-06
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Boss Energy Limited

Ramping Producer · Uranium · AU · US Rating locked: sign in to view v8.1 · boe-20261102t225757-full
Last 2026-11-06
A$1.4
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$581.3M
EV
A$510.7M
Cash
A$39.2M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$39.2M2026-06-30: 49,671,000 A$2026-09-30: 39,200,000 A$ Self Funding
Debt A$0 Net cash A$39.2M
Basic shares 415.2MFY2025: 414,921,511FY2026: 415,175,320 2026-10-16
Runway Self Funding Transition to the wide-spaced design is organically funded: FY27 capex guidance A$58-65m against cash A$39.2m, investments A$31.4m and uranium inventory (book A$124.2m). FY26 operating cash flow A$73.6m.

Liquidity

Financial position

No debt and no committed funding. Cash and liquid assets A$194.9m at 30 Sep 2026 (book) fell A$12.4m in Q1 FY27 as inventory was built, and the company is deliberately under-contracted. Restricted security bonds (A$16.8m at 30 Jun 2026) excluded from cash. Liquidity depends on continued production and realised price.

Inventory composition1

1.641 Mlb drummed U3O8 at 30 Sep 2026 carried at A$124.2m (lower of cost and NRV). estimated_realizable_value marks the quantity at the 30 Oct 2026 UxC/CME daily spot (US$92.55/lb) and the 2 Nov 2026 AUD per USD rate (1.4236) before selling costs; the carrying value is book.

Drummed U3O8 on hand (finished product, 1.641 Mlb at 30 Sep 2026)
A$124.2M carrying · 1,641,000 lb U3O8

Capital structure

Ownership and dilution

Ordinary shares
415.2M
Fully diluted
416.8M

Ordinary shares: 415,175,320 at 30 Jun 2026 (AR p.88), plus 23,678 quoted 25 Sep 2026 and 2,656 quoted 16 Oct 2026 = 415,201,654. Prior year-end 414,921,511 (30 Jun 2025, AR comparative). Performance rights: 2,079,213 outstanding at the AR date (AR p.38), less 454,164 lapsed 25 Sep 2026 and an assumed 26,334 converted after the AR date, giving about 1,598,715 (estimate). Fully diluted about 416,800,369.

Security classes2
ClassTypeQuantityStrikeExpiry
BOE ordinary fully paid sharesOrdinary Share415.2M——
Performance rights (nil exercise price) outstanding, estimated after report datePerformance Right1.6MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AFY2026A
Operations
Drummed production (100%, full year)lb U3O8FY2025: 872,000 lb U3O8FY2026: 1,407,000 lb U3O8872,0001,407,000
Unit costs
C1 cost per poundAUD/lb U3O8FY2025: 35.00 AUD/lb U3O8FY2026: 39.00 AUD/lb U3O835.039.0
AISC per pound (incl. sustaining capital)AUD/lb U3O8—61.0
Profit and loss
RevenueAUDmFY2025: 75,596,000 AUDFY2026: 151,072,000 AUD75.6151.1
Operating costs excluding depreciationAUDmFY2025: 69,149,000 AUDFY2026: 93,753,000 AUD69.193.8
Corporate and exploration cost excluding depreciation and fair value movementsAUDmFY2025: 23,193,000 AUDFY2026: 25,423,000 AUD23.225.4
EBITDA (includes fair value movements in FY25-26)AUDmFY2025: -16,746,000 AUDFY2026: 31,896,000 AUD(16.7)31.9
Depreciation and amortisation (forecast: opening PP&E over nine years, estimate)AUDmFY2025: 18,682,000 AUDFY2026: 28,485,000 AUD18.728.5
EBITAUDmFY2025: -35,428,000 AUDFY2026: 3,411,000 AUD(35.4)3.4
Net financing income (cost); forecast nil (no interest modelled)AUDmFY2025: 3,842,000 AUDFY2026: -1,656,000 AUD3.8(1.7)
Income tax expense (benefit); forecast is cash tax from the DCF basisAUDmFY2025: 2,582,000 AUDFY2026: -789,000 AUD2.6(0.8)
Net profit after taxAUDmFY2025: -34,168,000 AUDFY2026: 2,544,000 AUD(34.2)2.5
Cash flow
Operating cash flowAUDmFY2025: 17,381,000 AUDFY2026: 73,636,000 AUD17.473.6
Capex (FY25-26 total payments for mine properties and plant; forecast sustaining plus process facilities)AUDmFY2025: 56,477,000 AUDFY2026: 66,817,000 AUD56.566.8
Free cash flow (operating cash flow less capex)AUDmFY2025: -39,096,000 AUDFY2026: 6,819,000 AUD(39.1)6.8
Balance sheet
Cash and cash equivalents (year end)AUDmFY2025: 36,531,000 AUDFY2026: 49,671,000 AUD36.549.7
Interest-bearing debtAUDm0.00.0
Net debt (negative is net cash)AUDmFY2025: -36,531,000 AUDFY2026: -49,671,000 AUD(36.5)(49.7)
Book equity (year end)AUDmFY2025: 483,679,000 AUDFY2026: 477,613,000 AUD483.7477.6
Per share
Shares on issue (year end; forecast held flat)m sharesFY2025: 414,921,511 sharesFY2026: 415,175,320 shares414.9415.2
Basic earnings per share (reported; forecast on year-end shares)AUD/shareFY2025: -0.08 AUD/shareFY2026: 0.01 AUD/share(0.08)0.01
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025: -31.73 xFY2026: 16.66 x(31.7)16.7
P / E (x, current market cap)xFY2025: -17.62 xFY2026: 237 x(17.6)236.7
FCF yield (current market cap)%FY2025: -0.06 fractionFY2026: 0.01 fraction-6.5%1.1%
EBITDA margin%FY2025: -0.22 fractionFY2026: 0.21 fraction-22.2%21.1%
Net debt / EBITDA (x)xFY2025: 2.18 xFY2026: -1.56 x2.2(1.6)

KPI history

Operating metrics

Source values by period
Operating metric source table20
MetricProjectPeriodPeriod typeValueStatus
Honeymoon drummed production FY2026 (100%)HoneymoonFY2026Year1,407,000 lb U3O8Reported
Honeymoon drummed production FY2025 (100%)HoneymoonFY2025Year872,000 lb U3O8Reported
Honeymoon drummed production Q1 FY2027 (100%)HoneymoonQ1 FY2027Quarter359,335 lb U3O8Reported
Honeymoon drummed production Q4 FY2026 (100%)HoneymoonQ4 FY2026Quarter362,152 lb U3O8Reported
Honeymoon drummed production Q3 FY2026 (100%, rain affected)HoneymoonQ3 FY2026Quarter203,000 lb U3O8Reported
Honeymoon drummed production Q2 FY2026 (100%)HoneymoonQ2 FY2026Quarter456,000 lb U3O8Reported
Honeymoon drummed production Q1 FY2026 (100%)HoneymoonQ1 FY2026Quarter386,000 lb U3O8Reported
Honeymoon AISC FY2026 (A$/lb drummed)HoneymoonFY2026Year61 AUD/lb U3O8Reported
Honeymoon C1 cost FY2026 (A$/lb drummed)HoneymoonFY2026Year39 AUD/lb U3O8Reported
Honeymoon AISC Q1 FY2027HoneymoonQ1 FY2027Quarter79 AUD/lb U3O8Reported
Honeymoon C1 cost Q1 FY2027HoneymoonQ1 FY2027Quarter47 AUD/lb U3O8Reported
Uranium sold FY2026 (includes purchased uranium)HoneymoonFY2026Year1,400,000 lb U3O8Reported
Uranium sold Q1 FY2027HoneymoonQ1 FY2027Quarter301,000 lb U3O8Reported
Average realised price FY2026 (A$/lb)HoneymoonFY2026Year111 AUD/lb U3O8Reported
Alta Mesa drummed production FY2026 (100% basis)Alta MesaFY2026Year491,000 lb U3O8Reported
Alta Mesa production received by Boss FY2026 (30%)Alta MesaFY2026Year162,000 lb U3O8Reported
Alta Mesa drummed production Q1 FY2027 (100% basis); Boss received no product in the quarterAlta MesaQ1 FY2027Quarter10,000 lb U3O8Reported
Cash and cash equivalents, 30 Jun 2026Company30 Jun 2026Point In Time49,671,000 AUDReported
Cash on hand, 30 Sep 2026Company30 Sep 2026Point In Time39,200,000 AUDReported
Interest-bearing debt, 30 Sep 2026 (none)Company30 Sep 2026Point In Time0 AUDReported
Company guidance5
MetricProjectPeriodLowHighStatus
ProductionhoneymoonFY20271.251.3 Mlb U3O8Current
C1 CosthoneymoonFY20275156 AUD/lb U3O8Current
AISChoneymoonFY20278392 AUD/lb U3O8Current
CAPEXhoneymoonFY20275865 AUD millionCurrent
ProductionhoneymoonFY20261.41.45 Mlb U3O8Achieved

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-03-13RaisingA$11.75.2M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-02

Live arrangements from the FY2026 annual report, NFS, Sept 2026 quarterly and presentation. Honeymoon royalty and state royalty terms, and the legacy offtake counterparty, are not disclosed in the documents read; they sit inside AISC or as named gaps.

30% non-operated interest in Alta Mesa (ISR, South Texas) through JV Alta Mesa LLC; enCore is manager. Boss received no product in Q1 FY27 and the JV programme is subject to the joint venture budget.

Joint Venture · Active
Counterparties
enCore Energy Corp (manager, 70%)
Applies to
Alta Mesa Uranium Operation (30% JV, enCore manager) · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
Boss participating interest: 30 pct
Boss FY26 share of production: 162,000 lb U3O8
How it affects our valuation

No valuation treatment is available for this arrangement.

Legacy contract deliveries of about 250klbs in H2 FY27 at a price the company has not disclosed; the rest of the output is sold spot or under the company's under-contracted position.

Offtake · Active
Counterparties
Legacy contract counterparty (not disclosed)
Applies to
Honeymoon Uranium Operation (ISR, South Australia) · Uranium
Economic direction
Benefit
Period
Dates not stated
Key terms
Legacy contract deliveries H2 FY27: 250,000 lb U3O8
How it affects our valuation

No valuation treatment is available for this arrangement.

Uranium loan to enCore fully repaid in FY2026 (A$15.5m financing cash receipt); no further receipts due.

Other · Expired
Counterparties
enCore Energy Corp
Applies to
Company-wide · Uranium
Economic direction
Benefit
Period
Through 2025-08-26; start date not stated
Key terms
Uranium loan to enCore repaid in FY26: 15,482,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Foreign exchange option contracts held by the Group at 30 June 2026 (liability A$1.4m, fair value through profit and loss). Terms (notional and strike) are not disclosed in the annual report text read.

FX Hedge · Active
Counterparties
Bank counterparty (not disclosed)
Applies to
Honeymoon Uranium Operation (ISR, South Australia) · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
FX option contracts: liability at 30 Jun 2026: 1,417,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.