Boss Energy Riding Improved Production and Efficiencies at Honeymoon and Alta Mesa to Positive Cash Flow in FY26

Boss Energy (ASX: BOE) is confident it is on target to become cash flow positive in 2026 on the back of its sustained run of successes during 2025.

Releasing its quarterly activities report for the period ended June 30 and FY 2026 guidance for its Honeymoon mine, Boss said it planned to continue ramping up the South Australian operation over the oncoming 12 months.

Updated FY26 production guidance for Honeymoon stands at 1.6 million pounds of U308, with a cost guidance of A$41 to A$45/lb (US$27 to US$29/lb) and an all in sustaining cost cost guidance of A$64 to A$70/lb (US$41 to US$45/lb).

Honeymoon Production

Honeymoon commenced commercial production in January 2025, with output from the operation having since exceeded 1Mlb.

This includes 349,188lb U308 drummed in the June quarter, an 18% increase on the previous corresponding period.

Boss also resolved a number of challenges associated with commissioning of Honeymoon’s kiln and baghouse, resulting in much more consistent performance from the drying and packing area.

The company is close to completing assembly of NIMCIX columns 4 to 6 at Honeymoon, while it anticipates bringing well-fields 4 and 5 online and continuing to build out well-fields 6-9 to support future production.

Alta Mesa Growth

Boss has seen the benefit of continued expansion at the Alta Mesa uranium project in South Texas where it holds a 30% interest, with recent management changes and improved operational efficiencies resulting in increased uranium extraction and lower costs.

Alta Mesa production for the quarter totalled 204,000lb of U3O8, up from 98,000 in the previous quarter, with Boss receiving 44,000lb as its 30% share of production versus 29,000lb in Q3.

Boss extended the repayment date of its existing US$10.4 million loan to Alta Mesa partner enCore out to 27 December 2025 and also provided enCore with an additional cash facility of US$3.6 million.

Robust Balance Sheet

The increased production numbers and efficiencies at its two operations have helped Boss create a balance sheet featuring $224 million in cash and liquid assets on hand, with zero debt.

“Our margins are strong, our balance is extremely robust and we are perfectly positioned to capitalise on an upturn in the uranium market, which we believe is inevitable as demand rises on the back of the nuclear power resurgence,” departing chief executive officer Duncan Craib said.

“With production on track to ramp up significantly over FY26, we will see the financial strengths of Honeymoon come to the fore with cash flow set to increase substantially.”

Current chief operating officer Matt Dusci will take over the reins at Boss when Mr Craib steps down at the end September.