Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) (Boss) advises that FY26 production guidance at its
Honeymoon Operation, in South Australia, has been reduced to between 1.40M lbs and 1.45M lbs U3O8
drummed, from previous guidance of 1.6M lbs U3O8 drummed.
Boss announced in March 20261
that heavy rain had impacted production for Q3 FY26 by restricting site
access and limiting the delivery of reagents and other goods required for production and plant
infrastructure ramp-up. At that time, and based on site assessments following the rain events, Boss
expected road access to recover sufficiently during March to support reagent deliveries and a strong Q4
FY26, therefore maintaining full-year production guidance.
Subsequent unexpected rainfall during March 2026, combined with the already degraded baseline
condition of access roads, extended disruption beyond this assumption.
Production for Q3 FY26 was 203k lbs U3O8 drummed, which reflects the impact of lower tenors and the
disruption due to the heavy rainfall over the period (below the previous guidance range of 240k lbs to
270k lbs U3O8 drummed).
2
For Q4 FY26, Boss expects production of between 356k lbs and 406k lbs U3O8
drummed to achieve the revised full year guidance (below the previous guidance range of 490k lbs to
520k lbs U3O8 drummed).
3
Boss confirms that despite the lower production guidance, it remains on track to deliver FY26 C1 cost
guidance of $36-40/lb and an All In Sustaining Cost guidance of $60-64/lb. These were previously lowered
from $41-45/lb and $64-70/lb, respectively.
4
It is now expected that FY26 costs per pound will be at the
upper end of the cost guidance range, including impacts of fuel-related increases passed through by
reagent transport and air charter providers.
During the Quarter, Boss experienced delays in commissioning certain infrastructure expected to support
the ramp-up in PLS to IX flow, including NIMCIX column 4 and associated primary pumps, and the
completion of wellfield B6. These delays were compounded by the heavy rainfall, which restricted site
access during March 2026.
However, completion of NIMCIX columns 1–5, which is estimated to occur by the end of FY26, will
represent a major step in establishing the infrastructure required to support future production.
Boss CEO and Managing Director, Matthew Dusci, said: “We recognise this downgrade is disappointing,
particularly after maintaining guidance as recently as March. At that time, our expectation was that site
access and reagent deliveries would normalise during the month. Subsequent unexpected rainfall,
combined with the degraded baseline condition of access roads, extended disruption materially beyond
that assumption.
“This has impacted both production and the timing of commissioning critical infrastructure during rampup. While weather-related access constraints were a key factor, delays to certain infrastructure, mainly
associated with the commissioning of the additional PLS and BLS pumps, have also contributed to the
revised production outcome and guidance for FY26.
“These events have impacted performance in the short-term, however we anticipate rebounding to a
normalised FY26 production run rate over the course of Q4 FY26. Our immediate focus is restoring targeted
lixiviant chemistry, completing commissioning of additional capacity, and exiting FY26 with the operation
better positioned for FY27.”
This announcement was approved and authorised by the Board of Boss Energy Limited.
For further information, contact:
Matthew Dusci
Managing Director
P: +61 (8) 6263 4494
E: boss@bossenergy.com