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Boss Energy
(Sydney:BOE)
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Rating:68Neutral
Price Target:
AU$1.50
▼(-17.58% Downside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by improved 2026 operating/cash performance and a very strong, low-leverage balance sheet, plus supportive technical trends (price above major moving averages). This is meaningfully offset by expensive valuation (very high P/E) and execution/plan risks highlighted on the earnings call, including the water-treatment bottleneck and uncertainty from the resource revision and inferred-resource reliance.
Positive Factors
Commercial scale-up and cash generation
Revenue growth, higher production and positive free cash flow show Honeymoon is moving into commercial scale. Stronger cash conversion can fund ongoing wellfield investment internally, reducing reliance on external capital as operations mature.
Negative Factors
Material resource reduction and reserve uncertainty
The resource downgrade weakens confidence in the mine plan and reduces the cushion supporting long-term production. Reliance on inferred tonnes means further drilling and reclassification are needed before later-year output is de-risked.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial scale-up and cash generation
Revenue growth, higher production and positive free cash flow show Honeymoon is moving into commercial scale. Stronger cash conversion can fund ongoing wellfield investment internally, reducing reliance on external capital as operations mature.
Read all positive factors
Boss Energy (BOE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$628.99M
Dividend YieldN/A
Average Volume (3M)9.37M
Price to Earnings (P/E)236.9
Beta (1Y)2.20
Revenue Growth99.84%
EPS GrowthN/A
CountryAU
Employees125
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)<0.01
Shares Outstanding415,175,320
10 Day Avg. Volume15,044,177
30 Day Avg. Volume9,371,167
Financial Highlights & Ratios
PEG Ratio-1.54
Price to Book (P/B)0.88
Price to Sales (P/S)2.77
P/FCF Ratio5.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.64Price Target Upside-9.85% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)0.12
Revenue Forecast (FY)AU$209.78M
Boss Energy Business Overview & Revenue Model
Company Description
Boss Energy Limited, an Australian entity, focuses on the discovery, development, and extraction of uranium deposits. The company's primary holding is its entirely-owned Honeymoon uranium project, an expansive property spanning roughly 2,595 squar...
How the Company Makes Money
Boss Energy makes money primarily by producing and selling uranium concentrate from its uranium operations. The company’s core revenue stream is sales of uranium (U3O8) to customers in the nuclear fuel market, typically under offtake/supply contra...
Boss Energy Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call presented a predominantly positive strategic and operational outlook: Boss delivered strong FY2026 operational and financial outcomes (revenue doubled, positive cash generation, debt‑free balance sheet, meaningful inventory and market value upside) and released a materially improved feasibility study that reduces life‑of‑mine costs and development intensity via a wide‑spacing ISR design. Key risks remain — chiefly a significant downgrade of the previously reported resource, reliance on inferred tonnes for later years, and a critical water treatment plant bottleneck that constrains near‑term ramp rates and introduces schedule/capital uncertainty. However, the strengthened technical modelling, clear execution priorities, strong balance sheet and regional growth optionality (Gould's/Jasons) mean the positives materially outweigh the negatives.Positive Updates
Revenue Doubling and Profitability
Sales revenue doubled year-over-year to AUD 151.1 million (from AUD 76 million), delivering a FY2026 net profit after tax of ~AUD 2.5 million and marking the first year of positive free cash flow.
Negative Updates
Material Resource Revision
Updated Honeymoon MRE is 21.4 Mt at 440 ppm (20.8 million lbs U3O8) — a reduction of ~4.6 million lbs (around -35%) versus the 2019 estimate; at a 250 ppm cutoff the reduction vs 2019 is ~63%, reflecting less continuity of high‑grade, ISR‑amenable mineralization.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue Doubling and Profitability
Sales revenue doubled year-over-year to AUD 151.1 million (from AUD 76 million), delivering a FY2026 net profit after tax of ~AUD 2.5 million and marking the first year of positive free cash flow.
Read all positive updates
Company Guidance
Boss guided FY2027 production of 1.25–1.30M lb U3O8 with C1 cost A$51–56/lb, all‑in sustaining cost A$83–92/lb, sustaining capital A$33–37M, processing (plant) capital A$25–28M and total FY27 capex A$58–64M; the company expects eight wellfields operating by June 2027 (EKT1 Q2, EKT2 Q4) and cites the staged water‑treatment build (Stage 1 ≈130 m3/hr targeted Q1 FY27, Stage 2 ≈300 m3/hr targeted Q3 FY28) as the critical bottleneck to ramp‑up. The feasibility study underpinning the guidance targets ~13.8M lb drum production over nine years to FY2034 (peak ~1.9M lb/yr), life‑of‑mine C1 ≈A$50/lb and AISC ≈A$79/lb, a 49 m injector‑to‑extractor spacing with ~59 wellfields (~134,000 wells), modeled recoveries rising from ~80% to ~90%, residence time ≈150 days (vs ~80), uranium per extraction well ≈33,000 lb (vs 15,400), extraction flow ≈32 m3/hr, acid ~8 kg/t (vs ~6), and ~26 pore volumes to achieve 90% recovery.Boss Energy Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 151.07M | 75.60M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 16.89M | 38.69M | -386.00K | -78.00K | -40.87K |
| EBITDA | 41.03M | -11.03M | -14.20M | 12.55M | 31.14M |
| Net Income | 2.54M | -34.17M | 44.59M | 12.55M | 31.19M |
Balance Sheet | |||||
| Total Assets | 548.78M | 528.22M | 571.91M | 267.74M | 248.18M |
| Cash, Cash Equivalents and Short-Term Investments | 49.67M | 47.75M | 67.28M | 89.05M | 132.74M |
| Total Debt | 327.00K | 490.00K | 648.00K | 95.00K | 141.38K |
| Total Liabilities | 71.17M | 44.54M | 61.61M | 16.98M | 11.61M |
| Stockholders Equity | 477.61M | 483.68M | 510.30M | 250.76M | 236.57M |
Cash Flow | |||||
| Free Cash Flow | 73.55M | 10.90M | -102.08M | -43.49M | -7.37M |
| Operating Cash Flow | 73.64M | 17.38M | -11.67M | -3.54M | -4.35M |
| Investing Cash Flow | -56.76M | -48.29M | -223.44M | -40.64M | -2.75M |
| Financing Cash Flow | -164.00K | -158.00K | 211.64M | -42.00K | 118.86M |
Boss Energy Peers Comparison
UnderperformOutperform
Sector (65)
AU:BOE
Boss Energy
1.45
-0.51
-26.09%
AU:AGE
Alligator Energy Ltd
0.05
0.02
100.00%
AU:LOT
Lotus Resources Limited
0.27
-1.27
-82.71%
Boss Energy Corporate Events
Boss Energy Reaffirms Honeymoon Uranium Resource Assumptions in FY26 Update
Aug 26, 2026
Boss Energy has released a presentation covering its FY26 results and a new feasibility study for the Honeymoon uranium deposit, reaffirming that previously published Mineral Resource estimates for Honeymoon, Gould’s Dam and Jasons remain va...
Boss Energy’s Honeymoon Study Confirms Lower-Cost Uranium Output to FY34
Aug 26, 2026
Boss Energy has confirmed that its Honeymoon uranium project can sustain economic ISR production through at least FY34, with a new feasibility study forecasting about 13.8Mlbs of U₃O₈ over a nine-year operating period. The plan include...
Boss Energy Swings to Profit as Honeymoon Drives Revenue, Sets Transition-Year Guidance
Aug 26, 2026
Boss Energy reported a sharp turnaround in FY2026, doubling sales revenue to $151.1 million and swinging to a $2.5 million net profit after tax from a $34.2 million loss, as its Honeymoon mine became the primary source of uranium sales. The compan...
Boss Energy Swings to Profit as Uranium Revenues Double in FY2026
Aug 26, 2026
Boss Energy Limited is a global multi‑mine uranium producer listed on the ASX under the ticker BOE. The company operates the Honeymoon Uranium Operation and focuses on supplying uranium to the international nuclear fuel market, supported by ...
Boss Energy to Unveil FY26 Results and New Feasibility Study
Aug 17, 2026
Boss Energy Limited has scheduled the release of its full-year results for the financial year ended 30 June 2026 on 27 August 2026, alongside an announcement on a new feasibility study. Senior executives, including the managing director, chief fin...
Boss Energy Showcases Global Uranium Operations at Diggers and Dealers Forum
Aug 3, 2026
Boss Energy announced that its Managing Director and CEO, Matthew Dusci, will deliver a presentation at the 2026 Diggers and Dealers Mining Forum in Kalgoorlie, Western Australia. The release highlights the company’s positioning as a global ...
Boss Energy hits FY26 uranium targets as Honeymoon ramps up and cash builds
Jul 29, 2026
Boss Energy, an Australian uranium producer centred on its Honeymoon project, delivered strong operational performance in FY26 while maintaining a solid financial position. The company recorded higher production, controlled costs and continued inv...
Citi Group Entities Exit Substantial Holder Status in Boss Energy
Jul 27, 2026
Citigroup Global Markets Australia and related Citi entities have notified Boss Energy that they have ceased to be a substantial holder in the company as of 23 July 2026, following a series of adjustments in relevant interests under securities len...
Boss Energy Sets Date for June Quarter Results and Investor Call
Jul 21, 2026
Boss Energy Limited will publish its quarterly results for the period ended 30 June 2026 on 30 July 2026, providing investors with an update on the company’s recent operational and financial performance. The release underscores the company&#...
UBS Group Ceases to Be Substantial Holder in Boss Energy
Jul 8, 2026
UBS Group AG and its related entities have notified Boss Energy Ltd that they have ceased to be substantial shareholders in the company as of 6 July 2026. The change in UBS’s relevant interest, detailed in regulatory filings, indicates that ...
Boss Energy Discloses Final Director Interest as Jan Honeyman Departs Board
Jul 2, 2026
Boss Energy Limited has reported that director Ms Jan Honeyman ceased to hold a board position on 30 June 2026, marking a change in the company’s governance structure. Her final notice confirms she directly holds 44,367 fully paid ordinary s...
Boss Energy Names Industry Veteran Peter Botten as New Chair in Board Reshuffle
Jul 2, 2026
Boss Energy has announced a significant board reshaping, appointing veteran resources executive Peter Botten as independent non-executive chair, effective 30 September 2026. Botten brings more than four decades of experience in energy and resource...
Boss Energy Hits FY26 Uranium Target and Fast-Tracks Honeymoon Feasibility
Jul 2, 2026
Boss Energy has met its revised FY26 production guidance at the Honeymoon uranium project, delivering 1.41M lbs of U₃O₈ as the plant and wellfields continue to ramp up. Operational milestones in June, including commissioning new NIMCIX...
Boss Energy JV Reports High-Grade Uranium at Alta Mesa East
Jun 17, 2026
Boss Energy says joint venture partner enCore Energy has reported high-grade uranium mineralisation from ongoing drilling at the Alta Mesa East project in the U.S. The discovery is part of the Alta Mesa Joint Venture, where Boss holds a 30 per cen...
Boss Energy Flags Extended Uranium Zone at Alta Mesa JV
Jun 2, 2026
Boss Energy has highlighted new exploration results from its Alta Mesa Uranium Project joint venture in the U.S., operated by majority partner enCore Energy. The update confirms that uranium mineralisation at Alta Mesa East extends more than 3,700...
Boss Energy Performance Rights Lapse After Conditions Not Met
May 29, 2026
Boss Energy Ltd has notified the market that 15,587 performance rights, trading under ASX code BOEAQ, have lapsed after failing to meet the required conditions. The cessation of these securities slightly reduces the company’s pool of potenti...
Boss Energy Grants Additional Performance Rights to Director Matthew Dusci
May 29, 2026
Boss Energy Limited has updated the market on a change in director Matthew Dusci’s interests, disclosing a significant grant of performance rights under the company’s equity incentive arrangements. The disclosure forms part of the comp...
Boss Energy Issues 1.6 Million Unquoted Performance Rights Under Incentive Scheme
May 29, 2026
Boss Energy Ltd, an Australian uranium-focused energy company listed on the ASX, maintains a strategy of incentivising staff through unquoted performance-based equity. This approach aims to support long-term value creation in the nuclear fuel mark...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.