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Boss Energy
(Sydney:BOE)
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Rating:65Neutral
Price Target:
AU$1.50
▼(-17.58% Downside)
Action:Reiterated
Date:10/01/26
The score is supported primarily by strong financial footing (debt-free, substantial equity base) and materially improved cash generation/revenue in 2026, plus generally positive operational guidance and feasibility-study improvements. Offsetting these positives are a demanding valuation (very high P/E), only mixed technical signals, and execution risks highlighted on the call (resource downgrade and water-treatment bottleneck impacting ramp-up and costs).
Positive Factors
Debt-free balance sheet
The debt-free balance sheet and substantial liquidity provide financial flexibility to fund wellfield development, absorb operating variability, and complete enabling infrastructure without relying heavily on external financing. Strong operating cash flow also supports internally funded growth over the next several quarters.
Negative Factors
Resource downgrade
The material resource reduction weakens confidence in the scale and continuity of the core asset, particularly where high-grade, ISR-amenable mineralization is less continuous. A smaller or less certain resource base could limit future production options and require additional drilling to support mine planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
The debt-free balance sheet and substantial liquidity provide financial flexibility to fund wellfield development, absorb operating variability, and complete enabling infrastructure without relying heavily on external financing. Strong operating cash flow also supports internally funded growth over the next several quarters.
Read all positive factors
Boss Energy (BOE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$570.90M
Dividend YieldN/A
Average Volume (3M)7.41M
Price to Earnings (P/E)195.9
Beta (1Y)2.02
Revenue Growth99.84%
EPS GrowthN/A
CountryAU
Employees140
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)<0.01
Shares Outstanding415,199,000
10 Day Avg. Volume7,264,581
30 Day Avg. Volume7,408,005
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$1.57Price Target Upside-13.48% Downside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)0.09
Revenue Forecast (FY)AU$190.38M
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 | -9.38M | -13.98M | 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 Technical Analysis
Negative
1.82
Price Trends
1.52
Negative
1.37
Positive
1.48
Negative
Market Momentum
-0.02
Positive
41.46
Neutral
14.19
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BOE, the sentiment is Negative. The current price of 1.82 is above the 20-day moving average (MA) of 1.55, above the 50-day MA of 1.52, and above the 200-day MA of 1.48, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.46 is Neutral, neither overbought nor oversold. The STOCH value of 14.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BOE.
Boss Energy Peers Comparison
UnderperformOutperform
Sector (65)
AU:BOE
Boss Energy
1.25
-0.75
-37.50%
AU:AGE
Alligator Energy Ltd
0.03
<0.01
6.67%
AU:LOT
Lotus Resources Limited
0.16
-1.72
-91.48%
Boss Energy Corporate Events
Macquarie Group Drops Below Substantial Holder Threshold in Boss Energy
Oct 13, 2026
Macquarie Group Limited has notified Boss Energy that it no longer holds a substantial position in the ASX-listed uranium company, with its interest falling below the disclosure threshold. The notice details changes in voting interests and associa...
Boss Energy Sets Date for September Quarter Results and Investor Call
Oct 9, 2026
Boss Energy Limited will release its quarterly financial results for the period ended 30 September 2026 on 28 October 2026, underscoring its commitment to regular market disclosure and communication with investors. Managing Director and CEO Matthe...
Boss Energy Names Peter Botten as New Chair, Strengthening Board Leadership
Sep 30, 2026
Boss Energy has appointed industry veteran Peter Botten as Independent Non‑Executive Director and Chair of the company, effective 30 September 2026. Botten succeeds Wyatt Buck, who will remain on the board as an Independent Non‑Executi...
Boss Energy Clears On-Sale Restrictions for New Incentive Shares
Sep 25, 2026
Boss Energy Limited has issued 23,678 fully paid ordinary shares following the conversion of performance rights under its Employee Securities Incentive Plans, modestly increasing its share count while reinforcing its use of equity-based remunerati...
Boss Energy Seeks ASX Quotation for New Employee Incentive Shares
Sep 25, 2026
Boss Energy has applied for quotation of 23,678 new ordinary fully paid shares on the ASX, issued under its employee incentive scheme and scheduled for listing on 25 September 2026. The modest size of the issuance indicates a routine capital manag...
Boss Energy Reports Lapse of 454,000 Performance Rights
Sep 25, 2026
Boss Energy Ltd has notified the market of a change in its issued capital, following the lapse of a tranche of performance rights. The announcement, dated September 25, 2026, details that 454,164 BOEAQ performance rights have ceased due to the und...
Boss Energy Sets Timetable for 2026 AGM and Board Nominations
Sep 25, 2026
Boss Energy Limited is an Australian-listed company operating in the energy sector, with its securities traded on the ASX under the ticker BOE and on the OTCQX under BQSSF. The company is headquartered in Subiaco, Western Australia, and serves a b...
JPMorgan Ceases to Be Substantial Holder in Boss Energy
Sep 16, 2026
JPMorgan Chase Co and its affiliates have notified Boss Energy that they have ceased to be a substantial holder in the company as of 14 September 2026. The change follows a series of transactions involving purchases, sales and securities lending ...
Boss Energy details uranium growth strategy at Market Day
Sep 14, 2026
Boss Energy has released a Market Day presentation in Sydney aimed at institutional investors and analysts, detailing its current strategy, operational priorities and growth trajectory. The update is anchored by the new feasibility study for the H...
Citigroup entities cease to be substantial holders in Boss Energy
Sep 1, 2026
Citigroup Global Markets Australia and its related Citi group entities have notified Boss Energy that they have ceased to be substantial shareholders as of 28 August 2026, following changes in their relevant interests in the company’s ordina...
JPMorgan Group Drops Below Substantial Holder Threshold in Boss Energy
Aug 30, 2026
JPMorgan Chase Co. and its affiliates have notified Boss Energy Ltd that they have ceased to be a substantial holder in the uranium producer as of 26 August 2026. The change reflects a series of securities lending arrangements and principal tradi...
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&#...
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.