Boss Energy Ltd

This report is an updated version of the report published on 17 December 2025 at 12:43 PM AEDT.

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview: Boss Energy Ltd (ASX: BOE) is engaged into uranium mining productions and operates world-class in-situ recovery (ISR) projects across Australia and the United States. The company’s flagship asset is the 100%-owned Honeymoon Uranium Project in South Australia, which employs low-cost, environmentally responsible ISR mining technology to supply uranium for the global nuclear energy market. Boss Energy also holds a 30% interest in the Alta Mesa Uranium Project in Texas, further expanding its footprint and production capacity. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

 1.2 The Key Positives, Negatives, Investment Highlights, and Management Insights

1.3 Top 10 Shareholders:

The top 10 shareholders together form 45.14% of the total shareholding. Alps Advisors, Inc and Van Eck Associates Corporation hold maximum stakes in the company at 8.72% and 6.05%, respectively.

1.4 Key Metrics: The image below highlights that BOE’s Capital expenditure was AU$15 million in Q1 FY26 versus AU$14 million in Q4 FY25 and sits broadly in line with the FY26 full‑year capex guidance of AU$56–62 million, reflecting a front‑loaded spend profile as Boss builds out wellfields and infrastructure early in the year to support the guided production ramp‑up.

Also, Honeymoon’s C1 cash cost fell to AU$34/lb in Q1 FY26 versus AU$36/lb in Q4 FY25 and well below FY26 guidance of AU$41–45/lb, mainly due to lower reagent consumption from less bleeding and water treatment, reagent optimisation and early benefits from lixiviant changes, which together reduced operating inputs per pound.

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Financial Highlights: Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock price has fallen by approximately 8.48% over the past month; however, it has corrected by around 33.69% over the last 1-year. The stock has a 52-week low and 52-week high of AUD 1.510 and AUD 4.750, respectively, and is currently trading close to its 52-week low-level. BOE was previously covered in a report dated ’19 November 2025’.

   (Source: REFINITIV; Analysis by Kalkine Group)

4.2 Fundamental Valuation

Valuation Methodology: Price/Cash Flow Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 17 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.