Tadpoles Capital
Boss Energy Limited (ASX: BOE)
Gabriel Pereyra | August 2025
Company Overview & Investment Basis
Boss Energy Limited (Boss) is a uranium producer with its primary operation in South Australia and growing international exposure. Its core asset is the Honeymoon Uranium Project, a fully permitted mine that has historically produced and exported uranium, now successfully restarted and ramping up production. Boss also holds a 30% interest in the Alta Mesa uranium project in the United States. Boss possesses Tier-1 jurisdiction in both Australia and the U.S., providing a unique market position allowing them to meet rising demand.
The research proposal for Boss centers on its combination of low-cost production, current operation, and leverage to a strengthening uranium market. In FY2025, the Honeymoon Project delivered 349,188 lbs of uranium concentrate U₃O₈ drummed. Operating costs remain competitive at US$23/lb in Q4, and FY2026 guidance targets 1.6 Mlb of production at an AISC of US$41–45/lb. Boss has structured its marketing strategy to maximise upside to uranium prices, selling only from its 1.41 Mlb physical inventory in FY2025, achieving an average realised price of US$71/lb in Q4, materially above the long-term contract average. The company retains full exposure going forward, with zero legacy contracts and first production sales expected in FY2026. The balance sheet is strong, with A$224 million in cash and liquid assets and no debt, supporting further development at Honeymoon, including three new NIMCIX columns and four new operational wellfields. Backed by a technically proven plant, a deliberate low-commitment contracting strategy, and sectoral tailwinds from nuclear restarts and growing Western demand, Boss is positioned as a low-capex uranium producer with near-term cash flow and expansion optionality.
Honeymoon Mine
Boss’ Honeymoon mine has achieved a strong first year of operations, exceeding its FY2025 production and cost targets. In FY25, Honeymoon produced over 850,000 lbs of uranium concentrate U₃O₈. Production accelerated throughout the year, and the June quarter (Q4 FY25) saw 349,188 lbs of uranium concentrate (U₃O₈) drummed, an 18% increase over the March quarter. This growth was achieved despite early-stage challenges; issues with the drying and packing plant were resolved during the quarter, and by year-end, all systems were performing consistently. Notably, Honeymoon’s initial operating costs have been well-controlled, with the Q4 FY25 operating cost at US$23/lb, beating the company’s guidance range of US$23–25.
As Boss enters FY2026, Honeymoon is slated to continue its production ramp-up toward steady state. FY2026 guidance calls for 1.6 million pounds of uranium concentrate U₃O₈ production, as additional wellfields and processing capacity come online. To support this growth, Boss plans to expand from the current 5 wellfields to 9 wellfields operating by June 2026, including new extraction areas in the East Kalkaroo zone adjacent to the main Honeymoon deposit. The processing plant is also facing bettering, with NIMCIX ion exchange columns 4, 5, and 6 scheduled for completion to reach full design throughput. Management notes that as the mine moves into different ore zones, uranium grades are expected to decline slightly, and leach chemistry will be optimised (a leaching solution is injected into the uranium-bearing formation underground), lowering pH and thus raising unit costs modestly relative to the very low costs seen in FY25. Accordingly, Honeymoon’s FY26 cost guidance also includes a US$41–45. These costs include substantial sustaining capital investment at US$19–21M to develop the 4 new wellfields over the year, as well as US$18–20M of project capex to fully install the remaining IX columns and wellfield supporting infrastructure. The planned expenditures are expected to underpin a further growth in output going into FY2027.
Alta Mesa
Through a joint venture with enCore Energy, Boss owns 30% of the Alta Mesa uranium project in South Texas, providing the company with valuable exposure to U.S. uranium production. Alta Mesa is in operation with an established central processing plant and a historical production record, now in the process of being recommissioned and ramped up by operator enCore. Boss’s interest in Alta Mesa yielded its first material contribution in FY2025, during the June quarter, Alta Mesa produced 204,000 lbs of uranium concentrate U₃O₈ as it continues to ramp toward its design capacity of ~1.5 Mlb uranium concentrate U₃O₈ per annum. Boss’ share of Q4 production was 44,000 lbs of uranium concentrate U₃O₈, up from 29,000 lbs in the prior quarter, reflecting improved operational performance at the site. Notably, enCore implemented management changes and operational efficiency measures at Alta Mesa during the year, which have begun to increase uranium extraction rates and reduce costs for the operation. This positive momentum suggests that Alta Mesa is on track for continued production growth, with Boss benefiting proportionally as a joint venture partner.
The Alta Mesa joint venture gives Boss a strategic foothold in the U.S. uranium sector at a time when the U.S. government is placing greater emphasis on local supply sources. This investment not only secured Boss a share of Alta Mesa’s output but also strengthened ties with a prominent U.S. uranium company. At full capacity (1.5 Mlb/year), Boss’ 30% stake would equate to 450,000 lbs of uranium concentrate U₃O₈ per year, a meaningful supplement to Honeymoon’s output. Management’s ability to influence outcomes is indirect, but enCore’s progress thus far has been encouraging. Overall, the Alta Mesa JV provides Boss with low-risk participation in a second producing asset.
Growth Pipeline and Near-Term Catalysts
Honeymoon’s ramp-up depends on bringing successive wellfields online to plan; Boss continued drilling and construction of future wellfields in Q4 FY25 to support that pipeline. Execution against this schedule remains a key determinant of sustaining throughput and progressing toward the FY26 plan. A near-term catalyst is the independent mineral resource estimate update for Honeymoon’s satellite deposits, Jasons and Goulds Dam, with Boss stating these updates are anticipated for next quarter. Delivery would help frame options to extend mine life and support higher output.
Boss entered a gated earn-in agreement for the Liverpool Uranium Project in the Northern Territory’s Alligator Rivers uranium province. This structure allows Boss to progressively acquire an interest in the project by meeting defined exploration and development milestones, with the option to exit at each stage if results are not compelling. It provides exposure to the highly prospective Alligator Rivers district, which hosts high-grade uranium occurrences, while limiting upfront capital risk.
In North America, Boss holds optionality through interests in the Churchrock-Crownpoint ISR project in New Mexico, the La Sal project in Utah, and the La Jara Mesa project in New Mexico. In Kazakhstan, Boss has secured rights to a 6,000 km² land area in Chu-Sarysu Basin, with some deposits exhibiting very high-grade mineralisation.
Boss has also increased its stake in Laramide Resources to 19.9%. Laramide’s flagship Westmoreland in Queensland holds a mineral resource estimate of 65.8 Mlb uranium concentrate U₃O₈, where Boss has been granted a Mineral Development Licence.
Management
Boss Energy is led by a deeply qualified executive team with extensive uranium sector experience, particularly in in-situ recovery (ISR) development, the extraction method employed at Honeymoon, whereby minerals are dissolved in place within the orebody and then recovered to the surface in solution.
Duncan Craib – Managing Director & CEO
Craib brings over 12 years’ experience in the uranium industry, with a heavy corporate finance background. He previously served as Finance Director of Swakop Uranium (Pty) Ltd, a partnership between the Republic of Namibia and the People’s Republic of China, where he was heavily involved in the US$2.5 billion development and construction of the world-class Husab uranium mine in Namibia. Since joining Boss in 2017, Craib has led the acquisition and full redevelopment of the Honeymoon Project, positioning the company as a near-term producer with significant growth optionality.
Matt Dusci – COO, Incoming CEO
Dusci brings over 25 years’ experience in the mining industry, including technical studies, project development, operations, strategy, and leadership. He joined Boss in September 2024 from his role as Chief Operating Officer at IGO Limited, where he oversaw the optimisation of major critical minerals assets. His appointment as CEO has been carefully phased, with Craib supporting the transition to ensure continuity.
Wyatt Buck – Non-Executive Chairman
Buck brings over 30 years’ mining experience, with a strong focus on uranium operations. He spent 15 years at Cameco Corporation, ultimately as General Manager of the McArthur River Mine and Key Lake Mill, the world’s largest uranium operation. He later joined Paladin Energy, progressing to Executive GM of Operations, where he oversaw the Langer Heinrich and Kayelekera uranium projects. Appointed Non-Executive Chairman in 2023, Buck adds deep uranium expertise and proven large-scale project leadership to the board.
Sector Positioning & Macroeconomic Tailwinds
Boss Energy’s emergence as a uranium producer coincides with one of the most favourable periods for the uranium sector in over a decade. The fundamental outlook for uranium is robust, driven by a confluence of demand growth and supply constraints. On the demand side, the world is experiencing a nuclear power renaissance, global uranium consumption has exceeded mined supply almost every year since 1991 (Figure 1), and this gap is widening as more reactors come online. There are currently 442 operable reactors in 31 countries, with 53 reactors under construction and another 98 planned. Rapid nuclear capacity growth in Asia, especially China, which is targeting 70 GWe by 2025, and restarts or expansions in regions like India, Japan, and Europe are driving steady increases in uranium demand. At the same time, the supply side of the uranium market remains tight. Even after the recent uranium price recovery, many mines have been slow to restart, and few new projects have been developed, owing to the long lead times and high hurdles (financial and regulatory) for uranium mining.
Crucially, there is broad-based support for nuclear energy as a clean, reliable source of baseload power in the context of climate change and energy security concerns. Policymakers are increasingly recognising that few viable alternatives can provide the massive amounts of carbon-free, 24/7 power that nuclear power offers. Globally, countries like France, the UK, Japan, and India are extending the lives of reactors or planning new ones, while emerging markets are embarking on nuclear programs.
Uranium prices have experienced extreme cycles over the past two decades (Figure 2). From a low base of US$7–10/lb in the early 2000s, the market spiked during the 2007 bubble, driven by a surge in nuclear build plans, peaking around US$135/lb. Then, collapsing after the 2011 Fukushima disaster, when Japan shut down its reactor fleet and global sentiment turned against nuclear, to levels below US$20/lb by the mid-2010s. Since 2021, prices have been on a significant upward trajectory, approaching US$100/lb in late 2023 and early 2024. As of Q4 FY2025, the spot market remained volatile, oscillating between US$64.40/lb and US$78.50/lb. Looking ahead, analysts expect uranium prices to stay elevated, with term prices likely in the US$75–85/lb range through 2026, supported by supply deficits, slow restarts, and rising reactor demand.
Figure 1: Money Management, 2024
Figure 2: World Nuclear Association, 2024