Boss Energy Limited

Thanks, Val. Good morning, everyone. Thanks for joining the Boss Energy June quarterly conference call. Joining me on the call is Justin Laird, our CFO. I'll provide an overview of the quarter and the full year results. And at the end of the call, we'll be happy to take questions. Turning to slide two. The June quarter was a strong finish to FY26. We delivered our revised production and cost guidance. We continue to strengthen our financial position. and we further established the operating platform required to support growth. Honeymoon production recovered strongly from the rain affected March quarter with drum production of 362,000 pounds up 79% from the prior quarter. For the full year, production was 1.41 million pounds of uranium up 61% on FY25 and within our revised guidance range. Cost performance was also within revised guidance with full year C1 costs of $39 per pound and all in sustaining cost of $61 per pound. During the quarter, the company completed and commissioned key operating infrastructure, including NIM6 columns four and five, the associated pumping systems and the East Katharoo trunk line. Together with six wellfields now in production, this infrastructure is supporting record flow through the operation. Despite FY26 being a capital intensive year, the company generated positive cash flow. Cash increased by 13.1 million over the year while uranium inventory grew by 172,000 pounds to 1.58 million pounds at the 30th of June. We therefore closed FY26 with $207 million in cash and liquid asset and no debt. We continue to make meaningful progress on our strategic programs of work aimed at unlocking the value of our assets. This included bringing forward the new feasibility study to the end of August as we continue to build confidence in our wide space wellfield design and advancing the permitting pathway for Goulds and Jasons. I'd like to take the opportunity to thank the entire BOSS team for their commitment and hard work throughout the year. FY26 presented a number of challenges, but the team remained focused on safely delivering the operation. strengthening our understanding of the honeymoon deposit and establishing a clear pathway forward. Turning to slide three, and I'll provide some further detail on the honeymoon operation. Production recovered strongly during the June quarter. We increased by 79% to 362,000 pounds following the rain affected March quarter. This brought full-year production to 1.41 million pounds, up 61% on FY25. The quarter also marked an important step in strengthening our operational platform at Honeymoon. We commissioned NIM6 columns 4 and 5, bringing the total number of operating columns to 5. A capital decision on the sixth column is expected in the first quarter of FY27. We also commissioned the East Kalkaroo trunk line and additional pumping infrastructure. Together, this infrastructure supported record solution flow of 3.5 million cubic metres during the quarter, an increase of 83% on Q3. We continue to work through the commissioning of new primary pumps and look at optimising our performance across the circuit. Looking ahead to September quarter, we expect a modest reduction in feed grade at similar flows. Turning to slide four, During the quarter, it brought online wellfield B6, which is the first production from Far East Kalkaroo. B6 is performing as expected. This is on the closest spacing wellfield design of 30 metres from injector to extractor. Our first wide-space wellfields are now being constructed. EKT1, which is a 16 five-spot pattern with injector to extractor spacings of 60 metres. is scheduled to commence flushing this month with leaching data expected in Q2 FY27. Construction has also commenced on EKT2, which is again a 16 spot pattern with injector to extractor spacing of 50 metres with flushing and data anticipated in Q3 and leaching in Q4 FY27. All five existing honeymoon wellfields, B1 through B5, continue to perform in line with our expectations. We've recently applied more proactive management techniques to some of the older wellfields and they continue to demonstrate strong flow and performance. This provides further confidence in our underlying quality and longevity of our wellfield network. Turning to slide five and our cost performance. Honeymoon's C1 cost for the June quarter was $45 per pound, down from $60 per pound in the March quarter. All in sustaining costs were $70 per pound compared with $93 per pound in the prior quarter. This substantial reduction primarily reflects the return to uninterrupted operations following the significant rainfall event and associated constraints during the March quarter. For full year, CE1 costs were $39 per pound and all in sustaining costs were $61 per pound, both within our revised FY26 guidance ranges. Total capital expenditure for FY26 was $66 million, in line with the upper end of our revised guidance range. Within this project and supporting infrastructure expenditure was $42 million, above guidance of $30 to $33 million, associated with completion of NIM6 columns. At the average realised price for the quarter, Honeymoon generated an all-in sustaining margin of approximately $37 per pound, demonstrating the operational capacity to generate positive operating cash flow. Turning to slide six and our sales and financial position. BOSS became cash flow positive in FY26. Cash increased by $13.1 million during this period, which was a capital intensive period for BOSS. Our balance sheet remains a key strength. We closed the year with $207 million in cash and liquid assets and no debt. At the same time, we grew our drummed uranium inventory by £172,000 through operating activities. Inventory on hand at 30 June totaled £1.58 million, providing substantial flexibility for sales activities in FY27 and exposed to an increased positive uranium market. During the June quarter, BOSS recorded sales revenues of $34.8 million, from the sales of the £325,000. The average realised price was Australian $107 per pound, equivalent to US $75 per pound. Looking ahead, we expect to realise an average sales price of approximately $80 to $82 US per pound in the first quarter of FY27. This includes contracted sales of approximately £300,000 to two utilities under existing sales contracts. Turning to slide 7, the cash flow bridge summarises the cash key cash movements during the quarter and across FY26. During the quarter, BOSS generated a net cash increase of $11.6 million, with cash increasing from $38 million to $49.7 million. Customer restraints were strong. at $45.2 million, including collection of $11.1 million of trade receivables. We also continue to invest in the operating platform, with capital expenditure including $6.9 million on sustaining welfare development and approximately $8 million on project and supporting infrastructure. For the full year, cash increased by $13.1 million. BOSS was cash flow positive in FY26, despite investing approximately $57 million in sustaining capital and project-supporting infrastructure. We closed FY26 with cash of $49.7 million. Together with the value of our uranium inventory, this contributed to total cash and liquid assets of that $207 million, providing a strong financial platform for BOSS. Turning to slide eight and our 30% interest in the Ultimisa joint venture operated by Encore Energy. Ultimisa produced 45,000 pounds during the June quarter with BOSS receiving 13,000 pounds. Quarterly production was impacted by delays in securing state level regulatory approvals. These permitting delays defer the commencement of production from new wellfields being PAA3 and PAA8, with declining production from the current existing wellfield, PAA7. For the full year, Altamesa produced 491,000 pounds on a 100% basis, with BOSS receiving 161,000 pounds. The operational priority remains on permitting and advancement of Altamesa East, with promising mineralisation identified as an extension to known mineralisation at Altamesa. Turning to slide nine and the new feasibility study. The new feasibility study update to life of mine and mineral resource for honeymoon will be delivered at the end of August, one month earlier than originally planned. Bringing this work forward reflects the significant technical progress made and the encouraging results emerging from the Widespace Oilfield Program. The study draws on a substantial body of evidence combining current operational performance, historic production data and the technical work completed since the end of 2025. This work has strengthened our understanding of the deposit and the optimal approach to oilfield design and development. Based on the maturity of this work, we determined that the most effective approach was to proceed directly to a feasibility level outcome rather than release two studies within a relatively short period. The study will set out the updated life and mind plan, including production profiles, capital requirement and operating cost associated with the wide space wellfield design. We look forward to presenting the results and a clear pathway forward for Honeymoon at the end of August. Turning to slide 10 and our satellite deposits at Goulds Dam and Jasons. We continue to advance the development and permitting pathways for both deposits during the quarter. Importantly, the technical findings and operating experience from Honeymoon are now being incorporated into the evaluations of these assets. Our improved understanding of the deposit behaviour and wide space wellfield design could unlock significant value. Both deposits have the potential to leverage Honeymoon's existing processing infrastructure, operating capacity and establishing permitted pathways, providing a low capital cost development opportunity. During the quarter, we completed the preliminary design and proposed trunkline connections to adjacent to Honeymoon processing plant. We advanced ecological, groundwater and radiological baseline studies. We're progressing the underground water modelling and initial impacts assessments and also have commenced stakeholder engagements. These activities are now well progressed and we will support the next stages of the environmental assessment and permitting. Looking ahead, the first of the resource delineation drilling programs at Jason's is scheduled to commence during this quarter. The program is intended to improve resource confidence and provide further technical support in the evaluation and development of these deposits. Turning to site 11. Before I close, I'll just talk a little bit about changes to the board. We are pleased to welcome Peter Botton as our incoming chair, effective of 30th of September. Peter brings more than 45 years of experience across the energy and resources sector, including leading oil search through the development of the P&G L&G project. His appointment adds significant development, operational leadership experience to the board, and I'm looking forward to working closely with Peter to drive long-term value to shareholders. In summary, FY26 was a year of meaningful progress for BOSS. We delivered record solution flow through June quarter, supported by a strong finish to the year and delivered within our revised production and cost guidance. We became cash flow positive, increasing our uranium inventory, closed FY26 with $207 million in cash and liquid assets and no debt. This provides us with the financial capacity to fund our plans and pursue opportunities across our asset base. At Honeymoon, the key operating infrastructure is now in place and we have commenced the transition to wide-space well-filled design, informed by a growing body of operating and technical data. The new feasibility study will be released at the end of August. It will set out the updated life and mine plan and provide a clear pathway forward for Honeymoon. We are also advancing the development of permit pathways for Gould's Dam and Jason's. which provides further long-term growth potential by leveraging Honeymoon's existing infrastructure and operating platform. With the uranium market fundamentals continuing to strengthen, BOSS is well positioned to produce uranium into a market facing growing long-term demand. We look forward to presenting the new feasibility study in our update pathway forward at Honeymoon at the end of August. With that, I'll hand back to the operator to take questions.

Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. A reminder, participants are requested to limit the number of questions to two per turn. If you have additional questions, you are welcome to rejoin the queue. Your first question comes from Alistair Rankin with RBC. Please go ahead.

Thanks, Matt and Justin. Appreciate you taking my questions. Just the first one on the delineation drilling. Congrats on completing that program. Can I just ask, I guess, what you've learned so far and how your understanding of the ore body has changed as a result of the drilling program so far?