• Drummed U3O8 production increased to 842k lbs, reflecting consecutive quarters of record production
• C1 Cash cost reduced to $32/lb (US$21/lb), lower than FY 2026 guidance range
• Commenced accelerated delineation drilling program to support potential wide-spaced wellfield design

During the half-year ended 31 December 2025, Boss Energy has continued to increase production at the Honeymoon and Alta Mesa Operations. At the Honeymoon Uranium Operation (100% ownership), the company produced 842k lbs of drummed U3O8, reflecting consecutive quarters of record drummed production. The C1 Cash cost was $32/lb (US$21/lb), which was lower than the FY 2026 guidance range, resulting in Boss Energy reducing its FY2026 C1 Cash cost guidance range by $5/lb to $36-$40/lb (US$24-26/lb). The reduction in C1 Cash cost was primarily driven by cost savings from reagent optimisation in the wellfields and plant. Boss Energy also commenced an accelerated delineation drilling program in mid-September 2025, with a particular focus on the East Kalkaroo and Brooks Dam domains. At the Alta Mesa Operation (30% ownership), the company achieved drummed production of 348,930 lbs U3O8 (on a 100% basis), with Boss Energy receiving 113,522 lbs U3O8 reflecting its 30% pro rata share of production. The company also acquired a 5,900-acre parcel of private land located immediately East of the Alta Mesa wellfields and Central Processing Plant. Overall, Boss Energy reported a 71% increase in revenue to $81.8 million, driven by higher production, and a net loss after tax of $7.9 million, which was primarily driven by the accounting impact of selling purchased inventory and accumulated inventory that includes higher-cost first production.

Boss Energy has reduced its FY2026 C1 Cash cost guidance range by $5/lb to $36-$40/lb (US$24-26/lb).

The successful delivery of the New Feasibility Study is a priority for the company. Boss Energy has initiated a series of accelerated work programs to assess the potential economic benefits of, and to provide an update on work associated with, the wide-spaced wellfield design. The company expects to complete the Scoping Study of the wide-spaced wellfield design and an updated JORC resource model for Honeymoon in Q2 CY26, followed by the completion of a New Feasibility Study in Q3 CY26.