Jefferies keeps Australia's Boss Energy at 'hold' as weather hits output and tenor

Boss Energy

30/04/2026 19:38

** Jefferies maintains "hold" rating on Australian uranium producer Boss Energy BOE.AX, citing weather and logistics disruption that crushed Q3 output and weakened wellfield chemistry

** Trims PT by ~6% to A$1.50; notes while BOE has no debt and sizeable inventory, lower cash balances imply further inventory sales to meet liquidity targets

** Says the quarter was "pre-guided and weak", noting severe rainfall, degraded road access and reagent delays that cut uranium drummed volumes by more than half from the prior quarter

** Adds falling solution grades mean a Q4 recovery now hinges on higher flow and uptime rather than tenor improvement as new processing columns are brought online

** Flags the September 2026 New Feasibility Study as key to testing whether a redesigned wide-spaced wellfield can lower costs, though initial trials will rely heavily on modelling

** BOE down 5.1% YTD as of last close

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))