Boss Energy (BOE) — Stock Analysis 2026 [2.7]

Analysis as of 27 October 2026. Price deck: base uranium US$90/lb U₃O₈ — the representative trailing average of the industry month-end price, snapped to the fixed US$60–120/lb grid — with every grid price run as a scenario (deep bear US$60, bear US$75, base US$90, bull US$105, deep bull US$120) and analyst consensus as a 0% cross-check (not available) — no spot price. The shares closed at A$1.355 on the ASX on 27 October 2026; at that price the market-implied uranium deck is US$97.64/lb. Fair value A$1.13, implied −16.9%. Fundamentals from the FY2026 annual report (year to 30 June 2026) and the Honeymoon New Feasibility Study (27 August 2026). Refreshed on each annual report and on material events. Rating: ★★½ Average / Modestly overvalued (wide band).

Boss Energy produces uranium by in-situ recovery at Honeymoon in South Australia, which it owns outright, and holds 30% of the Alta Mesa operation in Texas. The thesis in one line: Honeymoon runs and the balance sheet carries no debt, but the nine-year plan rests on resource rather than reserve, the resource was cut by 42% and next year’s costs are guided above the study’s life-of-mine average, so NAV is A$0.98 a share against an A$1.355 price. Why now: the New Feasibility Study of 27 August 2026 reset the mine plan, the shares sit far below their A$6.11 five-year closing high of 2 February 2024, a new Chair took over on 30 September 2026 and the first FY2027 quarter is due. To screen Boss Energy against every listed uranium name on resources, cost and stage, go to Metal Pilot’s uranium mining stock screener.

1. Snapshot & thesis

Boss Energy Ltd (ASX: BOE; OTC: BQSSF) is an Australian uranium miner that reports in Australian dollars. By archetype it is a producer (mining) in the energy-metals sector: one in-situ recovery (ISR) mine, Honeymoon in South Australia (100%, commercial production since January 2025); a 30% share of the Alta Mesa ISR operation in Texas, run by enCore Energy; and two satellite deposits beside Honeymoon, Jasons and Gould’s Dam. All of its revenue is uranium oxide. (lb = pounds; Mlbs = million pounds U₃O₈; C1 = cash cost; AISC = all-in sustaining cost; NFS = the New Feasibility Study.)

Figure 1. Boss Energy in numbers, as of 27 October 2026

Figure data: Boss Energy ASX announcements — FY2026 annual report (resources p.32, cash and liquid assets p.14), June 2026 quarterly (production p.2), FY2026 results release (guidance p.6); share price per Yahoo Finance (27 October 2026 close); NAV and fair value per Section 7, rating per Section 9.

Table 1. Boss Energy in numbers

Source: Boss Energy ASX announcements — FY2026 annual report (statements pp.61–64, financial position review p.14, resources p.32, Note 14 p.88, shareholder information p.108), June 2026 quarterly (p.2), FY2026 results release (p.6); share price and range per Yahoo Finance; NAV, fair value and P/NAV per Section 7. Gross margin = gross profit ÷ revenue. Listed: Public (ASX: BOE; OTC: BQSSF).

Thesis in brief. Bull: Honeymoon drummed 1.41 Mlbs in FY2026 at a C1 cost of A$39/lb, inside guidance; the study lifts output to 1.9 Mlbs a year from FY2030; and Boss has no debt and A$207.3 million of cash and liquid assets, including 1.58 Mlbs of uranium carried at A$73.6/lb. Bear: no JORC Ore Reserve sits behind the plan, which draws on Inferred as well as Indicated resource; the 2026 estimate cut Honeymoon’s resource by 15.1 Mlbs (−42%) against 2019; and FY2027 AISC guidance of A$83–92/lb sits above the study’s A$79/lb life-of-mine figure. What tips it: whether the wellfields deliver the study’s ramp at its cost. Full rating in Section 9.

How to read this analysis: the statcards and Section 9 carry the verdict; Sections 2–6 carry the evidence, and Section 7 the valuation.

2. Assets & operations

For how the uranium market works — long-term contracts, the spot market and the month-end price series used here — see the uranium market guide.

2.1 Portfolio overview

Table 2. Boss Energy asset portfolio, by value

Source: Boss Energy ASX announcements — FY2026 annual report (pp.4, 24, 32, 36), June 2026 quarterly (p.2), Honeymoon NFS and MRE release (pp.1, 10, 113); enterprise NAV per Section 7, Table 11 (base case).

Honeymoon carries 86.8% of enterprise NAV and the two satellites 13.2%, so Boss is a one-mine company in one state. Alta Mesa produced about a third of Honeymoon’s FY2026 output on a 100% basis, but Boss publishes no resource or cost for it, so it adds nothing to the value and sits in the assumptions box with a bound of about A$0.06 a share.

2.2 Revenue split

FY2026 revenue was A$151.1 million, all from uranium oxide, at an average realised price of US$74.4/lb (A$111/lb). Revenue is not disclosed by asset — Alta Mesa’s sales sit in the group line — so Figure 3 substitutes the split of enterprise NAV.

Figure 2. Revenue by commodity, FY2026

Source: FY2026 annual report, statement of profit or loss (p.61) and remuneration report (p.51).

Figure 3. Enterprise NAV by asset (base case, % of A$299.9 m)

Source: Section 7, Table 11 — the model on the Boss Energy filings in Table 6.

2.3 Honeymoon (South Australia)

Honeymoon is an ISR uranium operation in South Australia, 100%-owned, running on Mining Lease 6109 under an approved Program for Environment Protection and Rehabilitation (PEPR). It reached commercial production in January 2025 and drummed 1.41 Mlbs in FY2026 against revised guidance of 1.40–1.45 Mlbs, at a C1 cost of A$39/lb (guidance A$36–40) and AISC of A$61/lb (A$60–64). The New Feasibility Study of 27 August 2026 plans about 13.8 Mlbs over nine years: 1.3 Mlbs in FY2027, 1.5 in FY2028, 1.7 in FY2029, 1.9 a year from FY2030 to FY2033 and 1.4 in FY2034, at a life-of-mine C1 of A$50/lb and AISC of A$79/lb, on a long-term price of US$90/lb at AUD:USD 0.70. Remaining capital is A$308 million of sustaining capital over the life and A$58 million for process facilities, A$25–28 million of it in FY2027. The study prints no life-of-mine NPV; its one NPV table compares two wellfield designs (A$3 million and A$17 million at 10% real). Resources at 30 June 2026 (JORC 2012, depleted, 100 ppm cut-off) are 13.7 Mlbs Indicated (12.1 Mt at 510 ppm) and 7.1 Mlbs Inferred (9.3 Mt at 350 ppm), 20.8 Mlbs in all; no Ore Reserve is declared, so the plan is a production target. The state royalty ran at 5.19% of revenue in FY2026 (A$7.84 million on A$151.07 million); its terms are not set out in the filings. The asset risk is the resource: the 2026 estimate is 15.1 Mlbs (−42%) below the 2019 estimate on a depleted basis.

2.4 Alta Mesa (Texas)

Boss holds 30% of the Alta Mesa ISR operation in Texas through a joint venture operated by enCore Energy. Alta Mesa produced 0.491 Mlbs in FY2026 on a 100% basis, about 0.147 Mlbs attributable to Boss. Boss restates no resource, unit cost or plan for it in its annual reports, results release or quarterly; the property disclosure sits in enCore’s FY2025 Form 10-K. The valuation therefore carries Alta Mesa as n/d, bounded at about A$0.06 a share at FY2026 output and Honeymoon’s cost. The asset risk is disclosure: Boss’s 30% moves on an operator’s plan that Boss does not publish.

2.5 Satellite resources: Jasons and Gould’s Dam

The two satellites, re-estimated in March 2026, lie outside the Honeymoon plan: Jasons holds 12.0 Mlbs (13.3 Mt at 410 ppm), 4.9 Mlbs of it Indicated, and Gould’s Dam 33.1 Mlbs (38.7 Mt at 388 ppm), 7.7 Mlbs Indicated. With Honeymoon, the operation’s resource is 65.9 Mlbs: 26.3 Mlbs Indicated and 39.6 Mlbs Inferred. No study covers either deposit; the 19 March 2026 release paired the estimate with a permitting update, not an approval. Section 7 values their 12.6 Mlbs of Indicated resource through one conversion row at 0.25 — A$39.4 million — and the Inferred at nil. The asset risk is the step from resource to plan. No date is filed for a JORC Ore Reserve or a study at either deposit; one would firm the plan’s footing and the 0.25 conversion row in Section 7.

2.6 Production, reserves & costs

Output is Honeymoon’s ramp: 29,000 lb in FY2024, 872,000 lb in FY2025 and 1,407,000 lb in FY2026. FY2027 is guided at 1.25–1.30 Mlbs, below FY2026, at a C1 cost of A$51–56/lb (US$35–39) and AISC of A$83–92/lb (US$58–64), before the study’s ramp. No reserve is declared, so there is no reserve life or replacement ratio; the plan’s nine years run on resource. At 30 June 2026 Boss held 1.58 Mlbs of uranium in inventory at a weighted cost of A$73.6/lb (US$50.5/lb).

Figure 4. Uranium output (Mlb U₃O₈)

Source: FY2026 annual report, remuneration report (p.51); FY2026 results release (p.6); Honeymoon NFS release, production schedule (p.23).

Figure 5. Uranium resources by deposit, Indicated (Mlb U₃O₈)

Source: FY2026 annual report, Mineral Resource Statement (p.32).

2.7 Peer positioning

The peer set is four listed uranium names with filed scale, reserve or cost figures: Cameco (NYSE: CCJ) and Paladin Energy (ASX: PDN) as larger producers, and enCore Energy (NASDAQ: EU) and Uranium Energy (NYSE American: UEC) as ISR operators — enCore also runs Alta Mesa. None is in a pending deal; Energy Fuels is left out for its pending merger with VAC.

Table 3. Peer positioning — quality metrics

Source: Boss Energy ASX announcements (June 2026 quarterly p.2; FY2026 annual report p.32; FY2026 results release p.6); Cameco 2025 AIF p.98; Paladin FY2026 annual report p.40, MD&A pp.4, 6 and AIF p.28; UEC FY2026 Form 10-K pp.39, 97; enCore 2025 Form 10-K. Quality metrics only; cost bases differ.

3. Financials & balance sheet

Revenue doubled from A$75.6 million in FY2025 to A$151.1 million in FY2026 as Honeymoon ran a full year, and gross profit turned from a A$12.0 million loss to a A$29.0 million profit. Operating profit was A$3.4 million and net profit A$2.5 million, after a A$7.7 million fair-value loss on uranium and financial assets. Operating cash flow of A$73.6 million ran far ahead of net income, carried by A$39.0 million of depreciation and the fair-value loss, which are not cash. Capex was A$66.8 million, almost all on mine properties — A$24 million of Honeymoon’s A$66 million capital was sustaining — leaving free cash flow of A$6.8 million. FY2024’s A$44.6 million profit came before commercial production.

Cost deck. FY2027 guidance is a C1 cost of A$51–56/lb and AISC of A$83–92/lb, with sustaining capital of A$33–37 million and process-facility capital of A$25–28 million; the study’s life-of-mine figures are A$50/lb and A$79/lb. The state royalty ran at 5.19% of revenue in FY2026. Costs are in Australian dollars and sales in US dollars: a 2% move in the A$ shifts profit by A$0.6 million. Carry-forward tax losses fell from A$7.4 million to nil at 30 June 2026, so Boss is tax-paying at the 30% rate from here.

Net debt and liquidity. Boss has no debt. At 30 June 2026 cash was A$49.7 million against A$0.3 million of leases — net cash A$49.3 million — plus A$41.4 million of investments and 1.58 Mlbs of uranium at cost, A$116.3 million: A$207.3 million of cash and liquid assets, A$171.9 million net of liabilities against A$207.1 million a year earlier. A further A$16.3 million sits in a cash-backed environmental bond. Net debt to EBITDA is not meaningful in net cash. The rehabilitation provision is A$18.0 million (A$17.0 million a year earlier).

Hedge book and capital returns. No uranium hedging; limited USD/AUD hedging on near-term sales (FY2026 annual report p.31), no open position reported in the notes. No dividend was paid or recommended from FY2022 to FY2026 and no buyback is filed; shares on issue moved from 414.9 million to 415.2 million over FY2026. For how these lines fit together, see the Financial Metrics guide.

Table 4. Five-year financial summary (A$m unless stated)

Source: Boss Energy annual reports FY2026 (statements pp.61–64, p.14, Note 14 p.88, shareholder information p.108, directors’ report p.36), FY2025 (pp.52–55; EPS note p.73) and FY2024 (pp.51–54; EPS note p.67). Gross margin = gross profit ÷ revenue; free cash flow = operating cash flow less both capex lines; net debt = leases less cash.

Notes to Table 4

1. Gross margin is after depreciation; a cash margin by year is n/d, as depreciation is extracted for FY2026 only (A$39.0 m).
2. n/d: the FY2022 rows and FY2023 revenue need the FY2023 annual report, which was not in the source set; FY2024 revenue was nil (FY2025 annual report p.52). The FY2023–FY2024 rows are from the FY2024 annual report, FY2025 from the FY2025 annual report.
3. n/m: no revenue in FY2024, so no growth or margin; Boss is in net cash in every year shown. Diluted shares: FY2023–FY2025 the weighted average used for diluted EPS; FY2026 the count at 31 July 2026 (shares on issue plus performance rights).

4. Management, strategy & structure

4.1 Management & governance

Matthew Dusci became Managing Director on 1 October 2025, after Duncan Craib resigned on 30 September 2025. Justin Laird has been Chief Financial Officer since March 2024. Wyatt Buck chaired the board through FY2026 as Independent Non-Executive Chair; Peter Botten succeeded him on 30 September 2026. The board’s named committees are the Audit Committee and the Human Resources Committee. Board size and independence, related-party dealings and the prior roles of the Managing Director and the new Chair are not in the source set (FY2026 annual report and 2026 corporate governance statement checked; the Chair’s release of 30 September 2026 was not fetched).

4.2 Strategy

The strategy is to run Honeymoon to the New Feasibility Study: 1.25–1.30 Mlbs in FY2027, 1.5 Mlbs in FY2028 once A$58 million of process facilities are built, and 1.9 Mlbs a year from FY2030, about 13.8 Mlbs over nine years. Jasons and Gould’s Dam are the feed beyond that plan, re-estimated and in permitting since March 2026. Alta Mesa gives a 30% share of U.S. ISR production. Boss also buys small strategic stakes: 3.3 million shares of Laramide Resources (TSX and ASX: LAM) at A$0.67 in July 2025.

4.3 Ownership & structure

The material structure is the Alta Mesa joint venture with enCore Energy, Boss 30%. The Laramide holding sits in investments. The largest registered holders at 31 July 2026 are custodial nominees — HSBC Custody Nominees 22.30%, Citicorp Nominees 10.64% and J P Morgan Nominees 7.92% — and the twenty largest hold 53.36%; beneficial holders of 5% or more are not in the source set (the substantial-holding notices of 21 and 26 October 2026 were not fetched). Obligations are the A$18.0 million rehabilitation provision, backed by the A$16.3 million bond. Shares on issue were 415,175,320 at 30 June 2026; with 2,298,068 performance rights the diluted count is 417,473,388, before any shares under the quotation notice of 18 October 2026.

5. ESG & sustainability

ISR leaves no tailings storage facility, and the A$18.0 million rehabilitation provision is backed by a A$16.3 million cash-backed environmental bond. Safety went the wrong way: the 12-month total recordable injury frequency rate (TRIFR) rose from 12.7 in FY2025 to 19.7 in FY2026. The FY2026 sustainability report was not out at the as-of date, so there are no emissions, framework or community figures to score; the licence-to-operate score is set low on the safety trend and the missing evidence.

6. Risks

Table 5. Risk register

Source: Boss Energy ASX announcements — FY2026 annual report (pp.14, 32, 52), FY2026 results release (p.6), Honeymoon NFS release (pp.10, 23); Section 7 for the valuation figures. Likelihood and impact are this analysis’s assessment.

Figure 6. Risk matrix — likelihood × impact

Source: Table 5; likelihood and impact are this analysis’s assessment.

The top-right risk is the plan’s footing: the study schedules nine years on a resource that the same release cut by 42%. Section 7 prices four of these risks directly — the footing through the Indicated-only bound, the cost through the guided AISC bound, the deck by running every grid price as a scenario, and the currency in the ±10% FX check.

7. Valuation

Valuation as of 27 October 2026, in Australian dollars (Boss Energy’s reporting currency) against the A$1.355 ASX close of 27 October 2026. Horizon: spot fair value. Price deck: base uranium US$90/lb U₃O₈ — the representative of the trailing averages (3-month US$88.56, 6-month US$86.87 and 12-month US$85.34/lb, Cameco’s month-end series, to September 2026) on the fixed US$60–120/lb grid — converted at AUD/USD 0.7035 to A$127.93/lb, with every grid price run as a scenario (deep bear US$60 to deep bull US$120/lb). Discount rate 10% real. Uranium is the only commodity in the numbers.

Boss Energy is valued as a uranium producer following the How to Value Commodity Stocks guide. Honeymoon, the mine Boss owns outright, is run year by year on the New Feasibility Study’s drummed schedule — 13.1 Mlbs from the valuation date to FY2034 — at the study’s life-of-mine AISC of A$79/lb. The plan carries no JORC Ore Reserve: it draws on Indicated and Inferred resource, so no reserve backs the life. The Jasons and Gould’s Dam satellites enter through one conversion row on their 12.6 Mlbs of Indicated resource at a factor of 0.25. Boss’s 30% of Alta Mesa in Texas is not valued: Boss restates no resource, cost or plan for it, and its bound sits in the assumptions box.

Enterprise NAV at the base deck is A$306.3 million: Honeymoon A$266.0 million and the conversion row A$40.3 million. The bridge adds A$104.4 million net — A$49.3 million of net cash, A$84.9 million of working capital with the uranium inventory at cost and A$41.4 million of investments, less A$53.1 million of capitalised overhead and the A$18.0 million rehabilitation provision. That gives NAV of A$0.98 per share, a P/NAV of 1.38×.

Three choices set the level. The deck sits 29% above its five-year average of US$69.53/lb, so every anchor is held at mid-cycle and the deck flexed alone. The cost line is the study’s, year by year: A$88/lb in FY2027 and A$90/lb in FY2028, easing to A$68/lb by FY2034 (A$79/lb over the life); held at the A$87.50/lb FY2027 guidance midpoint for the whole life, NAV per share is A$0.85. And the plan’s footing is thin: run on Honeymoon’s Indicated share of the resource only, NAV per share is A$0.77. The currency weighs as much — the Australian dollar 10% stronger or weaker moves NAV per share to A$0.78 or A$1.24.

The two cash-flow legs look at the next twelve months: eight months of FY2027 guidance (1.25–1.30 Mlbs at a C1 cost of A$51–56/lb) and four months of the study’s FY2028 year (1.5 Mlbs at A$54/lb). Forward EBITDA at the base deck is A$73.4 million after the 5.19% state royalty, A$14.6 million of corporate and other costs and A$3.3 million of exploration; after A$38.3 million of sustaining capital and statutory tax, free cash flow before growth capital is A$24.7 million. Neither leg carries Alta Mesa’s 30% share, for the same reason the NAV leg does not: Boss files no cost for it. At FY2026’s attributable output and Honeymoon’s cost, that share would add about A$0.06 per share — under 7% of NAV, so it moves no weight.

Table 6. Load-bearing inputs — the filed figures the valuation moves on (full register: Table 20)

Source: Boss Energy ASX announcements — the FY2026 annual report (year to 30 Jun 2026), the FY2026 results and FY2027 guidance release and the Honeymoon New Feasibility Study (both 27 Aug 2026); uranium prices per Cameco’s uranium price series; AUD/USD per Yahoo Finance.

8. Near-term catalysts (1–3 years)

The catalysts are delivery against the new plan rather than new assets; each moves an input in Section 7.

Table 18. Near-term catalysts

Source: Boss Energy ASX announcements — FY2026 results release (Table 4, p.6), Honeymoon NFS release (production schedule p.23; capital p.124), notice of the 2026 AGM (26 Oct 2026, p.1).

9. Rating & verdict

Figure 10. Scorecard by dimension, 27 October 2026

Figure data: Table 19. Each spoke prints its stars and weight; the dashed ring is the weighted composite, 2.70/5.

Table 19. Scorecard rationale — Boss Energy, 27 October 2026

Source: as cited per row — Boss Energy ASX announcements: the FY2026 annual report, the FY2026 results release, the June 2026 quarterly and the Honeymoon NFS release; peers per Table 3. Every score is against the peer set in Section 2.7.

The arithmetic: 0.15 × 3 + 0.15 × 2 + 0.15 × 2 + 0.15 × 4 + 0.15 × 2 + 0.0625 × 3 + 0.0625 × 3 + 0.0625 × 4 + 0.0625 × 2 = 2.70/5 → ★★½, Average. Producer weights: asset quality, cost, reserves, balance sheet and capital allocation at 15% each; growth, management, jurisdiction and ESG share the remaining 25%.

The two-axis verdict. As of 27 October 2026, Boss Energy rates ★★½ Average with a read of Modestly overvalued (wide band) — the verdict is Full: at A$1.355 the blended fair value of A$1.13 implies −16.9%, and the market-implied uranium deck of US$97.64/lb sits 8.5% above the US$90/lb base, below the five-year month-end high of US$100.25/lb. The target multiples — P/NAV 0.98×, EV/EBITDA 6.9× and an FCF yield of 7.1% — carry a −2% driver line: cost, reserves and capital allocation at ★★, the balance sheet and jurisdiction at ★★★★, asset quality at the median.

The bull case needs the wellfields to deliver the study’s ramp to 1.9 Mlbs a year at its A$79/lb life-of-mine AISC and the satellites to move toward a plan; at US$105/lb the blend is A$1.58. The bear case is the past year’s record: a resource cut, cost guidance above the study’s life-of-mine average and a plan with no reserve under it — on Indicated resource alone NAV per share is A$0.77. A few dollars of uranium tip the read either way: Fairly valued from US$93.12/lb, Overvalued below US$84.07/lb. To rank Boss Energy against every peer on these nine dimensions, screen the sector on Metal Pilot’s uranium mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. Boss Energy ASX announcements: the FY2026 annual report and Appendix 4E (year to 30 June 2026; the as-of anchor for the balance sheet), the FY2025 and FY2024 annual reports, the FY2026 results and FY2027 guidance release (27 August 2026), the June 2026 quarterly activities report (30 July 2026), the Honeymoon New Feasibility Study and Mineral Resource update (27 August 2026), the Gould’s Dam and Jasons Mineral Resource and permitting update (19 March 2026), the 2026 corporate governance statement and Appendix 4G, and the notice of the 2026 annual general meeting (26 October 2026).

Peer and market data. Cameco 2025 AIF; Paladin FY2026 annual report, MD&A and AIF; UEC FY2026 Form 10-K; enCore 2025 Form 10-K; BOE daily closes and AUD/USD per Yahoo Finance to 27 October 2026; uranium month-end prices per Cameco’s uranium price series to 30 September 2026.

Methodology. Data as of 27 October 2026; price at the 27 October 2026 ASX close of A$1.355; balance sheet and resources at 30 June 2026 (satellites March 2026). Deck: base uranium US$90/lb on the fixed US$60–120/lb grid in US$15 steps, converted at AUD/USD 0.7035, every grid price run as a scenario, consensus at 0% (not available). Grid: uranium price × 8%, 10% and 12% real. Peers: Cameco, Paladin, UEC and enCore, on filed quality metrics. Scorecard: producer weights (Section 9). Valuation: NAV at target P/NAV 50%, EV/EBITDA 30%, FCF yield 20%. Cadence: refreshed on each annual report and on material events — a JORC Ore Reserve, a study at the satellites or a change to Honeymoon’s guidance.

Re-run log. 27 October 2026: new analysis — facts, model and draft; scorecard stars handed to the driver line (−0.02): at A$1.355 the fair value is A$1.15 (A$1.17 at the anchors), implied −15.1%, range A$0.32–2.05, Modestly overvalued (wide band); NAV/share A$0.97; rating 2.7/5 Average. 27 October 2026 (Phase E, gate fixes): the study’s AISC, process capital and FY2028 C1 and sustaining capital by year (Table 8, p.23) replace its life-of-mine figures — NAV/share A$0.97 → A$0.98, fair value A$1.15 → A$1.13, implied −15.1% → −16.9%, market-implied deck US$96.82 → US$97.64/lb; the read is unchanged at Modestly overvalued (wide band). The model’s full output, including the deck sensitivity, the P/NAV map and the cross-checks, is claude/valuation-models/boss-energy-boe.out.md.

Omitted figures. The asset map is not built (Table 2 carries the portfolio). Figure 3 substitutes enterprise NAV by asset for revenue by asset, which is not disclosed, and Figure 5 shows Indicated resource, as no reserve is declared. No optional financial or safety figure is built.

Data gaps. A JORC Ore Reserve, reserve life and replacement (none declared); the NFS life-of-mine NPV (not printed); Alta Mesa’s resources and unit cost (not restated by Boss); revenue by asset; the royalty’s terms; board size, independence and related parties; beneficial holders of 5% or more (the substantial-holding notices of 21 and 26 October 2026 were not in the source set); the Chair’s release of 30 September 2026; the FY2026 sustainability report (not yet released) and emissions figures; the September 2026 quarterly (not released at the as-of); FY2022 statement rows and FY2023 revenue (the FY2023 annual report was not in the source set); offtake contracts; analyst consensus and the company’s own multiple history; shares issued under the quotation notice of 18 October 2026. Each that moves the value is bounded or given a direction in Section 7, Table 17.

The register below holds the filed figures behind the valuation, one band per document; Table 6 at the head of Section 7 lists the load-bearing rows drawn from it.

Table 20. Source register — the filed figures behind the valuation (load-bearing inputs: Table 6)

Source: each row’s document as cited, one band per document; Table 6 at the head of Section 7 lists the load-bearing rows drawn from this register — Boss Energy ASX announcements (FY2026 annual report, FY2026 results release, June 2026 quarterly, Honeymoon NFS and MRE release), Cameco’s uranium price series and Yahoo Finance for AUD/USD.

10.2 Disclaimer & disclosure

This analysis is for information only and is not investment advice. It is a point-in-time snapshot as of 27 October 2026: the price, NAV and verdict move with the market, the uranium price and the Australian dollar. Resources are JORC 2012 estimates, no Ore Reserve is declared, and the mine plan behind most of the value is a production target; the valuation is a model on stated assumptions, not a measurement. The rating and read are analytical judgements, not a recommendation to buy or sell. This report was prepared with AI assistance from primary filings. The author holds no position in any company named here.