Boss Energy Ltd Company Update Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Franco Stokit - Evans and Partners Pty Ltd - Analyst : Good morning guys. Thank you. I appreciate the opportunity. Just a couple of quick ones from me. Obviously a lot hinges on this new wellfield facing design. Can you just talk about your level of confidence in this working? Is this a 50-50 probability and maybe also some examples where this is applied in other ISR operations globally, please? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Franco Stokit - Evans and Partners Pty Ltd - Analyst : I appreciate that. And yeah, second question just on East Kalkaroo and Brooks Dam, can you just talk about the economics of developing those parts of the resource if the new strategy around wellfield facing doesn't include Jason? Like, is it economic to develop these areas under the current framework?

Question: Franco Stokit - Evans and Partners Pty Ltd - Analyst : So maybe the point of clarification, I missed it at the opening comment there, but on East Kalkaroo and Brooks Dam specifically, obviously, the near (inaudible) targets, have they looked under their current framework?

Question: Franco Stokit - Evans and Partners Pty Ltd - Analyst : Okay, thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Thanks for taking my questions. Just looking on slide 10, I guess, the comparison to a wider space pattern versus a tighter space pattern obviously looks like that wider space footprint performs a lot better under your understanding. Just curious, I mean, why wasn't this viewed in the first place? And on those operating metrics, I mean, and Franco just asked the question before, is anyone else employing a similar style strategy from my understanding that the max is up to about 50-meter spacings. You guys are now targeting 75 meters to potentially 150 meters. I mean, what confidence do you have that this is going to work?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Great. And if I could just squeeze one in there, can you just remind us where you are in terms of the permitting timeline for Jason to be enrolled? And I guess if this thesis doesn't play out the way you're seeing it, what's your fallback option?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay. Thanks. I will rejoin the queue. Thank you.

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Yeah. Good afternoon, guys. Thanks for the call. Just a quick point of clarification. Notice that in the release, you're saying all-in sustaining costs quoting at $75 to $80, I believe the previous guidance was $64 to $70. Has that been a downgrade on the cost, or is this just a mistake, or have I missed something?

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Okay, so yeah, we'll use $64 to $70 then. And yeah just appreciate that you are in the midst of a revised study, but I guess until that's released, how should we be thinking about longer-term production rates and and costs moving forward? Obviously, you're saying it's going to be at the 1.6 million pounds for FY27. Moving forward, how does that number look like if you were to keep the operation running as is without the new study?

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Understood. And maybe just one more from me, you say the wide wide spaced wellfield design is at a concept study stage, can you maybe just elaborate on what work have you actually done to come to this alternative?

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : All right. Thanks very much. I'll leave it there.

Question: James Bullen - CBS - Analyst : Yeah, thank you. Just coming back to this, I'm just struggling to understand with stepping out to 150 meters. As we've previously noted, I mean, most of the guys, if we look in the US, they're all tightening up their spacing. What is it about your resource? I mean, you've highlighted the hydrogeology, but you're still potential for battles here and, just making sure that you know where the lixiviant is going.

Question: James Bullen - CBS - Analyst : Understood. And just given that you're going to have lower flow rates if this does work, do you need the extra IX column?

Question: James Bullen - CBS - Analyst : Right, and you're going to have to prep these wellfields well, well ahead of time if you're going to have residents of 40 to 90 days. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: James Bullen - CBS - Analyst : Thank you.

Question: Daniel Roden - Jefferies LLC - Analyst : Hey, guys. Thanks for taking my question. I'm just asking a bit of clarity because I'm still, I guess, a little bit confused. Increased discontinuity and separation between (inaudible) And I guess usually the way you look at the US, aren't you being a bit more, you're losing the selectivity through, I guess, the hydrogeology isolated areas, and you're not going to generate flow. So aren't you, I guess, sterilizing a large portion of the resources there? And I guess being specific to Honeymoon, some of your higher-grade areas are on your (technical difficulty) So isn't this a, I guess, how do you think about this in terms of, I guess, (technical difficulty) I'm thinking right now?

Question: Daniel Roden - Jefferies LLC - Analyst : I guess as part of that you're assuming that the liquidity that flows into areas outside of the slope because it's a lower rate and then you'd be able to reclaim that outside of the flow again. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Daniel Roden - Jefferies LLC - Analyst : Yeah, okay. Okay. Well, yeah, maybe just, I guess I'm running the point, but I guess that hasn't been demonstrated anywhere at all, taking a view that this theoretical widening exercise and slowing down the rate will not drag down to the flow rate and will turn the action to lower flow rates, but we've not seen that demonstrated at any other location (technical difficulty)

Question: Daniel Roden - Jefferies LLC - Analyst : Yeah, okay, no worries, and I guess, I know you put on, I guess, post the (technical difficulty) I guess the framework today, like it's hard like. You talked to a potential to get (technical difficulty) that's not an immediate step, as far as I understand, and -- yeah, like, I guess how do you, how do you think about it and beyond?

Question: Daniel Roden - Jefferies LLC - Analyst : Yeah, okay. I might just try one more time. It's a different approach, but at the moment it's around [2 to 2.1] out for 2030. Do you think that's an appropriate number for production?

Question: Daniel Roden - Jefferies LLC - Analyst : All right. Thanks, guys.

Question: George Ross - Argonaut - Analyst : Look, most of my queries have been answered. I did want to query, though, on reagent consumption. So you're saying that there's going to be lower consumption of reagents. Could you (technical difficulty) please, just so I understand? Is that on a per unit of resource basis or is that a product unit basis?

Question: George Ross - Argonaut - Analyst : Okay, so the implication of a lower capital intensity, I guess you're potentially saying lower reagent costs, so potentially saying lower all-in sustaining costs. Is that the way to read that, if this is all theoretically correct?

Question: George Ross - Argonaut - Analyst : Yeah, no, great. Okay. So, I mean, this all works. Lot of upside. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Jacob Li - Barrenjoey Markets Pty Ltd - Analyst : Hi, Matt and Justin. Thanks for the question. Just on FY27 outlook, with all-in sustaining costs 15% higher in '26, how much do you think the CapEx assessment will receive beyond '27 (inaudible) profile beyond '27? That was my first question, thanks.

Question: Jacob Li - Barrenjoey Markets Pty Ltd - Analyst : So you're saying that our all-in sustaining cost is only supporting that 1.6 million pounds of production for FY27 and not really providing a benefit for production beyond because you have already been spending that same CapEx on wellfield development that might be used in the future.

Question: Jacob Li - Barrenjoey Markets Pty Ltd - Analyst : And second question, you mentioned longer residence time in the new sort of wider space wellfield developments. Given that you may still move across this and wellfield over time as you depart (inaudible) does that mean you may have a lower cost to help you access lower-grade areas to maximize the current results. And, for example, the current wellfield design is expected to produce 1.5 to 2.5 million pounds less uranium than what your EFS has. Would there be a scenario with revised wellfield design where you'd be able to recover that loss accounts and produce more? I understand it's still early study, but just trying to understand the facts of what Honeymoon overall deposit (inaudible) LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Dim Ariyasinghe - UBS AG - Analyst : I think most of my questions have been asked already, but this one, I think, not in the presentation, but in the release, we talked to a total of -- from the current wellfield design, expected to produce a total of 1.5 million pounds, 1.5 to 2.5 million pounds less than EFS. Just to clarify, is that like a total life of mine estimate? So that's the number that we use effectively if we're trying to figure out what (inaudible) wide space drill (inaudible)

Question: Matthew Hope - Ord Minnett Ltd - Analyst : First question, I just want to clarify some of the data that you put in the release. So are you suggesting the actual high-grade or it's apparently mining is sort of cut out of the new plan and you'd only be expecting the low-grade or is it expecting both, both the high-grade and the low-grade? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Matthew Hope - Ord Minnett Ltd - Analyst : Okay, and then the high-grade, I think you indicated that was 40% of the mineralization at the current start-off of 400 ppm. If you went down to 100 ppm, you said that would have another 49%. So are we talking about the potential ore more than doubling in size if you bring it down to 100 ppm, you say, what you're indicating?

Question: Matthew Hope - Ord Minnett Ltd - Analyst : Okay, and then on slide 10, you said the total recovery would be the same as the current design and the recovery time is the same as the current design. So I mean, I'm trying to understand what does that mean? Does that mean that total recovery just means the same total pounds coming up over the same time so that nothing changes in the plan? What does that actually mean?

Question: Matthew Hope - Ord Minnett Ltd - Analyst : Okay, so even though the amount of ore that you have in each wellfield may increase if you lower the cut-off grade, do you think the amount of pounds you would recover from that wellfield would be the same as the current target?

Question: Matthew Hope - Ord Minnett Ltd - Analyst : So some of it would not come out, presumably the high grade that's in pods wouldn't get back, is that what you're saying?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : So we're struggling to understand that the greater spacing, I guess, means less control over the flow direction, and theoretically, as you said, a more dispersed flow, so you're potentially picking up more lower-grade uranium mineralization. Now, that doesn't lower your PLS rate. I assume that is perhaps at a capacity limit based on flow rate. Struggling to understand how if you're leaching lower-grade uranium, that doesn't impact and result in a lower PLS.

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay.

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay. And then just on the, I guess, the initial issues where that lack of continuity in the ore bodies, my understanding was that, I guess, by increasing the spacing rather than reducing the spacing, I assume that you guys are comfortable that there are fluid pathways that go through and connect up these ore bodies, but it just might mean that the lixiviant is going through a barren path for a longer period of time. Is that a way to understand it? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:00AM, BOE.AX - Boss Energy Ltd Company Update

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Yeah, so it wasn't historically a situation where there was no mineralization in between these pods. It's just that it was considerably lower than what you had originally.