Q1 2026 Boss Energy Ltd Activities Report Call Transcript

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

Question: Rahul Anand - Morgan Stanley - Analyst : Hi, good morning. Thanks for the call. Look, for my two questions. Firstly, on the review study and the drilling, just wanted to understand if you're able to kind of provide a bit more color on what direction that's progressing in. And will the drilling that you're doing at the moment in terms of the infill, would that have some results that can be presented with the review study, or would that come later on? Because I presume drilling would take a bit more time and assays, et cetera? So that's the first one. I'll come back with a second. Thanks.

Question: Rahul Anand - Morgan Stanley - Analyst : Excellent. Okay, that's very clear. Thanks. And look, Matt, the second question was around the cost. Obviously, good performance this period to ramp up. I guess there were a few one-offs in there that probably don't repeat going forward, but I wanted to touch upon the reagent optimization which perhaps does lead to some good outcomes in the medium term. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 29, 2025 / 12:00AM, BOE.AX - Q1 2026 Boss Energy Ltd Activities Report Call So are you able to help us understand what's more to come in that space and how we can think about the cost base on account of that effort that you've got going? Thanks.

Question: Rahul Anand - Morgan Stanley - Analyst : Excellent. No, that's very clear. Just a quick follow-up, though. I mean, in terms of those cost savings, then can they potentially offset some of the issues that you've faced in terms of your, I guess, extraction performance given what's going on with the study and whatnot? Can this kind of help you offset some of that?

Question: Rahul Anand - Morgan Stanley - Analyst : Excellent. Okay, that's very helpful. I'll pass it on. Thanks.

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Just on the tenor grades, 81 milligrams for the quarter. I think you previously stated that the expectation was for FY26 for it to be around 55 to 60. I guess, any updates there? Can we expect higher tenors over the course of FY26? And maybe you can provide a rough average as to where you expect those tenors to be given the optimization of the (inaudible) solution?

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Yeah, understood. And maybe just on Jason's and Gould's dam, how long does it roughly take to do the PFS and go through the approvals process? What kind of timeline are you looking at there, roughly?

Question: Milan Tomic - JPMorgan Chase & Co - Analyst : Yeah, thanks.

Question: James Bullen - Canaccord Genuity Corp - Analyst : Thank you. Congrats on delivering your first quarter, Matt. Nice and solid one. I think it beat consensus and it definitely beat us as well, so that's positive. But obviously, we're all looking forward to how East Kalkaroo go and the review process there. But I thought I might just change [tack] for a second. Two years ago, you acquired the Alta Mesa stake, 30%. It was a bit of a different setup for Boss at that time. Do you still view that asset as core, and is it still a beachhead for potential expansion in the US, or have you just got more than enough to do here in Australia? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 29, 2025 / 12:00AM, BOE.AX - Q1 2026 Boss Energy Ltd Activities Report Call

Question: James Bullen - Canaccord Genuity Corp - Analyst : Thank you. And I just -- maybe this one is best to take offline, but just trying to understand what you're going to be presenting to the market in the December quarter post the review? And then what is going to be held back until you've completed your infill drilling program? If we could just get an understanding about how the data breakdown is going to work there, what are the key deliverables from the review?

Question: James Bullen - Canaccord Genuity Corp - Analyst : Okay. Thanks very much. Understood. Cheers, Matt. Thanks, Justin.

Question: Daniel Roden - Jefferies LLC - Analyst : Just a quick one from me. You mentioned in the release that you expect sales to pretty much match production for the rest of FY26, if I'm recalling correctly. You'd previously kind of guided for a normalized run rate of 0.8 million to 1 million pounds of inventory. You're no longer expecting to unwind this and I guess my question is what -- why would you not no longer be expecting to unwind that inventory position?

Question: Daniel Roden - Jefferies LLC - Analyst : Yeah, that makes sense. (technical difficulty)

Question: Daniel Roden - Jefferies LLC - Analyst : Yeah, sure. Maybe just indicatively, do you see a price point for that? I guess in the last quarter, outside of the volumes and like volumes in the market at this price, but it's all spot pricing up in excess of 80. They were sitting at high 70s to 80, through most of the quarter. I guess from your commentary, that's not a sufficient price to be unwinding that inventory?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Hi, Matt and Justin. Thanks for taking my questions and congratulations on a good quarter. Just curious to get a sense of where you are in terms of capacity and how you're running the initial columns 1, 2, and 3 at the moment? On my numbers, it looks like you're operating below capacity and obviously connecting column 4 and the December quarter and then aiming 5 and 6 for the March quarter next year. Just curious. I mean, does your thinking around how this review pans out in December, is that going to sort of infer how you -- or when you potentially connect columns 5 and 6? And could we see those get pushed out sort of 6, 12 months?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : So at the moment, to think about it is if you're running sort of 55 milligrams per liter head grade, you would be sort of closer to full operating capacity on those three IX columns? There's nothing sort of nefarious or stopping you from doing that? It's just purely a grade decision?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay, great. Thanks for that. And then just on the -- [a cheap] price of the quarter, obviously, a decent price there. Curious to know, I mean, does that obviously include that 100,000 pounds inventory return? And if we strip that out, I mean, what was your achieved price under that scenario?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : And just sorry, following on for that. I mean, obviously FY27, there is obviously a lot of concern around production volumes. How are your off-takers thinking about that and how are you thinking about your contract portfolio going into FY27? Are you contracting pounds, actively looking at RFPs, or are you just waiting and seeing?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Great. I'll leave it there. Thank you very much for taking my questions.

Question: Andrew Hines - Shaw and Partners Ltd - Analyst : Just back on contract, just a quick question for you, because you are a producer now, so you're one of the few around the world that are producing. So you're in the ecosystem and talking to customers. Are you actually actively talking -- there's a few RFPs around at the moment. Are you involved in any of those processes? And if so, any color for us on what's happening out there in the broader market at the moment? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 29, 2025 / 12:00AM, BOE.AX - Q1 2026 Boss Energy Ltd Activities Report Call

Question: Daniel Roden - Jefferies LLC - Analyst : Hey, guys, thanks for taking a follow-up. Just wanted to circle back to, I guess, Jason's and Gould's, you've mentioned that you're accelerating the approvals there. And I know you've kind of answered this before a little bit, but I just wanted you to tease out a little bit more color on your expectation of what's the earliest realistic production window that you could see for each deposit?

Question: Daniel Roden - Jefferies LLC - Analyst : No, I think we all appreciate it. Thanks [for answering the question].