Q4 2025 Boss Energy Ltd Activities Report Call Transcript

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

Question: Daniel Roden - Jefferies LLC - Analyst : Okay. Thanks, Duncan, Justin, and Matt for taking my questions. Just following up on another. I assume that I guess the impacts of that continuity and leachability are nonlinear with grade. And I guess the financial impacts of that. So, I just wanted to -- like when are you starting to expect those impacts is that from '27? And I guess, can you just elaborate on I guess the life of mine impacts going forward. It sounds like you're potentially going to have a big hit to -- or potentially to, I guess mine life and life of the asset, as well as sustaining habits over the profile. Is that the right way to think about it?

Question: Daniel Roden - Jefferies LLC - Analyst : Okay. And I just wanted to touch on, I guess, the undersold relative to production in the June quarter. I just wanted to touch on what the strength of the spot market has been over that time? And, you'd note that you're selling -- or unwilling to sell at lower prices, but we are reverting back into a low price environment. So, I guess looking forward over the short term, the next three months, I think it's widely expected that the spot market liquidity is not going to meaningfully improve until later in the year. What liquidity do you see over the next three months? And is it going to be sufficient? And just as a follow-up to that as well, I note that your market to market, your inventory at $85 a pound. If you were to mark that at spot, I'm calculating that at $100 million dollars. Do you think that's a fair assessment of your near-term liquidity, given if you try to liquidate the 1.4 million pounds over the next month or two? I assume that's transacting at a pretty hefty discount even to the $72 account spot price now.

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Hi, Duncan and team. Thanks for taking my questions. Just back on that independent review. Is that going to focus on all deposits, I guess, between East Kalkaroo back to Honeymoon? Is it going to expand from there out to those satellite deposits? Like, how -- where do we sort of draw this line of sort of question marks around the resource continuity? And also, do you have sort of a rough timeline as to when that independent review will be finalized?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Thanks. And I guess sort of going on from that, I mean, even if you take that 1.6 million pound guidance for FY26, I guess you're assuming rough capacity across all six NIMCIX columns of 57% at a 50 milligram per liter leech tenor. So I guess you're basically assuming that the leech tenor is going to come down quite drastically from that [88%] that you experienced in 4Q. Is that how we interpret that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 28, 2025 / 1:00AM, BOE.AX - Q4 2025 Boss Energy Ltd Activities Report Call

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay, so that assumes that you're running the additional columns at a lower capacity initially or a slower ramp up then.

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay. So that's a big change there. All right. Thanks, guys. I'll rejoin the queue.

Question: Rahul Anand - Morgan Stanley - Analyst : Yeah, hi, Duncan, Matt and team. Thanks for the opportunity. Look, I've got two questions. I'll I'll start with the first. The continuity issue, what in your opinion in hindsight has led to this? I mean, is it lack of drilling and testing? Is it a lack of drilling at depth? Is it drill spacing? Like what is -- what in your opinion is the driver for this? And when is the independent report due by?

Question: Rahul Anand - Morgan Stanley - Analyst : So just a quick follow up there, perhaps for Matt. Matt, this kind of reminds me of Nova in a way. And I think what was done at Nova post having a resource that wasn't continuing was that it was heavily drilled, and the entire reserve life was drilled out. So, is that something that you guys are going to consider to actually have tighter drill spacing and try to define and spend a bit more on exploration and basically get a bit more confidence in what you've got in the ground?

Question: Rahul Anand - Morgan Stanley - Analyst : Sure. Look, for the second one, just a continuation of the first, I guess. What are some of the critical factors that you need to determine really to know whether you get to that nameplate in the medium term beyond FY27? I mean, I guess you'd be looking to run equipment and plan at basically capacity in order to minimize costs. But are there some other limiting factors that are not making the outcome as linear as it should be?

Question: Rahul Anand - Morgan Stanley - Analyst : Okay, sure. So that would basically mean a lower amount of reserve and then if you so choose that path. Okay, that's well understood. Thank you.

Question: George Ross - Argonaut - Analyst : Morning guys, thanks for taking the call. Most of my questions have been answered. I guess just in regards to the Gould's Dam and Jason's drill out areas. Are we going to see any infill or sort of, I guess, spatial variability infill drilling completed on those in the near term like prior to, I guess, publishing the new resources. So that we, I guess, have confidence, on the continuity of our zones.

Question: George Ross - Argonaut - Analyst : Okay, cheers. And I guess from an overall recovery perspective, with Kalkaroo, for example, are we expecting a fairly significant hit from overall recoveries of uranium from the Wellfield? Or do you feel comfortable doing drilling at a, I guess, a denser spread will enable you to sort of maintain those overall recoveries. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 28, 2025 / 1:00AM, BOE.AX - Q4 2025 Boss Energy Ltd Activities Report Call

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Hi, Duncan (inaudible). Yeah, just following up. Just on that inventory on hand question that was asked earlier. So how do we read into that 100,000 pound sale? I mean, are we -- is that a working capital timing issue? Are we going to see additional sales come through this quarter? How do we sort of think marry up, I guess, that production level versus the actual sales?

Question: Regan Burrows - Bell Potter Securities Ltd - Analyst : Okay. And then just looking at Alta Mesa as well, I mean, it looks like you received less than the pro rata share there, 43,000 pounds and 203. Just curious, is that a timing issue as well?

Question: Daniel Roden - Jefferies LLC - Analyst : Okay guys, just a quick follow up on the Alta Mesa. Are you providing guidance for FY26 for Alta Mesa as well as part of the (inaudible) and --?

Question: Daniel Roden - Jefferies LLC - Analyst : Okay. And probably just a follow-up on that then, noting that the asset, I guess if you take [during] the quarter production and the actual out of that it's loss-making at current production rates and pricing. If you fast forward into December, you're potentially in a position to become, I guess, the dribing managers of the asset. I guess how do you think about that? Like, if you do see that scenario eventually, clearly something is going wrong with the asset. And you know, effectively inheriting a liability at that point in time. I guess how do you kind of balance that? And would you not prefer to take, I guess the loan repayable at $100 a pound?

Question: Daniel Roden - Jefferies LLC - Analyst : Okay. And I guess, probably just on the sales element, is the potential that Alta Mesa has contracts that might not be delivered into that you could potentially bend into as well and kind of almost do a swap on contracts as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 28, 2025 / 1:00AM, BOE.AX - Q4 2025 Boss Energy Ltd Activities Report Call