Boss Energy share’s fall as UBS cuts target price amid production capacity review
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The news: Boss Energy shares plunged in afternoon trade after the uranium miner provided an update regarding a review of its flagship Honeymoon mine’s ability to meet nameplate capacity and UBS analysts cut their price target.
At 2:06pm AEST, shares in Boss Energy had slipped 11.8% to $1.74.
UBS analysts lowered their 12-month target price from $3.50 to $2 and upgraded their rating on the stock from ‘sell’ to ‘neutral’ as the company’s share price has climbed down from 2025 highs.
The analysts said that while the 36 million pounds of resource identified at the Honeymoon site is expected to remain available, “the issue with resource continuity could require more wellfields and increased inputs", meaning more capital and operational spend.
UBS expectations for Boss Energy's FY26-28 earnings were also lower by between 40 and 48%.
What they said: “We temper our FY26 expectations while we also reduce Honeymoon average production from 2.5 to 2 million pounds per annum from FY27 as we await review findings,” the UBS research note reads.
Boss Energy’s Honeymoon mine review to be completed by end of 2026
The news: The operational review of uranium miner Boss Energy’s Honeymoon mine is on track for completion by the end of the year.
The review will include an assessment of mineral resource and wellfield design.
The context: The Honeymoon mine was put under review in late July 2025 to determine whether “the potential for reduced mineralisation and leachability” compared with assumption in the enhanced feasibility study dated 21 June 2021, which could make it more difficult to hit nameplate capacity.
The review of the Honeymoon site as well as satellite deposits Jason’s and Gould’s Dam is being led by Boss Energy’s geological team, who are focused on input assumptions, data, resource domains, estimation methodology and mineralisation continuity.
Additional in-situ leach mining experts have also been engaged to support the Boss Energy geological team.
An accelerated drilling program to support the wellfields planning schedule is also expected to begin in mid-September 2025 and run for between seven and nine months.
The sources: ASX, UBS research
