Boss Energy Ltd (ASX: BOE) shares are having a strong session on Wednesday.
In early trade, the ASX 200 uranium stock was up as much as 11% to $2.01.
The uranium producer’s shares have pulled back a touch since then but remain up 7% to $1.93 at the time of writing.
Why is this ASX 200 uranium stock jumping today?
Investors have been bidding Boss Energy shares higher today after it released its quarterly update.
According to the release, the company’s Honeymoon operation performed very positively and delivered record drummed production of 456 klbs U3O8 and IX production of 406 klbs for the three months. This represents an 18% and 8% increase, respectively.
Management advised that this was driven by higher flow from new wellfields.
The good news is that this means the ASX 200 uranium stock is on track to achieve its FY 2026 production guidance of 1.6 Mlbs.
Another positive that could be giving Boss Energy shares a lift today is that it achieved this with lower costs per unit.
Honeymoon’s C1 costs were $30 per pound (US$20 per pound) which is down 12% following positive results mainly from reagent optimisation in the wellfields and plant.
In light of this, the company’s cost guidance for the Honeymoon operation has been lowered. It now expects C1 costs to be $36 to $40 per pound instead of $41 to $45 per pound.
This compares favourably to the average realised price of US$74 per pound during the second quarter.
A ‘significant’ quarter
Commenting on the quarter, the ASX 200 uranium stock’s CEO and managing director, Matthew Dusci, said:
This quarter was significant for Boss, following completion of the Honeymoon Review and initiation of the New Feasibility Study. The pathway forward through a new wide-spaced wellfield design has the potential to lower operating costs, optimise production profiles, and extend mine-life. The successful and timely delivery of this study has the potential to deliver significant value and is a strategic priority.
With regards to production, the team has delivered a record quarter of 455,791 lbs of U3O8 drummed at a C1 cash cost of $30/lb. As a result of the continued work to optimise the operation, it is pleasing to reconfirm production guidance of 1.6 Mlb for FY26 while revising down our C1 and AISC costs. We continue to balance investment in the current wellfield design with delivering the New Feasibility Study as we prioritise delivery of production whilst also minimising spend on wellfield designs that could be improved under the wide-spaced wellfield design.
The post Why is this ASX 200 uranium stock jumping 11% today? appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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