Category: Stock Market

The healthcare sector has been well and truly out of form in 2025. Since the start of the year, the S&P/ASX 200 Health Care index has lost 25% of its value.

Although this is very disappointing, it could be setting the stage for a major recovery in 2026.

With that in mind, let’s take a look at three ASX healthcare shares that Bell Potter has named as best buys for the year ahead.

Integral Diagnostics Ltd (ASX: IDX)

Bell Potter is positive on this leading provider of medical imaging services. Especially given the successful integration of the Capitol Health business and its attractive valuation. It explains:

Integral Diagnostics is a leading provider of medical imaging services across Australia and New Zealand. IDX operates 145 clinics, which includes 42 fully licensed MRI machines and a further 22 unlicensed MRI. The integration of Capitol Health (CAJ) has gone well with integration synergies guidance upgraded by 40% to $14m p.a.

The full impact of MRI de-regulation, the lung cancer screening programme and GP bulk billing initiatives should flow through in 2H26, with subsequent EBITDA margin improvement to c.21% by the end of FY26. The IDX share price has been relatively flat over the past 6 months and compares favourably with the XHJ that has declined c.14% over the same period. IDX is trading on an EV/EBITDA multiple of c.9x and a PEG ratio of c.0.6x, attractive valuation metrics going into CY26.

The broker has a buy rating and $4.00 price target on its shares.

Pro Medicus Ltd (ASX: PME)

Another ASX healthcare share that Bell Potter is bullish on is health imaging technology company Pro Medicus.

The broker believes that Pro Medicus is one of the “highest quality companies on the ASX” and expects its strong earnings growth to continue in FY 2026 and FY 2027. This is being supported by the radiology industry’s structural shift to the cloud. It explains:

The entire radiology industry is headed to cloud based (off premises) archiving. Put simply, the Visage 7 viewer, Workflow and Archive are the fastest and most advanced tools for the retrieval and viewing of large radiology files.

The platform is immensely scalable and relatively easily installed, providing it with a sustainable competitive advantage over the likes of peers Intelerad, Sectra, Phillips and GE Healthcare. The company is conservatively managed and well owned by large institutional investors while the two founders continue to have a controlling stake.

Bell Potter has a buy rating and $320.00 price target on Pro Medicus’ shares.

Telix Pharmaceuticals Ltd (ASX: TLX)

Finally, Bell Potter thinks radiopharmaceuticals company’s shares could be a top option for 2026.

The broker believes that there’s a strong probability of its Zircaix receiving US FDA approval next year, which could be a big boost to its revenue. It said:

We are confident regarding the approval in CY 2026 of Zircaix following resubmission of the Biological License Application (BLA). The FDA rejected the original BLA due to CMC (chemistry manufacturing & control) matters at Telix’s manufacturing partner. There were no matters related to safety or efficacy.

We expect the market for Zircaix once approved will be in excess of US$500m. The product has been included in guidelines for disease management in the US and Europe and continues to be available in the US under the expanded access program. Elsewhere, sales of Iluuccix/ Gozellix in the PSMA franchise continue to grow and were recently boosted by the refresh on the pass through pricing.

Bell Potter has a buy rating and $23.00 price target on the ASX healthcare share.

The post Bell Potter names the best ASX healthcare shares to buy in 2026 appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Integral Diagnostics, Pro Medicus, and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Australian superannuation funds have had a pretty stellar run in recent months, notching up seven months on the trot of positive gains, before a slight dip in November.

And new figures released by superannuation research house Chant West this week suggest that Australians don’t have too much to worry about regarding their superannuation performance over the calendar year, with the falls in November only amounting to about 0.4%.

As Chant West said:

Despite the small loss, and taking into consideration market movements over December so far, with less than two weeks of the year remaining, Chant West estimates that the median growth fund return for calendar year 2025 is sitting at a healthy 8.5%.  

A good result in trying times

Chant West, head of Superannuation Investment, Mano Mohankumar, said, considering the uncertain global political and economic times we’ve been living through over the past year, that would be an excellent result.

Mr Mohankumar noted that offshore markets were driving many of the gains:

International share markets, which account for just over 30% of growth fund allocations on average, have been the primary driver of the strong CY25 performance to date, delivering over 17% so far this year. It’s also helped that all major asset classes have produced positive returns for the year to date. Given the strength of international share markets, super fund members who were invested in higher risk portfolios would have naturally experienced even stronger outcomes.

Mr Mohankumar said this year’s result would build on solid performances for the past two calendar years of 9.9% in 2023 and 11.4% in 2024, bringing gains to about 33% over the three years.

He said further:

While the calendar year performance often attracts the most attention at this time of year, it’s important to remember that long-term performance remains the key measure for super outcomes.

Strong performance over longer term

Looking further back through historical figures, Chant West noted that since the introduction of mandatory superannuation in 1992, the median growth fund had returned 8% per annum.

The research house said further:

The annual consumer price index increase over the same period was 2.7%, giving a real return of 5.3% p.a. – well above the typical 3.5% target. Even looking at the past 20 years, which includes three major share market downturns – the GFC in 2007-2009, COVID-19 in 2020, and the high inflation and rising interest rates in 2022 – super funds have returned 7% p.a., which is still comfortably ahead of the typical objective.

Mr Mohankumar said there had only been five negative years in total over that entire period, “which translates to less than one year in every six”.

The Association of Super Funds Australia (ASFA) recently estimated that to achieve a “comfortable” retirement at age 67, couples needed a superannuation balance of $690,000, while singles would need $595,000.

The post After losses in November, how will superannuation funds end the year? appeared first on The Motley Fool Australia.

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• Bell Potter names the best ASX healthcare shares to buy in 2026
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• This ASX small-cap mining stock is tipped to rocket 160% higher
• Why is everyone talking about Telix shares this week?
• With a new boss in place, are Karoon Energy shares a buy, hold or sell?

Motley Fool contributor Cameron England 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.

DroneShield Ltd (ASX: DRO) shares are falling again on Thursday.

At the time of writing, the counter drone technology company’s shares are down 3% to $2.40.

While this is disappointing, Bell Potter thinks that it has created a buying opportunity for investors and is urging them to buy its shares ahead of the “Year of the Drone” in 2026.

What is the broker saying?

Bell Potter was pleased with news that DroneShield has won a $49.6 million contract from a European military end-customer.

It believes this means that 24% of its 2026 sales estimates are now secured. The broker said:

DRO has received a contract valued at A$49.6m from a European military endcustomer, with the product to be distributed via an in-region reseller. The contract is for handheld counter-drone (C-UAS) systems, associated accessories, and software updates. DRO has a large portion of this stock on-the-shelf and expects to complete all deliveries in 1Q26. Cash payments are also expected to be fully received in 1Q26. DRO has received 15 contracts from this reseller totalling over $86.5m.

This repeat order represents the company’s second largest contract in its history and highlights the urgent need for counter-UAS technologies in Europe. Following this announcement, we estimate that our CY26e Hardware revenue forecast (excl. subscription) of $271m is 24% secured by announced contracts, noting DRO typically delivers product faster than traditional defence contractors.

DroneShield shares tipped for big returns in 2026

According to the note, Bell Potter has retained its buy rating on DroneShield’s shares with a trimmed price target of $4.40.

Based on its current share price, this implies potential upside of over 80% for investors over the next 12 months.

Bell Potter believes that 2026 is going to be a big year for DroneShield, potentially making now an opportune time to invest. It said:

We believe DRO has a market leading RF detect/defeat C-UAS offering and a strengthening competitive advantage owing to its years of battlefield experience and large and focused R&D team. We expect 2026 will be an inflection point for the global counter-drone industry with countries poised to unleash a wave of spending on RF detect and defeat solutions. Consequently, we believe DRO should see material contracts flowing from its $2.5b potential sales pipeline over the next 3-6 months as defence budgets roll over to FY26e.

The post 2026 will be the ‘Year of the Drone’: Buy DroneShield shares 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 positions in and has recommended DroneShield. 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.

The Meteoric Resources NL (ASX: MEI) share price is flat in Thursday morning trade, at 15 cents a piece. It’s welcome news for the ASX small-cap, rare-earths-focused Australian mineral exploration company. Its shares have plummeted 39% from their annual peak of 25 cents in mid-October.

The shares are still trading a whopping 90% higher than this time last year.

Just last week, the developer announced it has produced its first batch of mixed rare earth carbonate (MREC) from its recently constructed pilot plant for the Caldeira Rare Earth Project in Brazil. It’s a significant production milestone.

After a site visit to the Caldeira Rare Earth Project, analysts at Macquarie Group Ltd (ASX: MQG) have updated their stance on the small-cap stock.

Macquarie’s rating on the ASX small-cap stock

In a note to investors, the broker has confirmed its outperform rating and 39 cents target price on Meteoric Resources shares. At the time of writing, this implies that the share price could jump 160% higher over the next 12 months.

“Despite recent permitting setbacks, MEI continues to execute its development plan with steady progress. We see value in the company, which is currently trading at an implied NdPr price of <US$80/kg,” the broker said in its note.

Meteoric Resources’ pilot plant is ramping up

The team at Macquarie explained that it recently visited Meteoric Resources’ Caldeira ionic clay rare earths project in Brazil. The site visit followed news that the plant has begun production.

The plant is located at the company’s research centre at Poços de Caldas, with close proximity to the Caldeira deposit. Macquarie added that the pilot plant was completed on time and under the budget of $2.2 million from the pre-feasibility study.

The plant operates using local water and hydro-power, and most reagents are sourced from within Brazil. 

“The pilot plant has a designed nameplate capacity of ~2 kg/day of MREC, supported by ore throughput of 25 kg/hour,” Macquarie’s analysts explained in the note.

“We believe continued rampup of the plant will enable MEI to initiate off-take discussions with downstream customers, a critical near-term catalyst.

“Near-term priorities include improving product quality, followed by volume ramp-up. We believe this approach is appropriate for a chemical facility where price realisation is highly dependent on product quality.”

Preliminary Licence approval for the Caldeira Project is scheduled for review by the State Council for Environmental Policy (COPAM) on 19 December. Macquarie’s analysts said that mining activity is already well-established in the region.

The post This ASX small-cap mining stock is tipped to rocket 160% higher appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy</a>. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Telix Pharmaceuticals Ltd (ASX: TLX) shares are falling with the market on Thursday morning.

At the time of writing, the radiopharmaceuticals company’s shares are down 0.5% to $11.68.

What’s going on with Telix shares?

The company’s shares were under pressure on Wednesday and dropped almost 7%. This appears to have been driven by rumours that were circulating in the market regarding its ProstACT Global Phase 3 study.

This study is testing its lead prostate cancer therapy candidate, TLX591 (lutetium ( 177Lu) rosopatamab tetraxetan), in patients with metastatic castration resistant prostate cancer (mCRPC).

According to an announcement after the market close yesterday, Telix has become aware of “inaccurate information in market circulation” and has decided to respond with an update.

What did Telix announce?

It notes that ProstACT Global is the first phase 3 trial to combine a PSMA-targeted radio antibody-drug conjugate (rADC) therapy administered together with standard of care (abiraterone, enzalutamide, or docetaxel) versus the standard of care alone.

Telix confirmed that it has completed patient enrolment into part 1 of the study, a safety and dosimetry lead-in, in accordance with the study protocol.

This means that preparation is now underway to complete data lock and read-out. This includes data from each of the three cohorts in part 1, including the docetaxel cohort which was the final cohort to complete enrolment.

Management points out that as previously disclosed, data from part 1 will be presented to the United States (U.S) Food and Drug Administration (FDA) to ascertain eligibility for U.S. patients to participate in the part 2 (randomised treatment expansion) portion of the study.

The preliminary results from part 1 of the study will be publicly disclosed at the time of readout and engagement with the FDA.

How are things going?

Telix hasn’t provided any data, but it appears to be hinting at positive outcomes.

It notes that in accordance with the study protocol, an independent data monitoring committee (IDMC) has reviewed the available data in part 1 of the study and recommended that the study proceed to part 2.

In light of this, Telix has advanced the study into part 2 in jurisdictions where it has obtained approval from health authorities.

Part 2 has been initiated on the basis that part 1 indicates no unexpected safety or clinical characteristics that differ from prior experience.

Furthermore, part 2 of ProstACT Global has dosed its first patients, and is approved and open for enrolment in Australia, New Zealand and Canada. The study has also received regulatory approval to commence in China, Singapore, Türkiye, the United Kingdom, South Korea and Japan.

Management notes that as part of the further global expansion of the trial, Telix intends to file a clinical trial application (CTA) with the European Medicines Agency (EMA) to enable expansion into EU sites.

The post Why is everyone talking about Telix shares this week? 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 positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Back in late October, Karoon Energy Ltd (ASX: KAR) announced that Carri Lockhart would take on the top role as Managing Director of the company, with a remit to oversee a major evolution in its operations.

As the company said at the time:

This marks a significant leadership transition as Karoon prepares to take over the operatorship of the Bauna FPSO in Brazil and progress its organic growth opportunities in both Brazil and the US, as well as managing key farm-downs and creating value from the strategic exploration acreage in the Southern Santos Basin.

Ms Lockhart, the company said, brought “extensive global experience in oil and gas with more than 30 years of experience in the energy industry, most recently at Equinor ASA and prior to that, at Marathon Oil Company”.

New leadership gets a tick

The Macquarie team, in a note to clients, said they had met with Ms Lockhart and chair Peter Botten, and said she “appears likely to bring improved technology and operational efficiency focus on Karoon’s production assets (particularly in Brazil where is operates with 100% equity)”.

They added that she also appeared to have a focus on shareholder value.

Macquarie has a neutral recommendation on Karoon Energy shares, unchanged from before they met with Ms Lockhart, but the analysts said they were “encouraged” by her leadership style.

Macquarie’s 12-month price target on the shares is $1.65 compared with $1.55 at the close of trade on Wednesday.

Factoring in the dividend yield, this would represent a total shareholder return of 7.1%.

Macquarie also cut its expectations for financial year production to 8.2 million barrels of oil equivalent, which the analysts said would be about a 20% decline year on year.

Karoon, in its most recent quarterly report, said calendar 2025 production guidance had been narrowed to 9.7-10.5 million barrels of oil equivalent, from the previous guidance of 9.8-10.4.

Growth assets developing

The company at the time also stated that it had been successful in bidding for a new offshore exploration block, approximately 70km east of its existing offshore blocks in the Santos Basin off the Brazilian coast.

As the company said at the time:

Through prudent bidding in the last three Brazil licensing rounds Karron has acquired an extensive but relatively low-cost position with no well commitments, over what we believe may be a potentially significant new … exploration play.

Karoon shares were steady at $1.55 on Thursday. The company was valued at $1.12 billion at the close of trade on Wednesday.

The post With a new boss in place, are Karoon Energy shares a buy, hold or sell? appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in Janison Education Group Ltd (ASX: JAN) were trading sharply higher on Thursday after the company announced a contract which was one of its “most significant international wins”.

The company said it had struck a five-year national contract with the New Zealand Ministry of Education to deliver the Student Monitoring, Assessment and Reporting Tool (SMART), for which the company would be paid about $21 million.

As Janison said in a statement to the ASX:

This assignment is a major national initiative, supporting twice-yearly assessments for students in Years 3 to 10 across reading, writing, maths, pānui, tuhituhi and pāngarau. SMART will play a central role in New Zealand’s assessment … reporting and monitoring activity, delivering a bilingual approach to understanding student learning progress across Aotearoa. Work on the assignment commenced via a bridging contract in July 2025 and will continue under the newly executed five-year agreement. The world-class bilingual SMART will be delivered using Janison’s secure and scalable online assessment platform, providing a long-term digital foundation for national assessment in New Zealand.

The $21 million would be the minimum contract revenues over the period, the company said, with year one revenue estimated at $3 million.

Validation of company’s technology

Janison Chief Executive Officer Sujata Stead said that it was a great milestone for the company.

This agreement represents one of Janison’s most significant international wins, demonstrating the relevance and scalability of our solutions beyond Australia. We’re proud Janison has been selected to partner with the New Zealand Ministry of Education on such an important national initiative, and we look forward to supporting the Ministry in delivering a secure, scalable and culturally responsive assessment experience for learners across Aotearoa.

Janison shares were trading 16.7% higher on Thursday morning at 28 cents – a new 12-month high for the shares.

The share price has more than doubled from lows over the past 12 months of 13.7 cents.

In November, the company also announced a three-year contract, which was worth $719,000, with the Victorian Building and Plumbing Commission to deliver a digital assessment platform for building and plumbing accreditation applicants.

The company said that while the contract win was not material to the company, it validated its product suite for use in high-stakes testing.

Janison in August reported full-year revenue for FY25 of $47 million, up 9% over the previous corresponding period, and a net loss of $11.3 million, up from a loss of $8.1 million the previous year.

Janison was valued at $62.4 million at the close of trade on Wednesday.  

The post Shares in this small-cap education company have hit a fresh 12-month high on a lucrative contract win appeared first on The Motley Fool Australia.

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• This ASX small-cap mining stock is tipped to rocket 160% higher
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• 5 ASX shares I’m avoiding this week

Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Janison Education Group. 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.

Treasury Wine Estates Ltd (ASX: TWE) shares are falling again on Thursday.

At the time of writing, the wine giant’s shares are down 6% to $4.68.

This means they are now down 58% since the start of the year.

Is this a buying opportunity for investors? Let’s see what analysts at Macquarie Group Ltd (ASX: MQG) are saying about this fallen giant.

What is the broker saying about Treasury Wine shares?

Like everyone, Macquarie was disappointed with Treasury Wine’s update this week.

It notes that its guidance implies a sharp decline in earnings for the first half of FY 2026. It said:

At the result in Aug-25, TWE guided to EBITS growth in FY26E, driven by low-to-mid-teens growth in Penfolds. In Oct-25, guidance was withdrawn, citing the uncertain outlook for Penfolds and Treasury Americas. The midpoint of 1H26E guidance provided today implies a ~40% decline vs. pcp. The ongoing lowering of earnings forecasts in a short period of time suggests the lack of earnings visibility for the group. Positively, the new CEO has taken a more conservative view with respect to right-sizing inventory in the key China and US markets.

But it certainly isn’t game over for Treasury Wine. Macquarie believes there is still inherent value in the key Penfolds brand and thinks that the company’s decision to right-size its inventory is a smart move. It adds:

We agree with management there is inherent value in the Penfolds brand, particularly in the luxury/ultraluxury tiers. Maintaining this luxury status as distributors right-size inventories and discount to reduce stock will see the business in a stronger position long-term, contingent on managing concerns noted above.

Should you buy Treasury Wine shares?

Macquarie isn’t in a rush to buy the company’s shares just yet despite their heavy decline.

According to the note, the broker has retained its neutral rating on them with a reduced price target of $5.00.

This implies potential upside of approximately 7% for investors from current levels.

Commenting on its recommendation, Macquarie said:

Retain Neutral. Management’s focus on right-sizing inventories to more closely reflect demand while also seeking to reduce leverage are critical, albeit from a challenging startpoint. Risks will remain elevated in the near term, however there is opportunity on execution.

Valuation: TP reduces ~22% to $5.00 consistent with cashflow changes. Catalysts: Wine Australia export data (monthly); Chinese consumption trends and Government policy; Industry commentary on depletions in China and the US.

The post Does Macquarie rate Treasury Wine shares a buy the dip opportunity? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Macquarie Group and Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

These ASX shares are on investor radars for all the wrong reasons this week. And for that reason, I’m steering clear.

Australia and New Zealand Banking Group (ASX: ANZ)

ANZ shares have stormed higher over the past 12 months, but I don’t think there is any more room for the shares to run. The team at Macquarie have also flagged that the banking giant is showing early signs of revenue underperformance. It’s enough for me to stay clear right now.

ANZ shares are 0.15% higher at $36.16 at the time of writing on Thursday morning.

CSL Ltd (ASX: CSL)

CSL shares have tumbled another 6% this week as investor sentiment continues to slide. On Monday, the team at Macquarie downgraded the company’s shares to a neutral rating (from buy) and said the company is now out of its growth stage. The broker also heavily reduced its price target on the shares to $188, down from $275.20 previously. 

The ASX shares are trading at $173.20 a piece at the time of writing.

Treasury Wine Estates Ltd (ASX: TWE) 

The wine giant’s shares crashed 9.29% on Wednesday after the company released an investor update and outlook for the first half of FY26. It said that trading conditions have weakened in recent months, particularly in the US and China. This means near-term improvement is unlikely. 

Macquarie analysts lowered their target price on Treasury Wine Estates shares to $5 (down from $6.40) this morning. More analyst updates on the stock are likely to come in over the next few days. I’m quietly optimistic that the latest result is mostly priced in by the market already, but I’d sit tight on the shares until the dust has settled.

At the time of writing on Thursday morning, the ASX wine giant’s shares have dropped another 4.22% to $4.77 a piece.

Commonwealth Bank of Australia (ASX: CBA)

It’s no secret that I’m keeping well clear of CBA shares right now. I still think the bank stock’s premium share price is far too expensive, and could correct sharply from here. Discussions about tighter monetary policy and the return of rate-hike talk will continue to put pressure on the banking giant’s shares, too.

At the time of writing, the ASX banking giant’s shares are 0.25% lower for the day at $153.48 a piece.

Lendlease Group (ASX: LLC)

Lendlease shares have faced several headwinds this year, and according to DP Wealth Advisory’s Andrew Wielandt, the company could continue to struggle in the near term. He explained that the company has reduced debt and risk by divesting overseas projects and operations, but is concerned that this may lead to fewer development opportunities because it has less capital to recycle.

At the time of writing on Thursday morning, Lendlease shares are trading at $4.95 a piece, unchanged for the day so far.

The post 5 ASX shares I’m avoiding this week appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Macquarie Group, and Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Macquarie Group and Treasury Wine Estates. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Boss Energy Ltd (ASX: BOE) shares are back from their trading half and crashing deep into the red.

In morning trade, the uranium producer’s shares are down 22% to a multi-year low of $1.22.

Why are Boss Energy shares crashing 22%?

Investors have been rushing to the exits today after the company released its eagerly anticipated Honeymoon project review.

Short sellers have been loading up on Boss Energy’s shares this year on the belief that this review would disappoint. And it seems that they were spot on.

According to the release, the Honeymoon review has indicated an expected material and significant deviation from the assumptions underpinning its 2021 Enhanced Feasibility Study (EFS).

This deviation is expected to impact life of mine production and costs from FY 2027 onwards, primarily due to less continuity of higher-grade mineralisation, mineralisation not overlapping, less leachability, and smaller wellfields.

In light of this, the company has now formally withdrawn the EFS and confirms that it should no longer be relied upon as a guide to future operational performance.

What now?

One small positive is that Boss Energy has identified a potential pathway forward based on its updated understanding of the resource, deposit characteristics, and an alternative wide-space wellfield design that could be suitable to Honeymoon.

The company has initiated a series of accelerated work programs to assess the potential economic benefits of the wide-spaced wellfield design.

An initial update will be provided in first quarter of 2026, with completion of a scoping study targeted for the second quarter and completion of a new feasibility study in the third quarter.

Management believes that a wide-spaced wellfield design could potentially deliver lower costs and improved lixiviant grades compared to the current wellfield design. This is by increasing leaching time, lowering reagent use, and utilising wellfield infrastructure over a larger surface area and more uranium under leach.

With $212 million of cash and liquid assets (as of 30 September 2025), it believes it is positioned to self-fund the key work programs associated with the new feasibility study, a potential change to wellfield design, and the potential early development of Gould’s Dam and Jason’s Deposit.

Boss Energy’s managing director, Matthew Dusci, said:

Although Boss acknowledges this disappointing outcome, the Honeymoon Review and delineation drilling programs have enabled the identification of a potential pathway forward through a new wide-spaced wellfield design. While additional work is necessary to finalise a New Feasibility Study, this development presents an opportunity for Boss to potentially lower operating costs, optimise production profiles, and extend mine life compared to the current wellfield design.

We acknowledge there is a significant amount of work required for Boss to restore shareholder value. The team is committed to delivering on this important measure through optimising what we see as a robust uranium production asset, if a new wide-spaced wellfield design can be successfully implemented.

The post Boss Energy shares crash 22% on devastating news 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.