Boss Energy Limited · ASX:BOE
Boss Energy — Corporate Update (December 2025)
18 slides from Boss Energy's corporate update, Dec 18, 2025
Slide 1: Honeymoon Update
For personal use only Honeymoon Update Review Concluded and New Feasibility Study Initiated 18 December 2025 ASX: BOE | OTCQX: BQSSF bossenergy.com
Slide 2: Review and Pathway Forward
Review and Pathway Forward Pathway Forward For personal use only Review Pathway Forward Next Steps • A material and significant • The appropriateness of wellfield deviation from the key • A series of parallel work design was a key part of the assumptions underpinning the programs initiated Honeymoon
Slide 3: Honeymoon Review
Review and Pathway Forward Honeymoon Review For personal use only Less continuity of higher-grade mineralisation Impacts Higher-grade mineralization does • Higher cost structure (C1 and Sustaining Capital) not overlap • Lower pounds under leach per wellfield – impacting schedule and capital intensit
Slide 4: The Challenge and Potential Solution
Review and Pathway Forward Pathway Forward For personal use only The Challenge 1 2 3 Our understanding of the There is extensive lower-grade Need to fundamentally change assumptions underpinning the mineralisation that could be the cost structure to access current wellfield design was mined lower-gr
Slide 5: The opportunity to reduce cutoff grade
Review and Pathway Forward Pathway Forward For personal use only The opportunity to reduce cutoff grade • From initial modeling ~49% U3O8 of contained metal is 40% 49% between 100-400ppm 400+ppm 100-400ppm • Lowering the cut-off will improve the amount of metal that could be brought into the wellfie
Slide 6: Honeymoon Deposit Characteristics – Current Understanding
Review and Pathway Forward Pathway Forward For personal use only Honeymoon Deposit Characteristics – Current Understanding Significant metal at lower-grades with good continuity Good permeability across the deposit which enables maintaining high flowrates for extractor and injector wells and to cont
Slide 7: For personal use only
Review and Pathway Forward Pathway Forward For personal use only Boss Energy | A global multi-mine Uranium producer 7
Slide 8: Wellfield – 150m pattern vs 50m pattern
Review and Pathway Forward Pathway Forward Wellfield – 150m pattern Wellfield – 50m pattern For personal use only • Preliminary work completed on development of a potential alternative wide-spacing wellfield design to optimise the mining of lower-grade uranium resources via in-situ leach • Wider-spa
Slide 9: Initial modelling on wellfield spacing
Review and Pathway Forward Pathway Forward For personal use only Initial modelling on wellfield spacing Variance to current design (%) 550 500 - Higher grade 450 - Longer time (days) to recovery 400 350 300 250 200 150 100 50 Wider spaced wells - (50) (100) - Lower PVE (150) - Lower reagent consumpt
Slide 10: Pathway Forward
Review and Pathway Forward Similar Better Worse Pathway Forward Key Metric Pathway Forward Current Design / Approach For personal use only Well spacing Increase well spacing (~75-150m) Tighter well spacing (~40m) Pore volume exchange (PVE) Less PVE 70 PVE Residence Time Increased residence time (~40
Slide 11: Improving our Resource Understanding
Review and Pathway Forward Improving our Resource Understanding For personal use only • Commenced accelerated delineation drilling program in mid-September • Total planned drill of 55,000 metres on approximate 35m x 35m spacing • Completed 20,660m to date with initial focus on Far East Kalkaroo and
Slide 12: New Feasibility Study
Review and Pathway Forward Pathway Forward For personal use only • Commenced a series of parallel accelerated work programs to deliver a New Feasibility Study relating to the potential wide-spaced wellfield design • Work program in the New Feasibility Study including: • Hydrogeological testing (trac
Slide 13: Satellite deposits
Review and Pathway Forward Pathway Forward For personal use only • Change in wellfield design being investigated for Honeymoon would be applicable for Satellite deposits • Satellite deposits’ lithologies likely have good hydraulic connectivity • Potential to increase recoverable uranium and reduce c
Slide 14: FY26 Guidance and Outlook
Review and Pathway Forward FY26 Guidance and Outlook HONEYMOON QUARTERLY PRODUCTION For personal use only Lbs (000’s) 450 • On track to deliver FY26 Guidance Thousands Dec 11-31 production 400 350 300 • 357klbs U3O8 drummed production as of 10 December 250 2025 (2Q26TD) 200 150 100 • C1 Cash Costs a
Slide 15: Key Catalysts
Review and Pathway Forward Key Catalysts Key Program – Est. Completion Date (CY) Q1 Q2 Q3 For personal use only • Continue to provide updates on Guidance and results programs of work 2QFY26 Quarterly Results (28 Jan 2026) FY27 Guidance • Accelerated workstreams Gould’s Dam and Jason’s Deposit commen
Slide 16: Summary
Review and Pathway Forward Summary • Formally withdraw the EFS given the material and significant deviation For personal use only • A new pathway forward has been identified that has the potential to unlock significant value • New wide-spaced wellfield design approach has potential to reduce operati
Slide 17: Disclaimer and Important Notices
Disclaimer and Important Notices IMPORTANT: You must read the following before continuing. This investor presentation (“Presentation”) has been prepared by Boss Energy Limited (ACN 116 834 336) (Boss Energy or Forward-looking statements are designed to help readers understand the Company’s views as
Slide 18: Keep in touch
For personal use only Honeymoon Update Keep in touch +61 (8) 6263 4494 boss@bossenergy.com ASX: BOE | OTCQX: BQSSF