Honeymoon glow fades: Boss crashes to 4-year low on grade, extraction misreads

Boss Energy (ASX:BOE) has plunged as much as -27% lower up to Friday after a long-awaited Honeymoon update, with stocks hitting a four-year low after the company warned there’s less saleable product than first thought.

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Hopes around Honeymoon have been strong since around 2021, when the uranium miner had shared an optimistic study regarding the mine’s future. That has since been scrubbed out, with Boss this week telling shareholders uranium at Honeymoon is actually occurring at a lower grade than originally anticipated.

To compound the issues, Boss believes the uranium is less contiguous, too, and may be harder to extract than the miner had been saying recently.

“The Honeymoon review has indicated an expected material and significant deviation from the assumptions underpinning the company’s 2021 enhanced feasibility study,” the company told shareholders on Thursday.

“This in turn would… impact life of mine production and cost from FY27 onwards, primarily due to less continuity of higher-grade mineralisation, mineralisation not overlapping, less leacability, and smaller wellfields. [The old Honeymoon feas-study] should no longer be relied upon as a guide for future performance.”

Boss is rushing through a new feasibility study now, but investors will have to wait until at least September 2026 before hearing about the mine’s potential; hence why many have simply sold out BOE shares instead.

Heading into Friday trade, the company’s stock is selling at a little under $1.20/ea, though it could well head deep to end CY25’s penultimate week.

It’s all compounding on Boss’ long-term performance, with as much as $2 billion already scrubbed from the miner’s capitalisation since its February 2024 peak. Back then, it was worth $2.49B. Today, it’s closer to $488 million.

Through the year-to-date, BOE shares have been -51.4% weaker.

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