Investment Rating - The industry is rated as "Recommended" [6] Core Insights - In Q2 2025, the production of packaged U3O8 reached 349,188 pounds, representing an 18% increase quarter-on-quarter. The increase in production was attributed to the commissioning of the third NIMCIX tower and the operation of three wellfields during the quarter [1][3] - The sales volume of packaged U3O8 was 100,000 pounds, a decrease of 33% compared to the previous quarter, as the company decided to retain inventory based on the belief that market prices do not reflect the long-term fundamental value of uranium [1][8] - The average realized price for U3O8 was $71.15 per pound, down 15% from the previous quarter [1] Production and Cost Analysis - C1 costs for Q2 2025 were A$36 per pound (approximately $23 per pound), an increase of A$3 per pound (9%) due to rising reagent costs and a decrease in the expected tenor from PLS to IX [2] - Capital expenditures for Wellfields and Projects were both A$7 million, lower than expected, leading to a carryover of approximately A$15 million into FY26 [2] Construction and Exploration Activities - Construction activities continued with the assembly of NIMCIX columns 4-6 nearly completed, and related steel structures being installed. Commissioning is expected to begin in the next quarter [3] - Exploration efforts focused on the Lake Constance target area, located 40 kilometers southwest of the Gould Dam resource, where several radioactive intersections were recorded in the 1970s [4][5] Financial Position - As of June 30, 2025, the company had no debt and A$224 million in current assets, including cash and liquid investments, a decrease of A$5.2 million from the previous quarter [8] - The company maintained a strong balance sheet, allowing it to strategically exit the market when uranium prices do not reflect long-term value [8] - Inventory and investments increased by A$22 million during the quarter, primarily due to the rise in the value of investments in enCore Energy Corp and Laramide Resources Ltd [8][9] Cash Flow and Revenue - The company received A$10.9 million (approximately $7.1 million) in cash during the quarter from the sale of 100,000 pounds of U3O8 [10] - The Alta Mesa project produced 203,798 pounds of U3O8 in the quarter, significantly up from 98,000 pounds in the previous quarter, reflecting the company's 30% ownership stake [11][12] Strategic Developments - The company announced a modification to an existing uranium loan agreement, extending the repayment date and providing an additional cash facility [13] - The exit of First Quantum from the exploration joint venture has resulted in Boss owning 100% of the rights to the basic and precious metals on the leases [15]