Weekly Reports | Nov 04 2025
This story features BOSS ENERGY LIMITED, and other companies.
For more info SHARE ANALYSIS: BOE
The company is included in ASX200, ASX300 and ALL-ORDS
October ended like a bang and not a wimper with the US government and Google offering another leg up for the nuclear power industry.
-Boss Energy leads ASX uranium gains after strong quarterly
-Lotus, Deep Yellow and Peninsula Energy maintain steady development momentum
-US government's US$80bn Partnership with Westinghouse sparks U308 optimism
Boss Energy takes stage this week
As the month of October ended, the closing week included multiple newsworthy developments across the corporate uranium space in Australia.
Boss Energy’s ((BOE)) share price, which has been in a state of malaise since question marks were raised over Honeymoon’s mineral resource earlier this year, at least temporarily put a smile on investors’ faces when 1Q26 results were announced.
As highlighted by Citi, the shares rallied around 20% after Honeymoon’s production numbers exceeded consensus.
Positively, management maintained FY26 guidance across all metrics.
Honeymoon production of 0.386mlbs was -3.5% below Morgan Stanley’s forecast but 3% above consensus, supported by record drummed output as wellfield four came online.
Sales of 0.4mlbs exceeded forecasts by both the broker and consensus, with an average realised uranium price of US$74.7/lb.
C1 costs of -$34/lb were materially lower than expected, down -19% versus Morgan Stanley’s estimates due to timing factors and reagent optimisation.
With shares still down some -24% year-to-date, the upcoming Honeymoon review to address resource continuity and leachability issues remains critical for market sentiment.
The most recent data from ASIC on short interest showed an uptick as at October 28 by 1.44% to 23.57% compared to the prior week, which was the day before Boss announced its quarterly report.
A casual observer may conclude the 20% rally on the day of the update may have had shorters scrambling to cover at least part of their positions.
Analysts were unanimous the quarterly was a ‘beat’, but much rides on the outcome of the Honeymoon review. In Shaw and Partners’ opinion, valuation sensitivity largely hinges on additional wellfield capex requirements.
A US$5/lb plus or minus revision to wellfield capex would impact its Boss Energy valuation by approximately $0.22/share. Pending the review, this broker lifted its sustaining wellfield capex assumption to -US$12/lb from -US$7/lb.
FNArena’s daily monitored brokers’ consensus target stands at $2.279; with three Buy ratings, three Hold-equivalent and one Sell-equivalent rating.
Other U308 companies making news
Lotus Resources ((LOT)) released an uneventful 1Q26 activities report with no surprises for the Ord Minnett analyst. Management re-iterated the restart commissioning of Kayelekera, with the first yellowcake produced since 2014 when the operation was placed into care and maintenance.
Lotus is due to start mining in the December quarter and ramp up to nameplate production of U308 at 2.4mlbs annually. The plant processed low-grade stockpiles over the September quarter to stop recovery losses while the plant was commissioned.
Mining of fresh ore is due to start in 4Q2025, and grid connection by the end of 2026 should lower power costs by -US$5-US$6/lb. Further, acid plant refurbishment is aimed to be finished by 1Q2026.
The tailings storage facility will also be expanded by 12.8mt, which should underpin a 10-year operational life, according to Macquarie.
Short interest remained largely unchanged over the week ending October 28, at 6.62%.
FNArena’s daily monitored brokers’ consensus target is 33.7c , with three Buy-equivalent ratings, of which two are Speculative.
Canaccord Genuity noted Deep Yellow ((DYL)) continued to progress at the Tumas uranium project, with key process plant areas now over 60% complete and bulk earthworks underway ahead of civil construction in early 2026.
The company closed the September quarter with $203.5m in cash, maintaining a strong balance sheet to support staged development while awaiting a uranium price environment conducive to a final investment decision.
Recent RC drilling at the S-Bend prospect confirmed multiple clusters of higher-grade mineralisation, reinforcing potential mine-life extensions at Tumas.
Following the CEO transition, Acting CEO Craig Barnes and Executive Chair Chris Salisbury will lead the company while an international CEO search is finalised.
Speculative Buy rating retained with an unchanged target price of $1.98.
Short interest in Deep Yellow slipped slightly to 6.67%, down -0.54%.
Turning to the northern hemisphere, Peninsula Energy ((PEN)) has returned to production at its Lance Uranium Project in Wyoming, with 837 pounds of yellowcake produced in the September quarter.
Operations are ramping up following management and board changes, a reset of offtake contracts, and a strengthened balance sheet after a $70m capital raise, Shaw and Partners notes.
Peninsula’s revised plan targets 400-600klbpa in 2026-27 (Horizon 2) and 1.2-1.5mlbpa from 2028 (Horizon 3), with potential expansion to 3mlbpa.
The Buy, High Risk rating and $1.33 target are maintained.
US Administration gives US$80bn boost to Westinghouse
The US government entered a strategic partnership with Westinghouse Electric Company, Cameco Corp, and Brookfield Asset Management to accelerate the deployment of nuclear power across the country.
Announced in late October 2025, the agreement targets the construction of at least US$80bn worth of new reactors using Westinghouse’s reactor technology.
Under the partnership, the US government will arrange financing and streamline regulatory approvals for the new reactors, with the potential to participate in the financial upside. Once the investment threshold is met, the government will be entitled to receive 20% of cash distributions exceeding US$17.5bn from Westinghouse.
If the company’s valuation surpasses US$30bn by January 2029, it may also exercise a warrant to acquire a 20% equity stake.
Cameco CEO Tim Gitzel said the partnership will support global growth for both Westinghouse’s and Cameco’s nuclear products, services, and technologies, adding significant long-term value while enhancing energy and climate security worldwide.
Brookfield, which jointly owns Westinghouse with Cameco, described the agreement as a transformational step toward unlocking the potential of nuclear energy at scale and strengthening America’s energy base.
At the heart of the plan is Westinghouse’s AP1000 reactor design. Six AP1000 reactors are currently operating worldwide, with 14 under construction and another five under contract.
The technology has also been selected for nuclear programs in Poland, Ukraine, and Bulgaria.
U308 market ends on a high after a volatile month
As per TradeTech commentary, October was characterised by volatility in the U308 spot price, which ended the month at US$82.50/lb, a slight decline of -US$0.75/lb from September.
Compared to the end of March, the spot price has risen by US$18.50/lb from its 2025 low of US$64/lb.
The TradeTech Mid-term price indicator remained unchanged at US$87/lb over the month, while the Long-term price indicator lifted to US$86/lb from US$84/lb.
Total transaction volumes reached 2.8mlbs U308 equivalent for October, with five transactions on the final day totalling 550klbs at US$82.50/lb.
Eleven transactions were concluded last week, with sentiment boosted on October 28 when NextEra Energy announced a collaboration with Google to restart the Duane Arnold Energy Center in Iowa, supported by the US government partnership.
Utilities entered the market across various delivery periods from spot to long-term, the consultants noted.
The positive sentiment also enabled Sprott Physical Uranium Trust to raise a further US$96.8m over the final three days of October.
For more weekly reading on uranium at FNArena, see:
https://fnarena.com/index.php/2025/10/28/uranium-week-projecting-us150-lb-post-2026/
https://fnarena.com/index.php/2025/10/21/uranium-week-jpmorgans-us1-5trn-plan/
https://fnarena.com/index.php/2025/10/14/uranium-week-price-frenzy-fades/
https://fnarena.com/index.php/2025/10/07/uranium-week-september-spot-price-rips/
https://fnarena.com/index.php/2025/09/16/uranium-week-buyers-strike-pre-major-deals/
https://fnarena.com/index.php/2025/08/26/uranium-week-kazatomprom-sparks-a-rally/
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 31/10/2025 | 0.1000 |  11.11% | $0.12 | $0.03 | |||
| AEE | 31/10/2025 | 0.2100 | 2.38% | $0.28 | $0.10 | |||
| AGE | 31/10/2025 | 0.0300 | 7.69% | $0.05 | $0.02 | $0.070 | 133.3% | |
| AKN | 31/10/2025 | 0.0100 | 0.00% | $0.01 | $0.01 | |||
| ASN | 31/10/2025 | 0.0800 |  -12.63% | $0.13 | $0.04 | |||
| BKY | 31/10/2025 | 0.5900 | 9.35% | $0.70 | $0.31 | |||
| BMN | 31/10/2025 | 3.6100 | 14.29% | $4.07 | $1.76 | $4.700 | 30.2% | |
| BOE | 31/10/2025 | 1.9900 | 20.97% | $4.75 | $1.57 | 10.1 | $2.279 | 14.5% |
| BSN | 31/10/2025 | 0.0600 | – 1.61% | $0.08 | $0.01 | |||
| C29 | 31/10/2025 | 0.0200 | 0.00% | $0.13 | $0.01 | |||
| CXO | 31/10/2025 | 0.1300 | 8.70% | $0.14 | $0.06 | $0.110 | -15.4% | |
| CXU | 31/10/2025 | 0.0200 | 0.00% | $0.03 | $0.01 | |||
| DEV | 31/10/2025 | 0.1300 | 27.27% | $0.18 | $0.07 | |||
| DYL | 31/10/2025 | 1.7500 | 11.49% | $2.49 | $0.75 | -348.0 | $1.930 | 10.3% |
| EL8 | 31/10/2025 | 0.3600 | – 5.26% | $0.50 | $0.19 | |||
| ERA | 31/10/2025 | 0.0020 | 0.00% | $0.00 | $0.00 | |||
| GLA | 31/10/2025 | 0.0200 | -50.00% | $0.05 | $0.01 | |||
| GUE | 31/10/2025 | 0.0700 | 0.00% | $0.09 | $0.05 | |||
| HAR | 31/10/2025 | 0.1400 | 0.00% | $0.25 | $0.04 | |||
| I88 | 31/10/2025 | 0.3500 | -24.00% | $0.76 | $0.08 | |||
| KOB | 31/10/2025 | 0.0700 | 0.00% | $0.11 | $0.03 | |||
| LAM | 31/10/2025 | 0.7200 | – 2.70% | $0.90 | $0.55 | |||
| LOT | 31/10/2025 | 0.2000 | 5.41% | $0.26 | $0.13 | $0.337 | 68.3% | |
| MEU | 31/10/2025 | 0.0700 | 0.00% | $0.09 | $0.03 | |||
| NXG | 31/10/2025 | 15.1100 | 12.57% | $15.21 | $6.44 | $15.625 | 3.4% | |
| ORP | 31/10/2025 | 0.0600 | -16.67% | $0.06 | $0.02 | |||
| PDN | 31/10/2025 | 9.5400 | 14.74% | $10.07 | $3.93 | 79.0 | $9.843 | 3.2% |
| PEN | 31/10/2025 | 0.6000 | 1.72% | $1.82 | $0.28 | $1.330 | 121.7% | |
| SLX | 31/10/2025 | 10.1000 | 4.97% | $10.85 | $2.28 | $11.200 | 10.9% | |
| TOE | 31/10/2025 | 0.4800 | 11.63% | $0.52 | $0.15 | |||
| WCN | 31/10/2025 | 0.0200 | 0.00% | $0.04 | $0.01 |
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: BOE - BOSS ENERGY LIMITED
For more info SHARE ANALYSIS: DYL - DEEP YELLOW LIMITED
For more info SHARE ANALYSIS: LOT - LOTUS RESOURCES LIMITED
For more info SHARE ANALYSIS: PEN - PENINSULA ENERGY LIMITED