Thanks, Val. Good morning, everyone. Thanks for joining the Boss Energy June quarterly conference call. Joining me on the call is Justin Laird, our CFO. I will provide an overview of the quarter and the full year results. At the end of the call, we will be happy to take questions. Turning to slide two. The June quarter was a strong finish to FY 2026. We delivered our revised production and cost guidance. We continue to strengthen our financial position. We further established the operating platform required to support growth. Honeymoon production recovered strongly from the rain-affected March quarter, with drum production of 362,000 lbs, up 79% from the prior quarter. For the full year, production was 1.41 million pounds of uranium, up 61% on FY 2025, within our revised guidance range. Cost performance was also within revised guidance, with full-year C1 cost of AUD 39 per pound and AISC of AUD 61 per pound. During the quarter, the company completed and commissioned key operating infrastructure, including NIMCIX columns four and five, the associated pumping systems, and the East Kalkaroo trunk line. Together with six wellfields now in production, this infrastructure is supporting record flow through the operation. Despite FY 2026 being a capital-intensive year, the company generated positive cash flow. Cash increased by 13.1 million over the year, while uranium inventory grew by 172,000 lbs to 1.58 million pounds at the 30th of June. We therefore closed FY 2026 with AUD 207 million in cash and liquid assets and no debt. We continue to make meaningful progress on our strategic programs of work aimed at unlocking the value of our assets. This included bringing forward the new feasibility study to the end of August as we continue to build confidence in our wide space wellfield design and advancing the permitting pathway for Gould's and Jasons. I would like to take the opportunity to thank the entire Boss team for their commitment and hard work throughout the year. FY 2026 presented a number of challenges, but the team remained focused on safely delivering the operation, strengthening our understanding of the Honeymoon deposit, and establishing a clear pathway forward. Turning to slide three, I will provide some further detail on the Honeymoon operation. Production recovered strongly during the June quarter. We increased by 79% to 362,000 lbs following the rain-affected March quarter. This brought full year production to 1.41 million pounds, up 61% on FY 2025. Quarter also marked an important step in strengthening our operational platform at Honeymoon. We commissioned NIMCIX columns four and five, bringing the total number of operating columns to five. A capital decision on the sixth column is expected in the first quarter of FY 2027. We also commissioned the East Kalkaroo trunk line and additional pumping infrastructure. Together, this infrastructure supported record solution flow of 3.5 million cubic meters during the quarter, an increase of 83% on Q3. We continue to work through the commissioning of new primary pumps and look at optimizing our performance across the circuit. Looking ahead to September quarter, we expect a modest reduction in feed grade at similar flows. Turning to slide four. During the quarter, we brought online Wellfield B6, which is the first production from Far East Kalkaroo. B6 is performing as expected. This is on the closer spacing wellfield design of 30 m from injector to extractor. Our first wide space wellfields are now being constructed. EKT1, which is a 16 five-spot pattern with injector to extractor spacings of 60 m, is scheduled to commence flushing this month, with leaching data expected in Q2 FY 2027. Construction has also commenced on EKT2, which is again a 16-spot pattern with injector to extractor spacing of 50 m with flushing and data anticipated in Q3 and leaching in Q4 FY 2027. All five existing Honeymoon wellfields, B1 through B5, continue to perform in line with our expectations. We've recently applied more proactive management techniques to some of the older wellfields. They continue to demonstrate strong flow and performance. This provides further confidence in our underlying quality and longevity of our wellfield network. Turning to slide five and our cost performance. Honeymoon's C1 cost for the June quarter was AUD 45 per pound, down from AUD 60 per pound in the March quarter. All-in sustaining costs were AUD 70 per pound compared with AUD 93 per pound in the prior quarter. This substantial reduction primarily reflects the return to uninterrupted operations following the significant rainfall event and associated constraints during the March quarter. For full year, C1 costs were AUD 39 per pound and all-in sustaining costs were AUD 61 per pound, both within our revised FY 2026 guidance ranges. Total capital expenditure for FY 2026 was AUD 66 million, in line with the upper end of our revised guidance range. Within this project and supporting infrastructure expenditure was AUD 42 million, above guidance of AUD 30 million-AUD 33 million associated with completion of NIMCIX columns. At the average realized price for the quarter, Honeymoon generated an all-in sustaining margin of approximately AUD 37 per pound, demonstrating the operational capacity to generate positive operating cash flow. Turning to slide six and our sales and financial position. Boss became cash flow positive in FY 2026. Cash increased by AUD 13.1 million during this period, which was a capital intensive period for Boss. Our balance sheet remains a key strength. We closed the year with AUD 207 million in cash and liquid assets and no debt. At the same time, we grew our drummed uranium inventory by 172,000 lbs through operating activities. Inventory on hand at 30th June totaled 1.58 million pounds, providing substantial flexibility for sales activities in FY 2027 and exposure to an increased positive uranium market. During the June quarter, Boss recorded sales revenues of AUD 34.8 million from the sales of the 325,000 lbs. The average realized price was AUD 107 per pound, equivalent to $75 per pound. Looking ahead, we expect to realize an average sales price of approximately $80-$82 per pound in the first quarter of FY 2027. This includes contracted sales of approximately 300,000 lbs to two utilities under existing sales contracts. Turning to slide seven, the cash flow bridge summarizes the key cash movements during the quarter and across FY 2026. During the quarter, Boss generated a net cash increase of AUD 11.6 million, with cash increasing from AUD 38 million to AUD 49.7 million. Customer receipts were strong at AUD 45.2 million, including collection of AUD 11.1 million of trade receivables. We also continue to invest in the operating platform with capital expenditure, including AUD 6.9 million on sustaining wellfield development and approximately AUD 8 million on project and supporting infrastructure. For the full year, cash increased by AUD 13.1 million. Boss was cash flow positive in FY 2026, despite investing approximately AUD 57 million in sustaining capital and project supporting infrastructure. We closed FY 2026 with cash of AUD 49.7 million. Together with the value of our uranium inventory, this contributed to total cash and liquid assets of about AUD 207 million, providing a strong financial platform for Boss. Turning to slide eight and our 30% interest in the Alta Mesa joint venture operated by enCore Energy. Alta Mesa produced 45,000 lbs during the June quarter, with Boss receiving 13,000 lbs. Quarterly production was impacted by delays in securing state level regulatory approvals. These permitting delays deferred the commencement of production from new wellfields being PAA3 and PAA8, with declining production from the current existing wellfield, PAA7. For the full year, Alta Mesa produced 491,000 lbs on 100% basis, with Boss receiving 161,000 lbs. The operational priority remains on permitting and advancement of Alta Mesa East, with promising mineralization identified as extensions to known mineralization at Alta Mesa. Turning to slide nine and the new feasibility study. The new feasibility study update to life of mine and mineral resource for Honeymoon will be delivered at the end of August, one month earlier than originally planned. Bringing this work forward reflects a significant technical progress made and the encouraging results emerging from the wide space wellfield program. The study draws on substantial body of evidence combining current operational performance, historic production data, and the technical work completed since the end of 2025. This work has strengthened our understanding of the deposit and the optimal approach to wellfield design and development. Based on the maturity of this work, we determined that most effective approach was to proceed directly to a feasibility level outcome, rather than release two studies within a relatively short period. The study will set out the updated life of mine plan, including production profiles, capital requirement, and operating cost associated with the wide space wellfield design. We look forward to presenting the results and a clear pathway forward for Honeymoon at the end of August. Turning to slide 10 and our satellite deposits at Gould's Dam and Jasons. We continue to advance the development and permitting pathways for both deposits during the quarter. Importantly, the technical findings and operating experience from Honeymoon are now being incorporated into the evaluations of these assets. Our improved understanding of the deposit behavior and wide space wellfield design could unlock significant value. Both deposits have the potential to leverage Honeymoon's existing processing infrastructure, operating capacity, and establishing permitted pathways, providing a low capital cost development opportunity. During the quarter, we completed the preliminary design and proposed trunk line connection to Jasons to Honeymoon processing plant. We advanced ecological groundwater and radiological baseline studies. We're progressing the underground water modeling and initial impacts assessments, and also have commenced stakeholder engagements. These activities are now well progressed. We will support the next stages of the environmental assessment and permitting. Looking ahead, the first of the resource delineation drilling programs at Jasons is scheduled to commence during this quarter. The program is intended to improve resource confidence and provide further technical support in the evaluation and development of these deposits. Turning to slide 11. Before I close, I'll just talk a little bit about changes to the board. We are pleased to welcome Peter Botten as our incoming Chair, effective of 30th of September. Peter brings more than 45 years of experience across the energy and resources sector, including leading Oil Search through the development of the PNG LNG Project. His appointment adds significant development, operational, and leadership experience to the board. I'm looking forward to working closely with Peter to drive long-term value to shareholders. In summary, FY 2026 was a year of meaningful progress for Boss. We delivered record solution flow through June quarter, supported by strong finish to the year and delivered within our revised production and cost guidance. We became cash flow positive, increasing our uranium inventory, closed FY 2026 with AUD 207 million in cash and liquid assets and no debt. This provides us the financial capacity to fund our plans and pursue opportunities across our asset base. At Honeymoon, the key operating infrastructure is now in place, and we have commenced the transition to wide space well field design, informed by a growing body of operating and technical data. The new feasibility study we'll release at the end of August. It will set out the updated life of mine plan and provide a clear pathway forward for Honeymoon. We are also advancing the development and permit pathways for Gould's Dam and Jasons, which provides further long-term growth potential by leveraging Honeymoon's existing infrastructure and operating platform. With the uranium market fundamentals continuing to strengthen, Boss is well-positioned to produce uranium into a market facing growing long-term demand. We look forward to presenting the new feasibility study and our updated pathway forward at Honeymoon at the end of August. With that, I'll hand back to the operator to take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. A reminder, participants are requested to limit the number of questions to two per turn. If you have additional questions, you are welcome to rejoin the queue. Your first question comes from Alistair Rankin with RBC. Please go ahead. Thanks, Matt and Justin. Appreciate you taking my questions. Just the first one on the delineation drilling. Congrats on completing that program. Can I just ask, I guess, what you've learned so far and how your understanding of the ore body has changed as a result of the drilling program so far? Alistair, thanks for the question. That provides us with more confidence on what we're seeing. In terms of our understanding of the ore body, what we've seen and what we've articulated prior is that at higher cutoffs, we do not see the same level of continuity. When you look at lower cutoff grades, the ore body hangs together very well. It is just a matter of finding the right mining method and the cost structure to exploit that significant resource, and that is what we are pursuing as part of that wide space well field design. It sort of confirms your prior views about the cutoff grades and the continuity? Correct. With that, we will update that with the August update, including an updated mineral resource estimate and. Okay. That is good. Just secondly on Honeymoon, I know you have got a couple of well fields that you are bringing on next year, EKT1 and EKT2. They are on in the second quarter and the fourth quarter respectively. Are those the only two well fields you are planning to bring online next year? No. That's just in the immediate construction pipeline. Okay. Understood. Thanks, guys. Thank you. Your next question comes from Daniel Roden with Jefferies. Please go ahead. Hey, guys. Thanks for taking my question. Just wanted to, I guess, build on, I guess the well fields for EKT1 and EKT2 that we're bringing on next year. How should we think about, I guess, the change in residence time as we go into those wide space well fields? Kind of noting that we're going from a 30 m spacing to, I think you mentioned 60 as the last kind of data point we have. But I guess the residence time in those wider spaced patterns has a longer residence time. I guess, should we expect a bit of a lag in production midyear as we kind of do transition into those patterns as well? Or how do you, I guess, bridge that, if at all? Yeah. It's about how we sequence and change from those existing well field designs into these larger space ones. I think I won't talk to this in detail because I won't actually do it justice, and the idea about when we talk to it in August is provide all that clarity. There has been a bit of a challenge for us, too, because we've been very reluctant to spend capital in old well field designs that don't give us a good return. We have to manage that transition, and that's part of what we'll talk to in August and then how we build that profile back up. Okay, you're not spending on old well fields, and you've got the two new. No. New well fields coming on. We stopped spending on that existing well field design as soon as we've worked through that review. It made no sense to continue putting capital into something that wasn't going to give us a good return. Okay. Thank you. As you bring EKT1 online in the next month or two and start going into that, maybe can you remind us, what are some of the key indicators you're looking for? I suppose myself, I'm really interested in understanding, I guess, the sweep efficiency of the well fields and how that's going to be measured. I guess just noting that wider space drilling, you're potentially going to have, I think we've spoken about this before, but channeling into, I guess, barren parts of the ore body or potential acid consumption on organics. Just how are you going to measure that and what are some of the performance indicators you're looking for? Yeah. A lot of what you were talking about has been very significantly de-risked through all of this work we've done, and including modeling historic production because we're not in actually a greenfield site, we're in an operating site. That's largely addressed through these reactive transport models where we're modeling specifically each well field and well at a time, including all the chemistry and the plume and the acid consumption and how that assets will perform. We're looking at continue to refine that, and we'll always have an opportunity through that, including when we bring on EKT1. In terms of what that would deliver to us, some of those measures, some of those criteria will be things like flushing time. Typically, we'll do a first flush just to get rid of chlorides and calcium. That provides a very good indication of permeability and flow. That's a relatively early thing. We can get that understanding pretty quick. Then you've got continued performance of well fields associated with leaching and performance. We feel comfortable with all the work we've done to date that it will just be a continued refinement rather than any sort of major material deviation. Perfect. Thanks, Matt. I appreciate it. For questions, I'll hand it over. Thank you. Your next question comes from Branko Skocic with JP Morgan. Please go ahead. Yeah. Morning, guys. Just first question on the grade or tenor decline, which you flagged in the release. I was wanting to understand what's driving the additional decline into the first quarter of FY 2027 and also what tenor was assumed when you provided those indicative production numbers for FY 2027, I think it was in December last year, and just how that compares to what you're seeing in the first quarter. Yeah. Okay, Branko. A lot's happened since we provided those last numbers. I think it was asked about this time last year, I won't go back to that one. In terms of what we tried to do there is because we didn't issue FY 2027 guidance, we just tried to provide a little bit of direction of what next quarter will be. We'll issue FY 2027 guidance with the August release of the new feasibility study. Tenor in ISR will fluctuate, and why they fluctuate is because of well field timing on well fields. When you bring new well fields in, you'll basically get higher well field performance and higher tenor, and then they'll typically have a tail. It all depends on the sequencing of well fields and where you are with sequencing new well fields, bringing in new well fields versus existing operations from older well fields. That tenor is just associated with all that sequencing. It gives you a bit of a guide for what that production profile will be for Q1 next financial year. I appreciate that. Just flipping to Alta Mesa, I was just hoping to understand the permitting delays a little bit better and I guess the timeline to resolve. I look at the production profile from that asset, it has been declining for the last couple of quarters. I'm just thinking into FY 2027 what we should be modeling here. Yep. It's a good question. Look, I can't talk too much forward-looking statements because it's actually under a joint venture. It's fair to say, look, it is disappointing that quarter of production. Largely dictated by timing. As PAA7, which has been the main producing well field at Alta Mesa is depleted and coming off similar to what we just talked about then with but only having one well field in production. They haven't been able to bring in PAA8 and PAA3, which is ready to go because of permitting delays. In conversations with the team, they expect to have that resolved shortly. We continue to engage with the management team at enCore. There's a new management team there, Rich. Got a good relationship with Rich and we continue to try and work through some of the challenges that we've seen in Alta Mesa this quarter. I appreciate it. Thank you. Thank you. Your next question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Oh, hi, Matt, Justin. Thanks for the update this morning. Pivoting to pricing, if I look at your realized price for the quarter and sort of back out some of the contracts you've got in there, it looks like you realized roughly 85%-90% of the spot price on your unallocated volumes. Can you just remind us what goes into that discount and if that's the right realization on your spot sales going forward? Yeah. I'll let Justin answer that one. Yeah. Hi, Hugo. As you know, in terms of our sales composition, we do have that legacy contract, which typically achieves 65%-70% of the spot price. During the quarter, yeah, we did have that 125,000 lbs delivery into that legacy contract. At current spot pricing, the remainder of our contract book achieves a realized price of around that 90%-95% of the market price. Once we deliver into the 300,000 lbs for Q1 FY 2027, our remaining total contract book, including the legacy contract, will be 2.5 million pounds. Right. That's helpful. If I look to financial result, is there anything to sort of highlight it at the corporate level, like D&A or one-offs and sort of going forward at the corporate level, is AUD 10 million-AUD 15 million a year of spend still the right amount? Yeah. At the corporate level, there won't be any material changes next year. There were some feasibility study costs that we incurred this financial year that did go through the corporate level that we don't expect to continue through to next year. Overall, won't be any material changes at the corporate level for next year. Got it. Thanks. I'll rejoin the queue. Thank you. Your next question comes from Glyn Lawcock with Barrenjoey. Please go ahead. Morning, Matt. Good to see everything moving to the left and coming forward. Just wanted to understand. I know we'll get the full study, that's the theoretical study we'll get at the end of August. It looks like now first wide-space well field flush in August, leach in the second quarter. Is that first well field sufficient to give you then your confidence that your theoretical model that we'll get next month works practically? Should we know that in the second quarter then once you start leaching? Is it more into calendar 2027 where you'll be able to sort of say to us, "The physicals match the theoreticals"? Thanks. Yeah. Hey, Glyn. Look, I can only go back to say it's not a greenfield site. We've been in production, and in production, we're getting a really good handle on the geology. We're doing that through the resource and the drilling. We've got that. We also have a very good handle on well field performance, on acid consumption, consumables, and cost structures. Effectively, what we're actually just doing is increasing our well spacing given the permeability and what we see with our existing data. There'll always be learnings and we know in any mining environment, you can continue to optimize and change things. I don't expect to see anything that's going to be fundamentally different to what will come out in the feasibility study because of all of that data and the work we've done. Now, we'll take some of those learnings into it. Probably one of the bigger ones, which we'll talk to you, is a little bit about this pore volume and our flushing. If we can flush the well fields quicker, then we can actually get production profiles higher as well. It's a little bit of the information that we can help refine our production profiles, but won't materially change. Yeah. Maybe I'm not fully understanding, though. We understand the back-end works. We can produce uranium. It's the economics at the front of CapEx and OpEx to get the liquid to the plant that we can then process. You've got to get enough flow out of the well fields to be able to produce sufficient volume. It's about the economics, isn't it? Right now, the economics that you're running on for the last 12 months makes very little free cash flow at current prices. I guess it must be an element of we have to physically demonstrate that the theoreticals work, and I was just wondering, when can you demonstrate the full physical economics? Will that be before Christmas because you'll be leaching from the new well field? Am I misunderstanding? Yeah. In terms of EKT1, we'll have first flush data early Q1 and then the leaching data will come in terms of Q2 FY 2027. That'll provide a level of support in terms of that production profile out of that well field. Yeah. Yes, we've got processing plant fine. We also have got well fields out. We also have got performance out of those well fields. What we're having to do is, because of the resource, is change our approach to the resource. It's not like we also don't have well field and well field performance data. Yeah. Just one final question just to clarify then as well, I thought you said it would be something like ±30% when you give us the study at the end of August. Have you refined that to be closer than ±30%? If the theory is ±30%, I guess the practicals will hopefully tighten it up, and I guess I'm trying to get to that point. Yeah. You're trying to understand the error on what we'll provide? Yeah. Is it still going to be ±30%? That way the practical will hopefully tighten it. Yeah. I guess I'm trying to understand, if it is ±30, when will the practical tighten that to something tighter than ±30? I suppose it will continue to tighten as you go through. That's the value of we'll give you a life of mine profile, but that's why you issue guidance on a year-by-year basis. We'll continue to inform the market on performance of these well fields as we progress. I look forward to it in August. Do we, Glyn. Thanks, Matt. See you. Thank you. Your next question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead. Hey, guys. Thanks for the follow-up. Just more strategically, on your growing uranium inventories there. In the backdrop of rising prices and potentially the upcoming capital commitments post the updated study in August, do you think about selling some of those volumes near term? Depends ultimately on the value and realization of what we see in the market, but we're still very strong in terms of expectation of rising uranium market. With Honeymoon able to generate free cash flow and continue to generate free cash flow, it really depends on our capital requirement rather than a strategic decision on sales. Got it. Thanks. That's helpful. I'll park that on. Cheers, guys. Thanks, Hugo. Thank you. There are no further questions at this time. I'll now hand back to Mr. Dusci for closing remarks. Thank you, Mel. Thanks everyone for joining the call. We look forward to talking again at the end of August when we present the new feasibility study, life of mine plan, and updated cost structure for the Honeymoon asset. That does conclude our conference for today. Thank you for participating. You may now disconnect.
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