BOE: Strategic Pause or Straight-Up Sandbagging?

Something’s been bugging me, and I think it’s time we call it for what it might be.

What if Boss chose to take the foot off the gas while the utilities are still asleep?

Hear me out:

• Spot and term pricing don’t yet support full-throttle expansion.

• Utilities are just now waking up (we're seeing early RFP signals).

• Honeymoon may not be running hot, but it’s not dead either — and cash isn’t a problem.

So, what if they’re simply buying time?

Instead of burning cash and ramping in a soft pricing environment, they:

• Preserve optionality

• Wait for Tier 2/3 utilities to panic

• Keep $200m+ on deck for strategic growth or acquisitions

• Let the other juniors burn capital or fail to deliver

It might explain the vague tone, the lack of hard targets, and why they aren't over-selling Honeymoon’s output.

Cameco and Kazatomprom both report this week. If global supply guidance slips again, the narrative could flip quickly — and BOE would be sitting there with a fat balance sheet and a low-risk, restartable mine.

Not defending the recent handling — just asking the question:

Did they pause because they had to… or because they could?