Ann: June 2025 Quarterly Results Presentation, page-2

BOE just dropped a cracking quarterly. Honeymoon pumped out 349k lbs U3O8, up 18% on last quarter, at a C1 cost of $36/lb, which is under guidance. That takes total FY25 production to 872k lbs and they’ve now drummed over 1M lbs since commissioning, a massive milestone. Alta Mesa is also lifting output with lower costs thanks to operational changes. Financially they’re sitting on $224M in cash and liquid assets, with $120M of uranium inventory. Sales were low this quarter because they chose to hold stock rather than sell into weak prices, smart move if you believe uranium’s heading higher. Cash dipped slightly but the balance sheet is still rock solid. Exploration’s ticking along, new resource updates for Gould’s Dam and Jason’s are coming, and they just took a bigger slice of Laramide. On top of that, the CEO handover to Dusci in October is well planned, with Craib staying on the board. This report screams strength, BOE is producing, building inventory, and positioning for higher prices. Traders might fuss about cash, but long-term holders know what’s coming. If uranium pops, BOE is ready to run.