Ann: Quarterly Cashflow Report - June 2025, page-2

The latest numbers tell the story, Boss delivered a great operational quarter but the cash flow side shows where the market will focus. Honeymoon smashed guidance with output up 18% and costs under control, while uranium prices stayed strong around US$78-80/lb. This is the kind of operational delivery that builds confidence. On the flip side, the Appendix 5B shows cash outflows of A$7.7m for the quarter and total cash burn of A$24.6m including development spend, cutting unrestricted cash to A$36.5m. That’s a sharp drop, but they still have 4.8 quarters of funding and no debt, so it’s not a crisis, just something investors will watch. Add in the structured CEO transition with Dusci stepping up and Craib staying on the board, and the fundamentals remain solid. They’re under-contracted, sitting on cash, and ramping up into a strong uranium market. Short term, traders might react to the cash burn, but the bigger picture is clear: BOE is producing, growing and positioned to capture upside when uranium pops. Holders with patience should do well, this is the kind of story where the dips get bought.