Fund Manager Summary
The fund managers believe that the outlook for Boss Energy Ltd is promising, particularly as the market sentiment towards nuclear energy improves. In their opinion, the recent share price increase of 38.2% underscores the growing recognition of uranium as a viable, low carbon energy source. They note that the market is tightening, which could further enhance investment opportunities in the sector. Overall, the fund managers see potential for continued growth in Boss Energy as global attitudes shift towards sustainable energy solutions.
Source: Trading View
Commentary From The Managers
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Cadence Capital
31 July 2025
$1.74
Summary
- Cadence Capital sold their investment due to significant share price decline in July.
- The decline followed Boss Energy's announcement of challenges in reaching nameplate capacity at the Honeymoon Uranium Mine.
- The issues were attributed to lower than expected continuity of uranium mineralisation compared to the feasibility study.
- There was also greater than anticipated difficulty in leaching uranium from the ore body.
- Boss Energy has initiated an independent review to assess the impact of these challenges.
- The decision to sell was made in accordance with the Cadence process.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Cadence Capital
31 July 2025
$1.74
- Cadence Capital sold their investment due to significant share price decline in July.
- The decline followed Boss Energy's announcement of challenges in reaching nameplate capacity at the Honeymoon Uranium Mine.
- The issues were attributed to lower than expected continuity of uranium mineralisation compared to the feasibility study.
- There was also greater than anticipated difficulty in leaching uranium from the ore body.
- Boss Energy has initiated an independent review to assess the impact of these challenges.
- The decision to sell was made in accordance with the Cadence process.
Summary
Clime Investment Management
31 July 2025
$1.74
- Clime Investment Management sold their investment due to a sharp decline in Boss's performance.
- The decline followed a disappointing update on the Honeymoon project.
- There was weaker FY26 guidance provided, raising investor concerns.
- The update raised questions about the long-term asset quality of the project.
- Several critical questions remained unanswered after the announcement.
- Following a meeting with management, Clime decided to exit its position.
Summary
Acorn Capital
30 June 2025
$4.67
- Boss Energy is a uranium developer that has seen an 88% increase in value.
- The rise is attributed to strengthening uranium prices and positive developments in the re-start of the Honeymoon Well Uranium Mine in South Australia.
- There has been an unwinding of a large short position in Boss Energy.
- Construction and commissioning of the Honeymoon Well Mine is progressing well.
- Uranium stocks have gained from news of major US tech companies signing power contracts to expand or re-open nuclear utilities.
- Boss Energy maintains a strong balance sheet, with production expected to improve as commissioning advances.
- Acorn Capital continues to hold because of these positive developments and the overall market dynamics.
Summary
Tyndall Asset Management
30 June 2025
$4.67
- Tyndall Asset Management exited their position in Boss Energy.
- The share price of Boss Energy has experienced a remarkable rerate and is now considered to be trading at fair value.
- There are ongoing risks associated with the ramp up of the Alta Mesa asset.
- Tyndall remains constructive on the long-term outlook for uranium.
- Proceeds from Boss Energy were used to initiate a position in Paladin.
- Despite good short-term performance, Paladin has materially lagged its uranium peers.
- Paladin has a better quality, lower cost, longer life asset compared to Boss Energy.
- Paladin trades at a discount due to ramp up issues at Langer Heinrich.
- Last quarter's production for Paladin was strong, and further strong performance could lead to a rerate back to peers.
Summary
Cadence Capital
31 May 2025
$3.86
- Cadence Capital has identified a trading opportunity in Boss Energy, a uranium producer operating in Australia and the US.
- Despite solid underlying fundamentals, Boss Energy is currently the most shorted stock on the ASX.
- The company has recently transitioned to positive free cash flow at its key projects.
- Uranium prices are showing signs of support, influenced by the Sprott Physical Uranium Trust (SPUT).
- SPUT has raised funds at a premium to its share price, which is equal to its net asset value (NAV), reducing the need to sell uranium pounds into the market.
Summary
Cadence Capital
31 Mar 2025
$2.48
- Cadence Capital continues to hold an investment in Boss Energy Ltd (BOE), a uranium producer in Australia and the US.
- The Sprott Uranium Trust (SPUT) has raised funds at a premium to its share price, aligning with NAV.
- This fundraising has reduced the risk of forced selling of uranium into an illiquid spot market.
- The uranium spot market is currently rising, which may benefit BOE.
- BOE is noted as the most shorted stock on the ASX, potentially leading to outsized trading returns if uranium prices increase.
Summary
Ausbil Investment Management
31 July 2024
$3.65
- Boss Energy fell -11.6% over the month.
- Initial production at the Honeymoon project is progressing.
- Technical success has been demonstrated at the Honeymoon project.
- Expectations of production volumes have been tempered during the ramp-up period.
- Poor share price performance has been affected by a consolidation in spot uranium prices.
- A material selldown by management has contributed to the stock's decline.
- With production expectations reset, Ausbil looks to strong execution over the coming quarters.
- It is essential to restore market faith moving forward.
Summary
Ausbil Investment Management
30 June 2024
$4.07
- Ausbil notes a -13.4% decline in Boss Energy (BOE) over the quarter.
- Volatility was driven by a selldown by management prior to production ramp-up at the Honeymoon Uranium project.
- Additional market pressures arose from a moderation in global spot uranium prices.
- Ausbil continues to hold their position based on the future potential of the Honeymoon project.
- Strategic insights remain focused on the long-term fundamentals of uranium markets.
Summary
Monash Investors
30 Apr 2024
$4.94
- Boss Energy (ASX: BOE) recently increased by 3.6%.
- Uranium prices have stabilized around US$90/lb, down from over US$100 in February.
- Boe is prioritizing the restart of the Honeymoon project in South Australia.
- Honeymoon is among the few uranium projects globally ready to commence in the early stages of the current uranium bull market.
- In April, Boss announced achievement of its first drum of uranium production at Honeymoon.
- Monash Investors continues to hold its position due to these positive developments.
Summary
Ausbil Investment Management
28 Feb 2024
$4.91
- Ausbil notes that Boss Energy (BOE) fell -9.9% over the month after previously peaking at $3 in July 2023.
- The fund manager observes that spot uranium prices are nearing US$100 per pound, significantly up from US$50 per pound last year.
- Ausbil anticipates that a confluence of limited new supply and increasing demand will keep the uranium market tight.
- Boss Energy is expected to imminently enter production at their fully owned Honeymoon Mine in South Australia.
- Ausbil continues to hold its position due to the positive outlook for uranium prices and production advancements.
Summary
Milford Asset Management
31 Jan 2024
$5.57
- Milford Asset Management updates its investment thesis on Boss Energy Ltd.
- Performance in the month was led by Boss Energy, which gained 38.2%.
- The increase in performance is linked to improving sentiment towards nuclear energy.
- The market for uranium is continuing to tighten.
- There is a growing global perspective that uranium is a reliable and low carbon energy source.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"As nuclear energy gains traction globally, it appears Boss Energy is riding the wave of renewed enthusiasm in the uranium sector. With a tightening market and a growing belief in low-carbon solutions, the future could be bright for this South Australian miner."
Last Updated: 31 Jul 2025
Query The Data
Frequently Asked Questions
Who is investing in Boss Energy Ltd (ASX:BOE)?
Fund managers including Milford Asset Management, Monash Investors, Ausbil, Cadence Capital, Acorn Capital, Tyndall Asset Management and Clime Investment Management have invested in Boss Energy Ltd (ASX:BOE).
Why do fund managers invest in Boss Energy Ltd?
Fund managers are investing in Boss Energy Ltd due to its significant share price increase of 38.2%, driven by a rising global sentiment towards nuclear energy as a reliable, low-carbon power source. The tightening market for uranium further supports the positive outlook on the company's prospects.
What happened to Boss Energy Ltd (ASX:BOE)?
Fund managers have recently exited their investments in Boss Energy Ltd due to significant concerns regarding the company's Honeymoon Uranium Mine. Challenges in achieving nameplate capacity, lower than expected uranium mineralisation, and difficulties in leaching uranium have raised doubts about the project's long-term viability. Disappointing updates and weaker future guidance have further prompted these fund managers to reassess their positions.