It’s not been a good year for the shorts in BOE with the stock up +30% so far in 2025, the traders have sold into the bounce, but they must be getting uncomfortable. On Tuesday, it pleased the market with its quarterly update from its South Australian Honeymoon facility:
- For the 3rd quarter, BOE sold 150,000 lbs of uranium.
- They still see 850,000 lbs Honeymoon production this FY at a cost per lb of $A37-41/lb.
- The company is sitting on $63.8mn cash and equivalents.
With the ramp-up at their Honeymoon Uranium Project, the Australian-based miner could surprise on the upside, especially if/when the uranium price recovers.
- We can initially see BOE testing the $3.50-4 area.
MM is bullish BOE ~$3.20
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