Looking to buy this week's big dip on Boss Energy Ltd (ASX: BOE) shares?
Then you're going to have to be a bit patient.
Shares in the S&P/ASX 200 Index (ASX: XJO) uranium miner closed yesterday trading for $1.565 apiece. That sees the share price down 11.6% this week.
While painful for shareholders, those losses will come as good news to the cadre of short sellers betting against the stock. Boss Energy shares kicked off the week as the most shorted stock on the ASX, with a short interest of 23.7%.
But regardless of whether you're hoping to buy or sell Boss Energy stock today, you'll find the shares are temporarily frozen.
Here's why.
Boss Energy shares enter a trading halt
Boss Energy requested that trading in its shares be temporarily halted pending an announcement regarding the conclusion and outcomes of the miner's Honeymoon uranium project review.
Management launched the operational review of Honeymoon, located in South Australia, in July.
Boss Energy said it expects to release an announcement revealing the conclusion and outcomes of the review tomorrow. Management will also host a conference call on the day.
Boss Energy stock should then recommence normal trading on Friday.
What's been happening with the Honeymoon uranium project?
Following a strong run in the first half of the year, Boss Energy shares have come under heavy pressure amid growing investor concerns about the potentially shrinking uranium production outlook and rising costs at Honeymoon.
And with shares having now plunged 66.5% from the 30 June close, Boss Energy will be dropped from the ASX 200 in the S&P Dow Jones Indices quarterly rebalance, effective 22 December.
A lot of that pain arrived on 28 July.
The ASX uranium stock closed the day down a precipitous 44% following the release of its full-year FY 2026 guidance for Honeymoon.
Boss said it was targeting production of 1.6 million pounds of uranium production per year, well below its previous goal of 2.45 million pounds.
And management's estimate of an all-in sustaining cost (AISC) of between $64 to $70 per pound clearly exceeded market expectations.
Cost pressures were reported to be "primarily due to an expected decline in average tenor and an optimised lixiviant chemistry".
The last market update focused on the Honeymoon review was released on 11 September.
Managing director Duncan Craib said:
We have moved quickly to appoint leading experts in their fields with the aim of establishing an accurate and independent assessment of our resources and optimum production rates. The review is on track for completion in the December quarter of 2025.
With recent history as our guide, Boss Energy shares could be in for some outsized moves – higher or lower – on Friday, depending on the outcome of the review.
Stay tuned!
