There are plenty of options for investors to choose from in the uranium industry.
One popular share in the space is Boss Energy Ltd (ASX: BOE). But is it an ASX share to buy now for uranium exposure?
Let's see what Bell Potter is saying about the uranium producer following its production update this week.
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What is the broker saying?
Bell Potter notes that Boss Energy has downgraded its production guidance for FY 2026 due to several rain events. It said:
BOE have reduced its production guidance of 1.6Mlbs for FY26 to 1.4-1.45Mlbs (drummed). The downgrade is in relation to several rain events which impacted site access (and importantly reagent deliveries) in March 2026.
Costs remain within guidance of C1 A$36- 40/lb and AISC A$60-64/lb, however, are likely to track to the upper end of the range. The rainfall event also impacted construction of NIMCIX column 4, however BOE are targeting the completion of 4 & 5 by the end of FY26. Transportation and deliveries to site have now resumed.
Reading between the lines, the broker remains optimistic that a major upcoming potential share price catalyst is still in play. It explains:
The downgrade represents a 24-15% revision on production for the 3Q (assuming 4Q production was 490-520klbs).and a 9.3-12.5% downgrade on FY26 guidance. We suspect that the quarter was impacted by more than weather, with previously flagged decline in leach tenors, however it is difficult to tell. The reagent disruption has resulted in the drop in pH in the IX columns, which will take some time to restabilize, hence the flow on impacts through to 4QFY26.
There appears to be no slippage in the timeline for results of the upcoming wide-spaced drill pattern test work, which is due for release around June. This is the key, near-term catalyst for the story, with success or failure beyond 1.6Mlbpa processing rates resting on the result. On a recent site visit we were pleased to hear examples of ~100m spacings being utilized in Kazakhstan.
Should you buy Boss Energy shares?
According to the note, the broker has retained its buy rating on Boss Energy shares with a trimmed price target of $1.80 (from $1.95).
Based on its current share price of $1.57, this implies potential upside of almost 15% for investors over the next 12 months.
Commenting on its buy recommendation, Bell Potter said:
We continue to see the market positioning for a negative outcome in the upcoming wide-spaced wellfield program, creating an asymmetric risk opportunity in our opinion. Adding to this thesis, the continued increase in uranium prices (Spot US$88/lb or A$124/lb and Term US$89/lb A$125/lb), increases near-term margins and cashflow, further bolstering the balance sheet.
