When this was written — On 1 September 2026. The figures are as at that date or earlier and have not been updated since.
Uranium developers have spent years promising production, but Boss Energy is actually delivering it at Honeymoon 1. That operational reality is forcing a swift recalculation among the cohort of short sellers who spent the first half of the year betting against the developer.
The pressure on shorts built slowly before accelerating. Boss Energy's H1 FY2026 results in February showed revenue climbing 71% to $81.8 million R2, backed by $36.2 million in positive operating cash flow R3. What likely broke the bear case, however, was management lowering its FY2026 C1 cash cost guidance to $36-$40/lb R2, while keeping its 1.6M lbs U3O8 production target intact R4. By the time the company reported record production milestones in July 5, followed by expansion plans in late August 6, the thesis for holding a large short position had evaporated.
The numbers show a textbook short squeeze. Boss Energy's short interest peaked at 15.29% three months ago, but has since tumbled 6.41 percentage points to 8.88%. That capitulation occurred alongside a 20.8% share price surge over the last 90 days, closing at $1.51. The daily short slope over the past 30 days sits at -0.08%, driving a strong negative correlation of -0.537 between the falling short position and the rising stock price. Because ASIC data is reported on a T+4 delay, the actual short position today may be even lower if the buying momentum has sustained.
With shorts fleeing and Honeymoon production scaling up, the easy money for the bears is gone. The focus now shifts to whether those lowered cash costs can be sustained.