Boss Energy (ASX:BOE) is expected to post weaker fiscal third-quarter uranium production due to lost operating days and softer pregnant leach solution-ion exchange (PLS-IX) tenors while still maintaining fiscal 2026 guidance of about 1.6 million pounds of uranium, according to a Thursday note by Jefferies.

The investment firm noted that about 14 days of lost production and softer PLS-IX tenors could cut third-quarter output by 44% to between 240,000 and 270,000 pounds of uranium, leaving the company reliant on the expected fourth-quarter production of 488,000 to 518,000 pounds to meet its annual target.

The company's production outlook remains sensitive to wellfield tenor and flow dynamics, as maturing fields lower grades and require higher flow rates and heavier use of ion-exchange capacity, highlighting the need for new higher-tenor wellfields, the note added.

The investment firm highlighted that key reagents supplied via road and rail from Adelaide, Port Pirie, and Sydney leave the operation exposed to potential weather-related supply disruptions.

Jefferies kept a hold rating on Boss Energy with a price target of AU$1.60.

Boss Energy's shares tumbled 6% in recent Friday trade.