Boab Metal Presentation Jul26 final

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# Boab Metal Presentation Jul26 final

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# Boab Metal Presentation Jul26 final
Sorby Hills
Silver-Lead Project
F U L L Y - F U ND E D , NE A R- T E R M A U ST R A L I A N S I L V E R - L E A D PROD U CER
B O A B M E T A L S L I M I T E D | ASX: B M L
JU L Y 2026
www.boabmetals.com
Boab Metals
Disclaimer
Boab Metals
Disclaimer
Forward-Looking Statements Compliance Statement
Certain statements in the presentation are or may be “forward-looking statements” and represent The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
the Company’s intentions, projections, expectations or beliefs concerning, among other things, (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public
future operating and exploration results or the Company’s future performance. These forward- Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves.
looking statements speak, and the presentation generally speaks, only at the date hereof. The Information included in this presentation relating to Mineral Resources has been extracted from
projections, estimates and beliefs contained in such forward-looking statements necessarily the Mineral Resource Estimate dated 17 December 2021, available to view at boabmetals.com. The
involve known and unknown risks and uncertainties, and are necessarily based on assumptions, Company confirms that it is not aware of any new information that materially affects the
which may cause the Company’s actual performance and results in future periods to differ information included in the Mineral Resource Estimate and that all material assumptions and
materially from any express or implied estimates or projections. technical parameters underpinning the estimates, continue to apply and have not materially
General Disclaimer changed. The Company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the Mineral Resource Estimate.
The information in this presentation remains subject to change without notice. This presentation
Information included in this presentation relating to Ore Reserves, Production Targets and
may contain information (including information derived from publicly available sources) that has
Financial Forecasts has been extracted from the Sorby Hills Definitive Feasibility Study and FEED
not been independently verified by the Company.
Study dated 19 January 2023 and 6 June 2024 respectively, available to view at
Not an Offer www.boabmetals.com. The Company confirms that it is not aware of any new information or data
This presentation is for information purposes only. The presentation does not comprise a that materially affects the information included in the Ore Reserve Statement and that all material
prospectus, product disclosure statement or other offering document under Australian law. The assumptions and technical parameters underpinning the estimates, production targets and
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
presentation does not constitute or form part of any invitation, offer for sale or subscription or any financial forecasts continue to apply and have not materially changed. The Company confirms that
solicitation for any offer to buy or subscribe for any shares in Boab Metals Limited. the form and context in which the Competent Person’s findings are presented have not been
materially modified from the Ore Reserves Statement.
No Liability
Information included in this presentation relating to Exploration Results has been extracted from
Boab Metals Limited has prepared this document based on information available at the time of the ASX Announcements titled “KEEP confirmed as a Target for Further Exploration” dated 22
preparation. No representation or warranty, express or implied is made as to the fairness, accuracy October 2024, “Significant Intercepts at Sorby Hills” dated 8 November 2023, “Amended Drilling
or completeness of the information, opinions and conclusions contained in this presentation. To
Announcement” dated 4 September 2023”, “Assays Confirm Further Positive Outcome for Sorby”
the maximum extent permitted by law, Boab Metals Limited, its related bodies corporate and the
dated 23 January 2023, “High-Grade Lead-Silver Confirmed at Beta Deposit” dated 1 February 2022
officers, directors, employees, advisers and agents of those entities do not accept any responsibility
available to view at www.boabmetals.com. The Company confirms that it is not aware of any new
or liability for any loss arising from the use of the presentation or its contents or otherwise arising in
information or data that materially affects the information included in these announcements. The
connection with it.
Company confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified from the form in which they were first presented.
Boab Metals
Discover Sorby Hills
Boab Metals
Discover Sorby Hills
AUSTRAL IA’S N EX T SIL VE R-L E A D PR O DUC E R
Boab Metals Limited (ASX: BML | OTCQB: BMLQF) is developing the Sorby Hills Silver-Lead
Project in Western Australia.
Years of resource and reserve delineation, feasibility studies, permitting and financing have
culminated in a fully funded, construction-stage project.
Sorby Hills is now under construction in a Tier 1 mining jurisdiction, with first concentrate production
targeted for H2 2027
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
Boab Metals
Investment Thesis
Capital Structure 15/07/2026 ASX-listed base and precious metals developer and explorer.
Shares on Issue 1 576 m
Share Price 38 cps Final Investment Decision achieved on Sorby Hills.
Market Capitalisation $218m
Board & Management team with proven track record in development.
Cash Posi ti on $64.7m (30 June 2026)
Debt Outstanding Nil
Top 20 shareholders hold 46% of issued capital.
Enterpris e Value $15 4m
16 0.80
14 0.70
Top Five Shareholders
# Holder Name As at 15 July 2026 12 0.60
Volume (M Shares) Share Price (A$/sh)
1 Citicorp Nominees Pty Limited 15.35%
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
10 0.50
2 JP Morgan Nominees Australia P L 7.63%
8 0.40
3 B N P Paribas Nominees Pty 6.17%
4 HSBC Custody Nominees 3.03% 6 0.30
5 Villiers Queensland P L 2.31%
4 0.20
2 0.10
Substantial Shareholders
0 0.00
# Holder Name 5 February 2026 10-Oct-25 10-Jan-26 10-Apr-26 10-Jul-26
1 Franklin Resources Inc. 7.12% Volume Share Price
1 13.7m Performance rights
Boab Metals
Investment Thesis
The fully funded Sorby Hills Project is a near-term production asset in a Tier 1 jurisdiction.
JURIS DI CTI ON & ORE BODY
Tier 1 jurisdiction in WA, 150km from port.
Low-risk open pit mining operation.
Stage 1 production, 8.5 years: ~2.2Moz silver and 68kt lead per year. 1
FUNDING & COMMERCIAL DE -RISK ING
Long-term offtake agreement with Trafigura over 50% of silver-lead concentrate.
A$236 million equivalent executed full form Syndicated Facility Agreement (SFA) secured.
100% project ownership secured.
All equity secured to build the project and reach production.
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
EX ECUTI ON S T AT U S
Acquisition of the DeGrussa processing plant executed.
Final Investment Decision made.
On-site Early Works completed.
On-site Bulk Earthworks commenced.
Firs t Concentrate Production scheduled for H2 2027.
1. ASX Release 6 June 2024 DeGrussa Processing Plant
Boab Metals
Investment Thesis
The Sorby Hi ll s Project provides investors with exposure The Sorby Hi ll s Project also provides investors with exposure
to attractive near-term silver production in Australia. to rising silver prices leveraging off robust project economics
underpinned by a historically stable lead price.
Ag
47 82
Silver
S ILVE R SNAPSHOT:
AT T H E CROSSROADS OF I NDU STRY & INV ESTMENT
Pb LEAD SNAPSHOT:
T H E ORIGINAL B A TT ER Y METAL
Lead
INDUS TRIAL DEMAND ENDURING DEMAND
Unmatched conductivity makes silver critical for solar panels, EV A lead-acid battery is typically replaced two to three times in a light
electronics and central to the global energy transition. vehicle’s average lifetime of around 12 years supporting a demand tail that
will stretch decades.
SU PP LY SQ U EEZE
With primary mine output declining, most silver now coming only as a INDIAN LEAD DEMAND
by-product, and recycling stuck at ~20%, supply cannot keep pace -
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
Indian consumption of refined lead is forecast to grow 5% YOY through to 2030.
entrenching a structural deficit.
SI L VER LINING
VALUE STORAGE & SAFE-HAVEN
High demand for silver bearing lead concentrates is delivering record low
As a monetary metal, silver is a store of value, moving with gold
Concentrate Treatment Charges (negative US$65/t)
during inflationary or geopolitical uncertainty.
SPECUL ATIV E KICKER PRICE STABIL ITY
Gold–silver ratio, investor flows to silver ETFs, and leveraged futures trading all leading A mature secondary market provides a buffer against price shocks, limiting
to amplified volatility - giving silver greater upside torque in bull markets. the Lead price to a relative tight and predictable range.
Source: Silver Institute Nov 2025 Interim / World Silver Survey 2025 Source: ILZS G Statistical Bulletin Oct 2025
Boab Metals
Investment Thesis
Unlocking value through systematic Project derisking
BML acquires Sorby BML increase the Sorby Completion of Project On Track for first
Hills in 2018 Hills Resource by 2.8x Feasibility Studies and Production in H2 2027
receipt of EPBC and EPA
Approvals
Q4 – 2025, Boab Raises
Relative Value
+A$350M Debt and Equity
to Fully Fund Sorby Hills
development
Resource Definition Project Studies Construction Phase Operations Phase/ Mine Life
and Permitting Extension Drilling
Source, Lassonde Curve: Adapted from Lassonde, P. – Franco-Nevada Corporation
Boab Metals
Investment Thesis
SILVE R LEVERAGE
Sensitivity analysis in the F E E D Study demonstrates that a A$1 increase in
140
the silver price increases Project NPV by approximately A$10m¹,².
Silver is currently trading ~100% above the price assumed in the F E E D Study
120
1.
ASX Release 6 June 2024
2. See Appendix for F E E D Study sensitivity analysis
100
Silver Price - US$/oz
80
FEED Study (NPV8 A$411M)
based US$27.4/oz Silver Price
60
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
40
20
0
Jan-24 Jan-25 Jan-26
Sorby Hills Project
Feasibility Study
FR ONT EN D ENGINEERING & DESIGN STUDY 1 HIGHLIGHTS SORBY H I LL S R EVEN UE SP L IT
Based on F E E D Study Assump tions inc Silver @ US$27.4/oz
NPV 8 A$411m 546kt Payable Lead A$1.8b revenue
I RR 37%
Strong pre-tax
economics 17.2Moz Payable Silver A$0.7b revenue
AVERAGE
ANNUAL IS ED
PRODUCTION Assumin g a spot silver price² of US$60/oz,
103kt Lead-Silver
silver is expected to contribute 50% of forecast revenue.
A$126m concentrate 68kt Lead
p.a. and 2.2Moz Silver 1. ASX Release 6 June 2024 2. As at 15 July 2026, Ag US$60/oz, Pb = US$1,875/t
Average
EB ITD A
B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
Shallow high grade C1 CAS H COST
and Low Strip Ore
U S$0 .36/LB A$1.1B
delivering strong low
risk early cashflows
P AYA BLE Pb Operating
and rapid payback. Incl. net Silver credit of Cash Flow
US$0.37/lb payable Pb
A$264M
pre-production
F E E D S TUD Y
Capex
MACROECONOMIC
A SSU M PT I O NS (material cost reduction
Ag: US$27.4/ oz (A$40.4/oz)
2.25Mtpa anticipated resulting
Pb: US$2,252/ t (A$3,312/t) from DeGrussa
FX: 0.68, Lead, TC: US$125/t Initial 8.5 Year acquisition)
Mine Life
Opportunity to reduce costs and project execution risk
DeGrussa Process Plant: An Ideal Fit
Prim a ry Crushe r
Crushed Ore Storage Bin
Flotation Circuit
Acquisition of

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