Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (September 2025)
34 slides from Boab Metals's investor presentation, Sep 15, 2025
Slide 1: Lead Pays, Silver Plays - Corporate Presentation
Sorby Hills Project US$40/oz Lead Pays,, Silver Plays For personal use only US$35/oz US$30/oz US$25/oz September 2025 Corporate Presentation boabmetals.com.au
Slide 2: Disclaimer
2 Disclaimer Forward-Looking Statements Compliance Statement For personal use only Certain statements in the presentation are or may be “forward-looking statements” and The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore represent the Company’s intentions, projectio
Slide 3: Investment Thesis: Silver Snapshot
3 Boab Metals Investment Thesis The Sorby Hills Project provides investors development ready exposure to rising silver prices For personal use only leveraging off robust project economics underpinned by a historically stable lead price SILVER SNAPSHOT: THE CROSSROADS OF INDUSTRY AND INVESTMENT 1,164
Slide 4: Investment Thesis: Lead Snapshot
4 Boab Metals Investment Thesis The Sorby Hills Project provides investors development ready exposure to rising silver prices For personal use only leveraging off robust project economics underpinned by a historically stable lead price LEAD SNAPSHOT: THE ORIGINAL BATTERY METAL 13,185kt Demand in 202
Slide 5: Cost structure delivering free Silver
5 Sorby Hills Project Cost structure delivering “free Silver” Operating Costs covered by a non-volatile Lead Price For personal use only Operating margin fully leveraged to Silver price movements. US$/lb Pb US$/oz Ag Viewed differently, the Sorby Increasing Silver Price Hills Project may be consider
Slide 6: Delivering leveraged Silver exposure to Boab's Investors
6 Sorby Hills Project Delivering leveraged Silver exposure to Boab’s Investors For personal use only Rolling 30-day average daily % changes in USD Silver price & BML share price ▪ Since the acquisition of the 6.00% 2.00% Sorby Hills Project in June 2018, Boab’s share price has Avg Daily % Change 1.5
Slide 7: Development Ready
7 Sorby Hills Project Development Ready • Tier-1 Jurisdiction, Located 50km northeast of Kununurra, For personal use only Western Australia, sealed road to Wyndham Port (150 km) • Large scale and well defined 47.3Mt Silver-Lead Resource (123g/t AgEq)1 including 53Moz contained Silver • DFS & FEED St
Slide 8: Front-End Engineering & Design: FEED Study Highlights
8 Sorby Hills Project Front-End Engineering & Design FEED Study Highlights For personal use only Spot Macroeconomics C1 cash cost US$0.36/lb As at 12 September 2025 A$264M pre-production Capex payable Pb (material cost reduction anticipated resulting from DeGrussa acquisition) Incl. net Silver credi
Slide 9: A head start on project delivery
Sorby Hills Project A head start on project delivery For personal use only Acquisition of the DeGrussa Processing Plant from Sandfire Resources significantly reduces and derisks project execution timeline
Slide 10: A standout investment among peers
10 Sorby Hills Project A standout investment among peers Project Sorby Hills Bowdens Wonawinta Paris Jervois For personal use only Location Western Australia New South Wales New South Wales South Australia Northern Territory Company Boab Metals Silver Mines Manuka Resources Investigator Resources KG
Slide 11: Poised to be a Major Silver Producer
11 Sorby Hills Project Poised to be a Major Silver Producer Forecast Sorby Hills silver production versus Sorby Hills Revenue Split For personal use only established silver producers within Australia A$2,997/t Pb and A$63.1/oz Ag Silver Production 546kt Payable Lead Company Asset A$1.6B Revenue (koz
Slide 12: Progressing toward a Final Investment Decision
12 Sorby Hills Project Progressing toward a Final Investment Decision Recent achievements provide Boab with significant momentum heading into FID For personal use only 2022 - 2023 2024 - 2025 ✓ Completion of the Sorby Hills Definitive ✓ Completion of a Front-End Engineering & Design Study Feasibilit
Slide 13: Project Financing
13 Sorby Hills Project Project Financing Positive Project progress has supported meaningful progress with financiers For personal use only • Boab have executed a US$30M Prepayment Facility terms sheet with Trafigura1. • Additionally, non-binding terms sheets2 have been received from domestic and int
Slide 14: Acquisition of the DeGrussa Processing Plant
14 Sorby Hills Project Acquisition of the DeGrussa Processing Plant Derisking Project Execution from both a procurement and capital cost perspective For personal use only Acquisition Terms Total price of A$10M, comprising: • Deposit paid: A$0.5M cash and A$1.0M shares issued to Sandfire Resources •
Slide 15: DeGrussa Process Plant: An Ideal Fit
15 Sorby Hills Project DeGrussa Process Plant: An Ideal Fit All major components for the For personal use only Primary Crusher Sorby Hills Process Plant have Crushed Ore Storage Bin been secured via the DeGrussa Process Plant acquisition Flotation Circuit Fit for purpose specifications to deli
Slide 16: High Quality Concentrate
16 Sorby Hills Project High Quality Concentrate For personal use only Wyndham Port located just 150km from Sorby Hills by existing sealed road. Port Access Agreement executed with port operators Cambridge Gulf Concentrate to be transported from site to Wyndham in sealed containers. 873kt of Concentr
Slide 17: Offtake and Prepayment Agreement
17 Sorby Hills Project Offtake and Prepayment Agreement Attractive and flexible For personal use only Terms of the Agreement with Trafigura Binding Prepayment Term Sheet offtake terms from • US$30M for the development and construction of Sorby Hills. global commodities • 5 Year Term, 18 Month repaym
Slide 18: Agreement to acquire 100% Interest
18 Sorby Hills Project Agreement to acquire 100% Interest Further Project value For personal use only Terms of the Agreement 12-month option for Boab to acquire remaining 25% interest in attributable to Boab Sorby Hills from existing JV partner. upon acquisition Full control over joint venture budge
Slide 19: Potential Share Price Catalysts
19 Sorby Hills Project Potential Share Price Catalysts Q4 2025 For personal use only • Complete competitive contract tender to relocate, reconstruct and refurbish the DeGrussa Processing Plant at Sorby Hills. • Commencement of early site works. • Secure additional non-dilutive debt finance to suppor
Slide 20: Board and Project Delivery Team
20 Board and For personal use only Project Delivery Team Board and Management Gary Comb Simon Noon Richard Monti Andrew Parker Chairman Managing Director & CEO Non-Exec. Director Non-Exec. Director with a proven track Engineer with over 30 years’ Experienced mining executive Lawyer with significant
Slide 21: Corporate Snapshot
21 Boab Metals Corporate Snapshot Share Price History 9.0 0.30 For personal use only Capital Structure (12 September 2025) 8.0 0.25 Share Price Debt 7.0 Share Price (A$/sh) Volume (M Shares) A$0.28 Nil 6.0 0.20 5.0 0.15 Shares on Issue Cash 4.0 279 million shares A$7.2 million1 3.0 0.10 2.0 Market C
Slide 22: Thank You
22 For personal use only Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals 22
Slide 23: Appendix
For personal use only Appendix Appendix 23 23
Slide 24: Manbarrum Zn-Pb-Ag Project: Strategic Growth Opportunities
24 Sorby Hills Project Manbarrum Zn-Pb-Ag Project Strategic Growth Opportunities ▪ located 25km east of the Sorby Hills Project. ▪ 175km2 of prospective tenements (including two Vision to establish a long-life presence in the east granted mining leases) covering geology related For personal use only
Slide 25: Establishing Deep Roots within the Local Community
25 Boab Metals Establishing Deep Roots within the Local Community For personal use only Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimberley Region. • The Ord
Slide 26: High Quality Resource
26 Sorby Hills Project High Quality Resource Grade Contained Metal For personal use only Tonnes Deposit Pb Zn Ag PbEq1 Pb Zn Ag (Mt) % % g/t % kt kt koz A 0.6 5.3% 0.1% 23 6.1% 31 6 427 B 2.7 3.6% 0.3% 20 4.3% 97 8 1,720 Omega 17.2 3.3% 0.4% 34 4.5% 566 71 18,948 Norton 21.1 2.8% 0.4% 34 4.0% 590 96
Slide 27: Low Risk Open Pit Ore Reserve
27 Sorby Hills Project Low Risk Open Pit Ore Reserve FEED Study Production Target For personal use only Total Waste ROM Pb Ag PbEq Strip Pit (Mt) (Mt) (Mt) (%) (g/t) (%) Ratio Pit A 4.1 3.7 0.5 3.7 16.4 4.3% 8.1 Pit B 14.8 12.6 2.3 3.2 17.4 3.8% 5.5 Omega South 21.1 18.3 2.8 2.9 29.5 3.9% 6.5 Omega
Slide 28: Sorby Hills FEED Study: Life of Mine Physicals
28 Sorby Hills Feed Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only ROM Mined Mt 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Waste Mined Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Meas
Slide 29: Sorby Hills FEED Study: Life of Mine Cashflows
29 Sorby Hills Feed Study Life of Mine Cashflows FINANCIAL SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only Lead Revenue A$M 1,803 - - 198 225 260 215 207 208 165 226 98 1,803 Silver Revenue A$M 693 - - 59 69 131 121 57 62 71 82 40 693 Total Revenu
Slide 30: Sorby Hills FEED Study: Capital Cost Breakdown
30 Sorby Hills FEED Study Capital Cost Breakdown For personal use only Total upfront capital cost of A$264M Item Pre-Production Sustaining Total (A$M) (A$M) (A$M) including A$22.7M contingency. EPC Contract 134.9 - 134.9 ~66% of capital costs underpinned by Site Est / Bulk Earthworks 31.9 4.9 36.9 t
Slide 31: Sorby Hills FEED Study: Operating Cost Breakdown
31 Sorby Hills FEED Study Operating Cost Breakdown For personal use only Competitive C1 cash cost of US$0.36/lb Item Total Unit Costs (A$M) payable Pb (including Silver Credits). A$/t ore US$/lb payable Pb Logistics 117 6.4 0.07 ~80% of Mining Costs underpinned by Mining 547 30.0 0.31 tendered prici
Slide 32: Confirmed Low-Cost producer
32 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve For personal use only 2027 Lead Cost Curve (ex-works basis) Low risk open cut 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile mining and high process plant throughpu
Slide 33: Comparison of Resource/Reserves
33 Sorby Hills Project Comparison of Resource/Reserves (as at 12 September 2025) Project Sorby Hills Bowdens Wonawinta Paris Jervois For personal use only Commodity Lead-Silver-Zinc Silver-Lead-Zinc Silver Silver Copper-Silver-GOld Boab Metals Silver Mines Manuka Investigator KGL Resources Company L
Slide 34: Metal Equivalent Calculations
34 Metal Equivalent Calculations For personal use only The contained metal equivalence formula is It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable based on the Sorby Hills FEED Study including: potential to be recovered and sold. The formula used