Boab Metals Ltd · ASX:BML
Boab Metals — International Mining and Resources Conference (IMARC) 2024
30 slides from Boab Metals's conference presentation, Oct 28, 2024
Slide 1: A near-term producer in Australia with a margin highly leveraged to the Silver Price
A near-term producer in Australia with a margin highly leveraged to the Silver Price Corporate Presentation For personal use only International Mining and Resources Conference (IMARC) October 2024 ASX: BML boabmetals.com Delivering metals for a sustainable future
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: Corporate Summary
3 Boab Metals Corporate Summary Share Price History 5.0 0.25 For personal use only Capital Structure (24 October 2024) 4.0 0.20 Share Price Debt Share Price (A$/sh) Volume (M Sahres) A$0.15 /share Nil 3.0 0.15 Shares on Issue Cash 2.0 0.10 234 million shares A$4.4 million1 30 September 2024 1.0 0.05
Slide 4: A near term producer of Lead & Silver
4 Sorby Hills Project A near term producer of Lead & Silver Investment Highlights For personal use only • Located 50km northeast of Kununurra, Western Australia and 150km by existing sealed roads to the Wyndham Port. • High quality 47.3Mt Mineral Resource1 • 1.5Mt contained Lead at 3.1% • 0.2Mt cont
Slide 5: High Quality Resource Estimate
5 Sorby Hills Project High Quality Resource Estimate Grade Contained Metal Tonnes Deposit Pb Zn Ag PbEq1 Pb Zn Ag For personal use only (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
Slide 6: FEED Study completed June 2024
6 Sorby Hills Project FEED Study completed June 2024 FEED Study Highlights For personal use only Lead A$264m pre- C1 cash cost 546 thousand payable tonnes production Capex A$1,803 Million Revenue US$0.36/lb payable Pb underpinned 75% Incl. net Silver credit of by tendered pricing US$0.37/lb payable
Slide 7: Project Sensitivities
7 Sorby Hills Project Project Sensitivities Macroeconomics For personal use only 1,000 900 As at 24 October 2024 800 700 • Lead: US$2,017/t • Silver: US$34/oz Project NPV8 600 • FX: 0.66 AUD:USD 500 • Spot Lead TC: US$30/t 400 300 200 NPV8 = A$523m 100 - -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20
Slide 8: Development Ready
8 Sorby Hills Project Development Ready ▪ GRES has recently completed For personal use only Primary Crusher FEED Workstreams. ▪ FEED output has resulted in: ▪ detailed plant design and; Flotation Circuit optimised site layout; and ▪ updated EPC pricing consistent with EPC Filter Press pricing adopte
Slide 9: Boab option to acquire 100% Interest
9 Sorby Hills Project Boab option to acquire 100% Interest Terms of the Agreement (See ASX Announcement 23 September 2024) +218kt Concentrate For personal use only • 12-month option for Boab to acquire Yuguang’s 25% interest in Sorby Hills, increasing Boab’s current 75% interest in Sorby Hills to 10
Slide 10: 53Moz - A significant Silver Resource
10 Sorby Hills Project 53Moz - A significant Silver Resource Comparison of contained Silver in undeveloped Australian Silver deposits as at 23 October 2024 For personal use only 200 200 180 180 Contained Silver in Resource (Moz) 160 160 Resource Grade (g/t Ag) 140 140 120 120 100 100 80 80 60 60 40
Slide 11: Confirmed Low-Cost producer
11 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project For personal use only on the Global Lead cost curve 2027 Lead Cost Curve (ex-works basis) 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile ▪ Low risk open cut mining and high process plant through
Slide 12: Delivering Silver Exposure to Investors
12 Sorby Hills Project Delivering Silver Exposure to Investors The Sorby Hills Project and Boab Metals offer For personal use only rare ASX exposure to Silver Price movements ▪ Since the acquisition of the Rolling 30-day average daily % changes in USD Silver price & BML share price since June 2018 S
Slide 13: Exposure to Silver Price
13 Sorby Hills Project Exposure to Silver Price Operating Costs covered by a historically non-volatile For personal use only Lead Price leaves the Operating margin fully leveraged to Silver price movements. US$/lb US$/oz Viewed differently, the Sorby Hills Project may be considered 2.0 Increasing Si
Slide 14: Silver: The most conductive metal on earth
14 Silver The most conductive metal on earth • Silver‘s traditional role as a Strong demand for use in solar cells and the storer of wealth is For personal use only electronic components of electric vehicles complemented by its increasing industrial demand. • The use of Silver in solar cells has inc
Slide 15: Supplying the proven Battery Metal
15 Sorby Hills Project Supplying the proven Battery Metal Lead demand growth underpinned by mature and For personal use only emerging vehicle technologies 1. www.batteryinnovation.org/resources/lead-battery-market-data/ “…. low voltage 12V lead- Forecast Light Vehicles Sales versus Lead Demand1 base
Slide 16: Significant Intercepts post MRE 2021
16 Sorby Hills Project Significant Intercepts post MRE 2021 Phase V – 15 holes not yet included in Mineral Resource Estimate For personal use only ▪ SHRC_123 (Beta): 27m @ 3.47% Pb & 37g/t Ag from 34m: ▪ Incl. 3m @ 7.04% Pb & 95g/t Ag from 35m; 5m @ 5.60% Pb & 44g/t Ag from 45m; and 6m @ 4.50% Pb &
Slide 17: Manbarrum Zn-Pb-Ag Project: Strategic Growth Opportunities
17 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 18: Investment Opportunity
18 Boab Metals Investment Opportunity For personal use only Near Term News Flow and Ongoing Activities 11% - FEED vs DFS NPV Based on the same macroeconomic assumptions ▪ Execute Offtake Agreement(s). Past 12 Months ▪ Assessing opportunities to further de-risk project execution and development timel
Slide 19: Thank You
19 For personal use only Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals Boab Metals Limited ASX:BML 19
Slide 20: Establishing Deep Roots within the Local Community
20 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 for 2023 and beyond. • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimber
Slide 21: Board and Technical Team
21 Board and For personal use only Technical Team Gary Comb Simon Noon Richard Monti Andrew Parker Chairman Managing Director Non-Exec. Director Non-Exec. Director and CEO Board and Management Engineer with over 30 Experienced mining Geologist with over 30 Lawyer with significant with a proven track
Slide 22: Appendix
22 Appendix For personal use only Appendix Boab Metals Limited ASX:BML 22
Slide 23: Low Risk Open Pit Ore Reserve
23 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 24: Sorby Hills Feed Study: Life of Mine Physicals
24 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 25: Sorby Hills Feed Study: Life of Mine Cashflows
25 Sorby Hills Feed Study Life of Mine Cashflows FINACIAL 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 Revenue
Slide 26: Capital Cost Breakdown
26 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 Ests/ Bulk Earthworks 31.9 4.9 36.9 te
Slide 27: Operating Cost Breakdown
27 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 28: Resource Classification by Deposit
28 Sorby Hills Project Resource Classification by Deposit Grade Contained Metal For personal use only Tonnes Deposit Classification Pb Zn Ag PbEq1 Pb Zn Ag (Mt) % % g/t % kt kt koz Inferred 0.6 5.3% 1.0% 23 6.1% 31 6 427 A Sub Total 0.6 5.3% 0.1% 23 6.1% 31 6 427 Measured 1.4 3.8% 0.3% 19 4.5% 52 4
Slide 29: Peer Comparison
29 Sorby Hills Project Peer Comparison (as at 23 October 2024) Proved Probable Reserve Measured Indicated Inferred Resource For personal use only Primary Project Ticker Owner Reserve Reserve Grade Resource Resource Resource Grade Source Commodity (Mt) (Mt) (g/t) (Mt) (Mt) (Mt) (g/t) Bowdens Silver S
Slide 30: Metal Equivalent Calculations
30 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
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