Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (September 2026)
28 slides from Boab Metals's investor presentation, Sep 8, 2026
Slide 1: Building Australia's Next Silver-Lead Producer
For personal use only B O A B M E T A L S L I M I T E D | ASX: B M L BUILDING AUSTRALIA’S NEXT SILVER-LEAD PRODUCER S E P T E M B E R 2026
Slide 2: Disclaimer
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 i
Slide 3: About Us: Australia's Next Silver-Lead Producer
Boab Metals ABOUT US Boab Metals ABOUT US AUSTRALIA’S NEXT SILVER-LEAD PRODUCER For personal use only Boab Metals Limited (ASX:BML) is an Australian resources company specialising in the exploration, development, and production of base and precious metals. Based in Perth Western Australia, Boab is p
Slide 4: Discover Sorby Hills
Boab Metals Discover Sorby Hills Boab Metals Strength Detail DISCOVER SORBY HILLS Ownership 100% Boab's flagship Sorby Hills silver-lead project in the East Kimberley is Australia’s largest undeveloped, Jurisdiction Tier-1 Western Australia For personal use only near-surface silver-lead deposit. Min
Slide 5: Corporate Snapshot
Boab Metals CORPORATE SNAPSHOT Capital Structure 04/09/2026 Shares on Issue 1 578 m ASX-listed base and precious metals developer and explorer. Share Price 45 cps For personal use only Final Investment Decision achieved on Sorby Hills. Market Capitalisation $260m Cash Position $49m (31 August 2026)
Slide 6: Investment Thesis: Systematic Project Derisking
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 For personal use only receipt of EPBC and EPA Appro
Slide 7: Our Commodities - Silver
Boab Metals 47 Ag SILVER SNAPSHOT: OUR COMMODITIES - SILVER Silver AT T H E CROSSROADS OF I N D U S T R Y & I N VESTMEN T INDUSTRIAL VALUE STORAGE For personal use only DEMAND & SAFE HAVEN Unmatched conductivity makes silver As a monetary metal, silver is a store of critical for solar panels, EV ele
Slide 8: Our Commodities - Lead
Boab Metals 82 LEAD SNAPSHOT: Pb OUR COMMODITIES - LEAD Lead T H E ORIGINAL B A T T E R Y METAL ENDURING INDIAN LEAD For personal use only DEMAND DEMAND A led-acid battery is typically replaced two Indian consumption of refined lead is to three times in a light vehicle's average forecast to grow 5%
Slide 9: Sorby Hills
For personal use only SORBY HILLS B O A B M E T A L S L I M I T E D | ASX: B M L PROVIDING INVESTORS WITH EXPOSURE TO RISING SILVER PRICES WHILE LEVERAGING ROBUST PROJECT ECONOMICS UNDERPINNED BY A HISTORICALLY STABLE LEAD PRICE 9
Slide 10: Investment Thesis: Near-Term Production Asset in Tier 1 Jurisdiction
Boab Metals INVESTMENT THESIS The fully funded Sorby Hills Project is a near-term production asset in a Tier 1 jurisdiction. Jurisdiction, Orebody Funding & Commercial Execution For personal use only & Processing De-risking Status • Low-risk Shallow open • Offtake agreement with • DeGrussa processin
Slide 11: A New Force in Silver
Sorby Hills Project A NEW FORCE IN SILVER The Sorby Hills Project is set to become one of Company Asset Silver Production (koz)* the heavyweights in Australian silver mining. S32 Cannington 10,292 For personal use only Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2,414 Boab 2,191 Sorby Hills (A
Slide 12: Feasibility Study: FEED Study Highlights
Sorby Hills Project FEASIBILITY STUDY FEED Study Highlights SORBY HILLS REVENUE SPLIT C1 cash cost US$0.36/lb Based on FEED Study Assumptions inc A$264M pre-production Capex payable Pb Silver @ US$27.4/oz For personal use only (material cost reduction anticipated resulting from DeGrussa acquisition)
Slide 13: Investment Thesis: Silver Leverage
Boab Metals INVESTMENT THESIS Silver For personal use only Leverage Sensitivity analysis in the F E E D Study demonstrates that a A$1 increase in the silver price increases Project NPV by FEED Study (NPV8 A$411M) based US$27.4/oz Silver Price approximately A$10m¹,². B O A B M E T A L S L I M I T E D
Slide 14: Cost Structure Delivering 'Free Silver'
Sorby Hills Project COST STRUCTURE DELIVERING ‘FREE SILVER’ Operating costs covered by a non-volatile lead price. Operating margin fully leveraged to silver price movements. The Sorby H i l l s Project i s a low-cost silver producer. AISC = negative US$14/oz Ag For personal use only INCREASING S I L
Slide 15: Low Risk Open Pit Ore Reserve
Sorby Hills Project LOW RISK OPEN PIT ORE RESERVE F E E D S T U D Y PRODUCTION TARGET Production Target and Ore Reserve Growth Opportunities Total Waste ROM Pb Ag PbEq AgEq AgEq S t r ip Pit (Mt) (Mt) (Mt) (%) (g/t) (%) (g/t) (Moz) Ratio ✓Large shallow deposit allowing for efficient and effective Re
Slide 16: Mineral Resource: Moz Silver Equivalent
Sorby Hills Project 104 MOZ SILVER EQUIVALENT Grade Contained Metal Tonnes For personal use only Deposit Pb Zn Ag PbEq AgEq Pb Zn Ag AgEq (Mt) % % g/t % g/t kt kt koz koz A 0.6 5.3% 0.1% 23 7.4% 80 31 6 427 1,547 B 2.7 3.6% 0.3% 20 5.5% 59 97 8 1,720 5,107 Omega 17.2 3.3% 0.4% 34 6.5% 70 566 71 18,9
Slide 17: Development on Track
Sorby Hills Project Development on Track Sorby Hills Project DEVELOPMENT ON TRACK Long term Diesel Supply Contract executed with Cambridge Gulf For personal use only Dismantling of the DeGrussa Processing Plant has commenced Clearing of ROM Pad, Tailings Storage Facility and Haul Road corridors comp
Slide 18: DeGrussa Processing Plant
Sorby Hills Project DEGRUSSA PROCESSING PLANT DeGrussa Plant Acquisition – Lower Cost, Faster Delivery All major processing plant components, together with an extensive spares inventory, have been secured through the acquisition of the DeGrussa For personal use only Processing Plant from Sandfire Re
Slide 19: Loading at Wyndham Port
Sorby Hills Project Loading at Wyndham Port Sorby Hills Project LOADING AT WYNDHAM PORT Wyndham Port located just 150km from Sorby Hills by existing sealed road. For personal use only Port access Agreement executed with port operators Cambridge Gulf. Concentrate to be transported from site to Wyndha
Slide 20: Construction Timeline
Sorby Hills Project CONSTRUCTION TIMELINE First production from Sorby Hills is scheduled to occur in H2 2027. For personal use only B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 20
Slide 21: Construction Update
Sorby Hills Project CONSTRUCTION UPDATE EPC CONTRACT EXECUTED GR Engineering appointed for Sorby Hills EPC delivery Contract value A$109M For personal use only ACQUISITION COMPLETED DeGrussa plant acquisition completed May 2026 Assets aligned to 100ktpa concentrate target DEGRUSSA PLANT RELOCATION P
Slide 22: Future Growth Opportunities
B O A B M E T A L S L I M I T E D | ASX: B M L For personal use only FUTURE GROWTH OPPORTUNITIES 22
Slide 23: Growth Potential
Sorby Hills Project GROWTH POTENTIAL Production Target and Strategic Growth Opportunities For personal use only o Current Mine Plan represents only 37% of the defined Resource at Sorby Hills Figure: DFS pit shells with respect to the Resource block model o Large shallow Resource allowing for efficie
Slide 24: Near Term Catalysts
Sorby Hills Project NEAR TERM CATALYSTS Project delivery, construction progress and resource growth Q3 – 2026 Q4 – 2026 Mining Contract Award Resource/Reserve Growth For personal use only Sorby Hills mining contract awarded Results from exploration and mine-life extensional drilling Construction Pro
Slide 25: Thank You
Boab Metals Thank you Boab Metals THANK YOU Simon Noon, Managing Director & CEO For personal use only www.boabmetals.com info@boabmetals.com +61 8 6268 0449 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Facebook.com/boabmetalsltd linkedin.com/company/boab-metals @BoabMetals 26
Slide 26: Excellence in Project Delivery
Sorby Hills Project Excellence in project delivery Sorby Hills Project EXCELLENCE IN PROJECT DELIVERY A Board and Management team with a proven track record in project development. For personal use only Gary Comb Simon Noon Richard Monti Andrew Parker Russell Taylor Chairman Managing Director Non-Ex
Slide 27: FEED Study Sensitivity Analysis
Sorby Hills Project FEED STUDY SENSITIVITY ANALYSIS 1,000 Assumption Unit FEED Spot1 Change 900 Lead Price US$/t 2,252 1,870 (17%) Silver Price US$/oz 27.4 65.5 140% For personal use only 800 FX A$:US$ 0.68 0.72 6% Lead TC US$/t 125 (170)2 (236%) 700 Project NPV8 (A$M) 1 As at 7 September 2026 2. Sh
Slide 28: Metal Equivalent Calculations
Sorby Hills Project METAL EQUIVALENT CALCULATIONS The contained metal equivalence formula is based on It is Boab’s opinion that all elements included in the metal o Lead Price US$1,875/t; and equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate e