Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (December 2025)
31 slides from Boab Metals's investor presentation, Dec 23, 2025
Slide 1: Sorby Hills Silver–Lead Project Corporate Presentation
Sorby Hills US$40/oz Silver – Lead Project For personal use only US$35/oz US$30/oz US$25/oz December 2025 Corporate Presentation www.boabmetals.com
Slide 2: Disclaimer
2 Disclaimer Forward-Looking Statements Compliance Statement For personal use only Certain statements in the presentation are or may be “forward-looking statements” and The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore represent the Company’s intentions, projectio
Slide 3: Corporate Snapshot
3 Boab Metals Corporate Snapshot Share Price History Capital Structure 12 0.60 For personal use only Metric 22 Dec 2025 Pro Forma1 10 0.50 Shares on Issue 505m 571m Share Price (A$/sh) Volume (M Shares) Share Price 42.5cps 42.5cps 8 0.40 Market Capitalisation $215m $243m 6 0.30 Cash Position $90M $1
Slide 4: Investment Thesis
4 Boab Metals Investment Thesis The fully funded Sorby Hills Project provides investors exposure to rising silver prices For personal use only leveraging off robust project economics underpinned by a historically stable lead price ✓ Tier 1 Jurisdiction (WA), 150km from Port ✓ Low Risk Open Pit Minin
Slide 5: Investment Thesis: Silver Snapshot
5 Boab Metals Investment Thesis The Sorby Hills Project provides investors with exposure to attractive near term For personal use only Silver production in Australia SILVER SNAPSHOT: THE CROSSROADS OF INDUSTRY AND INVESTMENT 1,164Moz Demand in 2024 ✓ Industrial demand: Unmatched conductivity make si
Slide 6: Investment Thesis: Lead Snapshot
6 Boab Metals Investment Thesis The fully funded Sorby Hills Project provides investors 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 2024 ✓ E
Slide 7: On track for production in 2027
7 Boab Metals Investment Thesis The fully funded Sorby Hills Project is on track for production in 2027 For personal use only 120 17 December 2025 Final Investment Decision Silver Leverage Silver Price +A$100/oz Sensitivity analysis in the FEED 100 Study demonstrates that a A$1 6 June 2024 increase
Slide 8: Feasibility Study Complete
8 Sorby Hills Project Feasibility Study Complete Front End Engineering & Design Study1 Highlights For personal use only C1 cash cost US$0.36/lb A$264M pre-production Capex payable Pb (material cost reduction anticipated Sorby Hills Revenue Split resulting from DeGrussa acquisition) Incl. net Silver
Slide 9: Cost structure delivering free Silver
9 Sorby Hills Project Cost structure delivering “free Silver” Operating Costs covered by a non-volatile Lead Price For personal use only Operating margin fully leveraged to Silver price movements. US$/lb Pb US$/oz Ag Viewed differently, the Sorby Increasing Silver Price Hills Project may be consider
Slide 10: Set to be a Major Silver Producer in 2027
10 Sorby Hills Project Set to be a Major Silver Producer in 2027 Forecast Sorby Hills silver production versus established For personal use only silver producers within Australia Silver Production Company Asset (koz)* S32 Cannington 10,292 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2,414 Boab
Slide 11: 47.3Mt @ 123g/t Silver Equivalent
11 Sorby Hills Project 47.3Mt @ 123g/t Silver Equivalent 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
Slide 12: Low Risk Open Pit Ore Reserve
12 Sorby Hills Project (Stage 1) 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%
Slide 13: A head start on project delivery
13 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 14: DeGrussa Process Plant: An Ideal Fit
14 Sorby Hills Project DeGrussa Process Plant: An Ideal Fit All major components for the Sorby For personal use only Primary Crusher Hills Process Plant have been Crushed Ore Storage Bin secured via the DeGrussa Process Plant acquisition Flotation Circuit Extensive list of spares included in t
Slide 15: High Quality Concentrate
15 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 16: Commencement of Early Works
16 Sorby Hills Project Commencement of Early Works The Early Works Program For personal use only encompasses a range of critical preparatory activities essential to enable future operations. Initial works include: • Construction of site access roads; • Establishment of foundations for the processing
Slide 17: Construction Timeline
17 Sorby Hills Project Construction Timeline First Production from Sorby Hills is scheduled to occur in H2 2027 For personal use only Workstream 2025 2026 2027 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Final Investment Decision ✓ Early Works ✓ Camp Refurbishment Bulk Earthworks Pre-Strip Mining DeGrussa Plant Disa
Slide 18: Board and Project Delivery Team
18 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 record Engineer with over 30 years’ Experienced mining executive Lawyer with signi
Slide 19: Near Term Share Price Catalysts
19 Boab Metals Near Term Share Price Catalysts Q1 2026 For personal use only • Completion of on-site Early Works • Award of Processing Plant Contract Tender • Final Regulatory Approvals received • Commencement of Processing Plant dismantling and relocation from DeGrussa to Sorby Hills Q2 2026 • Awar
Slide 20: Thank You
20 For personal use only Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals 20
Slide 21: Appendix
For personal use only Appendix Appendix 21 21
Slide 22: Manbarrum Zn-Pb-Ag Project: Strategic Growth Opportunities
22 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 to For personal use o
Slide 23: Debt Finance Secured
23 Sorby Hills Project Debt Finance Secured ✓ Binding Commitment for a A$236M Debt Facility executed with Merricks A$236M Project Finance For personal use only Capital and Davidson Kempner Facility inclusive of Cost Overrun Tranche (drawn if required) and funding of Interest and Fees incurred during
Slide 24: Establishing Deep Roots within the Local Community
24 Boab Metals Establishing Deep Roots within the Local Community For personal use only Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimberley Region. • The Ord
Slide 25: FEED Study Life of Mine Physicals
25 Sorby Hills FEED Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only ROM Mined Mt 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Waste Mined Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Meas
Slide 26: FEED Study Life of Mine Cashflows
26 Sorby Hills FEED Study Life of Mine Cashflows FINANCIAL SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only Lead Revenue A$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 27: FEED Study Capital Cost Breakdown
27 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 28: FEED Study Operating Cost Breakdown
28 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 29: FEED Study Project Sensitivity Analysis
29 Sorby Hills FEED Study Project Sensitivity Analysis For personal use only 1,000 900 Assumption Unit FEED Spot1 Change 800 Lead Price U$/t 2,252 1,985 (12%) 700 Silver Price US$/oz 27.4 69.3 153% Project NPV8 (A$M) FX A$:US$ 0.68 0.66 (3%) 600 Lead TC US$/t 125 (135)2 (208%) 500 1 As at 22 Decembe
Slide 30: Confirmed Low-Cost producer
30 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 31: Metal Equivalent Calculations
31 Metal Equivalent Calculations For personal use only The contained metal equivalence formula is based It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable on the Sorby Hills FEED Study including: potential to be recovered and sold. The formula used