Broken Hill Mines Limited · ASX:BHM
Broken Hill Mines — Investor Presentation (October 2025)
29 slides from Broken Hill Mines's investor presentation, Oct 22, 2025
Slide 1: Equity Raise Presentation
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES For personal use only Equity Raise Presentation 22 October 2025 Rasp & Pinnacles Ag-Pb-Zn Mines Consolidating one of Australia’s great mining jurisdictions
Slide 2: Important Notice & Disclaimer
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Important Notice & Disclaimer Summary information This presentation has been prepared by Broken Hill Mines Limited (BHM or the Company) relating to the operation and Not a recommendation or financial product advice For personal use only developmen
Slide 3: Investment Highlights
Investment Highlights Broken Hill Mines (ASX: BHM) is consolidating Broken Hill to become a significant silver, lead & zinc producer For personal use only BHM now controls two of three assets covering the largest & richest silver-lead-zinc ore Continuous ore body growth 300Mt Resource (15% Zn+Pb) Pr
Slide 4: Investment Highlights (cont.)
Investment Highlights (cont.) Hub & Spoke strategy driving a sustainable and growing future for a consolidated Broken Hill For personal use only Rasp Mine History: long-term, consistent silver-lead-zinc producer via single ore source, the Western Min orebody, with significant excess processing infra
Slide 5: Investment Highlights (cont.)
Investment Highlights (cont.) BHM is one of the few ASX-listed companies delivering significant & increasing exposure to silver production, For personal use only allowing investors to gain immediate exposure to the current all-time high silver price Strong silver demand growth and lack of material s
Slide 6: Funding Acceleration of BHM's Growth Strategy
Funding Acceleration of BHM’s Growth Strategy Equity Raising Rationale and Use of Funds For personal use only Rasp Mine Resource Expansion - Main Lode Drilling Source of Funds A$M Intensified infill and exploration drilling (17,000m) to inform opportunities to expand the Main Lode resource and incre
Slide 7: Equity Raising Overview
Equity Raising Overview Funding the acceleration of Broken Hill Mines growth strategy to utilise the 750ktpa Rasp plant capacity, For personal use only access higher grade feed and grow the resource base to support mine life extension. Offer Summary • Single tranche placement of approximately $38.5
Slide 8: BHM Capital Structure and Board
Board BHM Capital Structure Track record in developing & operating world-class mature mines Completed reverse listing via the takeover of ASX-listed Coolabah Metals Ltd Patrick Walta A strong balance sheet and tight capital structure position Executive Chair BHM to capitalise on its upcoming signifi
Slide 9: Rasp Mine
Rasp Mine High-grade Main Lode ore feed now online For personal use only 9
Slide 10: Rasp Overview & Growth Strategy
Rasp Overview & Growth Strategy 10.1Mt @ 9.9% ZnEq, 273g/t AgEq2 (48.5g/t Ag, 3.2% Pb & 5.7% Zn)1 For personal use only Western Mineralisation N CML7 Centenary Main Lode Perilya North Mine Perilya South Mine High-Grade “Line of Lode” Workings (Remnant mining opportunity) Pinnacles Mine (15km) Main L
Slide 11: High Grade Main Lode Now Online
High Grade Main Lode Now Online Main Lode Mineral Resource: 0.9Mt @ 19.0% ZnEq, 526g/t AgEq (151.7g/t Ag, 7.6% Pb & 7.8% Zn) For personal use only Main Lode Development1 • Byrnecut engaged to provide underground development works on the high-grade Main Lode ore body • Total development required ~1,0
Slide 12: Recent Drilling Highlights Main Lode Extension Potential
Recent Drilling Highlights Main Lode Extension Potential Clear upside potential to existing Mineral Resource Estimate (MRE) based on identified targets and historical operational knowledge For personal use only Recent drilling1 on Blackwoods & British ore bodies demonstrated: • High grade silver pot
Slide 13: Rasp's Infrastructure is Ideal for BHM's Hub & Spoke Strategy
Rasp’s Infrastructure is Ideal for BHM’s Hub & Spoke Strategy Mining Processing & Surface Tailings For personal use only • Sub-level open stoping and up-hole stoping • Grinding, flotation, thickening and filtration • Current practice: • 100% owned operating mobile fleet • 750ktpa ore throughput capa
Slide 14: Simple Processing of Zinc & Silver-Lead Concentrates
Simple Processing of Zinc & Silver-Lead Concentrates Processing statistics since 2013: Rasp Processing Plant For personal use only 750ktpa capacity plant using conventional comminution Zinc recovery (avg.): 88% (coarse 200µm grind) & sequential flotation Lead recovery (avg.): 88% Silver recove
Slide 15: South Australia Rail Overview
South Australia Rail Overview Established Logistics Supply Chain For personal use only Zinc concentrate typical grade: 49-50% zinc Lead concentrate typical grade: 65% Pb & 800 - 1,000g/t Ag Lead concentrate can be either transported to the Nyrstar Lead Smelter at Port Pirie or exported globally alon
Slide 16: Pinnacles Mine
Pinnacles Mine One of the highest-grade and shallowest deposits in Broken Hill For personal use only Overview of Pinnacles Operation 16
Slide 17: Strategy: Rapid Open Pit Restart While Developing Perseverance Underground
Strategy: Rapid Open Pit Restart While Developing Perseverance Underground For personal use only Pinnacles Mining History: • Pinnacles mining started in 1884, to a depth of 80m below surface only • Only the high grade silver-rich portions of lead lodes were mined, with zinc-rich ore and ‘low-grade’
Slide 18: Pinnacles is Potentially the Most Significant Discovery in Broken Hill in 100 Years
Pinnacles is Potentially the Most Significant Discovery in Broken Hill in 100 Years For personal use only BHM’s Inaugural ASX Pinnacles Release (22 September 2025) Exceptional High Grade Shallow Mineralisation (Section A – A’)1, 2 8.9m @ 54.6% ZnEq, 1,537g/t AgEq (922g/t Ag, 12.3% Pb, 1.6% Zn, 3.7g/
Slide 19: Accelerating Pinnacles Growth
Accelerating Pinnacles Growth Fast-track resource growth and development, with a 25,000m expanded drilling program across high-priority targets For personal use only Successful Phase 1 Drilling Program • Phase 1 program expanded by ~2,000 m (total ~6,000 m) following strong visual mineralisation and
Slide 20: Near-Term Open Pit Potential
Near-Term Open Pit Potential Updated Pinnacles Mineral Resource Estimate (MRE) on target for 1H CY2026 to assist with near-term open-pit mining decision For personal use only 1 BHM ASX Announcement 14 October 2025 – Further Exceptional Silver Grades & Shallow Intercepts up to 56.4% ZnEq, 1,562g/t Ag
Slide 21: Pinnacles Mine Restart Planning
Pinnacles Mine Restart Planning Rapidly progressing toward near-term restart, leveraging installed infrastructure, approved Mining Leases and expedited study programs alongside 25,000m expanded drilling program across high-priority targets For personal use only Pinnacles and Rasp are connected by ha
Slide 22: Investment Proposition
Investment Proposition For personal use only Solid Foundation: Rasp’s infrastructure and Western Mineralisation, providing a base for growth Near-Term Growth: Rasp’s Main Lode and Pinnacles’ Open Pit to increase metal production Silver Exposure: Silver-rich new ore sources significantly increasing A
Slide 23: For personal use only
For personal use only Patrick Walta Shane Goodwin Executive Chairman Head of Corporate Affairs pwalta@brokenhillmines.com sgoodwin@brokenhillmines.com 23
Slide 24: Unlocking Rasp's Infrastructure
Unlocking Rasp’s Infrastructure Construction of a Tailings Dewatering Facility will allow Rasp to return to it’s 750,000tpa capacity For personal use only Overview of new Tailings Dewatering infrastructure • Operations currently use cells on top of the historic TSF2 to solar-dry tailings, prior to h
Slide 25: Key Development Timeline
Key Development Timeline Accelerating “Stage 1” operations and large-scale “Stage 2” growth, targeting rapid near-term increase in production For personal use only Stage 1 | Expand to 750,000tpa FY26 FY27 FY28 Pinnacles Open Pit Drilling and Mining Study Pinnacles Operational Readiness and Site Work
Slide 26: Mineral Resource Estimates
Mineral Resource Estimates1,2 Rasp Pinnacles For personal use only Tonnes ZnEq AgEq Zn Pb Ag Tonnes ZnEq AgEq Zn Pb Ag Au Classification (kt) (%) (g/t) (%) (%) (g/t) Classification (kt) (%) (g/t) (%) (%) (g/t) (g/t) Main Lode Open Pit Measured 245 19.3 533 8.50 7.00 152 Measured 84 8.3 230 3.4 2.2 8
Slide 27: Metal Equivalents
Metal Equivalents Metal recoveries used in the zinc equivalent (ZnEq) and silver equivalent (AgEq) calculations for each element are based on the average metallurgical recoveries of Rasp achieved based on historical performance and applied to all ore types, including Pinnacles For personal use only
Slide 28: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 29: International Offer Restrictions (cont.)
International Offer Restrictions (cont.) The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confiden
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