Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (January 2025)
30 slides from Boab Metals's investor presentation, Jan 21, 2025
Slide 1: A near-term producer with a margin highly leveraged to the Silver Price
A near-term producer with a margin highly leveraged to the Silver Price For personal use only Corporate Presentation January 2025 ASX: BML
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: Boab Metals Corporate Summary
3 Boab Metals Corporate Summary Share Price History 10 0.25 For personal use only 9 Capital Structure (21 January 2025) 8 0.20 Share Price Debt 7 A$0.165/share Nil Volume (M Shares) Share Price (A$/sh) 6 0.15 5 Shares on Issue Cash 4 0.10 233 million shares A$3.5 million 1 3 2 0.05 Market Cap Perfor
Slide 4: Progress toward a Final Investment Decision
4 Sorby Hills Project Progress toward a Final Investment Decision Recent achievements provide Boab with significant momentum heading into 2025 For personal use only 2022 - 2023 2024 ✓ Completion of the Sorby Hills Definitive ✓ Completion of a Front-End Engineering & Design Study Feasibility Study (“
Slide 5: A near term producer of Lead & Silver
5 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 sealed roads to Wyndham Port • High quality 47.3Mt Mineral Resource at 4.3% PbEq (or 123g/t AgEq)1 • Resource includes 53Moz c
Slide 6: High Quality Resource
6 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 7: Low Risk Open Pit Ore Reserve
7 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 M
Slide 8: 53Moz - A significant Silver Resource
8 Sorby Hills Project 53Moz - A significant Silver Resource For personal use only Comparison of contained Silver in undeveloped Australian Silver deposits 200 Contained Silver in Resource (Moz) 180 160 Resource Grade (g/t Ag) 140 120 100 80 60 40 20 0 Feasibility Study Complete PFS Study Complete Sc
Slide 9: FEED Study completed June 2024
9 Sorby Hills Project FEED Study completed June 2024 FEED Study Highlights For personal use only Spot Macroeconomics A$264m pre- C1 cash cost US$0.36/lb As at 17 January 2025 production Capex payable Pb underpinned 75% Incl. net Silver credit of • Lead: A$3,123/t by tendered pricing US$0.37/lb payab
Slide 10: Development Ready
10 Sorby Hills Project Development Ready Conventional Crush-Mill- For personal use only Primary Crusher Flotation circuit to produce Lead-Silver concentrate. High metallurgical recoveries Flotation Circuit (92% Lead, 82% Silver) based on extensive testwork. Front End Engineering & Design Filter Pres
Slide 11: Confirmed Low-Cost producer
11 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 12: Robust project economics
12 Sorby Hills Project Robust project economics Profitable throughout a 10-year commodities cycle For personal use only 6,000 Historic Metal Price vs forecast Sorby Hills Operating Costs • Base on an average pre-Silver credit C1 Cost Operating Cost 5,000 of US$0.74/lb (A$2,388/t) (per Metal Price in
Slide 13: Cost Reduction Initiatives
13 Sorby Hills Project Cost Reduction Initiatives For personal use only Company is assessing two material opportunities to further reduce the capital and operating costs for Sorby Hills. Second Hand Process Plant • Sandfire Resources’ DeGrussa Process Plant has been identified as highly prospective
Slide 14: Agreement to acquire 100% Interest
14 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 existing JV partner. upon acquisition Full control over joint venture budgets an
Slide 15: Offtake and Prepayment Agreement
15 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 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: Upcoming Share Price Catalysts
17 Sorby Hills Project Upcoming Share Price Catalysts Q1 2025: For personal use only ▪ • Complete assessment of the technical and economic benefit of the potential acquisition of Sandfire’s DeGrussa Process plant and its incorporation into the Sorby Hills. ▪ H1 2025: • Secure additional non-dilutive
Slide 18: Board and Technical Team
18 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 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 19
Slide 20: Appendix
For personal use only Appendix Appendix 20 20
Slide 21: Manbarrum Zn-Pb-Ag Project
21 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 22: Establishing Deep Roots within the Local Community
22 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 23: Sorby Hills FEED Study Life of Mine Physicals
23 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 24: Sorby Hills FEED Study Life of Mine Cashflows
24 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 25: Sorby Hills FEED Study Capital Cost Breakdown
25 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 26: Sorby Hills FEED Study Operating Cost Breakdown
26 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 27: Continuing to Delivering Silver Exposure to Investors
27 Sorby Hills Project Continuing to Delivering Silver Exposure to Investors For personal use only ▪ Since the acquisition of the Rolling 30-day average daily % changes in USD Silver price & BML share price since June 2018 Sorby Hills Project in June 6.00% 2.00% 2018, Boab’s share price has exhibite
Slide 28: Exposure to Silver Price
28 Sorby Hills Project Exposure to Silver Price Operating Costs covered by a historically non-volatile Lead For personal use only 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 29: Peer Comparison
29 Sorby Hills Project Peer Comparison (as at 17 January 2025) Project Commodity Tick Company Proved (g/t) Probable (g/t) Total (g/t) Measured (g/t) Indicated (g/t) Inferred (g/t) Total (g/t) Source For personal use only Bowdens Silver SVL Silver Mines Limited 32 69 1 51 33 68 100 42 43 21 36 14 179
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