Boab Metals Ltd · ASX:BML
Boab Metals — Shareholder Meeting (November 2025)
16 slides from Boab Metals's shareholder meeting presentation, Nov 25, 2025
Slide 1: 2025 Annual General Meeting Presentation
A near-term producer in Australia with a margin highly leveraged to the Silver Price For personal use only 2025 Annual General Meeting Presentation 25 November 2025 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: 2025 Year in Review
3 2025 Year in Review Progress toward a Final Investment Decision at Sorby Hills For personal use only ✓ Executed Agreement to acquire 100% Sorby Hills upon Final Investment Decision1. 112% - Project Economics Based on Spot macroeconomic (See Slide 5) versus ✓ Executed Binding Offtake and US$30 Mill
Slide 4: Corporate Snapshot
4 Boab Metals Corporate Snapshot Share Price History Capital Structure (24 November 2025) 12.0 0.6 For personal use only Metric Current Proforma1 10.0 0.5 Shares on Issue 292m 404m 8.0 0.4 Share Price 0.365 0.365 Volume (M Shares) Share Price (A$/sh) Market Capitalisation A$107m A$147m 6.0 0.3 Cash
Slide 5: FEED Study completed June 2024
5 Sorby Hills Project FEED Study completed June 2024 2024 FEED Study Highlights For personal use only Spot Macroeconomics C1 cash cost US$0.36/lb As at 24 October 2025 A$264M pre-production Capex payable Pb (material cost reduction anticipated resulting from DeGrussa acquisition) Incl. net Silver cr
Slide 6: Board and Project Delivery Team
6 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 signif
Slide 7: A head start on project delivery
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 8: Commencement of Early Works
8 Sorby Hills Project Commencement of Early Works For personal use only The Early Works Program encompasses a range of critical preparatory activities essential to enable future operations. These include: • Construction of site access roads; Processing Plant Pad clearing • Establishment of foundatio
Slide 9: Poised to be a Major Silver Producer
9 Sorby Hills Project Poised to be a Major Silver Producer Forecast Sorby Hills silver production versus established Sorby Hills Revenue Split For personal use only silver producers within Australia A$3,054/t Pb and A$77.3/oz Ag Silver Production 546kt Payable Lead Company Asset A$1.7B Revenue (koz)
Slide 10: Thank You
10 For personal use only Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals Boab Metals Limited ASX:BML 10
Slide 11: High Quality Resource
11 Sorby Hills Project High Quality Resource Grade Contained Metal For personal use only Tonnes Deposit Pb Zn Ag PbEq1 Pb Zn Ag (Mt) % % g/t % kt kt koz A 0.6 5.3% 0.1% 23 6.1% 31 6 427 B 2.7 3.6% 0.3% 20 4.3% 97 8 1,720 Omega 17.2 3.3% 0.4% 34 4.5% 566 71 18,948 Norton 21.1 2.8% 0.4% 34 4.0% 590 96
Slide 12: Low Risk Open Pit Ore Reserve (Stage 1)
12 Sorby Hills Project (Stage 1) Low Risk Open Pit Ore Reserve FEED Study Production Target For personal use only Total Waste ROM Pb Ag PbEq Strip Pit (Mt) (Mt) (Mt) (%) (g/t) (%) Ratio Pit A 4.1 3.7 0.5 3.7 16.4 4.3% 8.1 Pit B 14.8 12.6 2.3 3.2 17.4 3.8% 5.5 Omega South 21.1 18.3 2.8 2.9 29.5 3.9%
Slide 13: Sorby Hills Feed Study Life of Mine Physicals
13 Sorby Hills Feed Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only ROM Mined Mt 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Waste Mined Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Meas
Slide 14: Sorby Hills Feed Study Life of Mine Cashflows
14 Sorby Hills Feed Study Life of Mine Cashflows FINANCIAL SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only Lead Revenue A$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 15: Capital Cost Breakdown
15 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 16: Operating Cost Breakdown
16 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