Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (September 2026)
31 slides from Boab Metals's investor presentation, Sep 29, 2026
Slide 1: Building Australia's Next Silver-Lead Producer
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 2 9 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 Boab Metals Limited (ASX:BML) is an Australian resources company specialising in the exploration, development, and production of base and precious metals. Boab, via its flagship Sorby Hills Project located in Western Aus
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 near-surface silver-lead deposit. Mining Near-surface open-
Slide 5: Corporate Snapshot
Boab Metals CORPORATE SNAPSHOT Capital Structure 27/09/2026 Shares on Issue 1 578 m ASX-listed base and precious metals developer and explorer. Share Price 40 cps Final Investment Decision achieved on Sorby Hills. Market Capitalisation $231m Cash Position $49m (31 August 2026) Board & Management tea
Slide 6: Investment Thesis: Unlocking value through systematic project derisking
Boab Metals INVESTMENT THESIS Unlocking value through systematic Project derisking BML acquires Sorby BML increase the Sorby Completion of Project Release of Project On Track for first Hills in 2018 Hills Resource by 2.8x Feasibility Studies and Delivery Plan NPV8 Production in H2 2027 receipt of EP
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 & INVESTMENT INDUSTRIAL VALUE STORAGE DEMAND & SAFE HAVEN Unmatched conductivity makes silver As a monetary metal, silver is a store of critical for solar panels, EV electronics and value, movin
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 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% YOY through to 2030. l
Slide 9: Sorby Hills
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
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 & Processing De-risking Status • Low-risk Shallow open • Offtake agreement with • DeGrussa processing plant pit mining ope
Slide 11: Project Delivery Plan Highlights
Sorby Hills Project PROJECT DELIVERY PLAN 1 Project Delivery Plan Highlights SORBY HILLS REVENUE SPLIT A$205M pre-production Cost to C1 cash cost US$2.8/oz Based on Forward Curve Assumptions: Complete Capex payable Ag Silver @ US$75/oz, Lead @ US$0.91/lb (Cost incurred to Aug’26 of $56M and $205M re
Slide 12: From FEED to Delivery
Sorby Hills Project FROM FEED TO DELIVERY The Project has transitioned from development planning into execution while simultaneously increasing value FEED PROJECT Metric STUDY CHANGE (June 2024) DELIVERY PLAN 1 Pre-Tax NPV8 A$411 Million A$1.06 Billion ↑ 158% Pre-Tax IRR 37% 97% ↑ 59% pts Mine Life
Slide 13: Why Economics Improved
Sorby Hills Project WHY ECONOMICS IMPROVED MINERAL RESOURCE INCREASED Mineral Resource increases to approximately 50.6Mt, a 7% increase in total Mineral Resource tonnes MINE LIFE EXTENDED Updated drilling and reserve growth have extended mine life to 10.5 years. HIGHER COMMODITY VALUE Silver price h
Slide 14: Mineral Resource Estimate
Sorby Hills Project MINERAL RESOURCE ESTIMATE Grade Contained Metal Tonnes Deposit Pb Zn Ag AqEq Pb Zn Ag Ag Eq (Mt) % % g/t g/t kt kt koz koz Aprilia 0.6 5.3% 1.0% 23 72.0 31 6 422 1,357 Bimota 3.2 3.4% 0.3% 18.8 49.8 106 10 1,920 5,077 Omega 18.4 3.2% 0.4% 32.9 62.3 585 73 19,412 36,772 Norton 22.
Slide 15: Low Risk Open Pit Ore Reserve
Sorby Hills Project LOW RISK OPEN PIT ORE RESERVE P R O J E C T D E L I V E R Y P L A N PRODUCTION TARGET Production Target and Ore Reserve Growth Opportunities Total Waste ROM Pb Ag S t r ip Pit ✓Large shallow deposit allowing for efficient and effective Resource definition (Mt) (Mt) (Mt) (%) (g/t)
Slide 16: Growth Potential
Sorby Hills Project GROWTH POTENTIAL Production Target and Current Pit Designs Strategic Growth Opportunities Figure: DFS pit shells with respect to the Resource block model o Current Mine Plan represents only 37% of the defined Resource at Sorby Hills Resource to Resource o Large shallow Resource a
Slide 17: Cost Structure Delivering 'Free Silver'
Sorby Hills Project COST STRUCTURE DELIVERING ‘FREE SILVER’ Operating costs covered by a non-volatile lead price. Operating margin fully leveraged to silver price movements. The Sorby Hills Project i s a low-cost silver producer INCREASING S I L V E R PRICE US$/lb Pb US$/oz Ag 2.0 60 Sorby Hills Net
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 Processing Plant from Sandfire Resources. The acquisiti
Slide 19: Mine to Market
Sorby Hills Project MINE TO MARKET Sorby Hills Project MINE TO MARKET 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. 955kt of Concent
Slide 20: Development on Track
Sorby Hills Project Development on Track Sorby Hills Project DEVELOPMENT ON TRACK Long term Diesel Supply Contract executed with Cambridge Gulf Dismantling of the DeGrussa Processing Plant almost completed Clearing of ROM Pad, Tailings Storage Facility and Haul Road corridors completed ahead of sche
Slide 21: 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 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2414 Boab 2,062 Sorby Hills (Average annualised produ
Slide 22: Construction Update
Sorby Hills Project CONSTRUCTION UPDATE MINING CONTRACT HEADS OF AGREEMENT SIGNED 1 ReGroup selected for Sorby Hills Mine Services delivery Full scope of mining services and plant feed THERMO POWER PLANT & SWITCHROOM ORDERED Supply and Installation agreements in place Engineering and manufacturing u
Slide 23: Construction Timeline
Sorby Hills Project CONSTRUCTION TIMELINE First production from Sorby Hills is scheduled to occur in H2 2027. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 23
Slide 24: Future Growth Opportunities
B O A B M E T A L S L I M I T E D | ASX: B M L FUTURE GROWTH OPPORTUNITIES 24
Slide 25: Unlocking Production Growth
Sorby Hills Project UNLOCKING PRODUCTION GROWTH Manbarrum Project ▪ located 25km east of the Sorby Hills Project. ▪ 175km2 of prospective tenements (including two granted mining leases) covering Keep Zn-Pb Target geology related to that found at Sorby Hills. Eight Mile Creek (Pb-Ag-Zn) ▪ Mineral Res
Slide 26: A Recap on the Project's Strong Economics
Sorby Hills Project A RECAP ON THE PROJECTS STRONG ECONOMICS A Fully Funded Silver-Lead Project Generating Significant Value Item Spot Prices 1 Item Base Case 2 Project Delivery Plan 3 Pre-Tax NPV8 A$821 Million Pre-Tax NPV8 A$1.06 Billion Pre-Tax IRR 86% Pre-Tax IRR 97% Cost to Complete A$205 Milli
Slide 27: Near Term Catalysts
Sorby Hills Project NEAR TERM CATALYSTS Project delivery, construction progress and resource growth Q4 – 2026 Q1 – 2027 Resource/Reserve Growth Bulk and Ring Main Earthworks Results from exploration and mine-life Bulk Earthworks and Ring Main packages completion, providing extensional drilling water
Slide 28: Thank You
Boab Metals Thank you Boab Metals THANK YOU Simon Noon, Managing Director & CEO www.boabmetals.com info@boabmetals.com +61 8 6268 0449 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Facebook.com/boabmetalsltd linkedin.com/company/boab-metals @BoabMetals 28
Slide 29: Excellence in Project Delivery
Sorby Hills Project Excellence in project delivery Sorby Hills Project EXCELLENCE IN PROJECT DELIVERY A Board and Management team with a proven track record in project development. Gary Comb Simon Noon Richard Monti Andrew Parker Russell Taylor Chairman Managing Director Non-Exec. Director Non-Exec.
Slide 30: Project Delivery Plan Sensitivity Analysis
Sorby Hills Project PROJECT DELIVERY PLAN SENSITIVITY ANALYSIS Assumption Unit Spot Base Change Prices1 Case2 Silver Price US$/oz 65.0 75.1 16% Lead Price US$/t 1,880 1,980 5% FX A$:US$ 0.715 0.710 (1%) Lead TC US$/t (170) 85 (150%) 1 Spot prices as at 10 September 2026, TC’s Shanghai Metals Market
Slide 31: 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$2009/t; and equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate eq