Broken Hill Mines Limited · ASX:BHM
Broken Hill Mines — Investor Presentation (August 2026)
38 slides from Broken Hill Mines's investor presentation, Aug 28, 2026
Slide 1: Rasp & Pinnacles Ag-Pb-Zn Mines Capital Raise Presentation
Rasp & Pinnacles Ag-Pb-Zn Mines Consolidating one of Australia’s great mining jurisdictions Capital Raise Presentation August 2026 Not for release to US wire services or distribution in the United States
Slide 2: Important Notice & Disclaimer
Important Notice & Disclaimer This presentation (Presentation) is dated 28 August 2026 has been prepared by Broken Hill Mines Limited defined in the Corporations Act) (from time to time) (Related Entities) or the Project. The mineral claims as (BHM or the Company). By accepting this Presentation, yo
Slide 3: Important Notice & Disclaimer continued
Important Notice & Disclaimer continued No other material authorised The Exploration Targets for the Pinnacles Mine contained in this announcement are based on, and fairly The Company (and each of its Related Entities) has not authorised any person to give any information or represents, information
Slide 4: Important Notice & Disclaimer continued
Important Notice & Disclaimer continued The distribution of this Presentation (including an electronic copy) outside Australia is restricted by law. If Disclaimer you come into possession of this presentation, you should observe such restrictions, including those set forth No person is authorised to
Slide 5: Fully Underwritten A$90m Capital Raising
Fully Underwritten A$90m Capital Raising • BHM is conducting a fully underwritten two tranche placement to raise A$85 million (Placement) comprising: – Tranche One Placement to raise A$60 million (before costs) through the issuance of 79 million New Shares issued under the Company’s available placem
Slide 6: Sources and Uses of Funds
Sources and Uses of Funds A$m Unique Opportunity to Fast Track Near Term Growth Projects Source of Funds & Capture Strong Market Conditions for Producers Placement (gross proceeds) 85.0 Centenary Development SPP (gross proceeds) 5.0 - Centenary delivers expedited high grade bulk tonnage ore feed a
Slide 7: Offer Timetable
Offer Timetable1 Event Indicative Date Launch of Offer 26 August 2026 Record date for eligibility to participate in SPP 27 August 2026 Trading halt lifted and announcement of completion of Placement 28 August 2026 Settlement of New Shares under Tranche One Placement 3 September 2026 Allotment of New
Slide 8: BHM is Consolidating the Famous Broken Hill Ore Body
BHM is Consolidating the Famous Broken Hill Ore Body BHM now controls two of three assets covering the largest & richest silver-lead-zinc ore Continuous ore body growth 300Mt Resource (15% Zn+Pb) Produced >1 Billion oz Ag, body in the world & mining for 140 years & 300g/t Ag ~50 Million tonnes Zn+Pb
Slide 9: BHM Strategy: Leverage Existing Operational Infrastructure
BHM Strategy: Leverage Existing Operational Infrastructure Pinnacles Mine (ONLINE) Open Pit Silver In lead concentrate Main Lode (ONLINE) at Rasp Lead In concentrate 750ktpa Western Min (ONLINE) Processing Facility at Rasp at Rasp Zinc In concentrate Centenary (FUTURE) at Rasp Copper & Gold Pinnacle
Slide 10: Material Exposure to Silver & Zinc Production
Material Exposure 100% Metal Value Contribution Within ZnEq Grade1 to Silver & Zinc Lead Lead Lead Production Zinc BHM Investor Value Proposition: - Multiple ore feed sources Zinc - Macro diversification via base & 50% Zinc precious metal producer Gold - Increasing exposure to silver production reve
Slide 11: Growth Funding, Enhanced Liquidity & Strong Balance Sheet
Board Track record in developing & operating world-class mature mines Growth Funding, Enhanced Liquidity Patrick Walta & Strong Balance Sheet Executive Chair Experience in M&A & large-scale Ag-Pb-Zn development & operations New Century Resources & Broken Hill Mines Co-Founder Qualified metallurgist
Slide 12: First 12 Months: Quarterly Results Summary
First 12 Months: Quarterly Results Summary Execution of ramp-up strategy & growth across key production & financial metrics Rasp Key Operational Sep Q Dec Q Mar Q Jun Q % Units Metrics 2025 2025 2026 2026 Change Three ore feeds online - Ramp up of feed from Main Lode (~15% of total Ore processed t
Slide 13: Rasp Mine
Rasp Mine High-grade Main Lode ore feed now online 13
Slide 14: Rasp Mine Overview: Transitioning to Multiple Ore Feeds
Rasp Mine Overview: Transitioning to Multiple Ore Feeds 10.1Mt @ 9.9% ZnEq, 273g/t AgEq2 (49g/t Ag, 3.2% Pb & 5.7% Zn)1 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 15: High Grade Main Lode Now Online
High Grade Main Lode Now Online Clear upside potential to existing Mineral Resource Estimate (MRE) based on identified targets and historical operational knowledge Mining underway, shallow ore body starting ~200m depth Main Lode drilling1 highlights: - 4.3m @ 57.0% ZnEq, 1,919g/t AgEq (473g/t Ag, 19
Slide 16: Centenary Discovery: High Grade Bulk Tonnage Mineralisation
Centenary Discovery: High Grade Bulk Tonnage Mineralisation First ever targeted drilling below the Globe-Vauxhall Shear Only 24 holes drilled into Centenary, majority from surface BHM’s First three holes delivered exceptional intercepts up to ~500% wider & 27% higher grade than current Centena
Slide 17: Centenary Discovery: High Grade Bulk Tonnage Mineralisation
Centenary Discovery: High Grade Bulk Tonnage Mineralisation ASX: BHM | 17
Slide 18: Simple Processing of Zinc & Silver-Lead Concentrates
Simple Processing of Zinc & Silver-Lead Concentrates Processing statistics since 2013: Rasp Processing Plant 750ktpa capacity plant using conventional comminution Zinc recovery (avg.): 88% (coarse 200µm grind) & sequential flotation Lead recovery (avg.): 88% Silver recovery (into Pb conc., avg
Slide 19: Premium Quality Concentrate & Established Logistics Supply Chain
South Australia Rail Overview Premium Quality Concentrate & Established Logistics Supply Chain Zinc concentrate typical grade: 49-50% Zn Lead concentrate typical grade: 65% Pb & 800 - 1,000g/t Ag Rail Transport Rasp mine is conveniently located on the Broken Hill line connecting Sydney and major NSW
Slide 20: Pinnacles Mine
Pinnacles Mine One of the highest grade and shallowest deposits in Broken Hill Overview of Pinnacles Operation 20
Slide 21: Accelerating Pinnacles Growth
Accelerating Pinnacles Growth Open pit operations underway, fast-tracking further drilling & development of an exploration decline Current Pinnacles MRE & Exploration Target MRE: 6.0Mt @ 13.5% ZnEq, 374g/t AgEq (133g/t Ag, 3.3% Pb, 4.7% Zn, 0.5g/t Au) Exploration Target:1 6.0 – 15.0Mt @ 5.7 – 13.1%
Slide 22: Pinnacles Mine Restart & First Ore Since 2021
Pinnacles Mine Restart & First Ore Since 2021 Successful restart of Pinnacles was delivered on schedule and budget at end of June Quarter, with progressive ramp up of additional ore feed to the Rasp Plant in September Quarter and beyond Pinnacles and Rasp are connected by haul and public roads Broke
Slide 23: Thick, High Grade, Shallow Drilling Results on an Operating Mining Lease
Thick, High Grade, Shallow Drilling Results on an Operating Mining Lease BHM’s Inaugural ASX Pinnacles Release (22 September 2025) 1, 2 8.9m @ 54.6% ZnEq, 1,537g/t AgEq (922g/t Ag, 12.3% Pb, 1.6% Zn, 3.7g/t Au) from 11m PN311 8.2m @ 40.4% ZnEq, 1,120g/t AgEq (763g/t Ag, 13.4% Pb, 1.7% Zn, 0.4g/t Au)
Slide 24: Pinnacles Underground Development Opportunity
Pinnacles Underground Development Opportunity Significant high grade growth project with material silver exposure - Identification of very high grade underground zone - Currently extends >350m down dip (open), up to 100m wide & 2 to 10m thickness - Multiple intercepts >1,000g/t AgEq - One of the hig
Slide 25: Investment Proposition
Investment Proposition 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. Centenary discovery to add significant bulk tonnage medium term Silver Exposure: Silver-rich
Slide 26: Appendix One - Zinc Concentrate Offtake & US$30m Facility
Appendix One - Zinc Concentrate Offtake & US$30m Facility1 The Company and its existing zinc concentrate offtake partner Ausinmet Pte Ltd (Ausinmet) have entered into a non-binding Letter of Intent (LOI) dated 21 August 2026 for the proposed purchase of Rasp Zinc Concentrates (Offtake) and provisi
Slide 27: Appendix Two - Mineral Resource Estimates
Appendix Two - Mineral Resource Estimates1,2 Rasp Pinnacles 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 80 0.12
Slide 28: Appendix Three - Metal Equivalents
Appendix Three - 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 Metal
Slide 29: Appendix Four – Risks
Appendix Four – Risks Set out in this section are some of the key risks associated with BHM, the Offer, the industry in which BHM operates and an investment in BHM shares. It is not an exhaustive list of every risk faced by BHM now or in the future. Potential investors should consider whether BHM sh
Slide 30: Appendix Four – Risks
Appendix Four – Risks The Company's operational results and financial condition may vary with fluctuations in operating and capital costs. No assurance can be given that the Company will achieve its production and costs estimates. The Company’s current and future operations are subject to operating
Slide 31: Appendix Four – Risks
Appendix Four – Risks The Company’s success depends on the continued services of its key personnel. The Company could be adversely affected if any of the key management team ceased to actively participate in the management of the Company or ceased employment with the Company entirely. As there may b
Slide 32: Appendix Four – Risks
Appendix Four – Risks The exploration for and development of mineral deposits is speculative and involves significant risks. Whether a mineral deposit will be commercially viable depends on a Exploration and number of factors, including: the particular attributes of the deposit (such as size, grade
Slide 33: Appendix Four – Risks
Appendix Four – Risks Due to the acquisition of BHO in 2024, the Group is liable for any liabilities that its subsidiary has incurred in the past, including liabilities which may not have been identified during its due diligence or which are greater than expected, for which insurance may not be adeq
Slide 34: Appendix Five – International Offer Restrictions
Appendix Five – 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 o
Slide 35: Appendix Five – International Offer Restrictions
Appendix Five – International Offer Restrictions This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials
Slide 36: Appendix Five – International Offer Restrictions
Appendix Five – International Offer Restrictions This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any stat
Slide 37: Appendix Five – International Offer Restrictions
Appendix Five – International Offer Restrictions This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell
Slide 38: Patrick Walta Executive Chair
Patrick Walta Shane Goodwin Executive Chair Head of Corporate Affairs pwalta@brokenhillmines.com sgoodwin@brokenhillmines.com
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