Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (February 2026)
32 slides from Boab Metals's investor presentation, Feb 27, 2026
Slide 1: Sorby Hills Silver-Lead Project Corporate Presentation
Sorby Hills SILVER - LEAD PROJECT For personal use only Fully-funded, near-term Australian silver - lead producer February 2026 Corporate Presentation www.boabmetals.com
Slide 2: Investment Thesis: Capital Structure
2 Boab Metals Investment Thesis Capital Structure 25/02/2026 For personal use only Shares on Issue 1 576m Share Price 64.5cps Market Capitalisation $372m Cash Position $101m Debt Outstanding Nil Enterprise Value $271m Top Five Shareholders # Holder Name 25 Dec 2025 1 Citicorp Nominees Pty Limited 17
Slide 3: Fully funded near-term production asset in a tier 1 jurisdiction
3 Boab Metals Investment Thesis The fully funded Sorby Hills Project is a near-term production asset in a tear 1 jurisdiction For personal use only Jurisdiction & orebody Figure: DeGrussa Processing Plant ✓ Tier 1 jurisdiction in WA, 150km from port. ✓ Low-risk open pit mining operation. ✓ Stage 1 p
Slide 4: Silver Snapshot: The Crossroads of Industry and Investment
4 Boab Metals Investment Thesis The Sorby Hills Project provides investors with exposure to attractive near-term For personal use only silver production in Australia. SILVER SNAPSHOT: THE CROSSROADS OF INDUSTRY AND INVESTMENT ✓ Industrial demand: Unmatched conductivity make silver critical for solar
Slide 5: Lead Snapshot: The Original Battery Metal
5 Boab Metals Investment Thesis Sorby Hills provides investors with exposure to rising silver prices leveraging off robust For personal use only project economics underpinned by a historically stable lead price. LEAD SNAPSHOT: THE ORIGINAL BATTERY METAL ✓ Enduring Demand: A lead-acid battery is typi
Slide 6: On track for production in 2027
6 Boab Metals Investment Thesis On track for production in 2027. For personal use only 120 17 December 2025 Final Investment Decision Silver Price +A$100/oz 100 SILVER LEVERAGE 6 June 2024 Sorby Hills FEED Study1 Sensitivity analysis in the FEED Study Silver Price (A$/oz) 80 NPV8 A$411M, IRR 37% dem
Slide 7: Feasibility Study Complete
7 Sorby Hills Project Feasibility Study Complete Front end engineering and design study1 highlights. For personal use only A$264M pre-production Capex SORBY HILLS REVENUE SPLIT C1 cash cost US$0.36/lb payable Pb (material cost reduction Incl. net Silver credit of anticipated resulting from Based on
Slide 8: Cost structure delivering 'free silver'
8 Sorby Hills Project Cost structure delivering ‘free silver’ Operating costs covered by a non-volatile lead price. For personal use only Operating margin fully leveraged to silver price movements. US$/lb Pb US$/oz Ag Increasing Silver Price Sorby Hills Project 50 is a low-cost silver producer Sorby
Slide 9: Set to be a major silver producer in 2027
9 Sorby Hills Project Set to be a major silver producer in 2027 The Sorby Hills project is set to becoming one of the heavy weights in Australian silver mining. For personal use only Company Asset Silver Production (koz)* Ongoing early works at Sorby Hills S32 Cannington 10,292 Glencore Mt Isa, Geor
Slide 10: 47.3Mt @ 123g/t Silver Equivalent
10 Sorby Hills Project 47.3Mt @ 123g/t Silver Equivalent 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
Slide 11: Low Risk Open Pit Ore Reserve
11 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 12: Growth Potential: Positioned for Long-Term Value Creation
12 Sorby Hills Project – Growth Potential Positioned for Long-Term Value Creation For personal use only Production Target and Strategic Growth Opportunities ✓ Current Mine Plan represents only 37% of the defined Resource at Sorby Hills ✓ Large shallow deposit allowing for efficient and effective Res
Slide 13: DeGrussa Process Plant: An Ideal Fit
13 Sorby Hills Project DeGrussa Process Plant: An Ideal Fit For personal use only Primary Crusher Crushed Ore Storage Bin Flotation Circuit DeGrussa Processing Plant Concentrate SAG Mill Thickening & Filtration All major components for the Sorby Hills Process Plant have been secured via ac
Slide 14: Loading at nearby Wyndham Port
14 Sorby Hills Project Loading at nearby Wyndham Port 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 C
Slide 15: Ongoing Early Works at Sorby Hills
15 Sorby Hills Project Ongoing Early Works at Sorby Hills For personal use only The Early Works Program encompasses a range of critical preparatory activities essential to enable future operations. Initial works include: • Construction of site access roads; • Establishment of foundations for the pro
Slide 16: Construction Timeline
16 Sorby Hills Project Construction Timeline First Production scheduled to occur in H2 2027 For personal use only 2025 2026 2027 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FID Early Works Camp Refurbishment Bulk Earthworks Pre-Strip Mining DeGrussa Disassembly Process Plant Reconstruction Commissioning & Ramp Up Fu
Slide 17: Near Term Share Price Catalysts
17 Boab Metals Near Term Share Price Catalysts For personal use only Q1 2026 • Completion of on-site Early Works • Award of Processing Plant Contract • Final Regulatory Mining Approvals Q2 2026 • Commencement of Processing Plant dismantling and relocation from DeGrussa to Sorby Hills • Commencement
Slide 18: Summary: Fully Funded. High Margin. Australian Silver.
18 Boab Metals Summary: Fully Funded. High Margin. Australian Silver. For personal use only “Zero-Cost” Silver Strategy Lead Credit covers the operating costs, silver revenue straight to the bottom line. Pure Upside of Silver ~2 Moz silver p.a. at steady state, providing delivers pure profit and lev
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 Boab Metals Limited ASX: BML 19
Slide 20: Excellence in Project Delivery
20 Sorby Hills Project Excellence in Project Delivery A Board and Management team with a proven track record in project development. For personal use only Gary Comb Simon Noon Richard Monti Andrew Parker Russell Taylor Chairman Managing Director & CEO Non-Exec. Director Non-Exec. Director Project Di
Slide 21: Disclaimer
21 Disclaimer For personal use only Forward-Looking Statements Certain statements in the presentation are or may be “forward-looking statements” and Compliance Statement represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and expl
Slide 22: Appendix
For personal use only Appendix 22 22
Slide 23: Manbarrum Zn-Pb-Ag Project
23 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 granted mining leases) covering geology related For personal use only east
Slide 24: Debt Finance Secured
24 Sorby Hills Project Debt Finance Secured ✓ Binding Commitment for a A$236M Debt Facility executed with A$236M Project For personal use only Merricks Capital and Davidson Kempner Facility inclusive of Cost Overrun Tranche (drawn if required) and funding of Interest and Fees incurred during constru
Slide 25: Establishing Deep Roots within Local Community
25 Sorby Hills Project Establishing Deep Roots within Local Community For personal use only Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimberley Region. • The
Slide 26: Life of Mine Physicals
26 Sorby Hills Project Life of Mine Physicals PHYSICALS SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only ROM Mined Mt 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Waste Mined Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Measure
Slide 27: Life of Mine Cashflows
27 Sorby Hills FEED Study Life of Mine Cashflows FINANCIAL SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 For personal use only Lead Revenue A$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 28: Capital Cost Breakdown
28 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 29: Operating Cost Breakdown
29 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 30: Project Sensitivity Analysis
30 Sorby Hills FEED Study Project Sensitivity Analysis For personal use only 1,000 900 Assumption Unit FEED Spot1 Change 800 Lead Price U$/t 2,252 1,990 (12%) 700 Silver Price US$/oz 27.4 93.1 240% Project NPV8 (A$M) FX A$:US$ 0.68 0.71 (4%) 600 Lead TC US$/t 125 (135)2 (208%) 500 1 As at 26 Februar
Slide 31: Confirmed Low-Cost Producer
31 Sorby Hills FEED Study 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 throug
Slide 32: Metal Equivalent Calculations
32 Metal Equivalent Calculations The contained metal equivalence formula is It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable For personal use only based on the Sorby Hills FEED Study including: potential to be recovered and sold. The formula used