Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (April 2024)
30 slides from Boab Metals's investor presentation, Apr 23, 2024
Slide 1: Advancing the Sorby Hills Lead-Silver Project
Advancing the Sorby Hills Lead-Silver Project Moving Toward a Final Investment Decision April 2024
Slide 2: Disclaimer
2 Disclaimer Forward-Looking Statements Compliance Statement 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, projections, expectations or be
Slide 3: Boab Metals Corporate Summary
3 Boab Metals Corporate Summary Share Price History 8.0 0.80 Capital Structure (17 April 2024) 7.0 0.70 Share Price Debt 6.0 0.60 A$0.16 /share Nil Share Price (A$/sh) Volume (millions) 5.0 0.50 4.0 0.40 Shares on Issue Cash 183 million shares A$2.2 million (31 December 2023) 3.0 0.30 2.0 0.20 Marke
Slide 4: Sorby Hills JV Project
4 Sorby Hills JV Project (75% owned by Boab Metals) A near term producer of Lead and Silver • Located 50km northeast of Kununurra in the East Kimberley Region of Western Australia • High quality Mineral Resource with significant near mine and greenfields exploration upside • 150km by existing sealed
Slide 5: Sorby Hills JV Project: Joint Venture Partner Yuguang
5 Sorby Hills JV Project Boab (75% interest) Henan Yuguang Gold and Lead Co., Ltd (25% contributing interest) • Yuguang Gold and Lead Co., Ltd (“Yuguang”) is Asia’s largest electrolytic lead producer and China’s largest Silver producer.1 • Initially invested in Sorby Hills Joint Venture in 2010. • L
Slide 6: High Quality Resource Estimate
6 Sorby Hills Project High Quality Resource Estimate Grade Contained Metal 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 24,090 Alpha
Slide 7: Low Risk Open Pit Ore Reserve
7 Sorby Hills Project Low Risk Open Pit Ore Reserve DFS Production Target 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 Main 57.7 50.3 7.4 3.6 38.7 5.
Slide 8: Definitive Feasibility Study Highlights
8 Sorby Hills Project Definitive Feasibility Study DFS Highlights Lead A$245m pre- C1 cash cost US$0.39/lb 543 thousand payable tonnes production Capex A$1,790 Million Revenue payable Pb underpinned 75% Incl. net Silver credit of by tendered pricing US$0.38/lb payable Pb Average Annual Production 2.
Slide 9: Confirmed Low-Cost producer
9 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve 2027 Lead Cost Curve (ex-works basis) 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile ▪ Forecast Project ex works Operating Costs covered by a historically non-volati
Slide 10: Silver: The most conductive metal on earth
10 Ag Silver The most conductive metal on earth Ideal metal for use in solar cells and the • Silver‘s traditional role as a electronic components of electric vehicles storer of wealth is complemented by its increasing industrial demand. • The use of Silver in solar cells has increased nearly 150% (8
Slide 11: Supplying the proven Battery Metal
11 Sorby Hills Project Supplying the proven Battery Metal Lead demand growth underpinned by mature and emerging vehicle technologies 1. www.batteryinnovation.org/resources/lead-battery-market-data/ “…. low voltage 12V lead- Forecast Light Vehicles Sales versus Lead Demand1 based batteries will conti
Slide 12: Project Optimisation Workstreams
12 Sorby Hills Project Project Optimisation Workstreams Boab is undertaking a series of Project Optimisation Workstreams in conjunction with Front-End Engineering and Design (“FEED“) to explore opportunities further improve Project economics ahead of a Final Investment Decision. ✓ Revenue Brought Fo
Slide 13: Updated Mine Plan and Tailings Strategy to enhance Metal Production
13 Sorby Hills Project Updated Mine Plan and Tailings Strategy to enhance Metal Production The DFS tailings strategy incorporated 20,000,000 1,000,000 both above-ground tailings storage Cumulative Payable Lead / Silver within an integrated waste landform 18,000,000 900,000 (“IWL”) and in-pit tailing
Slide 14: Metallurgical Testwork to enhance metal recoveries
14 Sorby Hills Project Metallurgical Testwork to enhance metal recoveries ▪ Testwork aimed at enhancing recoveries at the Norton deposit is nearing completion. ▪ Preliminary testwork results suggest there will be an uplift in the average recoveries achievable at Norton versus those included in the D
Slide 15: Development Ready
15 Sorby Hills Project Development Ready ▪ GRES has recently completed Primary Crusher FEED Workstreams. ▪ FEED output has resulted in: ▪ detailed plant design and; Flotation Circuit optimised site layout; ▪ the issue of tender packages for long-lead items; and Filter Press ▪ updated EPC pricing SAG
Slide 16: Refreshed tenders to reprice bundled mining and earthworks contract packages
16 Sorby Hills Project Refreshed tenders to reprice bundled mining and earthworks contract packages DFS C1 Operating Costs (%) Lead Treatment Charge, 12% Processing, 29% Logistics, 9% ▪ Mining comprised 44% of the DFS G&A, 7% Operating Costs. ▪ Earthworks Packages comprised nearly 15% Mining, 44% of
Slide 17: Significant Intercepts post Mineral Resource Estimate
17 Sorby Hills Project Significant Intercepts post Mineral Resource Estimate 2021 Phase V – 15 holes not yet included in Mineral Resource Estimate ▪ SHRC_123 (Beta): 27m @ 3.47% Pb & 37g/t Ag from 34m: ▪ Incl. 3m @ 7.04% Pb & 95g/t Ag from 35m; 5m @ 5.60% Pb & 44g/t Ag from 45m; and 6m @ 4.50% Pb &
Slide 18: Keep Seismic Target
18 Sorby Hills Project Keep Seismic Target Keep Seismic Target ▪ 1st drill hole indicates potential for a new discovery (2 km south of existing Potential Discovery located 2km from the existing Sorby Hills Reserves). Sorby Hills Deposits ▪ New Zone located within favourable structural and stratigrap
Slide 19: Strategic Growth Opportunities
19 Sorby Hills Project Strategic Growth Opportunities Manbarrum Zn-Pb-Ag Project Vision to establish a long-life presence in the east ▪ located 25km east of the Sorby Hills Project. Kimberley Region ▪ Mineral Resources declared at two prospects Figure: Location which are zinc and silver dominated. o
Slide 20: Delivering Silver Exposure to Investors
20 Sorby Hills Project Delivering Silver Exposure to Investors The Sorby Hills Project and Boab Metals offer rare ASX exposure to Silver Price movements ▪ Boab’s share price has BML Share Price vs AUD Silver Price historically demonstrated a 10.0 1.0 strong correlation with the 9.0 0.9 A$ price of S
Slide 21: Investment Opportunity Near Term News Flow and Ongoing Activities
21 Boab Metals Investment Opportunity Near Term News Flow and Ongoing Activities ▪ Complete ongoing Optimisation Workstreams and Progress Project Approvals. 22% - DFS vs PFS NPV ▪ Incorporate the results of Optimisation Workstreams into a FEED Study – target for release Q2 2024. ▪ Execute Offtake Ag
Slide 22: Thank You
22 Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals
Slide 23: Board and Technical Team
23 Board and 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 record years’ experie
Slide 24: Sorby Hills Definitive Feasibility Study: Capital Cost Breakdown
24 Sorby Hills Definitive Feasibility Study Capital Cost Breakdown Tendered Pricing for 75% of Item Pre-production (A$M) Sustaining (A$M) Total (A$M) Capital Costs to reduce the risk Early Works / Bulk Earthworks / Road Construction 9.9 15.7 25.6 of pre-FID cost escalation. Process Plant and Non-Pla
Slide 25: Appendix
25 Appendix Appendix Boab Metals Limited ASX:BML 25
Slide 26: Sorby Hills Definitive Feasibility Study: Life of Mine Physicals
26 Sorby Hills Definitive Feasibility Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 ROM Mined Mt 18.3 - - 2.1 2.1 2.3 2.5 1.9 2.2 1.8 3.3 - - Waste Mined Mt 134.6 - - 11.7 11.6 12.2 24.3 26.1 25.6 19.6 3.5 - - % Measured % 56.7%
Slide 27: Sorby Hills Definitive Feasibility Study: Operating Cost Breakdown
27 Sorby Hills Definitive Feasibility Study Operating Cost Breakdown Competitive C1 cash cost of US$0.39/lb Total Unit Costs Item payable Pb (including Silver Credits). (A$M) A$/t ore US$/lb payable Pb Mining 591 32.4 0.34 ~80% of Mining Costs underpinned by Processing 391 21.4 0.22 tendered pricing
Slide 28: Resource Classification by Deposit
28 Sorby Hills Project Resource Classification by Deposit Grade Contained Metal Tonnes Deposit Classification Pb Zn Ag PbEq1 Pb Zn Ag (Mt) % % g/t % kt kt koz Inferred 0.6 5.3% 1.0% 23 6.1% 31 6 427 A Sub Total 0.6 5.3% 0.1% 23 6.1% 31 6 427 Measured 1.4 3.8% 0.3% 19 4.5% 52 4 859 B Indicated 1.3 3.
Slide 29: Establishing Deep Roots within the Local Community
29 Boab Metals Establishing Deep Roots within the Local Community Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster for 2023 and beyond. • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimberley Region. • The Ord
Slide 30: Metal Equivalent Calculations
30 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 based on the Sorby Hills DFS including: potential to be recovered and sold. The formula used to calculate lead equivalent