Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (July 2026)
24 slides from Boab Metals's investor presentation, Jul 16, 2026
Slide 1: Building Australia's Next Silver Producer
For personal use only Building Australia's Next Silver Producer B O A B M E T A L S L I M I T E D | ASX: B M L J U L Y 2026 www.boabmetals.com
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: Discover Sorby Hills
Boab Metals Discover Sorby Hills Boab Metals Discover Sorby Hills AUSTRALIA’S N E X T SILVER-L E A D P R O D U C E R Boab Metals Limited (ASX: BML | OTCQB: BMLQF) is developing the Sorby Hills Silver-Lead Project in Western Australia. For personal use only Years of resource and reserve delineation,
Slide 4: Investment Thesis: Capital Structure
Boab Metals Investment Thesis Capital Structure 15/07/2026 ASX-listed base and precious metals developer and explorer. Shares on Issue 1 576 m Share Price 38 cps Final Investment Decision achieved on Sorby Hills. For personal use only Market Capitalisation $218m Board & Management team with proven t
Slide 5: 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 Tier 1 jurisdiction in WA, 150km from port. For personal use only Low-risk open pit mining operation. Stage 1 production, 8.5 years: ~2.2Moz silver and
Slide 6: Investment Thesis: Silver and Lead Exposure
Boab Metals Investment Thesis The Sorby H i l l s Project provides investors with exposure The Sorby H i l l s Project also provides investors with exposure to attractive near-term silver production in Australia. to rising silver prices leveraging off robust project economics underpinned by a histor
Slide 7: 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 On Track for first Hills in 2018 Hills Resource by 2.8x Feasibility Studies and Production in H2 2027 For personal use only receipt of EPBC and EPA Appro
Slide 8: Silver Leverage
Boab Metals Investment Thesis SILVER LEVERAGE Sensitivity analysis in the F E E D Study demonstrates that a A$1 increase in 140 the silver price increases Project NPV by approximately A$10m¹,². Silver is currently trading ~100% above the price assumed in the F E E D Study For personal use only 120 1
Slide 9: Feasibility Study
Sorby Hills Project Feasibility Study FRONT E N D ENGINEERING & DESIGN STUDY 1 HIGHLIGHTS SORBY H I L L S R E V E N U E S P L I T Based on F E E D Study Assumptions inc Silver @ US$27.4/oz NPV 8 A$411m 546kt Payable Lead A$1.8b revenue For personal use only I R R 37% Strong pre-tax economics 17.2Moz
Slide 10: DeGrussa Process Plant: An Ideal Fit
Opportunity to reduce costs and project execution risk DeGrussa Process Plant: An Ideal Fit Primary Crusher Crushed Ore Storage Bin Flotation Circuit Acquisition of the DeGrussa Processing Plant significantly reduces and derisks project execution For personal use only Concentrate Thickening & Filtra
Slide 11: Engineering, Procurement and Construction
Boab Metals Engineering, Procurement and Construction EPC Contract Executed GR Engineering appointed for Sorby Hills EPC delivery For personal use only Contract value A$109M Acquisition Completed DeGrussa plant acquisition finalised May 2026 Assets aligned to 100ktpa concentrate target DeGrussa Plan
Slide 12: 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 H i l l s Project i s a low-cost silver producer. AISC = negative US$14/oz Ag For personal use only INCREASING S I L
Slide 13: Set to be a major silver producer in 2027
Sorby Hills Project Set to be a major silver producer in 2027 The Sorby H i l l s Project is set to become one of the heavyweights in Australian silver mining. Company Asset Silver Production (koz)* For personal use only S32 Cannington 10,292 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2,414 2
Slide 14: Low Risk Open Pit Ore Reserve
Sorby Hills Project - Stage 1 Low Risk Open Pit Ore Reserve F E E D S T U D Y PRODUCTION TARGET Total Waste ROM Pb Ag PbEq AgEq S t r ip A topographic view of the Sorby Hills project, home to Australia’s Pit (Mt) (Mt) (Mt) (%) (g/t) (%) (g/t) Ratio largest undeveloped near-surface silver-lead deposi
Slide 15: 47.3Mt @ 68g/t Silver Equivalent
Sorby Hills Project 47.3Mt @ 68g/t Silver Equivalent M 80/285 Deposit Tonnes Grade Contained Metal ALP H A (Mt) For personal use only Pb Zn Ag PbEq AgEq Pb Zn Ag BETA M 80/196 % % g/t % g/t kt kt koz A 0.6 5.3% 0.1% 23 7.4% 80 31 6 427 SORBY MANAGEMENT PROJECT RESOURCE CLASSIFICATION NORTON B 2.7 3.
Slide 16: Growth Potential
Sorby Hills Project - Growth Potential Low Risk Open Pit Ore Reserve Western Australia Northern Territory Production Target and Strategic Growth Opportunities For personal use only Landandi (Pb-Zn) Manbarrum Project (Zn-Pb-Ag) Current Mine Plan represents only 37% of the defined Resource at Sorby Hi
Slide 17: Loading at nearby Wyndham Port
Sorby Hills Project - Stage 1 Loading at nearby Wyndham Port Sorby Hills Project - Stage 1 Loading at nearby Wyndham Port 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 si
Slide 18: Development Activities on Track
Sorby Hills Project - Stage 1 Development Activities on Track Sorby Hills Project - Stage 1 Development Activities on Track Long terms Diesel Supply Contract executed with Cambridge Gulf Early Works completed with Site Access Roads and Processing Plant Pad complete and Stage 1 of the Mine Site Camp
Slide 19: Construction Timeline
Sorby Hills Project Construction Timeline First production from Sorby Hills is scheduled to occur in H2 2027. For personal use only B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27
Slide 20: Near term share price catalysts
Sorby Hills Project - Stage 1 Near term share price catalysts Q3 2026 o Award of Sorby Hills Mining Contract o Commencement of DeGrussa Processing Plant For personal use only reconstruction at Sorby Hills o Release of a Project Delivery Plan incorporating: contracted costs. revised macroeconomic ass
Slide 21: High-Margin Silver From a Fully Funded Australian Mine
Sorby Hills Project High-Margin Silver From a Fully Funded Australian Mine For personal use only “ZERO-COST” SILVE R STRATEGY Lead Credit covers the operating costs, silver revenue straight to the bottom line. P U R E U P S I D E OF SILVER ~2 Moz silver p.a. at steady state, providing pure profit an
Slide 22: Thank you
Boab Metals Thank you Boab Metals Thank you Simon Noon, Managing Director & CEO For personal use only 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
Slide 23: 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$1,875/t; and equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate e
Slide 24: FEED Study Sensitivity Analysis
Sorby Hills Project FEED STUDY Sensitivity Analysis 1,000 Assumption Unit FEED Spot1 Change 900 Lead Price US$/t 2,252 1,875 (17%) Silver Price US$/oz 27.4 58.8 114% For personal use only 800 FX A$:US$ 0.68 0.695 2% Lead TC US$/t 125 (145)2 (216%) 700 Project NPV8 (A$M) 1 As at 15 July 2026 2. Zinc/