Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (May 2025)
31 slides from Boab Metals's investor presentation, May 6, 2025
Slide 1: A Near-Term Producer with a Margin Highly Leveraged to the Silver Price
A Near-Term Producer with a Margin Highly Leveraged to the Silver Price For personal use only Corporate Presentation May 2025 boabmetals.com ASX: BML Delivering metals for a sustainable future
Slide 2: Disclaimer
2 Disclaimer Forward-Looking Statements Compliance Statement For personal use only 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, projectio
Slide 3: Boab Metals Corporate Summary
3 Boab Metals Corporate Summary Share Price History 10.0 0.25 For personal use only Capital Structure (1 May 2025) 9.0 8.0 0.20 Share Price Debt Share Price (A$/sh) Volume (M Shares) 7.0 A$0.17/share Nil 6.0 0.15 5.0 Shares on Issue Cash 4.0 0.10 242 million shares A$2.6 million1 3.0 2.0 0.05 Market
Slide 4: Investment Highlights
4 Sorby Hills Project A near term producer of Lead & Silver Investment Highlights For personal use only • Located 50km northeast of Kununurra, Western Australia, 150km by sealed road to Wyndham Port • 47.3Mt Resource 4.3% PbEq (or 123g/t AgEq)1 • Resource includes 53Moz contained Silver • Initial Pr
Slide 5: Progressing toward a Final Investment Decision
5 Sorby Hills Project Progressing toward a Final Investment Decision Recent achievements provide Boab with significant momentum heading into FID For personal use only 2022 - 2023 2024 - 2025 ✓ Completion of the Sorby Hills Definitive ✓ Completion of a Front-End Engineering & Design Study Feasibility
Slide 6: Acquisition of the DeGrussa Processing Plant
6 Sorby Hills Project Acquisition of the DeGrussa Processing Plant Derisking Project Execution from both a procurement and capital cost perspective For personal use only Acquisition Terms Total price of A$10M, comprising: • Deposit: A$0.5M cash and A$1.0M shares issued to Sandfire Resources • Tranch
Slide 7: DeGrussa Process Plant: An Ideal Fit
7 Sorby Hills Project DeGrussa Process Plant: An Ideal Fit All major components for the For personal use only Primary Crusher Sorby Hills Process Plant have Crushed Ore Storage Bin been secured via the DeGrussa Process Plant acquisition Flotation Circuit Fit for purpose specifications to deliv
Slide 8: FEED Study completed June 2024
8 Sorby Hills Project FEED Study completed June 2024 FEED Study Highlights For personal use only Spot Macroeconomics C1 cash cost US$0.36/lb As at 28 April 2025 A$264M pre-production Capex payable Pb (material cost reduction anticipated resulting from DeGrussa acquisition) Incl. net Silver credit of
Slide 9: High Quality Resource
9 Sorby Hills Project High Quality Resource 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 4.0% 590 96
Slide 10: Low Risk Open Pit Ore Reserve
10 Sorby Hills Project 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% 6.5 Omega
Slide 11: 53Moz - A significant Silver Resource
11 Sorby Hills Project 53Moz - A significant Silver Resource Comparison of contained Silver in undeveloped Australian Silver deposits For personal use only 200 124 180 Contained Silver in Resource (Moz) 160 107 140 80 120 73 (g/t Ag) 100 52 52 80 41 60 35 34 36 31 28 25 25 22 40 13 20 5 2 4 1 0 Feas
Slide 12: On Track to Become a Major Silver Producer
12 Sorby Hills Project On Track to Become a Major Silver Producer Forecast Sorby Hills silver production versus Sorby Hills Revenue Split For personal use only A$3,040/t Pb and A$53/oz Ag established silver producers within Australia FY24 Silver 546kt Payable Lead Company Asset A$1.7B Revenue Produc
Slide 13: Confirmed Low-Cost producer
13 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve For personal use only 2027 Lead Cost Curve (ex-works basis) Low risk open cut 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile mining and high process plant throughpu
Slide 14: Robust project economics
14 Sorby Hills Project Robust project economics Profitable throughout the commodities cycle For personal use only 6,000 Historic Metal Price vs forecast Sorby Hills Operating Costs • The Sorby Hills Project would have generated an average 5,000 margin per/t PbEq of 36% over Historic Metal Price (A$/
Slide 15: High Quality Concentrate
15 Sorby Hills Project High Quality Concentrate 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 Concentr
Slide 16: Offtake and Prepayment Agreement
16 Sorby Hills Project Offtake and Prepayment Agreement For personal use only Terms of the Agreement with Trafigura Attractive and flexible Binding Prepayment Term Sheet offtake terms from • US$30M for the development and construction of Sorby Hills. global commodities • 5 Year Term, 18 Month Repaym
Slide 17: Agreement to acquire 100% Interest
17 Sorby Hills Project Agreement to acquire 100% Interest Further Project value For personal use only Terms of the Agreement 12-month option for Boab to acquire remaining 25% interest in attributable to Boab Sorby Hills existing JV partner. upon acquisition Full control over joint venture budgets an
Slide 18: Upcoming Share Price Catalysts
18 Sorby Hills Project Upcoming Share Price Catalysts 2025 For personal use only • Complete competitive tender for the contract to relocate, reconstruct and refurbish the DeGrussa Processing Plant at Sorby Hills. • Secure additional non-dilutive debt finance to support funding of the Sorby Hills Pro
Slide 19: Board and Technical Team
19 Board and For personal use only 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
Slide 20: Thank You
20 For personal use only Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals 20
Slide 21: Appendix
For personal use only Appendix Appendix 21 21
Slide 22: Manbarrum Zn-Pb-Ag Project
22 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 east granted mining leases) covering geology related For personal use only
Slide 23: Establishing Deep Roots within the Local Community
23 Boab Metals Establishing Deep Roots within the 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 Ord
Slide 24: Sorby Hills Feed Study Life of Mine Physicals
24 Sorby Hills Feed Study 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 - % Meas
Slide 25: Sorby Hills Feed Study Life of Mine Cashflows
25 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 26: Capital Cost Breakdown
26 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 27: Operating Cost Breakdown
27 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 28: Continuing to Delivering Silver Exposure to Investors
28 Sorby Hills Project Continuing to Delivering Silver Exposure to Investors For personal use only ▪ Since the acquisition of the Rolling 30-day average daily % changes in USD Silver price & BML share price since June 2018 Sorby Hills Project in June 6.00% 2.00% 2018, Boab’s share price has exhibite
Slide 29: Exposure to Silver Price
29 Sorby Hills Project Exposure to Silver Price Operating Costs covered by a historically non-volatile Lead For personal use only Price leaves the Operating margin fully leveraged to Silver price movements. US$/lb US$/oz Viewed differently, the Sorby Hills Project may be considered 2.0 Increasing Si
Slide 30: Peer Comparison
30 Sorby Hills Project Peer Comparison (as at 18 April 2025) For personal use only Project Commodity Tick Company Proved (g/t) Probable (g/t) Total (g/t) Measured (g/t) Indicated (g/t) Inferred (g/t) Total (g/t) Source Bowdens Silver SVL Silver Mines Limited 32 69 1 51 33 68 100 42 43 21 36 14 179 3
Slide 31: Metal Equivalent Calculations
31 Metal Equivalent Calculations For personal use only 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 FEED Study including: potential to be recovered and sold. The formula used