Corporate Presentation

Lead Pays,, Silver Plays

US$40/oz

US$35/oz

US$30/oz

US$25/oz

October 2025

Corporate Presentation

https://www.boabmetals.com

3

Sorby Hills Project

• Tier-1 Jurisdiction, Located 50km northeast of Kununurra, Western Australia, sealed road to Wyndham Port (150 km)

• Large scale and well defined 47.3Mt Silver-Lead Resource

  (123g/t AgEq)1 including 53Moz contained Silver

• DFS & FEED Studies Complete for stage 1 Operations NPV8 A$910M and IRR 62% at current macroeconomics2

• High-Quality Processing Plant secured from Sandfire Resources DeGrussa project for use at Sorby Hills

• Environmental Approvals received (EPA & EPBC)

• Forecast annual Silver production of ~2.2Moz, positioning Sorby Hills among the top silver producers in Australia

• Exceptional Silver Exposure - Operating costs covered by lead revenue delivering an AISC negative US$14/oz Ag

• Strong Financing & Partnerships - Trafigura offtake agreement in place with US$30M prepayment. Advanced discussions with debt financiers progressing

• Targeting a Final Investment Decision ("FID") Q4 2025

• Significant Growth & Exploration Upside - Resource expansion and Mine life extension at Sorby Hills in addition to 100% owned regional strategic projects

Figure: Location of the Sorby Hills Project

1. See Appendix for Resource breakdown and Metal Equivalent Assumptions

2. See Slide 4 for current macroeconomic assumptions

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Boab Metals Limited ASX: BML

4

Boab Metals

Investment Thesis

The Sorby Hills Project provides investors development ready exposure to rising silver prices

leveraging off robust project economics underpinned by a historically stable lead price

SILVER SNAPSHOT: THE CROSSROADS OF INDUSTRY AND INVESTMENT

• Industrial demand:Unmatched conductivity make silver critical for solar panels, EV electronic and central to the global energy transition.

• Supply squeeze:With primary mine output declining, most silver now coming only as a by-product, and recycling stuck at ~20%, supply cannot keep pace - entrenching a structural deficit.

• Value storage & safe-haven:As a monetary metal, silver is a store of value, moving with gold during inflationary or geopolitical uncertainty.

• Speculative kicker:gold-silver ratio, investor flows to silver EFTs, and leveraged futures trading all leading to amplified volatility - giving silver greater upside torque in bull markets.

Boab Metals Limited ASX: BML

Source: Silver Institute 2025 Survey

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Boab Metals

Investment Thesis

The Sorby Hills Project provides investors development ready exposure to rising silver prices

leveraging off robust project economics underpinned by a historically stable lead price

LEAD SNAPSHOT: THE ORIGINAL BATTERY METAL

• Enduring Demand:A lead-acid battery is typically replaced two to three times in a Light Vehicle's average lifetime of around 12 years supporting a demand tail that will stretch decades.

• Indian Lead Demand: Indian consumption of refined lead is forecast to

  grow 5% YOY through to 2030.

• Silver Lining:High demand for silver bearing lead concentrates is delivering record low Concentrate Treatment Charges (negative US$65/t)

• Price Stability: A mature secondary market provides a buffer against price shocks, limiting the Lead price to a relative tight and predictable range.

Boab Metals Limited ASX: BML

Source: CRU 2023-2025

Sorby Hills Project

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BML outperforming Silver

30 Day Average Daily Change

USD Silver 30-day Avg Daily % Change

% daily change in USD Silver price & BML share price

US$ Silver

ASX:BML

-2.00%

Jan-25

Jan-24

Jan-23

Jan-22

Jan-21

-4.00%

Jan-20

-1.50%

-2.00%

-1.00%

2.00% 4.00% 6.00%

BML 30-day Avg Daily % Change

-0.50%

0.00%

0.00%

-6.00% -4.00% -2.00% 0.00%

0.50%

2.00%

1.00%

4.00%

1.50%

2.00%

BML share price outperforming silver metals returns

6.00%

*30 Day Rolling Average

• Since the acquisition of the Sorby Hills Project in June 2018, Boab's share price has exhibited a strong correlation with movements in the price of Silver.

• Positive movements in Silver price correspond to leveraged positive movements in the Boab share price

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Boab Metals Limited ASX: BML

7

Sorby Hills Project

Operating Costs covered by a non-volatile Lead Price Operating margin fully leveraged to Silver price movements.

US$/lb Pb

US$/oz Ag

Viewed differently, the Sorby

52% Margin

2.0

Increasing Silver Price

50

Hills Project may be considered a low-cost silver producer

AISC = negativeUS$14/oz Ag

AISC = negative US$14/oz Ag

1.0 0

0

Project Costs Project Revenue

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Sorby Hills Project Costs are more than covered by the 10-year average1 Lead Price

-50

Sorby Hills - A low-cost Silver Producer?

*Based on Spot Price of US$52.9/oz Ag

1 As at 20 October 2025

Boab Metals Limited ASX: BML

AISC = All in Sustaining Cost or "Breakeven" cost

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Sorby Hills Project

DFS & Front-End Engineering & Design (FEED) Complete

2024 FEED Study Highlights

A$264M pre-production Capex (material cost reduction anticipated resulting from DeGrussa acquisition)

Average Annualised Production

C1 cash cost US$0.36/lb payable Pb

Incl. net Silver credit of

US$0.37/lb payable Pb

2.25Mtpa

Spot Macroeconomics

As at 20 October 2025

• Lead: A$3,030/t

• Silver: A$81.3/oz

• FX: 0.65 AUD:USD

• Spot Lead TC: minus US$65/t1

  103kt Lead-Silver concentrate 68kt Lead and 2.2Moz Silver

  Initial 8.5 Year

  Mine Life

  NPV8 = A$910M

  NPV8 A$411M

  IRR 37%

  Strong pre-tax economics

  A$1.1BOperating Cash Flow

  A$126M p.a.Average EBITDA

  IRR = 62%

  1. Average of Spot TCs published by CRU and WoodMac for May 2025

  Shallow high gradeand Low Strip Oredelivering strong low risk

  early cashflowsand rapid payback

  FEED Study Macroeconomic Assumptions

  Pb: US$2,252/t (A$3,312/t), Ag: US$27.4/oz (A$40.4/oz), FX: 0.68, Lead TC: US$125/t

  8

  Boab Metals Limited ASX: BML

  
  
  

  Sorby Hills Project

  Poised to be a Major Silver Producer

  Company	Asset	Silver Production (koz)*
  S32	Cannington	10,292
  Glencore	Mt Isa, George Fisher	3,909
  MMG	Rosebery	2,414
  Boab Metals	Sorby Hills	2,191 Avg annualised production
  MMG	Dugald River	1,853
  Glencore	McArthur River	1,760
  BHP	South Australia	913
  29 Metals	Golden Grove	882
  Evolution	All Assets	827

  Forecast Sorby Hills silver production versus established silver producers within Australia

  9

  Sorby Hills Revenue Split

  A$3,030/t Pb and A$81.3/oz Ag

  546kt Payable Lead

  54%

  46%

  
  
  

  A$1.7B Revenue

  17.2Moz Payable Silver

  9

  A$1.4B Revenue

  Boab Metals Limited ASX: BML

  *Source FY24 and FY25 Annual Reports List is not exhaustive

  
  
  

  10

  Sorby Hills Project

  Progressing toward a Final Investment Decision

  Recent achievements provide Boab with significant momentum heading into FID

  2022 - 2023

  • Completion of the Sorby Hills Definitive Feasibility Study("DFS")1.

  • Heads of Agreement to source power from the Ord-River Hydroelectric Plantexecuted with Horizon Power2.

  • Port Access Agreementexecuted with port operators Cambridge Gulf3.

  • 178-person Accommodation Facility acquired and relocated to site4.

Boab Metals Limited ASX: BML

1. ASX Release 6 June 2024

2. ASX Release 23 September 2024

3. ASX Release 10 December 2024

4. ASX Release 23 December 2024

5. ASX Release 30 April 2025

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6. ASX Release 3 September 2025