Boab Metals (BML) AGM 2024 presentation summary

Strategic progress and project milestones

• Completed Front-End Engineering & Design (FEED) Study for Sorby Hills, improving project economics and confirming robust financial metrics.

• Secured an agreement to acquire 100% of Sorby Hills, providing full control over the project and future work programs.

• Identified the potential acquisition of the DeGrussa Process Plant to materially reduce capital expenditure and accelerate construction timelines.

• Achieved key milestones including securing an option for full project ownership and identifying significant capital reduction opportunities.

• Advancing toward a final investment decision in mid-2025, with offtake and financing targeted for late 2024.

Sorby Hills project economics and sensitivities

• FEED Study outlines a pre-production capex of A$264 million, with 66% underpinned by tendered pricing.

• Project NPV (8%) is A$411 million with a 37% IRR, and average annual EBITDA of A$126 million.

• Life-of-mine production targets 546kt payable lead and 17.2Moz payable silver over 8.5 years.

• C1 cash cost is US$0.36/lb payable lead, including a net silver credit of US$0.37/lb.

• Project NPV is highly sensitive to silver price movements, with operating margin fully leveraged to silver price.

Resource, reserves, and operational details

• Total resource: 47.3Mt at 3.1% Pb, 0.4% Zn, and 35g/t Ag, with 1,465kt contained lead and 44.5Moz contained silver.

• Ore reserve: 15.2Mt at 3.5% Pb and 39g/t Ag, underpinned 83% by measured and indicated resources.

• Annual production averages 103kt lead-silver concentrate, 64kt lead, and 2.0Moz silver.

• Operating costs are competitive, with 80% of mining costs underpinned by tendered pricing.

• Project is considered a low-cost silver producer, with costs covered by historically stable lead prices.