Boab Metals (BML) Corporate presentation summary

Project overview and strategy

• Advancing Sorby Hills Lead-Silver Project toward production, targeting a final investment decision soon.

• Project is highly leveraged to silver price, offering significant exposure to silver market movements.

• Located in a Tier 1 jurisdiction, 50km from Kununurra, with established infrastructure and port access.

• Joint venture with Yuguang Gold and Lead, Asia's largest electrolytic lead producer, holding a 25% interest.

• Board and management have a proven track record in mine development and operations.

Resource and reserve highlights

• Total resource: 47.3Mt at 3.1% Pb, 0.4% Zn, and 35g/t Ag, containing 1.5Mt lead and 53Moz silver.

• Ore reserves: 15.2Mt at 3.5% Pb and 39g/t Ag, with 83% of production target underpinned by measured and indicated resources.

• Recent drilling has identified high-grade intercepts not yet included in the resource estimate, indicating further upside.

• New discovery at Keep Seismic Target, 2km from existing reserves, with ongoing drilling to test economic potential.

Project economics and cost structure

• FEED study completed June 2024: A$264m pre-production capex, 8.5-year mine life, 2.25Mtpa throughput.

• Average annual production: 103kt lead-silver concentrate, 64kt lead, 2.0Moz silver.

• NPV (pre-tax) A$411m, IRR 37%, A$1.1bn operating cash flow, A$126m average annual EBITDA.

• C1 cash cost US$0.36/lb payable lead (including net silver credit), confirmed as 1st quartile globally.

• All-in sustaining cost (AISC) US$0.43/lb Pb, with project costs more than covered by 10-year average lead price.