Boab Metals (BML) Corporate presentation summary

Corporate overview and capital structure

• ASX-listed developer and explorer with a market cap of A$39 million and no debt as of January 2025.

• 233 million shares on issue, with top 20 shareholders holding 35% of capital.

• Cash reserves of A$3.5 million and a $4.8 million at-the-market facility available.

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

Sorby Hills project highlights

• Located 50km from Kununurra, WA, with 47.3Mt resource at 4.3% PbEq and 53Moz contained silver.

• Initial production target of 18.3Mt, underpinned 83% by reserves.

• FEED Study completed with NPV of A$411M and IRR of 37%.

• High metallurgical recoveries: 92% lead, 82% silver.

• 8.5-year mine life with average annual production of 64kt lead and 2.0Moz silver.

Project economics and cost structure

• Pre-production capex of A$264M, with 66% underpinned by tendered pricing.

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

• Average annual EBITDA of A$126M and operating cash flow of A$1.1bn.

• Project confirmed as a 1st quartile global lead cost producer.

• Robust margins, with operating costs covered by lead price and full margin leverage to silver price.