Boab Metals (BML) Corporate presentation summary

Company overview and strategy

• Focused on becoming a leading Australian silver-lead producer, leveraging strong market fundamentals for both metals.

• Holds a portfolio of exploration assets to support future resource growth and mine life extensions.

• Board and management team have a proven track record in project development and capital raising.

Sorby Hills project highlights

• Sorby Hills is Australia's largest undeveloped, near-surface silver-lead deposit, 100% owned and fully funded.

• Project is under construction, targeting first production in H2 2027, with a planned 8.5-year mine life.

• Offtake agreement secured with Trafigura for 50% of concentrate; DeGrussa processing plant acquired to reduce costs.

• Project NPV of A$411M and IRR of 37% at US$27.4/oz silver price; NPV highly sensitive to silver price increases.

• A$350M funding package secured (A$236M debt, A$117M equity); construction and plant relocation underway.

Financial and operational metrics

• Average annual production: 2.2Moz silver and 68kt lead; AISC negative US$14/oz Ag due to lead by-product credits.

• Pre-production capex of A$264M, with anticipated cost reductions from DeGrussa plant acquisition.

• Operating cash flow of A$1.1B and average annual EBITDA of A$126M.

• Revenue split: A$1.8B from lead, A$0.7B from silver at base case prices; silver could exceed 50% of revenue at higher prices.