Boab Metals (BML) H2 2026 earnings summary

Executive summary

• Sorby Hills reached FID, construction began in March 2026, and the project is targeting first ore in H2 2027.

• The year included acquisition of Yuguang’s remaining 25% interest, making Sorby Hills wholly owned, plus a caravan park acquisition to support workforce accommodation.

Financial highlights

• Revenue was $2.237m versus $174,312 in FY25; loss before tax was $7.384m versus $3.841m, and net loss was $7.222m versus $3.841m.

• Basic and diluted loss per share was 1.66 cents versus 1.63 cents in FY25; adjusted for the $2.797m derivative fair-value loss, reported pre-tax loss was $7.384m.

• Cash and cash equivalents were $60.862m at 30 June 2026 versus $7.529m; operating cash outflow was $1.612m and investing cash outflow was $45.788m.

• Total assets reached $156.047m versus $16.538m; equity was $121.374m versus $15.790m at FY25 end.

Outlook and guidance

• First ore is targeted for H2 2027; forecasts assume debt drawdown in Q4 2026 and delivery, commissioning, production ramp-up and sales broadly to schedule and budget.

• The September 2026 Sorby Hills Project Delivery Plan estimated total capex of $262m, with $205m remaining to spend, incorporating contracted costs to date.

• Directors expect available cash, planned drawdown of the A$236m facility and forecast cash flows to fund requirements for at least 12 months from report signing, subject to forecast assumptions and funding conditions.