Boab Metals (BML) Mining Forum Americas 2026 summary

Project Overview and Financials

• Achieved 100% project ownership and secured AUD 350 million in funding, with all permits and offtake agreements in place.

• Project NPV stands at AUD 1.06 billion with a 97% IRR, and only AUD 205 million remains to complete construction.

• Mine life extended to 10.5 years, supported by a Mineral Resource of 50.6Mt and ongoing reserve growth.

• Capital costs reduced by AUD 20 million and construction timeline shortened by six months through acquisition of the DeGrussa process plant.

• Construction is on track for wet commissioning in June next year, targeting full production by late Q3 or H2 2027.

Operational Highlights and Market Positioning

• Near-surface, open-pit ore body enables low-risk, low-cost mining, with two-thirds of reserves now proven.

• Annual production forecast at over 2.2 million ounces of silver and nearly 70,000 tonnes of lead, making it the fourth-largest silver producer in Australia.

• Lead production covers all operating costs, providing strong exposure to silver price upside; all-in sustaining cost is about AUD 8.70/oz.

• Benefiting from tight silver-lead concentrate markets and record low treatment charges, with flexible offtake arrangements.

• Diesel supply secured at discounted rates, with plans to transition to clean hydropower within 12 months of production start.

Growth Strategy and Future Outlook

• Ongoing drilling and resource expansion expected to further extend mine life beyond 10.5 years, with only 37% of the defined resource included in the current mine plan.

• Competitive tender underway for remaining offtake to lock in favorable terms and maximize cash flow.

• Exploration focus on nearby Manbarrum Project and areas south of Sorby Hills for additional resource growth.

• 80% of project costs are locked in, providing strong cost certainty as construction progresses.

• Multiple near-term catalysts identified, including resource growth, completion of plant relocation, and ore body exposure.