Boab Metals (BML) Q1 2025 TU earnings summary

Executive summary

• Option agreement executed to acquire the remaining 25% of the Sorby Hills Project, enabling potential 100% ownership pending a Final Investment Decision within 12 months.

• Phase VIII drilling program completed, confirming mineralisation continuity and supporting further exploration at the Keep Seismic Target.

• Ongoing offtake negotiations and project de-risking initiatives, including due diligence on acquiring the DeGrussa process plant.

Financial highlights

• Cash balance at 30 September 2024 was A$4.35M.

• Net cash used in operating activities for the quarter was A$1.31M.

• Net cash used in investing activities was A$47K.

• Estimated quarters of funding available: 3.31.

Outlook and guidance

• Option to acquire full ownership of Sorby Hills contingent on reaching FID within 12 months.

• Focus on advancing project financing, offtake agreements, and reducing upfront capital expenditure.

• Further technical and economic assessment of incorporating the DeGrussa process plant.