Boab Metals (BML) Q1 2027 TU earnings summary

Executive summary

• Sorby Hills moved from development into delivery; construction remained on schedule and budget, with first concentrate targeted for Q3 2027.

• The Project Delivery Plan extended mine life to 10.5 years and improved project economics while maintaining total project CAPEX at A$261.5 million.

Financial highlights

• Cash was A$29.9 million at 30 September 2026, versus A$60.9 million at 30 June; operating cash outflow was A$1.7 million and total quarterly cash outflows were A$30.9 million.

• Project Delivery Plan forecasts include pre-tax NPV8 of A$1.06 billion and life-of-mine free cash flow of A$1.7 billion under the forward pricing case.

Outlook and guidance

• First concentrate production remains targeted for Q3 2027; mining site establishment is scheduled for January 2027, with mining services to begin no later than March 2027.

• The definitive RE: GROUP Mining Services Contract was expected in the December 2026 quarter; plant dismantling, relocation, reconstruction and site infrastructure work are progressing.

• The A$236 million syndicated facility’s first drawdown was expected in the December 2026 quarter, subject to conditions precedent.