Boab Metals (BML) Q2 2025 TU earnings summary

Executive summary

• Achieved key project milestones, including a binding US$30M prepayment and offtake agreement with Trafigura for the Sorby Hills Lead-Silver-Zinc Project, supporting project construction and development.

• Received Western Australian Government consent for key EPA amendments, enabling increased open pit depth and mining rate in line with the FEED study.

• Continued cost reduction initiatives and exploration success at the KEEP Target, confirming further mineralisation potential.

Financial highlights

• Cash balance at 31 December 2024 was A$3.54M.

• Net cash used in operating activities for the quarter was A$806K; net cash used in investing activities was A$47K.

• Payments to related parties during the quarter totaled A$151K, relating to director salaries and fees.

Outlook and guidance

• Targeting Final Investment Decision for Sorby Hills in 2H 2025.

• Ongoing efforts to further reduce capital and operating costs, including potential acquisition of process plant and use of grid hydroelectric power.