Announcement PDF ANNUAL REPORT 2026 ABN 43 107 159 713 ASX Code: BML OTCQB Code: BMLQF BOAB METALS LIMITED PAGE 2 CORPORATE DIRECTORY DIRECTORS Gary Comb (Chairman) Simon Noon (Managing Director & CEO) Richard Monti (Non-Executive Director) Andrew Parker (Non-Executive Director) COMPANY SECRETARY Jerry Monzu REGISTERED OFFICE Level 7, 3 Hasler Road Osborne Park WA 6017 Tel: 08 6268 0449 SHARE REGISTRY Automic Group Pty Ltd Level 5 191 St Georges Terrace Perth WA 6000 Tel: 1300 288 664 BANKERS Australian and New Zealand Banking Group Limited 239 Murray Street Perth WA 6000 AUDITORS BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 SECURITIES EXCHANGE LISTING Boab Metals Limited shares are listed on the Australian Securities Exchange. ASX Code: BML OTCQB: BMLQF WEBSITE ADDRESS www.boabmetals.com PAGE 3 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 TABLE OF CONTENTS ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 FORWARD LOOKING STATEMENTS This Annual Report may contain forward looking statements, including statements about the Company’s plans,ProductionTarget,forecastfinancialinformation,constructionscheduleandfunding.Thesestatements are only predictions. They are based on assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, and actual results may differ materially from those expressed or implied. No representation, warranty or prediction is given as to the accuracy of the underlying assumptions or that any forward looking statement will be achieved. Except as required by law or the ASX Listing Rules, the Company undertakes no obligation to update any forward looking statement. The Company believes it has a reasonable basis for the forward looking statements in this report, including the Production Target and the forecast financial information derived from it, having regard to the Competent Persons’ statements and the funding arrangements described in the Review of Operations. 2 3 4 5 8 12 20 29 42 43 47 104 106 107 112 CORPORATE DIRECTORY TABLE OF CONTENTS CHAIRMAN’S LETTER TO SHAREHOLDERS MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS REVIEW OF OPERATIONS MINERAL RESOURCES AND ORE RESERVES STATEMENT DIRECTORS’ REPORT REMUNERATION REPORT – AUDITED AUDITOR’S INDEPENDENCE DECLARATION FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS CONSOLIDATED ENTITY DISCLOSURE STATEMENT DIRECTORS’ DECLARATION INDEPENDENT AUDITOR’S REPORT SHAREHOLDER INFORMATION PAGE 3 PAGE 4 BOAB METALS LIMITED CHAIRMAN’S LETTER TO SHAREHOLDERS BOAB METALS LIMITED CHAIRMAN’S LETTER TO SHAREHOLDERS Dear Shareholders, On behalf of your Board of Directors, I am pleased to present the 2026 Annual Report and recap what has been a transformational year for Boab Metals Limited at our flagship Sorby Hills Silver-Lead Project. In last year’s report I noted that the Company had secured a pathway to 100% ownership of the Sorby Hills Project, access to a high-quality processing plant and a clear runway to developing Sorby Hills. I am pleased to report that each of these has now been delivered. In December 2025 the Board approved a Final Investment Decision on Sorby Hills and the Company exercised its option to acquire Yuguang’s 25% interest, with Boab moving to 100% ownership of the Project on 27 January 2026. Construction commenced in March 2026 as the Early Works program was nearing completion. In May 2026, we completed the acquisition of the DeGrussa Processing Plant from Sandfire Resources. In the space of twelve months, Boab has moved from a company with a well-studied project to the builder of what we expect to be Australia’s next silver-lead mine. Securing funding was the Board’s principal focus in the first half of the year. The Company raised A$117 million from new and existing shareholders, including a Share Purchase Plan that allowed our retail shareholders to participate on the same terms as institutions, and reached contractual close on a A$236 million syndicated loan facility with Merricks Capital and Davidson Kempner. The Board is grateful for the strong support shown by shareholders through this process. Market conditions continue to move in our favour. Silver is increasingly recognised as both a precious metal and a strategic critical mineral, and prices have remained well above those assumed in the FEED Study. At base case forward-curve prices, the Project Delivery Plan outlines a pre-tax NPV₈ of approximately A$1.06 billion. That value, however, is only realised through safe and disciplined delivery. Construction is where projects are won or lost, and the Board’s attention is firmly on safety, cost and schedule. On behalf of the Board, I thank our shareholders for their continued patience and support, and Simon, the management team, our staff and contractors for their hard work during a demanding year. We look forward to updating you on our progress as Sorby Hills moves towards first production in the second half of 2027. Gary Comb Chairman PAGE 4 PAGE 5 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS Managing Director’s Overview The 2026 financial year has been the most transformative in Boab Metals’ history. In December 2025 we made a Final Investment Decision on our flagship Sorby Hills Silver- Lead Project in the East Kimberley of Western Australia. This milestone represents the culmination of years of dedicated technical execution, commercial strategy, and financial structuring. Over the following months we consolidated 100% ownership of the Project, secured the funding to develop the Sorby Hills Project and commence construction. With first concentrate production targeted for the September quarter of 2027, Boab is now transitioning from a developer to an emerging precious and base metals producer. Silver prices have more than doubled since our FEED Study, which significantly enhances the value of Sorby Hills to our shareholders. Since year end, we have released the Sorby Hills Project Delivery Plan, which improves the Project on almost every measure: • A longer mine life; • A larger Ore Reserve; • A de-risked schedule; and • Greater capital cost certainty, supported by fixed-price contracts. At base case forward-curve pricing, the Project Delivery Plan outlines a pre-tax NPV₈ of A$1.06 billion, an IRR of 97%, C1 cash costs of US$2.80/oz of payable silver and average annual EBITDA of A$184 million. Strategic Milestones Over the past 12 months, we have executed the critical steps required to take Sorby Hills from a study to a construction project: • Final Investment Decision: The Board approved FID on 17 December 2025, underpinned by the FEED Study and materially improved silver prices. • 100% Project Ownership: We exercised our option over Yuguang’s 25% interest on 19 December 2025, with completion on 27 January 2026. I’d like to acknowledge Yuguang for seven years as a committed joint venture partner, during which time we brought the Project to FID together. • Approvals: The Mining Proposal and Mine Closure Plan were approved by the Department of Mines, Petroleum and Exploration in March 2026. This was the final key permitting requirement for full-scale mining. • Construction Commenced: Construction activities commenced in March 2026, with Early Works completed in early April. We secured a six-year Diesel Supply Agreement with CGL Fuel Pty Ltd to support construction, commissioning and operations further de-risking the project delivery. • Processing Plant: Acquisition of the DeGrussa Processing Plant completed on 18 May 2026. This was followed by a A$109 million EPC contract with GR Engineering Services for the plant’s dismantling, refurbishment, relocation and reconstruction at Sorby Hills. MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS PAGE 5 PAGE 6 BOAB METALS LIMITED BOAB METALS LIMITED MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS (CONTINUED) • Project Financing: Boab raised A$117 million from shareholders and investors and reached contractual close on a A$236 million syndicated loan facility. Financial close and construction drawdown remain subject to conditions precedent. Since Year End • Project Delivery Plan: The Ore Reserve increased to 18.3Mt at 3.2% Pb and 37.3g/t Ag, and mine life was extended from 8.5 to 10.5 years. • Mineral Resource: We released an expanded Mineral Resource Estimate of 50.6Mt at 3.0% Pb and 34g/t Ag. This is a 7% increase in tonnes, with Measured and Indicated Resources at the Bimota (formerly named “B” Deposit, Omega and Norton deposits) have increased by 10%. • Mining Services: We executed a binding Heads of Agreement with RE:GROUP on 28 September 2026. Corporate Highlights To fund the construction of the Sorby Hills Project, Boab raised a total of A$117 million (before costs) with the following capital raisings: • a A$50 million placement in October 2025; • a further A$60 million placement between December 2025 and February 2026; and • a A$7 million Share Purchase Plan over the same period, which allowed our retail shareholders to participate on the same terms as institutions. Together with the A$236 million syndicated loan facility, more than A$350 million in debt and equity funding has been secured for the Project. At 30 June 2026 the Group held cash of A$60.9 million. During the year Boab relocated to a new corporate office to accommodate our growing team. Further detail is set out under Corporate Activities in the Review of Operations. Outlook The year ahead is about delivery. Our immediate priorities are to: • satisfy the remaining conditions precedent and draw down the loan facility; • execute the definitive Mining Services Contract with RE:GROUP; • complete the relocation and reconstruction of the DeGrussa plant on schedule; and • energise the site power station, which is targeted for March 2027. Mining is scheduled to commence by April 2027, with first concentrate production targeted for the September quarter of 2027. Alongside construction, we are preparing the business for operations. This means recruiting our operating workforce, finalising the remaining work packages and commencing negotiations for the 50% of concentrate not committed to Trafigura. Our 47- hole Phase IX drilling program has also returned encouraging results, which are not yet included in the Mineral Resource and point to further growth at Sorby Hills. MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS (CONTINUED) PAGE 6 PAGE 7 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS (CONTINUED) I’d like to take this opportunity to acknowledge all our staff and contractors for their hard work during a demanding year, and the East Kimberley community for their continued support. I would also like to extend my appreciation to my fellow Board members for their guidance and support over the 2026 financial year. Finally, a big thank you to our shareholders, both new and old, for their confidence in Boab Metals. We look forward to an exciting 12 months to come as we bring Sorby Hills into production. Simon Noon Managing Director & CEO MANAGING DIRECTOR’S LETTER TO SHAREHOLDERS (CONTINUED) PAGE 7 PAGE 8 BOAB METALS LIMITED REVIEW OF OPERATIONS BOAB METALS LIMITED REVIEW OF OPERATIONS Overview During the financial year to 30 June 2026, Boab Metals Limited (“Boab” or “the Company”) reached Final Investment Decision on, and commenced construction of, its flagship 100%- owned Sorby Hills Silver-Lead Project (“Sorby Hills” or “the Project”), located 50km northeast of Kununurra and 159km by sealed road from Wyndham Port in the East Kimberley region of Western Australia. The Project comprises five granted Mining Leases covering six known silver-lead-zinc deposits, held through the Company’s wholly owned subsidiary Sorby Hills Pty Ltd. Final Investment Decision On 17 December 2025, the Board approved the Final Investment Decision (FID) in respect of the Sorby Hills Project. The decision was based on the Front End Engineering (FEED) Study, updated for prevailing silver prices, which had risen materially since the FEED Study was released, and the acquisition of the DeGrussa Processing Plant. Option Exercise – 100% Ownership of Sorby Hills Following FID, Boab exercised its option to acquire Yuguang (Australia) Pty Ltd’s (“Yuguang”) remaining 25% interest in the Sorby Hills Project on 19 December 2025, increasing its interest from 75% to 100%. The acquisition completed on 27 January 2026 with payment of the initial A$12.5 million cash instalment (Tranche 1). The remaining consideration is deferred: A$5.5 million is payable 12 months after commencement of concentrate production (Tranche 2) and A$5.0 million 18 months after commencement of concentrate production (Tranche 3). Permitting and Approvals The Project has received all primary approvals to commence construction and mining including the approval under the federal EPBC Act, and based approvals including those required under the WA EP Act Part IV and Part V and those required under the WA Mining Act including the Mining Proposal and Closure Plan. DeGrussa Processing Plant Acquisition and EPC Contract During the year, the conditions precedent to completion of the Sale and Purchase Agreement with Sandfire Resources Limited (ASX: SFR) for the DeGrussa Processing Plant were satisfied, and the acquisition completed on 18 May 2026. Total consideration comprised A$1.5 million deposit paid in the previous financial year, A$6.0 million paid in cash on completion, and a deferred final instalment of A$2.5 million payable on or before the date 12 months from the sale of first concentrate from the Sorby Hills Project. Repurposing an existing, proven processing facility significantly enhances the project execution and construction timeline by derisking equipment procurement and reducing upfront capital costs. The Company executed an Engineering, Procurement and Construction (EPC) contract with GR Engineering services (GRES) in May 2026 for the disassembly, refurbishment and relocation of the existing DeGrussa processing facility to Sorby Hills, where it will be re- constructed and commissioned to suit Boab Metals’ requirements. The contract sum is $109 million. Following execution of the EPC contract, GRES mobilised to Sandfire’s PAGE 8 PAGE 9 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 REVIEW OF OPERATIONS (CONTINUED) DeGrussa site and commenced disassembly of the plant, with costs incurred to date recognised within the Asset Under Construction class of Plant and Equipment. The first elements of the plant are expected to be transported to Sorby Hills in July 2026 and deconstruction is forecast to complete by 30 September 2026. Diesel Supply Agreement On 21 April 2026, the Company announced that it had entered into a 6-year Diesel Supply Agreement with CGL Fuel Pty Ltd, a subsidiary of Cambridge Gulf Limited, to provide a secure, reliable and long-term fuel supply solution for Sorby Hills during construction, commissioning and operations. The agreement provides a locally supported diesel supply chain through Wyndham Port and direct delivery to site and includes on-site fuel storage and dispensing infrastructure. Construction Since completion of the FEED Study, the Sorby Hills Project has transitioned from a development stage opportunity to an active construction project with significant progress made since a Final Investment Decision was made by the Company in December 2025. Construction of the Sorby Hills Project commenced in March 2026, with first concentrate production targeted for the second half of 2027. Construction progress during and since the year included: Early Works commenced in October 2025 and were completed in early April 2026, establishing all-weather site access road and foundation pads for the Process Plant and Mine Camp. Bulk Earthworks workstreams, including the construction of key water management infrastructure such as the Evaporation Pond and Tailings Storage Facility, commenced in April 2026 and are tracking well, with the Company opportunistically acting to advance elements of the project ahead of schedule to further de-risk the construction timeline and maintain construction efficiency. Award of a A$109 million EPC contract to GR Engineering Services Limited, announced on 26 May 2026, for the dismantling, refurbishment, relocation and reconstruction of the DeGrussa Processing Plant at Sorby Hills with the first elements of the plant expected to be transported to Sorby Hills in July 2026. Refurbishment of the accommodation units is complete, with the first 130 rooms installed and available for use. The full camp completion, including the remaining 20 rooms, is scheduled for the end of Q1 of FY27, with the installation of the permanent kitchen and main switchboard the predominant remaining activities. The camp will support the increasing on-site workforce as construction activity ramps up. Caravan Park Acquisition On 20 May 2026, the Group, through its wholly owned subsidiary Boab Resorts Pty Ltd, acquired the Ivanhoe Village Resort, a caravan park and tourist accommodation business in Kununurra, Western Australia, for total consideration of A$5.1 million comprising A$4.2 million in cash and 2,254,283 ordinary shares. The acquisition secures additional accommodation for the Sorby Hills workforce once the on-site camp reaches capacity. REVIEW OF OPERATIONS (CONTINUED) PAGE 9 PAGE 10 BOAB METALS LIMITED REVIEW OF OPERATIONS (CONTINUED) BOAB METALS LIMITED REVIEW OF OPERATIONS (CONTINUED) The caravan park continues to operate as a tourism business for its tourists and long-stay guests and contributed A$217,648 of income to the Group from the acquisition date to 30 June 2026 (Note 5(a)). Exploration During the second half of FY26, the Company commenced its Phase IX drilling program to support both near-term mine optimisation and longer-term resource growth. Program focused on resource growth, reserve conversion and mine-life extension opportunities and emphasis on unlocking additional silver potential across the Sorby Hills resource. The program comprises: • Resource-to-Reserve conversion drilling through infill and tighter drill spacing on the margins of known mineralisation; • Follow-up drilling of the high-silver Beta Deposit; • Continued testing of the highly prospective Keep seismic target located approximately 2km south of the current Sorby Hills reserve base; and • Greenfield exploration activities at Manbarrum targeting historical zinc-soil anomalies that remain largely untested. Corporate Activities A$50 million Placement – October 2025 On 14 October 2025, Boab announced firm commitments to raise A$50 million (before costs) through a two-tranche placement to professional and sophisticated investors (“October Placement”) at A$0.40 per share, an 11.1% discount to the five-day volume- weighted average price. The funds were applied to early development works at Sorby Hills, the acquisition of Yuguang’s 25% interest in the Project, the payment due at completion for the DeGrussa Processing Plant, and general working capital. A$60 million Capital Raising and A$7 million Share Purchase Plan – December 2025 to February 2026 On 15 December 2025, Boab announced firm commitments to raise A$60 million (before costs) through a further two-tranche institutional placement at A$0.40 per share, a 2.7% discount to the five-day VWAP, together with a Share Purchase Plan (“SPP”) capped at A$7 million on the same terms. Eligible shareholders could apply for up to A$30,000 each under the SPP. The proceeds complete the funding for Sorby Hills alongside the SFA. Project Finance On 24 April 2026, Boab executed a Syndicated Facility Agreement (“SFA”) with Merricks Capital Pty Ltd (“Merricks”) and Adare Finance DAC (“Davidson Kempner”) for the Sorby Hills Project (“the Project”). PAGE 10 PAGE 11 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 REVIEW OF OPERATIONS (CONTINUED) ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 REVIEW OF OPERATIONS (CONTINUED) The SFA comprises: Construction Facilities Cost Overrun Facilities Total Facilities A$113.0 million A$5.0 million AUD Tranche: A$118.0 million US$80.8 million US$3.6 million USD Tranche: US$84.4 million The Company is working towards completing the necessary Conditions Precedent which will allow draw down of the debt facilities. First draw down is expected to occur in Q4 2026. The Company has elected to take 50% of the financing commitment in US dollars. The US dollar tranches will be drawn down and repaid in US dollars. With US dollar revenues from concentrate sales providing a natural hedge, this design eliminates the need for the Company to enter into FX hedging during operations to service that portion of the debt facilities. The Company executed the following forward exchange contracts for the USD Tranche of the SFA to minimise the exchange risk during the construction period: USD’000 Forward Rate AUD’000 Maturity Date 21,000 0.7131 29,449 30 Sep'26 21,000 0.7113 29,523 30 Dec'26 18,000 0.7093 25,377 31 Mar'27 6,600 0.7075 9,329 30 Jun'27 66,600 93,678 Matters Subsequent to the End of the Financial Year Matters subsequent to year end are described in the Directors’ Report and Note 23. PAGE 11 PAGE 12 BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT The Mineral Resources and Ore Reserves in this statement are reported as of 29 September 2026, the date of the Company’s annual review. At the end of the financial year on 30 June 2026, the Company’s holdings were the Mineral Resource of 47.3Mt at 3.1% Pb and 35g/t Ag (17 December 2021) and the Ore Reserve of 15.2Mt at 3.5% Pb and 39.0g/t Ag (Definitive Feasibility Study, 19 January 2023, confirmed as unchanged in the FEED Study, 6 June 2024). The only material changes between those dates arose from the updated Mineral Resource Estimate and Ore Reserve released on 29 September 202612 . No depletion has occurred, as mining has not yet commenced. 1 Boab Metals Limited, Expanded Mineral Resource Estimate, ASX announcement, 29 September 2026. 2 Boab Metals Limited, Sorby Hills Project Delivery Plan, ASX announcement, 29 September 2026. BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT The Mineral Resources and Ore Reserves in this statement are reported as of 29 September 2026, the date of the Company’s annual review. At the end of the financial year on 30 June 2026, the Company’s holdings were the Mineral Resource of 47.3Mt at 3.1% Pb and 35g/t Ag (17 December 2021) and the Ore Reserve of 15.2Mt at 3.5% Pb and 39.0g/t Ag (Definitive Feasibility Study, 19 January 2023, confirmed as unchanged in the FEED Study, 6 June 2024). The only material changes between those dates arose from the updated Mineral Resource Estimate and Ore Reserve released on 29 September 202612 . No depletion has occurred, as mining has not yet commenced. 1 Boab Metals Limited, Expanded Mineral Resource Estimate, ASX announcement, 29 September 2026. 2 Boab Metals Limited, Sorby Hills Project Delivery Plan, ASX announcement, 29 September 2026. PAGE 12 PAGE 13 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) Sorby Hills Mineral Resource Table 1: Sorby Hills Mineral Resource Estimate (Pb & NSR Domains, 1% Pb Cut-Off) Deposit Classification Tonnes (Mt) Pb % Ag g/t Zn % Pb kt Ag koz Zn kt Bimota (Formerly B) Measured 1.4 3.8 19 0.3 53 867 4 Indicated 1.6 3.1 19 0.3 49 974 5 Inferred 0.2 2.3 12 0.3 5 79 1 Bimota Sub-total 3.2 3.4 19 0.3 106 1,920 10 Omega Measured 8.6 3.3 37 0.4 284 10,092 34 Indicated 6.7 3.3 31 0.4 221 6,764 27 Inferred 3.1 2.6 26 0.4 80 2,556 12 Omega Sub-total 18.4 3.2 33 0.4 585 19,412 73 Norton Measured 3.1 3.7 67 0.3 114 6,603 9 Indicated 2.7 2.8 32 0.5 75 2,740 13 Inferred 17.1 2.3 27 0.5 393 14,725 85 Norton Sub-total 22.8 2.5 33 0.5 582 24,069 108 Aprilia (Formerly A) Measured - - - - - - - Indicated - - - - - - - Inferred 0.6 5.3 23 1.0 31 427 6 Aprilia Sub-total 0.6 5.3 23 1.0 31 427 6 Alpha Measured - - - - - - - Indicated 0.7 2.6 41 0.5 18 923 4 Inferred 0.7 3.6 86 1.2 27 2,052 9 Alpha Sub-total 1.4 3.1 64 0.9 45 2,975 13 Beta Measured - - - - - - - Indicated 1.0 4.1 42 0.2 42 1,382 2 Inferred 3.2 3.4 43 0.4 109 4,474 14 Beta Sub-total 4.2 3.6 43 0.4 151 5,856 17 Total Measured 13.1 3.4 42 0.4 450 17,562 48 Indicated 12.7 3.2 31 0.4 405 12,783 51 Inferred 24.9 2.6 30 0.5 645 24,315 128 TOTAL Total 50.6 3.0 34 0.4 1,500 54,660 226 PAGE 13 PAGE 14 BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) Table 2: Sorby Hills Mineral Resource Estimate (Zn Domains only, 1% Zn Cut-Off) Deposit Classification Tonnes (Mt) Pb % Ag g/t Zn % Pb kt Ag koz Zn kt Alpha Measured - - - - - - - Indicated 2.1 0.3 22 2.8 6 1,485 59 Inferred 2.1 0.4 21 2.3 8 1,418 48 Alpha Total 4.2 0.5 22 2.5 15 2,971 107 Tonnes and Grade are rounded. Discrepancy in calculated Contained Metal is due to rounding. Mineral Resources are reported inclusive of ore reserves. JORC Code 2012 compliant. Note: Only Bimota, Omega and Norton pits have been updated as part of the MRE. Furthermore, deposits have had the 1% reduction factor applied to reported tonnage removed for this estimate. All other deposits remain as reported in the previous MRE, including the application of the 1% tonnage reduction factor. Relationship to Previously Reported Mineral Resources The current 2026 update relates to the Bimota, Omega and Norton deposits only. The Mineral Resources for Aprilia, Alpha and Beta were not updated and remain as previously reported. Accordingly, the global Sorby Hills Mineral Resource combines the current 2026 Bimota, Omega and Norton estimates with the existing Aprilia, Alpha and Beta estimates. The updated and unchanged estimates have different treatment of the historical 1% tonnage reduction factor, as described above, and should be read on that basis. Sorby Hills Ore Reserve Table 3: Sorby Hills Ore Reserve Estimate Deposit Ore (Mt) Lead (%) Lead (kt) Silver (g/t) Silver (Moz) Bimota 2.4 3.1 74.2 18.6 1.5 Norton 3.4 3.3 113.5 59.9 6.6 Omega 7.7 3.4 261.0 37.8 9.3 Omega South 3.8 2.6 97.1 27.7 3.4 Beta 1.0 3.6 35.7 38.6 1.2 Total Ore Reserve 18.3 3.2 581.5 37.3 22.0 Proved 11.6 3.3 377.7 40.9 15.2 Probable 6.7 3.0 203.7 31.3 6.7 Reported above an NSR cut-off of A$40/t. Inferred Mineral Resources are treated as waste. The Ore Reserve is a subset of the Project Delivery Plan Production Target. Totals may not add due to rounding. Source: Project Delivery Plan, Table 3, and ERM Ore Reserve Report dated 3 September 20262. BOAB METALS LIMITED MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) Table 2: Sorby Hills Mineral Resource Estimate (Zn Domains only, 1% Zn Cut-Off) Deposit ClassificationTonnes (Mt) Pb % Ag g/t Zn % Pb kt Ag koz Zn kt Alpha Measured - - - - - - - Indicated 2.1 0.3 22 2.8 6 1,485 59 Inferred 2.1 0.4 21 2.3 8 1,418 48 Alpha Total 4.2 0.5 22 2.5 15 2,971 107 Tonnes and Grade are rounded. Discrepancy in calculated Contained Metal is due to rounding. Mineral Resources are reported inclusive of ore reserves. JORC Code 2012 compliant. Note: Only Bimota, Omega and Norton pits have been updated as part of the MRE. Furthermore, deposits have had the 1% reduction factor applied to reported tonnage removed for this estimate. All other deposits remain as reported in the previous MRE, including the application of the 1% tonnage reduction factor. Relationship to Previously Reported Mineral Resources The current 2026 update relates to the Bimota, Omega and Norton deposits only. The Mineral Resources for Aprilia, Alpha and Beta were not updated and remain as previously reported. Accordingly, the global Sorby Hills Mineral Resource combines the current 2026 Bimota, Omega and Norton estimates with the existing Aprilia, Alpha and Beta estimates. The updated and unchanged estimates have different treatment of the historical 1% tonnage reduction factor, as described above, and should be read on that basis. Sorby Hills Ore Reserve Table 3: Sorby Hills Ore Reserve Estimate Deposit Ore (Mt) Lead (%) Lead (kt) Silver (g/t) Silver (Moz) Bimota 2.4 3.1 74.2 18.6 1.5 Norton 3.4 3.3 113.5 59.9 6.6 Omega 7.7 3.4 261.0 37.8 9.3 Omega South 3.8 2.6 97.1 27.7 3.4 Beta 1.0 3.6 35.7 38.6 1.2 Total Ore Reserve 18.3 3.2 581.5 37.3 22.0 Proved 11.6 3.3 377.7 40.9 15.2 Probable 6.7 3.0 203.7 31.3 6.7 Reported above an NSR cut-off of A$40/t. Inferred Mineral Resources are treated as waste. The Ore Reserve is a subset of the Project Delivery Plan Production Target. Totals may not add due to rounding. Source: Project Delivery Plan, Table 3, and ERM Ore Reserve Report dated 3 September 20262. PAGE 14 PAGE 15 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2026 MINERAL RESOURCES AND ORE RESERVES STATEMENT (CONTINUED) Annual Review The Company’s 2026 annual review of its Mineral Resources and Ore Reserves comprised: • re-estimation by ERM of the Bimota, Omega and Norton deposits, incorporating additional drilling and assay data, new NSR mineralisation domains and removal of the 1% tonnage reduction factor; • a review of the Aprilia, Alpha and Beta deposits, which were not re-estimated and remain as previously reported; and • preparation by ERM Australian Consultants Pty Ltd (ERM) of a revised Ore Reserve based on the updated Mineral Resource, the optimised Project Delivery Plan mine schedule, improved Norton metallurgical recoveries, refreshed operating costs and current economic assumptions. The review resulted in a 7% increase (3.3Mt) in Mineral R