Announcement PDF Moving the Sorby Hills Lead-Silver Project Toward Production A near-term producer with a margin highly leveraged to the Silver Price Corporate Presentation August 2024 Corporate Presentation August 2024 boabmetals.com Delivering metals for a sustainable future. 2 Disclaimer Forward-Looking Statements Compliance Statement Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company’s future performance. These forward-looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance and results in future periods to differ materially from any express or implied estimates or projections. The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. General Disclaimer The information in this presentation remains subject to change without notice. This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company. Not an Offer This presentation is for information purposes only. The presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law. The presentation does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any shares in Boab Metals Limited. No Liability Boab Metals Limited has prepared this document based on information available at the time of preparation. No representation or warranty, express or implied is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Boab Metals Limited, its related bodies corporate and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. Information included in this presentation relating to Exploration Results has been extracted from the ASX Announcements titled “Significant Intercepts at Sorby Hills” dated 8 November 2023, “Amended Drilling Announcement” dated 4 September 2023”, “Assays Confirm Further Positive Outcome for Sorby” dated 23 January 2023, “HighGrade Lead-Silver Confirmed at Beta Deposit” dated 1 February 2022 available to view at www.boabmetals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the form in which they were first presented. Information included in this presentation relating to Mineral Resources has been extracted from the Mineral Resource Estimate dated 17 December 2021, available to view at www.boabmetals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Mineral Resource Estimate and that all material assumptions and technical parameters underpinning the estimates, continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Mineral Resource Estimate. Information included in this presentation relating to Ore Reserves, Production Targets and Financial Forecasts has been extracted from the Sorby Hills Definitive Feasibility Study and FEED Study dated 19 January 2023 and 6 June 2024 respectively, available to view at www.boabmetals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserve Statement and that all material assumptions and technical parameters underpinning the estimates, production targets and financial forecasts continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Ore Reserves Statement. 3 Boab Metals Corporate Summary 3.0 0.30 2.5 0.25 2.0 0.20 1.5 0.15 1.0 0.10 30 June 2024 0.5 0.05 Performance Rights 7,600,000 0.0 0.00 Capital Structure (2 August 2024) Shares on Issue 234 million shares Market Cap A$22 million Debt Nil Volume (M Shares) Share Price A$0.094 /share Cash A$5.7 million1 Volume Top 4 Shareholders # Holder Name 1 Villiers Queensland PL 7.85% 2 Citicorp Nominees Pty Limited 5.58% 3 Zero Nominees Pty Ltd 4.11% 4 Acuity Capital Investment 3.33% 2 August 2024 1. $4.8m At the market (ATM) Facility available for use at the company’s absolute discretion Share Price (A$/sh) Share Price History Share Price • ASX-listed base and precious metals developer and explorer. • Board & Management team with a proven track record in development. • Advancing toward Final Investment Decision on Sorby Hills. • Top 20 shareholders hold 37% of issued capital. 4 Sorby Hills Project A near term producer of Lead and Silver • Located 50km northeast of Kununurra in the East Kimberley Region of Western Australia (Tier 1 Jurisdiction) • High quality 47.3Mt Mineral Resource1 • 1.5Mt contained Lead at 3.1% • 0.2Mt contained Zinc at 0.4% • 53Moz contained Silver at 35 g/t • Significant near mine and greenfields exploration upside • 150km by existing sealed roads to the Wyndham Port • Feasibility Study Complete • Conventional open pit mining and flotation process plant producing a high-grade Lead-Silver concentrate • Initial production target underpinned by 83% Reserves • Heads of Agreement to secure clean energy from the Ord River Hydroelectric Plant • Process Plant Front End Engineering & Design complete • Offtake negotiations nearing completion and Engagement with Financiers ongoing • Project advancing toward a Final Investment Decision Boab Metals Limited ASX: BML Figure: Location of the Sorby Hills Project 1. See Slide 6 for Resource breakdown 5 Sorby Hills JV Partnership Boab Metals Ltd (75% interest) Henan Yuguang Gold and Lead Co., Ltd (25% contributing interest) • Yuguang Gold and Lead Co., Ltd (“Yuguang”) is Asia’s largest electrolytic lead producer and China’s largest Silver producer.1 • Initially invested in Sorby Hills Joint Venture in 2010. • Listed on the Shanghai Stock Exchange (600531). • Market Capitalisation over A$1.5 billion.2 • 3,600 Employees.1 • Yuguang Lead and Silver products are London Metal Exchange (“LME”) and the London Bullion Market Association (“LBMA”) registered. • Committed to environmental protection and development through improvement and innovation. 1. 2. www.yggf.com.cn Based on AUD:RMB : 4.79 22/5/25 Boab Metals Limited ASX: BML 6 Sorby Hills Project High Quality Resource Estimate Deposit Tonnes (Mt) Grade Contained Metal Pb % Zn % Ag g/t PbEq1 % Pb kt Zn kt Ag koz A 0.6 5.3% 0.1% 23 6.1% 31 6 427 B 2.7 3.6% 0.3% 20 4.3% 97 8 1,720 Omega 17.2 3.3% 0.4% 34 4.5% 566 71 18,948 Norton 21.1 2.8% 0.4% 34 4.0% 590 96 24,090 Alpha 1.5 3.1% 0.9% 64 5.3% 45 13 2,975 Beta 4.2 3.6% 0.4% 43 5.1% 151 17 5,856 Measured 12.6 3.5% 0.4% 43 5.0% 444 45 17,521 Indicated 11.0 3.4% 0.4% 34 4.6% 377 46 12,114 Inferred 23.6 2.7% 0.5% 31 3.8% 645 117 23,406 Total 47.3 3.1% 0.4% 35 4.3% 1,465 207 53,042 See ASX announcement 17 December 2021 Figure: Location of the Sorby Hills Resources 1. See Appendix for Lead & Silver Equivalent calculation method A different perspective – 47.3Mt @ 123g/t Silver Equivalent Boab Metals Limited ASX: BML 7 Sorby Hills Project Low Risk Open Pit Ore Reserve FEED Study Production Target Pit Total (Mt) Waste (Mt) ROM (Mt) Pb (%) Ag (g/t) PbEq (%) Strip Ratio Pit A 4.1 3.7 0.5 3.7 16.4 4.3% 8.1 Pit B 14.8 12.6 2.3 3.2 17.4 3.8% 5.5 Omega South 21.1 18.3 2.8 2.9 29.5 3.9% 6.5 Omega Main 57.7 50.3 7.4 3.6 38.7 5.0% 6.8 Norton 21.4 19.5 1.9 4.0 78.5 6.8% 10.0 Beta 35.6 32.2 3.4 3.3 41.5 4.8% 9.5 Total Production 154.8 136.5 18.3 3.4 38.8 4.8% 7.5 Ore Reserve Category Ore (Mt) Proved Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) 10.4 3.5% 42 358 14.1 Probable 4.9 3.5% 32 172 5.0 Total Ore Reserve 15.2 3.5% 39 531 19.1 See ASX announcement 19 January 2023 Production Target underpinned 83% by Measured and Indicated Resources. 17% 1. See Appendix for Lead Equivalent calculation method Ore Reserve Statement Boab Metals Limited ASX: BML Figure: DFS pit shells with respect to the Resource block model 26% 57% Including 95% Measured and Indicated Resources over the first 7 years of production. Measured Indicated Inferred 8 Sorby Hills Project FEED Study completed June 2024 FEED Study Highlights A$264m preproduction Capex underpinned 75% by tendered pricing C1 cash cost US$0.36/lb payable Pb Incl. net Silver credit of US$0.37/lb payable Pb Average Annual Production 103kt Lead-Silver concentrate 64kt Lead and 2.0Moz Silver NPV8 A$411m IRR 37% Strong pre-tax economics 1. 2. 2.25Mtpa 8.5 Year Mine Life A$1.1bn Operating Cash Flow A$126m p.a. Average EBITDA See Appendix for Revenue Assumptions See Appendix for Annual Physical and Cash flow summary together with Capital and Operating Cost breakdowns Boab Metals Limited ASX: BML Lead 546 thousand payable tonnes A$1,803 Million Revenue Silver 17.2 million payable ounces A$693 Million Revenue 9 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve 2027 Lead Cost Curve (ex-works basis) 2nd Quartile 3rd Quartile 4th Quartile US$/t Lead 1st Quartile ▪ Low risk open cut mining and high process plant throughput drives low operating cost relatively to global peers. Sorby Hills Project CRU, Independent Market Consultant Report for Boab Metals’ Sorby Hills Pb-Ag Project (Sept 2023). Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML 9 10 Sorby Hills Project Exposure to Silver Price With a Resource containing 53 Moz of Silver, Sorby Hills is one of the largest undeveloped Silver Deposits on the ASX US$/lb US$/oz 2.0 50 Sorby Hills AISC ex Lead “Credits” US$51/oz Ag 1.0 38% Margin Sorby Hills AISC ex-Silver Credits US$0.81/lb Pb Sorby Hills Net Silver Credits* US$0.37/lb Pb Sorby Hills Net Lead “Credits” US$65/oz Ag 0 10-Year average Lead Price US$0.93/lb Pb AISC = negative 14/oz Ag -50 0 Sorby Hills Project Costs are more than covered by the 10-year average Lead Price ▪ Forecast Project Operating Costs covered by a historically nonvolatile Lead Price. ▪ The Sorby Hills Project Operating margin is therefore fully exposed Silver price movements. ▪ Viewed differently, the Sorby Hills Project may be considered a low-cost silver producer Sorby Hills – A low-cost Silver Producer? AISC = All in Sustaining Cost or “Breakeven” cost *Based on FEED Study Price of US$27/oz Ag Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML 10 11 Silver The most conductive metal on earth • Silver‘s traditional role as a storer of wealth is complemented by its increasing industrial demand. • The use of Silver in solar cells has increased nearly 150% (8.3% CAGR) to 127Moz over the past 10 years1. • Sorby Hills and Boab Metals offers rare ASX exposure to Silver metal demand. Strong demand for use in solar cells and the electronic components of electric vehicles 1. www.silverinstitute.org/silver-supply-demand/ Boab Metals Limited ASX: BML 12 Sorby Hills Project Supplying the proven Battery Metal Lead demand growth underpinned by mature and emerging vehicle technologies 1. www.batteryinnovation.org/resources/lead-battery-market-data/ Global Refined Lead Demand (Mt) Global Sales of light duty vehicles (million units) Forecast Light Vehicles Sales versus Lead Demand1 ICE Petrol ICE Diesel Hybrid EVs Battery EVs Other EVs Lead Demand Source: Bloomberg 29 November 2023 Boab Metals Limited ASX: BML “…. low voltage 12V leadbased batteries will continue to be used for starter and auxiliary functions in most internal combustion engine vehicles (ICE) and new electric vehicles1 …..” 1. CRU, Independent Market Consultant Report for Boab Metals’ Sorby Hills Pb-Ag Project (Sept 2023) 13 Sorby Hills Project Development Ready Primary Crusher ▪ GRES has recently completed FEED Workstreams. ▪ FEED output has resulted in: Flotation Circuit Filter Press SAG Mill Ball Mill Tailings Thickener Concentrate Container Loading Figure: 3D Model of the Sorby Hills Process Plant produce by GRES during FEED. Boab Metals Limited ASX: BML ▪ detailed plant design and; optimised site layout; ▪ the issue of tender packages for long-lead items; and ▪ updated EPC pricing consistent with EPC pricing adopted in the DFS. ▪ Options to reduce costs have been identified by GRES. ▪ EPC Contract Award upon FID. ▪ In parallel, opportunities to further de-risk project execution and development timelines are being investigated by Boab. Sorby Hills Project 14 Significant Intercepts post Mineral Resource Estimate 2021 Phase V – 15 holes not yet included in Mineral Resource Estimate ▪ SHRC_123 (Beta): 27m @ 3.47% Pb & 37g/t Ag from 34m: ▪ Incl. 3m @ 7.04% Pb & 95g/t Ag from 35m; 5m @ 5.60% Pb & 44g/t Ag from 45m; and 6m @ 4.50% Pb & 49g/t Ag from 55m. ▪ SHRC_124 (Beta): 17m @ 3.51% Pb & 46g/t Ag from 49m: ▪ Incl. 8m @ 6.93% Pb & 90g/t Ag from 57m. ▪ SHRC_129 (Wildcat): 6m @ 5.37% Pb & 21g/t Ag from 12m down hole. Phase VI – 28 holes not yet included in mineral Resource Estimate ▪ SHRC_157 (Beta): 7m @ 19.17% PbEq, (16.23% Pb & 82g/t Ag) from 72m ▪ Incl. 3m @ 41.38% PbEq, (35.26% Pb & 174g/t Ag) from 72m. ▪ SHRC_136 (Beta): 20m @ 7.39% PbEq, (5.58% Pb & 52g/t Ag) from 65m ▪ Incl. 8m @ 13.86% PbEq, (10.49% Pb & 96g/t Ag) from 77m. ▪ SHRC_151 (Beta): 5m @ 5.13% PbEq, (3.70% Pb & 41g/t Ag) from 45m. ▪ SHRC_149 (Norton): 2m @ 16.64% PbEq, (10.92% Pb & 163g/t Ag) from 103m ▪ SHRC_147 (Norton): 11m @ 5.74% PbEq, (3.84% Pb & 54g/t Ag) from 86m. ▪ SHRC_143 (Norton): 13m @ 4.06% PbEq, (2.82% Pb & 35g/t Ag) from 95m. Phase VII – 21 holes not yet included in Mineral Resource Estimate ▪ SHSD_171 (Norton): 11m @ 17.63% PbEq (10.98% Pb & 189 g/t Ag) from 82m Figure: Location of the Sorby Hills Resources ▪ SHSD_174 (Norton): 11.6m @ 20.23% PbEq (8.78%Pb & 325 g/t Ag) from 74m ▪ SHSD_164 (Norton): : 6m @ 9.92% PbEq (3.92% Pb & 170g/t Ag) from 101m Boab Metals Limited ASX: BML Figure: Location of drill holes not yet included in the Sorby Hills Mineral Resource 15 Sorby Hills Project Keep Seismic Target Keep Seismic Target Discovery located 2km from the existing Sorby Hills Reserves. Phase VIII Drilling Program underway SPH ▪ 1st drill hole indicates potential for a new discovery (2 km south of existing Sorby Hills Reserves). ▪ New Zone located within favourable structural and stratigraphic setting with potential for extensive development of mineralisation. ▪ “more life” in a proven district. Intersected ▪ Lower (Main) Mineralised Zone: replacement-type, stratiform MVT zinc & lead sulphide layers and disseminated mineralisation. ▪ 9.55m @ 5.1% PbEq from 243m Phase VIII Drill Program GAL Figure: Section of the Keep Seismic Target showing the interpreted structural and stratigraphic setting for the original drill hole and 2 of the proposed Phase VIII drill holes. Boab Metals Limited ASX: BML ▪ 4 Hole step-out drill program underway to test the potential for an economic mineral deposit. ▪ Assay result anticipated to be received Q4 2024 16 Sorby Hills Project Strategic Growth Opportunities Vision to establish a long-life presence in the east Kimberley Region Figure: Location of the Manbarrum and Eight Mile Creek Project relative to Sorby Hills. Manbarrum Zn-Pb-Ag Project ▪ located 25km east of the Sorby Hills Project. ▪ Mineral Resources declared at two prospects which are zinc and silver dominated. ▪ 175km2 of prospective tenements (including two granted mining leases) covering geology related to that found at Sorby Hills. ▪ Extensive but only shallow-depth exploration in the past; need for new targeting approach and deeper exploration (100 to 200m below surface). ▪ Two targets priority delineated in favourable structural and stratigraphic positions. ▪ Conceptual open pit mining studies completed by CSA Global in 2018. Keep Seismic Target Eight Mile Creek (Pb-Ag-Zn) Boab Metals Limited ASX: BML Eight Mile Creek Project ▪ 30km of along-strike geology, highly prospective for deposits similar to Sorby Hills. ▪ Scout drilling has confirmed favourable stratigraphic setting and fluid traps. ▪ The success at the Keep Seismic Target has opened the door for more bold exploration. 17 Sorby Hills Project Delivering Silver Exposure to Investors The Sorby Hills Project and Boab Metals offer rare ASX exposure to Silver Price movements 9.0 BML Share Price vs AUD Silver Price 8.0 ▪ Boab’s share price has historically demonstrated a strong correlation with the A$ price of Silver. 1.00 0.80 0.60 6.0 5.0 0.40 4.0 0.20 3.0 0.00 2.0 -0.20 1.0 0.0 -0.40 Volume Boab Metals Limited ASX: BML Share Price Silver Price Index Share Price (A$/sh) Volume (M Shares) 7.0 ▪ Since the beginning of 2023, there has been a divergence in this historic correlation. ▪ Given the Sorby Hills’ leverage to the Silver price, a trend reversion is anticipated as the Project progresses to FID and first production. 18 Boab Metals Investment Opportunity Near Term News Flow and Ongoing Activities 11% - FEED vs DFS NPV Based on same macroeconomic assumptions Past 12 Months ▪ ▪ Execute Offtake Agreement(s). ▪ Phase VIII drill program underway testing for an economic deposit at the recently discovered mineralization at the Keep seismic target. Progress update Q3 and Assay results Q4 ▪ Progress approvals EPA 45c amendment, Works Approvals EPBC referral. ▪ Engagement with potential financers to Secure credit approved offer(s). ▪ Reach a Final Investment Decision. 53% - Boab Share Price1 36% - Median ASX Materials2 4% - Lead Price1 19% - Silver Price1 1. Bloomberg: 2 August 2023 – 1 August 2024 2. www.marketindex.com.au 2 August 2024 Boab Metals Limited ASX: BML Assessing opportunities to further de-risk project execution and development timelines. 19 Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals 20 Boab Metals Establishing Deep Roots within the Local Community Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster for 2023 and beyond. • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimberley Region. • The Ord Valley Muster has been a highlight of the Kimberley community calendar for 20 years. Boab is an enthusiastic supporter and active contributor to the Teach Learn Grow program. • Boab Metals has been partnering with Teach Learn Grow (TLG) since 2021 in the delivery of their Rural Program which supports one-on-one tutoring and mentorship to students in East Kimberley schools. Boab Metals Limited ASX: BML Boab Metals Limited ASX:BML Images: Ord Valley Muster 2023 and Simon Noon - Managing Director/CEO with team at Teach Learn Grow, East Kimberley 20 21 Board and Technical Team Gary Comb Board and Management with a proven track record in exploration and development Technical Team Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML Simon Noon Richard Monti Andrew Parker Chairman Managing Director and CEO Non-Exec. Director Non-Exec. Director Engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Experienced mining executive with a strong background in management, capital raising and operating JV’s with mid to top tier miners in a variety of commodities. Geologist with over 30 years’ experience in technical, commercial, marketing and finance within the exploration and mining industry. Lawyer with significant experience in the exploration and mining industry. Wealth of expertise in corporate advisory, strategic consultancy and raising capital. Richard Flanagan – Principal Project Engineer Simon Dorling - Exploration Manager Mining engineer with extensive experience across a wide range of commodities, including several world class Silver-Lead-Zinc deposits and covers management roles across feasibility studies, development, commissioning and operations. Geologist with more than 26 years’ experience in exploration, development and the mining of base metals, precious metals, energy minerals and industrial minerals. 21 22 Appendix Appendix Boab Metals Limited ASX:BML 22 23 Sorby Hills Feed Study Life of Mine Physicals 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Measured % 56.7% - 67.3% 91.7% 64.7% 72.0% 89.7% 71.8% 47.7% 16.6% - - - % Indicated % 26.5% - 32.7% 8.3% 35.3% 27.2% 8.9% 26.7% 49.7% 30.6% 31.1% - - % Inferred % 16.8% - - - - 0.9% 1.4% 1.5% 2.7% 52.8% 68.9% 100.0% - Lead Grade % 3.4% - 3.8% 4.1% 3.2% 3.8% 3.3% 3.1% 3.1% 3.6% 3.4% 2.9% - Silver Grade g/t 39 - 24 39 28 60 50 22 27 42 41 50 - Processed Tonnes Mt 18.3 - - 1.39 2.25 2.26 2.25 2.25 2.25 2.26 2.25 1.11 - Lead Grade % 3.4% - - 5.5% 3.4% 4.0% 3.5% 3.1% 3.0% 2.5% 3.5% 3.0% - Silver Grade g/t 39 - - 47 30 59 54 24 27 30 41 41 - Lead Recovery % 91.6% - - 90.9% 94.1% 90.0% 88.0% 92.7% 94.7% 93.8% 90.3% 90.3% - Silver Recovery % 81.7% - - 87.2% 86.2% 82.2% 81.4% 86.9% 86.9% 85.7% 70.4% 70.3% - Concentrate Produced kt 873 - - 109 110 126 112 99 98 80 97 42 - Lead Grade % 65.8% - - 64.2% 65.6% 63.5% 62.4% 65.9% 66.0% 65.7% 72.2% 72.3% - Silver Grade g/t 664 - - 529 532 860 878 479 535 730 677 770 - Payable Lead kt 546 - - 61 69 79 65 63 63 50 68 30 - Payable Silver Moz 17.2 - - 1.5 1.7 3.2 3.0 1.4 1.5 1.8 2.0 1.0 - PHYSICALS SUMMARY Unit Total ROM Mined Mt Waste Mined Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML 23 24 Sorby Hills Feed Study Life of Mine Cashflows FINACIAL SUMMARY Unit Lead Revenue A$M Silver Revenue 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 1,803 - - 198 225 260 215 207 208 165 226 98 1,803 A$M 693 - - 59 69 131 121 57 62 71 82 40 693 Total Revenue A$M 2,496 - - 257 295 392 337 264 269 236 308 138 - TR/RCs A$M (191) - - (21) (23) (30) (26) (21) (21) (18) (22) (10) - Royalties A$M (95) - - (10) (11) (14) (12) (10) (10) (9) (12) (5) - Net Revenue A$M (117) - - (14) (15) (17) (15) (13) (13) (11) (13) (6) - Logistics A$M (547) - - (51) (62) (94) (93) (81) (71) (54) (36) (4) - Mining A$M (388) - - (38) (47) (47) (47) (47) (47) (47) (47) (24) - Processing A$M (88) - - (10) (10) (10) (10) (10) (10) (10) (10) (5) - G&A A$M 1,069 - - 114 126 180 134 81 96 88 167 84 - Operating Cash Flow A$M (117) - - (14) (15) (17) (15) (13) (13) (11) (13) (6) - Pre-production Capex A$M (264) (131) (133) - - - - - - - - - - Sustaining Capex A$M (26) - - (12) (1) (3) (1) (0) - - - (5) (4) Project Cash Flows A$M 778 (131) (133) 101 125 177 133 81 96 88 167 78 (4) NPV8 A$M 411 IRR % 37 A$M 126 Average EBITDA Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML Total 24 25 Sorby Hills FEED Study Capital Cost Breakdown Total upfront capital cost of A$264M including A$22.7M contingency ~66% of capital costs underpinned by tendered pricing, including an updated Process Plant EPC pricing following the completion of Front-End Engineering & Design by GRES. A$32M Owner Costs including operational readiness items such as critical spares and owner’s team Pre-Production (A$M) Sustaining (A$M) Total (A$M) EPC Contract 134.9 - 134.9 Site Ests/ Bulk Earthworks 31.9 4.9 36.9 Water Management 8.1 11.7 19.8 Accommodation Village 11.5 - 11.5 Other Infrastructure 8.5 0.6 9.1 Owners Costs 32.0 - 32.0 Contingency 22.7 - 22.7 Pre-Production Opex 15.0 - 15.0 - 9.3 9.3 264.5 26.5 290.9 Item Closure Costs Total Capital Costs Opportunities being explored to further reduce upfront capital costs and project implementation risk. Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML 25 26 Sorby Hills FEED Study Operating Cost Breakdown Competitive C1 cash cost of US$0.36/lb payable Pb (including Silver Credits). ~80% of Mining Costs underpinned by tendered pricing. Opportunity to reduce Process costs through the optimisation of back-up power requirements. Unit Costs Total (A$M) A$/t ore US$/lb payable Pb Logistics 117 6.4 0.07 Mining 547 30.0 0.31 Processing 388 21.3 0.22 G&A 88 4.8 0.05 Lead Treatment 160 8.8 0.09 C1 Costs (ex-Credits) 1,300 71.2 0.74 Net Silver Credits (661) (36.2) (0.37) C1 Costs 639 35.0 0.36 Royalties 95 5.2 0.05 Sustaining Capital 26 1.4 0.01 AISC 760 41.6 0.43 Item Unit Operating Costs based on 18.3Mt of Ore, 546kt of Payable Lead, average exchange rate of AUD:USD 0.68 and average Silver price of US$27.4/oz. Boab Metals Limited ASX:BML Boab Metals Limited ASX: BML 26 27 Sorby Hills Project Resource Classification by Deposit Deposit Classification Tonnes (Mt) Inferred Sub Total Measured Indicated Sub Total Measured Indicated Inferred Sub Total Measured Indicated Inferred Sub Total Indicated Inferred Sub Total Indicated Inferred Sub Total Measured Indicated Inferred Total 0.6 0.6 1.4 1.3 2.7 8.5 5.8 2.9 17.2 2.8 2.1 16.2 21.1 0.7 0.8 1.5 1.0 3.2 4.2 12.6 11.0 23.6 47.3 A B Omega Norton Alpha Beta Total Resource Boab Metals Limited ASX: BML Grade Pb % 5.3% 5.3% 3.8% 3.4% 3.6% 3.3% 3.5% 2.7% 3.3% 4.1% 3.2% 2.5% 2.8% 2.6% 3.6% 3.1% 4.1% 3.4% 3.6% 3.5% 3.4% 2.7% 3.1% Zn % 1.0% 0.1% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4% 0.4% 0.3% 0.5% 0.5% 0.4% 0.5% 1.2% 0.9% 0.2% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% Ag g/t 23 23 19 21 20 37 34 26 34 75 38 27 34 41 86 64 42 43 43 43 34 31 35 PbEq1 % 6.1% 6.1% 4.5% 4.1% 4.3% 4.6% 4.7% 3.6% 4.5% 6.7% 4.5% 3.4% 4.0% 4.0% 6.6% 5.3% 5.6% 4.9% 5.1% 5.0% 4.6% 3.8% 4.3% Pb kt 31 31 52 44 97 279 205 76 566 112 68 402 590 18 27 45 42 109 151 444 377 645 1,465 Contained Metal Zn kt 6 6 4 4 8 32 25 13 71 9 11 75 96 4 9 13 2 14 17 45 46 117 207 Ag koz 427 427 859 862 1,720 9,995 6,331 2,414 18,948 6,668 2,617 14,039 24,090 923 2,052 2,975 1,382 4,474 5,856 17,521 12,114 23,406 53,042 28 Metal Equivalent Calculations The contained metal equivalence formula is based on the Sorby Hills FEED Study including: It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate lead equivalent grade is: • Lead Price US$2,253/t; and Metal Eq (percent) = Gpri + (Gpri × [∑i Ri Si Vi Gi ]/(Rpri Spri Vpri Gpri)) • Silver Price US$27.4/oz. Pb Ag Lead Equivalent Calculations where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). • Silver recovery of 82% (weighted average of oxide and fresh Ag recoveries); and Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. The metal prices are based on the DFS values adopted and do not reflect the metal prices that a smelter would pay for concentrate nor are any smelter penalties or charges included in the calculation. • Silver Payability rate of 95%. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. Feed Study Macroeconomic Assumptions Silver Equivalent Calculations • Lead recovery of 91% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. Boab Metals Limited ASX: BML Assumption Unit 2025 2026 2027 2028 2029+ Lead Price US$/t 2,259 2,268 2,269 2,254 2,251 Silver Price US$/oz 24.8 25.8 26.4 27.3 27.5 Exchange Rate A$:US$ 0.70 0.70 0.70 0.69 0.68 28