Announcement PDF Building Australia's Next Silver Producer JULY 2026 www.boabmetals.com B O A B M E T A L S L I M I T E D | ASX: B M L Boab Metals Disclaimer Boab Metals Disclaimer B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Forward-Looking Statements 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. 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. Compliance Statement 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. 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 boabmetals.com. The Company confirms that it is not aware of any new information 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. 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. Information included in this presentation relating to Exploration Results has been extracted from the ASX Announcements titled “KEEP confirmed as a Target for Further Exploration” dated 22 October 2024, “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, “High-Grade Lead-Silver Confirmed at Beta Deposit” dated 1 February 2022 available to view at www.boabmetals.com. 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. Boab Metals Discover Sorby Hills Boab Metals Discover Sorby Hills AUSTRALIA’S NEXT SILVER-LEAD PRODUCER Boab Metals Limited (ASX: BML | OTCQB: BMLQF) is developing the Sorby Hills Silver-Lead Project in Western Australia. Years of resource and reserve delineation, feasibility studies, permitting and financing have culminated in a fully funded, construction-stage project. Sorby Hills is now under construction in a Tier 1 mining jurisdiction, with first concentrate production targeted for H2 2027 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Capital Structure 15/07/2026 Shares on Issue 1 576 m Share Price 38 cps Market Capitalisation $218m Cash Position $64.7m (30 June 2026) Debt Outstanding Nil Enterprise Value $154m Top Five Shareholders # Holder Name As at 15 July 2026 1 Citicorp Nominees Pty Limited 15.35% 2 JP Morgan Nominees Australia PL 7.63% 3 BNP Paribas Nominees Pty 6.17% 4 HSBC Custody Nominees 3.03% 5 Villiers Queensland PL 2.31% Substantial Shareholders # Holder Name 5 February 2026 1 Franklin Resources Inc. 7.12% 113.7m Performance rights ASX-listed base and precious metals developer and explorer. Final Investment Decision achieved on Sorby Hills. Board &Management team with proven track record in development. Top 20 shareholders hold 46% of issued capital. Boab Metals Investment Thesis B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0 2 4 6 8 10 12 14 16 10-Oct-25 10-Jan-26 10-Apr-26 10-Jul-26 Share Price (A$/sh) Volume (M Shares) Volume Share Price The fully funded Sorby Hills Project is a near-term production asset in a Tier 1 jurisdiction. JURISDICTION & OREBODY Tier 1 jurisdiction in WA, 150km from port. Low-risk open pit mining operation. Stage 1 production, 8.5 years: ~2.2Moz silver and 68kt lead per year.1 FUNDING & COMMERCIAL DE-RISKING Long-term offtake agreement with Trafigura over 50% of silver-lead concentrate. A$236 million equivalent executed full form Syndicated Facility Agreement (SFA) secured. 100% project ownership secured. All equity secured to build the project and reach production. EXECUTION STATUS Acquisition of the DeGrussa processing plant executed. Final Investment Decision made. On-site Early Works completed. On-site Bulk Earthworks commenced. First Concentrate Production scheduled for H2 2027. 1. ASX Release 6 June 2024 DeGrussa Processing Plant Boab Metals Investment Thesis B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 The Sorby Hills Project provides investors with exposure to attractive near-term silver production in Australia. SILVER SNAPSHOT: AT T H E CROSSROADS OF INDUSTRY & INVESTMENT INDUSTRIAL DEMAND Unmatched conductivity makes silver critical for solar panels, EV electronics and central to the global energy transition. SUPPLY SQUEEZE With primary mine output declining, most silver now coming only as a by-product, and recycling stuck at ~20%, supply cannot keep pace - entrenching a structural deficit. VALUE STORAGE & SAFE-HAVEN As a monetary metal, silver is a store of value, moving with gold during inflationary or geopolitical uncertainty. SPECULATIVE KICKER Gold–silver ratio, investor flows to silver ETFs, and leveragedfutures trading all leading to amplified volatility - giving silver greater upside torque in bull markets. Ag Silver 47 ENDURING DEMAND A lead-acid battery is typically replaced two to three times in a light vehicle’s average lifetime of around 12 years supporting a demand tail that will stretch decades. INDIAN LEAD DEMAND Indian consumption of refined lead is forecast to grow 5% YOY through to 2030. SILVER LINING High demand for silver bearing lead concentrates is delivering record low Concentrate Treatment Charges (negative US$65/t) PRICE STABILITY A mature secondary market provides a buffer against price shocks, limiting the Lead price to arelative tight and predictable range. Pb Lead 82 Source: Silver Institute Nov 2025 Interim /World Silver Survey 2025 Source: ILZSG Statistical Bulletin Oct 2025 Boab Metals Investment Thesis B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 The Sorby Hills Project also provides investors with exposure to rising silver prices leveraging off robust project economics underpinned by a historically stable lead price. LEAD SNAPSHOT: T H E ORIGINAL BATTERY METAL Boab Metals Investment Thesis Unlocking value through systematic Project derisking Resource Definition Project Studies and Permitting Construction Phase Operations Phase/ Mine Life Extension Drilling BML acquires Sorby Hills in 2018 Completion of Project Feasibility Studies and receipt of EPBC and EPA Approvals BML increase the Sorby Hills Resource by 2.8x Q4 – 2025, Boab Raises +A$350M Debt and Equity to Fully Fund Sorby Hills development Relative Value On Track for first Production in H2 2027 Source, Lassonde Curve: Adapted from Lassonde, P. – Franco-Nevada Corporation SILVER LEVERAGE Sensitivity analysis in the FEED Study demonstrates that a A$1 increase in the silver price increases Project NPV by approximately A$10m¹,². Silver is currently trading ~100% above the price assumed in the FEED Study 1. ASX Release 6 June 2024 2. See Appendix for FEED Study sensitivity analysis Boab Metals Investment Thesis B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 0 20 40 60 80 100 120 140 Jan-24 Jan-25 Jan-26 Silver Price - US$/oz FEED Study (NPV8 A$411M) based US$27.4/oz Silver Price FRONT END ENGINEERING & DESIGN STUDY1 HIGHLIGHTS SORBY HILLS REVENUE SPLIT Based on FEED Study Assumptions inc Silver @ US$27.4/oz 546kt Payable Lead A$1.8b revenue 17.2Moz Payable Silver A$0.7b revenue Assuming a spot silver price² of US$60/oz, silver is expected to contribute over 50% of forecast revenue. 1.ASX Release 6 June 2024 2. As at 15 July 2026, Ag US$60/oz, Pb = US$1,875/t A$264M pre-production Capex (material cost reduction anticipated resulting from DeGrussa acquisition) AVERAGE ANNUALISED PRODUCTION C1 CASH COST US$0.36/LB PAYABLE Pb Incl. net Silver credit of US$0.37/lb payable Pb 2.25Mtpa Initial 8.5 Year Mine Life NPV8 A$411m IRR 37% Strong pre-tax economics Shallow high grade and Low Strip Ore delivering strong low risk early cashflows and rapid payback. A$1.1B Operating Cash Flow A$126m p.a. Average EBITDA FEED STUDY MACROECONOMIC ASSUMPTIONS Ag: US$27.4/oz (A$40.4/oz) Pb: US$2,252/t (A$3,312/t) FX: 0.68, Lead, TC: US$125/t Sorby Hills Project Feasibility Study B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 103kt Lead-Silver concentrate 68kt Lead and 2.2Moz Silver Primary Crusher Crushed Ore Storage Bin SAG Mill Ball Mill Tailings Thickener Flotation Circuit Concentrate Thickening & Filtration Figure: 3D Model of the Sorby Hills Process Plant produced by GRES during FEED showing key components of the design that have been secured via the acquisition of the DeGrussa Processing Plant. All major components for the Sorby Hills Process Plant have been secured via acquisition of the DeGrussa Process Plant from Sandfire Resources. Extensive list of spares included in the acquisition. Acquisition of the DeGrussa Processing Plant significantly reduces and derisks project execution timeline. Tender process has indicated A$20M saving in Processing Plant capital cost 6 months reduction in construction timeline Opportunity to reduce costs and project execution risk DeGrussa Process Plant: An Ideal Fit B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 EPC Contract Executed GR Engineering appointed for Sorby Hills EPC delivery Contract value A$109M Acquisition Completed DeGrussa plant acquisition finalised May 2026 Assets aligned to 100ktpa concentrate target DeGrussa Plant Relocation Plant to be dismantled and refurbished Reconstructed at Sorby Hills Project Works Underway Early engineering underway and long-lead orders placed Construction teams mobilised Development Progress On-site activity ramping up Production remains on track for H2 2027 Boab Metals Engineering, Procurement and Construction B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 DeGrussa Processing Plant 2.0 0 1.0 US$/lb Pb Sorby Hills FEED Study AISC ex-Silver Credits US$0.81/lb Pb 10-Year average Lead Price** US$0.94/lb Pb +/-US$0.10/lb Pb standard deviation Sorby Hills Net Silver Credits* US$0.84/lb Pb INCREASING SILVER PRICE * Based on spot price of US$60/oz Ag ** As at June 2026 55% MARGIN Operating costs covered by a non-volatile lead price. Operating margin fully leveraged to silver price movements. Sorby Hills Project Costs are more than covered by the 10-year average 1 Lead Price 50 -50 0 US$/oz Ag Sorby Hills AISC ex Lead “Credits” US$51/oz Ag Sorby Hills Net “Lead Credits” US$65/oz Ag AISC = negative US$14/oz Ag AISC = All in sustaining cost or ‘break even’ cost The Sorby Hills Project is a low-cost silver producer. AISC = negative US$14/oz Ag Sorby Hills Project Cost Structure Delivering ‘free silver’ B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Opex Revenue Company Asset Silver Production (koz)* S32 Cannington 10,292 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2,414 Boab Metals Sorby Hills 2,191 (Average annualised production) MMG Dugald River 1,853 Glencore McArthur River 1,760 BHP South Australia 913 29 Metals Golden Grove 882 Evolution All Assets 827 The Sorby Hills Project is set to become one of the heavyweights in Australian silver mining. Sorby Hills Project Set to be a major silver producer in 2027 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 *Source FY24 and FY25 Annual Reports. List is not exhaustive 26% Indicated 57% Measured 17% Inferred Figure: DFS pit shells with respect to the Resource block model A topographic view of the Sorby Hills project, home to Australia’s largest undeveloped near-surface silver-lead deposit. FEED STUDY PRODUCTION TARGET Pit Total (Mt) Waste (Mt) ROM (Mt) Pb (%) Ag (g/t) PbEq (%) AgEq (g/t) Strip Ratio Pit A 4.1 3.7 0.5 3.7 16.4 5.2% 56 8.1 Pit B 14.8 12.6 2.3 3.2 17.4 4.8% 52 5.5 Omega South 21.1 18.3 2.8 2.9 29.5 5.6% 61 6.5 Omega Main 57.7 50.3 7.4 3.6 38.7 7.2% 78 6.8 Norton 21.4 19.5 1.9 4.0 78.5 11.3% 122 10.0 Beta 35.6 32.2 3.4 3.3 41.5 7.1% 77 9.5 Total Production 154.8 136.5 18.3 3.4 38.8 7.0% 75 7.5 ORE RESERVE STATEMENT Ore Reserve Category Ore (Mt) Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) Proved 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 Sorby Hills Project - Stage 1 Low Risk Open Pit Ore Reserve B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 1 See ASX announcement 6June2024 See Appendix for Metal Equivalent Calculation basis 1 See ASX announcement 17 Dec 2021 See Appendix for Metal Equivalent Calculation basis Deposit Tonnes (Mt) Grade Contained Metal Pb Zn Ag PbEq AgEq Pb Zn Ag % % g/t % g/t kt kt koz A 0.6 5.3% 0.1% 23 7.4% 80 31 6 427 B 2.7 3.6% 0.3% 20 5.5% 59 97 8 1,720 Omega 17.2 3.3% 0.4% 34 6.5% 70 566 71 18,948 Norton 21.1 2.8% 0.4% 34 6.0% 64 590 96 24,090 Alpha 1.5 3.1% 0.9% 64 9.0% 97 45 13 2,975 Beta 4.2 3.6% 0.4% 43 7.6% 82 151 17 5,856 Measured 12.6 3.5% 0.4% 43 7.5% 81 444 45 17,521 Indicated 11.0 3.4% 0.4% 34 6.6% 71 377 46 12,114 Inferred 23.6 2.7% 0.5% 31 5.6% 60 645 117 23,406 Total 47.3 3.1% 0.4% 35 6.3% 68 1,465 207 53,042 ALPHA BETA NORTON OMEGA B A Keep Seismic Target M 80/287 M 80/286 M 80/197 M 80/196 M 80/285 Sorby Hills Project 47.3Mt @ 68g/t Silver Equivalent SORBY MANAGEMENT PROJECT RESOURCE CLASSIFICATION MEASURED INDICATED INFERRED B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Production Target and Strategic Growth Opportunities Current Mine Plan represents only 37% of the defined Resource at Sorby Hills Large shallow Resource allowing for efficient and effective Reserve growth Structural change in silver pricing allowing for re-optimisation of open pit designs and potential growth in the Mine life Current open pit designs were optimized using aUS$21.1/oz Silver Price Near-pit Resource extensions and defined regional strategic exploration targets Kununurra Manbarrum Project (Zn-Pb-Ag) Mining Lease Exploration Licence Mining Lease Keep Zn-Pb Target Exploration Licence Landandi (Pb-Zn) Djibitgun (JORC 2004, MRE) Browns (Zn-Pb-Ag) Sandy Creek (JORC 2012, MRE) Western Australia Northern Territory Western Australia Northern Territory Eight Mile Creek (Pb-Ag-Zn) Sorby Hills Project 47.3Mt @ 4.1% Pb Eq (3.1% Pb, 35g/t Ag), 0.4% Zn Sorby Hills Project - Growth Potential Low Risk Open Pit Ore Reserve B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Opportunity to reoptimise using substantial and sustained increase in the price of Silver Sorby Hills Project - Stage 1 Loading at nearby Wyndham Port Sorby Hills Project - Stage 1 Loading at nearby Wyndham Port Wyndham Port located just 150km from Sorby Hills by existing sealed road. Port Access Agreement executed with port operators Cambridge Gulf. Concentrate to be transported from site to Wyndham in sealed containers. 873kt of Concentrate shipped at an average 103kt pa. Average 664 g/t Silver Average 65.8% Lead Spot Treatment Charges currently priced at minus US$145/t1 - versus positive US$125/t benchmark assumed in the Sorby Hills FEED Study. Highly competitive offtake process including global traders and smelters has demonstrated the attractiveness of the Sorby Hills concentrate product. 1. Zinc/Lead Market Weekly Updates - 2026/06/01 |SMM B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project - Stage 1 Development Activities on Track Sorby Hills Project - Stage 1 Development Activities on Track Long terms Diesel Supply Contract executed with Cambridge Gulf Early Works completed with Site Access Roads and Processing Plant Pad complete and Stage 1 of the Mine Site Camp operational. Clearing of ROM Pad, Tailings Storage Facility and Haul Road corridors completed ahead of schedule. Construction of the Evaporation Pond on track and top soil removal from Tailings Storage Facility has commenced. GR Engineering Services awarded EPC Contract for the Processing Plant. Dismantling of the DeGrussa Processing Plant has commenced. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 First production from Sorby Hills is scheduled to occur in H2 2027. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project Construction Timeline Q3 2026 o Award of Sorby Hills Mining Contract o Commencement of DeGrussa Processing Plant reconstruction at Sorby Hills o Release of a Project Delivery Plan incorporating: contracted costs. revised macroeconomic assumptions. updated Ore Reserves and Mine Life. o Progress Updates relating to ongoing mine life extension and exploration drilling at both Sorby Hills and Manbarrum projects. Q4 2026 Remaining 50% offtake Strategy o Competitive tender process to secure the remaining 50% of Sorby Hills concentrate production. o Objective is to capitalise on the exceptionally low treatment charges (TCs) currently available in the market. o Boab is not required by its lenders to contract the remaining offtake, retaining the flexibility to sell into the spot market should this deliver superior value. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project - Stage 1 Near term share price catalysts “ZERO-COST” SILVER STRATEGY Lead Credit covers the operating costs, silver revenue straight to the bottom line. PURE UPSIDE OF SILVER ~2 Moz silver p.a. at steady state, providing pure profit and leverage to the silver price. Every A$1/oz increase in the silver price adds roughly A$10m to Project NPV, highlighting powerful silver leverage. STRONG PROJECT ECONOMICS FEED Study base case (2024):NPV8 A$411m,IRR 37%, average EBITDA A$126m p.a., upfront capex A$264m. Fully funded, FID made, first production of Silver-Lead concentrate targeted for H2 2027. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project High-Margin Silver From a Fully Funded Australian Mine Simon Noon, Managing Director &CEO www.boabmetals.com info@boabmetals.com +61 8 6268 0449 Facebook.com/boabmetalsltd linkedin.com/company/boab-metals @BoabMetals Boab Metals Thank you Boab Metals Thank you B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project Metal Equivalent Calculations B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Feed Study Macroeconomic Assumptions The contained metal equivalence formula is based on o Lead Price US$1,875/t; and o Silver Price US$60.0/oz. Lead Equivalent Calculations • Silver recovery of 82% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. Silver Equivalent Calculations • Lead recovery of 91% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. Pb Ag It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate equivalent grade is: Metal Eq (percent) = Gpri + (Gpri × [∑i Ri Si Vi Gi ]/(Rpri Spri Vpri Gpri)) where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. Assumption Unit 2025 2026 2027 2028 2029+ Lead Price US$/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 - 100 200 300 400 500 600 700 800 900 1,000 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Project NPV8 (A$M) Lead Silver FX Lead TC Opex Capex Sorby Hills Project FEED STUDY Sensitivity Analysis B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Assumption Unit FEED Spot1 Change Lead Price US$/t 2,252 1,875 (17%) Silver Price US$/oz 27.4 58.8 114% FX A$:US$ 0.68 0.695 2% Lead TC US$/t 125 (145)2 (216%) 1 As at 15 July 2026 2. Zinc/Lead Market Weekly Updates – 2026/06/01 | SMM A 30% increase in Silver price increases NPV from A$411m to A$540m = delta of A$129m A 30% increase in A$ Silver Price of A$40.3/oz = A$52.4/oz = delta of A$12.1/oz Change in NPV vs Change in A$ Silver Price = A$129m / A$12.1/oz = A$10.7m/oz ASX Release - 6 June 2024