Announcement PDF BUILDING AUSTRALIA’S NEXT SILVER-LEAD PRODUCER 29 SEPTEMBER 2026 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 29 July 2026, 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, FEED Study and Project Delivery Plan dated 19 January 2023, 6 June 2024 and 29 September 2026 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. 2 Boab Metals ABOUT US Boab Metals ABOUT US Boab Metals Limited (ASX:BML) is an Australian resources company specialising in the exploration, development, and production of base and precious metals. Boab, via its flagship Sorby Hills Project located in Western Australia, is positioning to become a significant new producer of silver and lead, capitalising on strong silver and lead market fundamentals to deliver long-term shareholder value. Boab also holds a portfolio of near mine and regional exploration assets with the potential to support future resource growth and mine life extensions. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 3 AUSTRALIA’S NEXT SILVER-LEAD PRODUCER Boab Metals Discover Sorby Hills Boab Metals DISCOVER SORBY HILLS Boab's flagship Sorby Hills silver-lead project in the East Kimberley is Australia’s largest undeveloped, near-surface silver-lead deposit. This 100% owned project is fully funded and under construction, targeting first production in the second half of 2027. Boab is taking a capital efficient approach to developing Sorby Hills, leveraging existing regional infrastructure and repurposing major assets to reduce capital costs, construction timeline and the need for new infrastructure. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 4 Strength Detail Ownership 100% Jurisdiction Tier-1 Western Australia Mining Method Near-surface open-pit – low complexity Funding >A$350M secured (A$236M debt + A$117M equity) Offtake Binding agreement with Trafigura Plant DeGrussa processing plant acquired from Sandfire Resources Timeline First concentrate H2 2027 Boab Metals CORPORATE SNAPSHOT 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 27/09/2026 Shares on Issue 1 578 m Share Price 40 cps Market Capitalisation $231m Cash Position $49m (31 August 2026) Debt Outstanding Nil Enterprise Value $182m 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. Top Five Shareholders # Holder Name 04/09/2026 1 Citicorp Nominees Pty Limited 14.60% 2 JP Morgan Nominees Australia PL 7.45% 3 BNP Paribas Nominees Pty 6.37% 4 HSBC Custody Nominees 2.94% 5 Villiers Queensland PL 2.21% 113.7m Performance rights Substantial Shareholders # Holder Name (Last Notice) 5 February 2026 1 Franklin Resources Inc. 7.12% B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 6 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 Release of Project Delivery Plan NPV8 A$1,061Bn, IRR 97% SILVER SNAPSHOT: AT T H E CROSSROADS OF INDUSTRY & INVESTMENT Ag Silver 47 Source: Silver Institute Nov 2025 Interim /World Silver Survey 2025 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Boab Metals OUR COMMODITIES - SILVER 7 Unmatched conductivity makes silver critical for solar panels, EV electronics and central to the global energy transition. INDUSTRIAL DEMAND As a monetary metal, silver is a store of value, moving with gold during inflationary or geopolitical uncertainty. VALUE STORAGE & SAFE HAVEN 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. SUPPLY SQUEEZE Gold-silver ratio, investor flows to silver EFTs, and leveraged futures trading all leading to amplified volatility – giving silver greater upside torque in bull markets. SPECTULATIVE KICKER Source: Silver Institute Nov 2025 Interim /World Silver Survey 2025 Source: Silver Institute Nov 2025 Interim /World Silver Survey 2025 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Boab Metals OUR COMMODITIES - LEAD 8 A led-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. ENDURING DEMAND Indian consumption of refined lead is forecast to grow 5% YOY through to 2030. INDIAN LEAD DEMAND High demand for silver bearing lead concentrate is delivering record low Concentrate Treatment Charges (negative US$65/t). SILVER LINING A Mature secondary market provides a buffer against price shocks, limiting the lead price to a relative tight and predictable range. PRICE STABILITY Pb Lead 82 LEAD SNAPSHOT: T H E ORIGINAL BATTERY METAL Source: ILZSG Statistical Bulletin Oct 2025 SORBY HILLS B O A B M E T A L S L I M I T E D | ASX: B M L 9 PROVIDING INVESTORS WITH EXPOSURE TO RISING SILVER PRICES WHILE LEVERAGING ROBUST PROJECT ECONOMICS UNDERPINNED BY A HISTORICALLY STABLE LEAD PRICE The fully funded Sorby Hills Project is a near-term production asset in a Tier 1 jurisdiction. 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 10 Funding & Commercial De-risking Execution Status 1. ASX Release 29 September 2026 Jurisdiction, Orebody & Processing • Low-risk Shallow open pit mining operation • Stage 1 mining production, 10.5 years, ~2.2Moz silver and 68kt lead per year1 • Conventional flotation processing, delivering strong recoveries in both silver and lead. • Offtake agreement with Trafigura over 50% of silver-lead concentrate • ~A$350m funding package secured to fully fund the Project through to production • 100% project ownership secured • DeGrussa processing plant acquisition completed • Final investment decision made • Construction underway • Binding Mining Services Agreement Executed • First concentrate targeted H2 2027 Sorby Hills Project PROJECT DELIVERY PLAN 1 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 11 NPV8 A$1.06B IRR 97% Strong pre-tax economics A$205M pre-production Cost to Complete Capex (Cost incurred to Aug’26 of $56M and $205M remaining to completion = Total CAPEX $261.5M) Average Annualised Production 93kt Silver-Lead concentrate 2.1Moz Silver and 60kt Lead C1 cash cost US$2.8/oz payable Ag Incl. net Lead credit of US$55.6/oz payable Ag A$184M p.a. Average EBITDA 2.25Mtpa Optimised 10.5 Year Mine Life A$1.7B Operating Cash Flow Shallow high grade and Low Strip Ore delivering strong low risk early cashflows and rapid payback Project Delivery Plan Highlights SORBY HILLS REVENUE SPLIT 599kt Payable Lead A$1.7b revenue Silver is expected to contribute over 55% of forecast revenue. Based on Forward Curve Assumptions: Silver @ US$75/oz, Lead @ US$0.91/lb 20.3Moz Payable Silver A$2.2b revenue 1 ASX Announcement 29 September 2026 2 Forward curve Silver Price and exchange rate at 10 September 2026 and CRU lead prices at 30 June 2026 (as required by the Syndicated Facility Agreement) Sorby Hills Project FROM FEED TO DELIVERY B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Metric FEED STUDY (June 2024) PROJECT DELIVERY PLAN1 CHANGE Pre-Tax NPV8 A$411 Million A$1.06 Billion ↑ 158% Pre-Tax IRR 37% 97% ↑ 59% pts Mine Life 8.5 years 10.5 years ↑ 2 years Payable Silver 17.2 Moz 20.1 Moz ↑ 18% Payable Lead 546 kt 599 kt ↑ 10% Free Cash Flow A$1.1 Billion A$1.7 Billion ↑ 55% Average Annual EBITDA A$118 Million A$184 Million ↑ 56% Project Status Study Phase Construction Underway - The Project has transitioned from development planning into execution while simultaneously increasing value 1 ASX Announcement 29 September 2026 B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 13 Sorby Hills Project WHY ECONOMICS IMPROVED MINERAL RESOURCE INCREASED Mineral Resource increases to approximately 50.6Mt, a 7% increase in total Mineral Resource tonnes MINE LIFE EXTENDED Updated drilling and reserve growth have extended mine life to 10.5 years. HIGHER COMMODITY VALUE Silver price had increased significantly since the original FEED Study was conducted PROCESSING OPTIMISATION Improved metallurgical recoveries from the Norton deposit increase payable metal production INFRASTRUCTURE ADVANTAGE The DeGrussa Process Plant acquisition reduces capital Intensity and execution risk See ASX announcement 29 September 2026 Deposit Tonnes (Mt) Grade Contained Metal Pb Zn Ag AqEq Pb Zn Ag Ag Eq % % g/t g/t kt kt koz koz Aprilia 0.6 5.3% 1.0% 23 72.0 31 6 422 1,357 Bimota 3.2 3.4% 0.3% 18.8 49.8 106 10 1,920 5,077 Omega 18.4 3.2% 0.4% 32.9 62.3 585 73 19,412 36,772 Norton 22.8 2.5% 0.5% 32.8 56.3 582 108 24,069 41,338 Alpha Pb 1.4 3.1% 0.9% 64.0 92.7 45 13 2,974 4,314 Beta 4.2 3.6% 0.4% 43.0 76.3 151 17 5,856 10,335 Measured 13.1 3.4% 0.4% 42.0 73.7 450 48 17,562 30,928 Indicated 12.7 3.2% 0.4% 31.0 60.9 405 51 12,784 24,809 Inferred 24.9 2.6% 0.5% 30.0 54.3 645 128 24,315 43,455 Total1 50.6 3.0% 0.4% 34.0 60.9 1,500 226 54,660 99,192 Sorby Hills Project MINERAL RESOURCE ESTIMATE B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 14 Alpha Zn 4.2 0.5% 2.5% 22 27 15 107 2,971 3,594 Measured - - - - - - - - - Indicated 2.1 0.3% 2.8% 22.0 24.8 6 59 1,485 1,672 Inferred 2.1 0.4% 2.3% 21.0 24.7 8 48 1,418 1,667 Total2 4.2 0.5% 2.5% 22.0 26.6 15 107 2,971 3,594 1. Pb & NSR Domains, 1% Pb Cut-Off 2. Zn Domains only, 1% Zn Cut-Off 57% Measured 17% Inferred PROJECT DELIVERY PLAN PRODUCTION TARGET Pit Total (Mt) Waste (Mt) ROM (Mt) Pb (%) Ag (g/t) Strip Ratio Aprilia 4.2 3.9 0.3 4.4 19.3 11.9 Bimota 16.0 13.6 2.5 3.0 18.5 5.5 Omega South 27.4 23.4 4.0 2.5 28.3 5.8 Omega Main 59.1 51.1 8.0 3.3 37.0 6.4 Norton 39.7 36.1 3.6 3.2 57.6 10.0 Beta 40.1 36.5 3.6 3.2 41.4 10.1 Total Production 186.5 164.5 22.0 3.1 37.2 7.5 ORE RESERVE STATEMENT Ore Reserve Category Ore (Mt) Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) Proved 11.6 3.3% 41 378 15.2 Probable 6.7 3.0% 31 204 6.7 Total Ore Reserve 18.3 3.2% 37 582 22.0 Sorby Hills Project 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 28September2026 15 Production Target and Ore Reserve Growth Opportunities ✓Large shallow deposit allowing for efficient and effective Resource definition ✓Near-pit Resource extensions and defined strategic exploration targets ✓Structural change in Silver pricing allowing for larger open pit designs Production Target underpinned 84% by Measured and Indicated Resources. Including 97% Measured and Indicated Resources over the first 7 years of production. Sorby Hills Project GROWTH POTENTIAL B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 16 o Current Mine Plan represents only 37% of the defined Resource at Sorby Hills o Large shallow Resource allowing for efficient and effective Reserve growth o Near-pit Resource extensions and defined regional strategic exploration targets o Recent drill results have confirmed mineralization well beyond current pit designs (see ASX announcement 22 July 2026) 16 Figure: DFS pit shells with respect to the Resource block model Production Target and Strategic Growth Opportunities Resource to Reserve Ongoing conversion drilling, focused on upgrading portions of the existing Mineral Resource to support mine life extension. Resource Expansion Targeting extensions to known mineralisation and previously excluded silver-rich zones, with potential to grow the Mineral Resource. Exploration Drilling within the broader Sorby Hills tenure, testing targets identified from geological interpretation and historical datasets. Current Pit Designs 2.0 0 1.0 US$/lb Pb Sorby Hills Project Delivery Plan AISC ex- Silver Credits US$0.95/lb Pb CRU long term Lead Price** US$0.91/lb Pb Sorby Hills Net Silver Credits* US$1.15/lb Pb INCREASING SILVER PRICE * Based on forward price of US$75/oz Ag at 10 September 2026 **CRU lead price as at June 2026 50% MARGIN Operating costs covered by a non-volatile lead price. Operating margin fully leveraged to silver price movements. Sorby Hills Project Costs are covered by Lead Revenues providing full exposure to Silver price movements 60 -50 0 US$/oz Ag Sorby Hills AISC ex Lead “Credits” US$64/oz Ag Sorby Hills Net “Lead Credits” US$56/oz Ag The Sorby Hills Project is a low-cost silver producer 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 17 AISC = US$8.7/oz Ag Crushed Ore Storage Bin 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. B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 18 Sorby Hills Project DEGRUSSA PROCESSING PLANT All major processing plant components, together with an extensive spares inventory, have been secured through the acquisition of the DeGrussa Processing Plant from Sandfire Resources. The acquisition materially reduces capital costs, shortens the construction schedule and lowers project execution risk. • A$20M Saving in Processing Plant Capital Costs • 6-Month Reduction in Construction Timeline DeGrussa Plant Acquisition – Lower Cost, Faster Delivery Sorby Hills Project MINE TO MARKET Sorby Hills Project MINE TO MARKET B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 19 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. 955kt of Concentrate shipped at an average 93kt pa. • Average 711 g/t silver • Average 66.0% lead Spot Treatment Charges currently priced at minus US$300/t1 – versus positive US$85/t benchmark average assumed in the Sorby Hills Project Delivery Plan Very positive reception to Expressions of Interest issued for remaining 50% offtake for the first two years of production 2. Shanghai Metals Market – 7 September t2026 Sorby Hills Project Development on Track Sorby Hills Project DEVELOPMENT ON TRACK B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 20 Dismantling of the DeGrussa Processing Plant almost completed Long term Diesel Supply Contract executed with Cambridge Gulf 100% of the Phase IX drilling program completed Clearing of ROM Pad, Tailings Storage Facility and Haul Road corridors completed ahead of schedule Construction of the Evaporation Pond on track and topsoil removal from Tailings Storage Facility has commenced Company Asset Silver Production (koz)* S32 Cannington 10,292 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2414 Boab Metals Sorby Hills 2,062 (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 Sorby Hills Project A NEW FORCE IN SILVER 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 21 Figure: Location of the Sorby Hills Project The Sorby Hills Project is set to become one of the heavyweights in Australian silver mining. M I N I N G C O N T R A C T H E A D S O F A G R E E M E N T S I G N E D 1 ReGroup selected for Sorby Hills Mine Services delivery Full scope of mining services and plant feed T H E R M O P O W E R P L A N T & S W I T C H R O O M O R D E R E D Supply and Installation agreements in place Engineering and manufacturing underway D E G R U S S A P L A N T R E L O C A T I O N Plant being dismantled and refurbished Reconstruction at Sorby Hills P R O J E C T W O R K S U N D E R W A Y Early engineering underway and long-lead orders placed Construction teams mobilised D E V E L O P M E N T P R O G R E S S On-site construction activity ramping up Production remains on track 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 22 Sorby Hills Project CONSTRUCTION UPDATE 1 See ASX announcement 28 September 2026 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 23 FUTURE GROWTH OPPORTUNITIES B O A B M E T A L S L I M I T E D | ASX: B M L 24 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 UNLOCKING PRODUCTION GROWTH 25 Manbarrum Project ▪ located 25km east of the Sorby Hills Project. ▪ 175km2 of prospective tenements (including two granted mining leases) covering geology related to that found at Sorby Hills. ▪ Mineral Resources declared at two prospects which are zinc and silver dominated. ▪ Conceptual open pit mining studies completed by CSA Global in 2018. Eight Mile Creek (Pb-Ag-Zn) Keep Zn-Pb Target Eight Mile Creek Project ▪ 30km of along-strike geology, highly prospective for deposits similar to Sorby Hills. ▪ The exploration success based on seismic data at the Keep Zinc-Lead Target has opened the door for more bold exploration at Eight Mile Creek. Keep Zinc Lead Target ▪ New Zinc-Lead mineralisation recently discovered via greenfield exploration within the existing Sorby Hills mining leases. ▪ Ore grade intercepts include: ▪ SHSD_185: 9.55 m @ 5.10% PbEq (2.59% Pb & 2.26% Zn) and 17.6 g/t Ag from 242.55 m ▪ SHSD_189: 2.00 m @ 7.73% PbEq (1.23% Pb & 5.86% Zn) and 36.7 g/t Ag from 303.0 m Sorby Hills Project A RECAP ON THE PROJECTS STRONG ECONOMICS B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 26 1 Spot prices as at 10 September 2026 (Ag $65/oz, Pb $1,880/tn, Fx AUD/USD 0.715) 2 Forward curve Silver Price and exchange rate at 10 September 2026 and CRU lead prices at 30 June 2026 (as required by the Syndicated Facility Agreement) 3 ASX Announcement 29 September 2026 Item Spot Prices1 Pre-Tax NPV8 A$821 Million Pre-Tax IRR 86% Cost to Complete A$205 Million Average Annual EBITDA A$145 Million Free Cash Flow A$1.3 Billion C1 Cash Cost ex Lead Credits US$59.5/oz payable C1 Cash Cost US$5.2/oz payable Mine Life Increased to 10.5 years First Production target Q2 2027 Item Base Case2 Project Delivery Plan3 Pre-Tax NPV8 A$1.06 Billion Pre-Tax IRR 97% Cost to Complete A$205 Million Average Annual EBITDA A$184 Million Free Cash Flow A$1.7 Billion C1 Cash Cost ex Lead Credits US$58.4/oz payable C1 Cash Cost US$2.8/oz payable Mine Life Increased to 10.5 years First Production target Q2 2027 A Fully Funded Silver-Lead Project Generating Significant 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 NEAR TERM CATALYSTS 27 Project delivery, construction progress and resource growth Resource/Reserve Growth Results from exploration and mine-life extensional drilling Competitive Tender Tender process for the remaining concentrate production. 50% of production available to optimise value Favourable Market Conditions Opportunity to capture exceptionally low treatment charges Bulk and Ring Main Earthworks Bulk Earthworks and Ring Main packages completion, providing water management infrastructure for operations. DeGrussa Plant Relocation DeGrussa process plant relocation complete. Reconstruction at Sorby Hills nearing completion. Ore Body Exposure Omega Pit ore body exposure continuing to deliver first ore to the ROM in Q2 2027. Q1 – 2027 Q4 – 2026 ASX: BML Construction underway and advancing toward first production in 2027, with multiple near-term catalysts to drive further project and shareholder value. 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 28 Experienced mining executive with a strong track record in project development, capital raising, corporate growth and creating shareholder value. Simon Noon Managing Director & CEO Sorby Hills Project Excellence in project delivery Sorby Hills Project EXCELLENCE IN PROJECT DELIVERY B O A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 29 A Board and Management team with a proven track record in project development. Engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Gary Comb Chairman Lawyer with significant experience in the exploration and mining industry. Wealth of expertise in corporate advisory, strategic consultancy and raising capital. Andrew Parker Non-Exec. Director Geologist with over 30 years’ experience in technical, commercial, marketing and finance within the exploration and mining industry. Richard Monti Non-Exec. Director Mining executive with 30+ years’ experience in large-scale mining. Held senior leadership roles with major resources companies including BHP, Peabody, Mineral Resources and Downer Mining. Russell Taylor Project Director Sorby Hills Project PROJECT DELIVERY PLAN 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 Spot Prices1 Base Case2 Change Silver Price US$/oz 65.0 75.1 16% Lead Price US$/t 1,880 1,980 5% FX A$:US$ 0.715 0.710 (1%) Lead TC US$/t (170) 85 (150%) 1 Spot prices as at 10 September 2026, TC’s Shanghai Metals Market – 7 September t2026 2 Forward curve Silver Price and exchange rate at 10 September 2026 and CRU lead prices at 30 June 2026 (as required by the Syndicated Facility Agreement) 30 ASX 29 September 2026 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 Base Case Macroeconomic Assumptions The contained metal equivalence formula is based on o Lead Price US$2009/t; and o Silver Price US$75/oz. Lead Equivalent Calculations • Silver recovery of 83.3% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. Silver Equivalent Calculations • Lead recovery of 88.4% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. Pb Ag It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate equivalent grade is: Metal Eq (percent) = Gpri + (Gpri × [∑i Ri Si Vi Gi ]/(Rpri Spri Vpri Gpri)) where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. Assumption Unit 2027 2028 2029 2030 2031+ Lead Price US$/t 1,980 1,976 1,966 1,981 2,021 Silver Price US$/oz 71.1 68.0 71.0 76.0 76.0 Exchange Rate A$:US$ 0.71 0.71 0.71 0.70 0.70