Announcement PDF Investor Presentation May 2024 Moving the Sorby Hills Lead-Silver Project Toward Production A near-term producer with a margin highly leveraged to the Silver Price 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 “Metallurgical Testwork improves Metal Recovery and Concentrate Grades at the Norton Deposit” dated 22 May 2024”, “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, and “Sorby Hills DFS Metallurgical Testwork Results” dated 19 November 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 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 dated 19 January 2023, 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 Share Price History 7.50 0.750 6.25 0.625 5.00 0.500 3.75 0.375 2.50 0.250 1.25 0.125 Debt Nil Shares on Issue 201 million shares Cash A$3.0 million1 Market Cap A$25 million Performance Rights 7,600,000 $3.3m Fully Underwritten Entitlement Offer 0.00 (closing 5PM (AWST) 23 May 2024 Jan-20 0.000 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Volume Top 4 Shareholders # Holder Name 1 Villiers Queensland PL 8.42% 2 Citicorp Nominees Pty Limited 4.55% 3 Acuity Capital Investment 3.87% 4 Zero Nominees Pty Ltd 3.76% 1 $4.8m Acuity At the market (ATM) Facility available for use at the company’s absolute discretion) Boab Metals Limited ASX: BML 22 May 2024 BML Share Price (A$/share) Share Price A$0.125 /share Volume (millions) Capital Structure (22 May 2024) Jan-23 Jul-23 Jan-24 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 JV Project (75% owned by Boab Metals) 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 Resource • 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 • Definitive 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 Figure: Location of the Sorby Hills Project 1. See Slide 28 for Resource breakdown 2. See slide 30 for Lead Equivalent calculation method 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 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 DFS 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 Definitive Feasibility Study DFS Highlights A$245m preproduction Capex underpinned 75% by tendered pricing C1 cash cost US$0.39/lb payable Pb Incl. net Silver credit of US$0.38/lb payable Pb Average Annual Production 103kt Lead-Silver concentrate 67kt Lead and 2.2Moz Silver NPV8 A$370m IRR 35% Strong pre-tax economics 1. See Appendix for Revenue Assumptions Boab Metals Limited ASX: BML Lead 543 thousand payable tonnes A$1,790 Million Revenue 2.25Mtpa 8.5 Year Mine Life A$1.0bn Operating Cash Flow A$119m p.a. Average EBITDA Silver 17.2 million payable ounces A$692 Million Revenue 9 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve 2027 Lead Cost Curve (ex-works basis) 2nd Quartile 3rd Quartile 4th Quartile US$/t Lead 1st Quartile ▪ Forecast Project ex works Operating Costs covered by a historically non-volatile Lead Price. ▪ The Sorby Hills Project Operating margin is therefore highly leveraged to Silver price. 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 Silver The most conductive metal on earth Strong demand for use in solar cells and the electronic components of electric vehicles • 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. 1. www.silverinstitute.org/silver-supply-demand/ 11 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) 12 Sorby Hills Project Project Optimisation Workstreams Boab is undertaking a series of Project Optimisation Workstreams in conjunction with FrontEnd Engineering and Design (“FEED“) to explore opportunities further improve Project economics ahead of a Final Investment Decision. ✓ Revenue Brought Forward: an updated mine plan and tailings strategy has been adopted allowing the higher-grade Norton deposit to be mined earlier and further derisking project execution; ✓ Process Plant FEED completed, Capex Unchanged: updated tendered pricing for the process plant from GR Engineering Services (“GRES”) based on the FEED outcomes and current raw material and labour costs; ✓ Enhanced Metal Recoveries at Norton: interim metallurgical test work has delivered a 5% increase in lead recovery at the Norton Deposit and increase concentrate grades at that deposit from 56.9% to 59.5%; ✓ Improved Earthworks and Mining Pricing The mining and bulk earthworks contracts were tendered for the DFS at the height of post COVID inflation. The Company has received tenders from three groups, two of which represent an improvement on the pricing adopted for the DFS. The results of the Project Optimisation Workstreams will be incorporated into a FEED Study expected to be completed and released to the market in Q2 2024. 13 Sorby Hills Project Updated Mine Plan and Tailings Strategy to enhance Metal Production 1,000,000 Cumulative Lead / Silver Recovered Cumulative Payable Silver (ounces) 18,000,000 High grade Silver from the Norton deposit delivered earlier in the production schedule. 16,000,000 14,000,000 900,000 800,000 700,000 12,000,000 600,000 10,000,000 500,000 8,000,000 400,000 6,000,000 300,000 4,000,000 200,000 2,000,000 100,000 0 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 Production Quarter Cumulative Payable Silver - Updated Schedule Cumulative Payable Silver - DFS Cumulative Payable Lead - Updated Schedule Cumulative Payable Lead - DFS Cumulative Payable Lead (tonnes) 20,000,000 The DFS tailings strategy incorporated both above-ground tailings storage within an integrated waste landform (“IWL”) and in-pit tailings deposition. Boab has determined that the initial footprint of the IWL is sufficient to support additional raises that will provide capacity for approximately 6 years of above-ground tailings storage. The updated strategy allows for higher grades from the Omega and Norton pits to replace the lower grade ore from the Omega South Pit - which was to be used for tailings deposition from Year 5 - in the production schedule. 14 Sorby Hills Project Metallurgical Testwork to enhance metal recoveries ▪ ▪ Incorporating the interim results of flotation variability tests from additional post DFS drill core samples delivers: ▪ 5% increase in Norton Deposit lead recovery ▪ Confirms Norton silver recovery at 78% ▪ Improves Norton fresh ore concentrate grade from 56.9% Pb to 59.5% Pb Improved metallurgy supports a future re-optimisation of the Norton pit shell to extend mine life. Summary of DFS vs Updated Metal Recoveries Ore Type Avg. Pb Recovery Avg. Ag Recovery Norton Deposit - DFS 78% 78% Other Deposits - DFS 93% 83% Overall Average – DFS 91% 82% Norton Deposit – Updated 83% 78% Overall Average - Updated 92% 82% Figure: Location of previous drilling and Phase VII drilling relative to an outline of the currently proposed Norton Deposit open pit design. 15 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. 16 Sorby Hills Project Refreshed tenders to reprice bundled mining and earthworks contract packages DFS C1 Operating Costs (%) Lead Treatment Charge, 12% ▪ Mining comprised 44% of the DFS Operating Costs. Logistics, 9% G&A, 7% ▪ Earthworks Packages comprised nearly 15% of the DFS Pre-Production Capex. ▪ DFS Tenders were received in 2022 during the height of post-COVID inflation. ▪ Retendering for the Earthworks Package based on an optimised site layout and bundling with the Mining Package has been completed. ▪ Tenders received from 3 groups with 2 out of the 3 being equal to or lower cost than the tenders received for the DFS. Processing, 29% Mining, 44% DFS Pre-production Capital Costs (A$m) Pre Production Opex, A$15m Contingency, A$21m Other, A$13m Water Management, A$5m Owners Costs, A$25m Earthworks Package, A$36m EPC Package, A$131m 17 Sorby Hills Project 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 18 Sorby Hills Project Keep Seismic Target Keep Seismic Target Potential Discovery located 2km from the existing Sorby Hills Deposits ▪ 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. SPH Intersected ▪ Lower (Main) Mineralised Zone: replacement-type, stratiform MVT zinc & lead sulphide layers and disseminated mineralisation. ▪ 9.55m @ 5.1% PbEq from 243m Upcoming Field Season ▪ GAL Figure: Section of the Keep Seismic Target showing the interpreted structural and stratigraphic setting for the original drill hole. Boab Metals Limited ASX: BML Step-out drill program to test the potential for an economic mineral deposit. 19 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. 20 Sorby Hills Project Delivering Silver Exposure to Investors The Sorby Hills Project and Boab Metals offer rare ASX exposure to Silver Price movements ▪ Boab’s share price has historically demonstrated a strong correlation with the A$ price of Silver. 11.25 1.125 10.00 1.000 8.75 0.875 7.50 0.750 6.25 0.625 5.00 0.500 3.75 0.375 2.50 0.250 1.25 0.125 0.00 Jan-20 BML Share Price (A$/share) Volume (millions) BML Share Price vs AUD Silver Price 0.000 Jul-20 Jan-21 Jul-21 Volume Jan-22 Jul-22 Silver Price (AUD) Jan-23 Jul-23 Jan-24 Price Source: Bloomberg 10 April 2024 Boab Metals Limited ASX: BML ▪ 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. 21 Boab Metals Investment Opportunity Near Term News Flow and Ongoing Activities 22% - DFS vs PFS NPV ▪ Incorporate the results of Optimisation Workstreams into a FEED Study – target for release Q2 2024. 35% - Boab Share Price1 ▪ ▪ Execute Offtake Agreement(s). ▪ Aggressive drill program to test potential for an economic deposit at the Keep Seismic Target. ▪ Progress approvals EPA 45c amendment, Works Approvals. EPBC (controlled action) assessment on preliminary documentation only. ▪ ▪ ▪ Continue engagement with potential financers. 29% - Median ASX Materials2 12% - Lead Price1 36% - Silver Price1 1. Bloomberg: 23 May 2023 – 22 May 2024 2. www.marketindex.com.au 22 May 2024 Boab Metals Limited ASX: BML Assess opportunities to further de-risk project execution and development timelines. Secure credit approved offer(s) from financiers. Reach a Final Investment Decision. 22 Thank You Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals 23 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. 23 24 Sorby Hills Definitive Feasibility Study Capital Cost Breakdown Tendered Pricing for 75% of Capital Costs to reduce the risk of pre-FID cost escalation. Process Plant EPC comprises: • $82.9M - Supply Cost • $41.6M - Installation Cost • $5.8M - Freight Cost A$20M Contingency. A$21M Owner Costs including operational readiness items such as critical spares and build-up of owner’s team. Pre-production (A$M) Sustaining (A$M) Total (A$M) Early Works / Bulk Earthworks / Road Construction 9.9 15.7 25.6 Process Plant and Non-Plant Infrastructure (NPI) 130.5 - 130.5 Tailings Storage and Evaporation Pond 18.0 1.9 19.9 Mine Water Settling Pond & Water Storage Facility 12.4 21.3 33.7 Accommodation refurbishment 4.1 - 4.1 Communications 0.9 - 0.9 Fuel Tanks - 1.3 1.3 Concentrate Transport & Containers 7.9 - 7.9 Owners Cost 25.3 5.8 31.0 Project Development Contingency 20.9 - 20.9 Pre-Production Operating Costs 14.6 - 14.6 - 9.3 9.3 244.6 55.2 299.8 Item Mine Closure Total Boab Metals Limited ASX: BML Boab Metals Limited ASX:BML 24 25 Appendix Appendix Boab Metals Limited ASX:BML 25 25 26 Sorby Hills Definitive Feasibility Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 ROM Mined Mt 18.3 - - 2.1 2.1 2.3 2.5 1.9 2.2 1.8 3.3 - - Waste Mined Mt 134.6 - - 11.7 11.6 12.2 24.3 26.1 25.6 19.6 3.5 - - % Measured % 56.7% - - 89.7% 66.7% 63.3% 89.4% 59.5% 45.9% 66.0% - - - % Indicated % 26.5% - - 10.3% 33.3% 36.7% 9.7% 37.3% 50.7% 2.3% 28.6% - - % Inferred % 16.8% - - - - - 1.0% 3.2% 3.4% 31.7% 71.4% - - Lead Grade % 3.4% - - 4.1% 3.2% 3.5% 2.8% 3.0% 3.6% 4.0% 3.4% - - Silver Grade g/t 39 - - 38 28 39 23 38 42 64 42 - - Processed Tonnes Mt 18.3 - - 1.15 2.12 2.25 2.25 2.26 2.25 2.25 2.25 1.49 - Lead Grade % 3.4% - - 5.6% 3.6% 3.6% 2.9% 2.9% 3.6% 3.6% 3.8% 2.0% - Silver Grade g/t 39 - - 46 34 39 25 35 41 56 44 31 - Lead Recovery % 91.0% - - 90.3% 94.2% 94.1% 92.8% 93.7% 90.6% 83.1% 90.3% 90.3% - Silver Recovery % 81.8% - - 87.3% 86.4% 87.1% 87.4% 87.2% 83.0% 78.5% 70.4% 72.9% - Concentrate Produced kt 872 - - 91 109 115 93 92 114 111 108 38 - Lead Grade % 65.5% - - 63.9% 65.6% 65.7% 66.1% 65.5% 63.8% 59.8% 72.3% 70.4% - Silver Grade g/t 665 - - 501 574 666 520 737 665 890 654 873 - Payable Lead kt 543 - - 55 69 69 57 62 67 62 75 28 - Payable Silver Moz 17.2 - - 1.3 1.9 2.2 1.4 2.1 2.1 3.0 2.1 1.1 - Boab Metals Limited ASX: BML Boab Metals Limited ASX:BML 26 27 Sorby Hills Definitive Feasibility Study Operating Cost Breakdown Competitive C1 cash cost of US$0.39/lb payable Pb (including Silver Credits). ~80% of Mining Costs underpinned by tendered pricing with opportunities for further schedule and cost optimisation through the contracting process. Opportunity to reduce Process costs through the optimisation of back-up power requirements. Opportunity to reduce Logistics costs via application of concessional loading for road haulage. Unit Costs Item Total (A$M) A$/t ore US$/lb payable Pb Mining 591 32.4 0.34 Processing 391 21.4 0.22 G&A 88 4.8 0.05 Logistics 121 6.6 0.07 Lead Treatment 159 8.7 0.09 C1 Costs (ex Credits) 1,351 73.9 0.77 Net Silver Credits (660) (36.1) (0.38) C1 Costs 690 37.8 0.39 Royalties 94 5.2 0.05 Sustaining Capital 55 3.0 0.03 AISC 840 46.0 0.48 Unit Operating Costs based on 18.3Mt of Ore, 543kt 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 27 28 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 29 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 men