Announcement PDF Advancing the Sorby Hills Lead-Silver Project Toward a Final Investment Decision Diggers & Dealers 2023 Boab Metals Limited ASX:BML 10/08/2022 Boab Metals Limited ASX:BML 1 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. Boab Metals Limited ASX:BML 10/08/2022 Information included in this presentation relating to Exploration Results has been extracted from the ASX Announcements titled “Assays Confirm Further Positive Outcome for Sorby” dated 23 January 2023, “Sorby Hills DFS Metallurgical Testwork Results” dated 19th 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. 2 Boab Metals Limited Corporate Summary Capital structure (4 August 2023) Shares on Issue 174 million shares Cash A$4.6million (30 June 2023) Market Cap A$37 million Performance Rights 8,300,000 4.0 0.40 3.5 0.35 3.0 0.30 2.5 0.25 2.0 0.20 1.5 0.15 1.0 0.10 0.5 0.05 0.0 0.00 Share Price (A$/share) Debt Nil Volume (million shares) Share Price A$0.21 / share Share Price History Top 4 Shareholders # Holder Name 1 Villiers Queensland PL 8.76% 2 Zero Nominees Pty Limited 4.33% 3 Citicorp Nominees Pty Limited 3.36% 4 Brent Connolly 2.52% Boab Metals Limited ASX:BML 10/08/2022 4 August 2023 Volume • ASX-listed base and precious metals developer and explorer. Share Price • Board & Management team with a proven track record in development. • Advancing toward Final • Top 10 shareholders hold Investment Decision on 28% of issued capital. Sorby Hills. 3 Pb Lead The Proven Battery Metal The primary component of the 12V batteries found in traditional and electric vehicles. • Demand growth underpinned by mature and emerging vehicle technologies. • Supported by rapid growth in utility and renewable energy storage1. 1. www.batteryinnovation.org/resources/lead-battery-market-data/ Source: Wood Mackenzie LME Forum 2022 Presentation October 2022 Boab Metals Limited ASX:BML 10/08/2022 4 Ag Silver The Most Conductive Metal on Earth Ideal metal 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/ Boab Metals Limited ASX:BML 10/08/2022 5 Sorby Hills Project A near-term producer of Lead and Silver • Located 50km northeast of Kununurra in the East Kimberley Region of Western Australia. • High quality Mineral Resource with 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. • Heads of Agreement with local shire for Kununurra based accommodation facility executed. • Offtake negotiations nearing completion. • Front End Engineering & Design 95% complete. • Project advancing toward FID. Boab Metals Limited ASX:BML 10/08/2022 Figure: Location of the Sorby Hills Project 1. See Slide 8 for Resource breakdown 2. See Appendix for Lead Equivalent calculation method 6 Sorby Hills Project DFS results support progress toward a Decision to Mine 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 Lead 543 thousand payable tonnes A$1,790 Million Revenue 2.25Mtpa 8.5 Year Mine Life A$1.0bn Operating Cash Flow Silver A$119m p.a. Average EBITDA 17.2 million payable ounces A$692 Million Revenue 1. See Appendix for Revenue Assumptions Boab Metals Limited ASX:BML 10/08/2022 7 Sorby Hills Project High Quality Mineral Resource Estimate Deposit A B Omega Norton Alpha Beta Total Resource Figure: Sorby Hills Resource relative to mining leases and local geology. Boab Metals Limited ASX:BML 10/08/2022 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 See ASX announcement 17 December 2021 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 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% Grade Zn Ag % g/t 1.0% 23 0.1% 23 0.3% 19 0.3% 21 0.3% 20 0.4% 37 0.4% 34 0.4% 26 0.4% 34 0.3% 75 0.5% 38 0.5% 27 0.4% 34 0.5% 41 1.2% 86 0.9% 64 0.2% 42 0.4% 43 0.4% 43 0.4% 43 0.4% 34 0.5% 31 0.4% 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% Contained Metal Pb Zn Ag kt kt koz 31 6 427 31 6 427 52 4 859 44 4 862 97 8 1,720 279 32 9,995 205 25 6,331 76 13 2,414 566 71 18,948 112 9 6,668 68 11 2,617 402 75 14,039 590 96 24,090 18 4 923 27 9 2,052 45 13 2,975 42 2 1,382 109 14 4,474 151 17 5,856 444 45 17,521 377 46 12,114 645 117 23,406 1,465 207 53,042 1. See Appendix for Lead Equivalent calculation method 8 Sorby Hills Project Production Target and Reserve Estimate 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 Figure: DFS pit shells with respect to the Resource block model 1. See Appendix for Lead Equivalent calculation method Ore Reserve Statement 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 Production Target underpinned 83% by Measured and Indicated Resources. 17% 26% 57% Including 95% Measured and Indicated Resources over the first 7 years of production. Measured Indicated Inferred See ASX announcement 19 January 2023 Boab Metals Limited ASX:BML 10/08/2022 9 Sorby Hills Project Updated Tailings Strategy to enhance Metal Production 20,000,000 1,000,000 Cumulative Payable Lead / Silver 18,000,000 900,000 High grade Silver from the Norton deposit delivered earlier in the production schedule. 800,000 14,000,000 700,000 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 - 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 See ASX announcement 19 January 2023 Boab Metals Limited ASX:BML 10/08/2022 - Cumulative Payable Lead (tonnes) Cumulative Payable Silver (ounces) 16,000,000 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. 10 10 Sorby Hills Project Near-term opportunities to increase production target C D A B C D B A Figure: Assay results from recent drill holes not yet included in Mineral Resource Boab Metals Limited ASX:BML 10/08/2022 Figure: Norton deposit cross Section showing the position of recently completed drill holes, intercepts and reinterpreted outline of the mineral resource envelopes and the current open pit outline. 11 Sorby Hills Project Phase VII Drilling Program Complete Phase VII Drilling Program nearing completion. Exploration drill holes targeting extension to mineralisation adjacent to the proposed Norton open pit have shown encouraging results. Assay results targeted for late Q3 2023. Metallurgical drill holes completed at the Norton Deposit. New testwork will target a significant increase to the conservative metal recoveries adopted in the DFS. If successful, this will allow reoptimistion of the Norton pit design to increase mine life. Figure: Location of previous drilling and Phase VII drilling relative to an outline of the currently proposed Norton Deposit open pit design. Boab Metals Limited ASX:BML 10/08/2022 12 12 Boab Metals Limited Strategic Acquisitions Boab owns a 100% interest the Eight Mile Creek Exploration Licence E80/5317 Key highlights include: ✓ Exploration Tenements covering 206 km2 of relatively underexplored tenure immediately south of Sorby Hills. ✓ Drilling has confirmed the existence of a favourable stratigraphic setting and fluid traps that may host mineralisation similar to that observed at Sorby Hills. ✓ 30km of along-strike geology, highly prospective for deposits similar to Sorby Hills. ✓ Elevated mineralisation including 9m at 220ppm Pb and about 100ppm Zn in EMRC_005 from 121m. ✓ Structure and stratigraphic targets developed based on an interpretation of new gravity data, soil sampling and geological interpretation. Boab Metals Limited ASX:BML 10/08/2022 ✓ 10 times the background threshold value of about 20ppm Pb in unmineralised bedrock. Figure: Location of Eight Mile Creek Project relative to the Sorby Hills Projects. 13 Boab Metals Limited Strategic Acquisitions Boab has acquired a 100% interest in the Manbarrum Zinc-Lead-Silver Project Key highlights include: ✓ Manbarrum is strategically located 25km east of the Sorby Hills Lead-Silver Zinc Project. ✓ Mineral Resources declared at two prospects within the Manbarrum project area1. ✓ Conceptual open pit mining studies completed by CSA Global in 2018 identified the opportunity to improve project economics via toll treating at a future plant located at Sorby Hills. ✓ 175km2 of prospective tenements (including two granted mining leases) covering geology genetically related to that found at Sorby Hills allowing for an effective transfer of technical knowledge2. 1 Refer to the Todd River Resources prospectus dated 4 April 2017 2 Refer BML Announcement 21 July 2021 Boab Metals Limited ASX:BML 10/08/2022 Figure: Location of Manbarrum relative to the Sorby Hills and Eight Mile Creek Projects. 14 Sorby Hills Project Process Flow Sheet ConventionalProcess ProcessPlant Plant Design Conventional supportedby byextensive extensive supported metallurgicaltestwork testworkand andprocess process metallurgical engineering. engineering. GREngineering EngineeringServices Services(“GRES”) (“GRES”) GR selectedas aspreferred preferredtender tenderfor for selected ProcessPlant PlantEPC. EPC. Process FeedCapacity Capacityof of2.25Mtpa 2.25Mtpa(a (a50% 50% Feed increaseon onthat thatincluded includedin inthe the increase SorbyHills HillsPFS). PFS). Sorby Average103ktpa 103ktpaLead-Silver Lead-Silver Average Concentrate production. Figure: Sorby Hills Process Flow Sheet. Conventional Crush Mill Float Process Plant Concentrate production. f Boab Metals Limited ASX:BML 10/08/2022 15 Sorby Hills Project Front End Engineering & Design well underway Primary Crusher GR Engineering Services (“GRES”) selected as preferred tenderer for Process Plant EPC. Flotation Circuit Filter Press SAG Mill Ball Mill Tailings Thickener Concentrate Container Loading GRES completing Front End Engineering & Design (“FEED”) in preparation for a targeted EPC contract award. FEED output to date has resulted in a refined process plant design and the issue of tender packages for longlead items. Figure: 3D Model of the Sorby Hills Process Plant produce by GRES during FEED. Boab Metals Limited ASX:BML 10/08/2022 16 16 Sorby Hills Project Local Accommodation Strategy Heads of Agreement executed with the Shire of Wyndham and East Kimberley (“SWEK”) for the construction and longterm lease of a new accommodation Facility located in Kununurra. Key Indicative Terms: • Boab to fund pre-construction work in return for securing a 10-year lease for the facility with an option to extend for a further 5 years. Pre-construction costs will be rebated against leasing costs. • SWEK will fund and oversee detailed design and construction of the facility. The agreement is further evidence of the synergies and significant economic opportunities between the Sorby Hills Project and the East Kimberley community. Boab Metals Limited ASX:BML 10/08/2022 Figure: Aerial view of the township of Kununurra in the east Kimberley Region of Western Australia 17 Sorby Hills Project Clean Power Solution Heads of Agreement executed with Horizon Power with respect to a future Power Purchase Agreement for Sorby Hills. Key Indicative Terms • Delivery of firm power over a 10-year term with a purchaser option to extend; and • Cleaner, cheaper electricity sourced from Ord River hydroelectric plant modelled to provide +90% of power to the Project. Optimised solution being investigated whereby the need for diesel power back-up assumed in the DFS is reduced or potentially removed. Opportunity to enhance the clean energy credentials of the Project with lower operating costs. Boab Metals Limited ASX:BML 10/08/2022 Figure: Members of the Boab and Horizon Power teams on site at the Ord-Hydro Power station. 18 Sorby Hills Project Path to Market Agreement for Access and Stevedoring Service executed with Cambridge Gulf with respect to Wyndham Port. Term extending to April 2034 with an automatic rollover on a 12-monthly basis. Wyndham Port is located 150km by existing sealed road from Sorby Hills. Wyndham Port is the only deep-water port between Broome and Darwin. Port operations and management are currently overseen by Cambridge Gulf. Concessional Loading application to reduce mine to port haulage costs. Figure: Wyndham Port (Courtesy of Cambridge Gulf / Ben Broady). Boab Metals Limited ASX:BML 10/08/2022 19 Sorby Hills Project Progress towards a Final Investment Decision • Front End Engineering & Design (“FEED”) underway. • Independent Technical due diligence completed on the Mineral Resource and Metallurgical testwork program. • Mining Leases granted, EPA Approval in place. • Independent ESG status review against global environmental standards including the Equator Principles. • Boab has engaged BurnVoir Corporate Finance to arrange a project finance solution for the Sorby Hills Project. • The Company has engaged with Australia Government financing agencies, commercial banks, mining finance funds and offtakers with respect to project financing. • Advanced Stage Negotiations with Offtakers including international and domestic traders and smelters to be concluded ahead of a Final Investment Decision. Figure: Vessel loading activities at Wyndham Port (Image courtesy of Cambridge Gulf). Boab Metals Limited ASX:BML 10/08/2022 20 Sorby Hills Joint Venture Boab (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 of A$1.3B.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 : 4.74 Boab Metals Limited ASX:BML 10/08/2022 21 Sorby Hills Project Current focus and upcoming Milestones • Complete process plant Front-End Engineering & Design together with GRES ahead of EPC contract award. • Retender Mining and Bulk Earthworks contracts to refine pricing with respective updated mining schedule and optimised site layout. • Work with GRES and Horizon Power toward a power strategy that reduces or removes the need for a diesel back-up on-site. • Receive Phase VII assay results and complete metal recovery optimisation and potential pit enlargement at the Norton deposit. • Receive EPA s45c amendment approvals and EPBC reconfirmations based on the updated Project design. • Complete Part V Works Approvals, Mining Proposal, Water Extraction License. • • • Complete Independent Technical Due Diligence for Lenders Finalise negotiations with offtakers Progress project finance process with senior Lenders. Boab Metals Limited ASX:BML 10/08/2022 22 22 Boab Metals Limited Establishing Deep Roots within the Community and supporting better outcomes 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 10/08/2022 Images: Ord Valley Muster 2023 and Simon Noon - Managing Director/CEO with team at Teach Learn Grow, East Kimberley 23 Board and Management Gary Comb Board and Management with a proven track record in exploration and development Technical Team Boab Metals Limited ASX:BML 10/08/2022 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. Paul Hewitt – Project Director Richard Flanagan – Project Engineer Simon Dorling - Exploration Manager Paul has over 25 years in providing senior project delivery leadership within the Energy and Resource sectors for process and non-process infrastructure projects, for the full lifecycle from study phase through to execution within Australia and Internationally. 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. 24 Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals Thank You Appendix Boab Metals Limited ASX:BML 10/08/2022 26 Sorby Hills Definitive Feasibility Study Capital Costs 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 Tendered Pricing for 75% of Capital Costs to reduce the risk of pre-FID cost escalation. Item 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. Boab Metals Limited ASX:BML 10/08/2022 Mine Closure Total 27 Sorby Hills Definitive Feasibility Study Operating Costs Unit Costs Competitive C1 cash cost of US$0.39/lb payable Pb (including Silver Credits). Item Total (A$M) A$/t ore US$/lb payable Pb Mining 591 32.4 0.34 ~80% of Mining Costs underpinned by tendered pricing with opportunities for further schedule and cost optimisation through the contracting process. 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 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. Boab Metals Limited ASX:BML 10/08/2022 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$27.4/oz. 28 Sorby Hills Definitive Feasibility Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 ROM Mined Mt 18.3 - - 2.1 2.1 2.3 2.5 1.9 2.2 1.8 3.3 - - Waste Mined Mt 134.6 - - 11.7 11.6 12.2 24.3 26.1 25.6 19.6 3.5 - - % Measured % 56.7% - - 89.7% 66.7% 63.3% 89.4% 59.5% 45.9% 66.0% - - - % Indicated % 26.5% - - 10.3% 33.3% 36.7% 9.7% 37.3% 50.7% 2.3% 28.6% - - % Inferred % 16.8% - - - - - 1.0% 3.2% 3.4% 31.7% 71.4% - - Lead Grade % 3.4% - - 4.1% 3.2% 3.5% 2.8% 3.0% 3.6% 4.0% 3.4% - - Silver Grade g/t 39 - - 38 28 39 23 38 42 64 42 - - Processed Tonnes Mt 18.3 - - 1.15 2.12 2.25 2.25 2.26 2.25 2.25 2.25 1.49 - Lead Grade % 3.4% - - 5.6% 3.6% 3.6% 2.9% 2.9% 3.6% 3.6% 3.8% 2.0% - Silver Grade g/t 39 - - 46 34 39 25 35 41 56 44 31 - Lead Recovery % 91.0% - - 90.3% 94.2% 94.1% 92.8% 93.7% 90.6% 83.1% 90.3% 90.3% - Silver Recovery % 81.8% - - 87.3% 86.4% 87.1% 87.4% 87.2% 83.0% 78.5% 70.4% 72.9% - Concentrate Produced kt 872 - - 91 109 115 93 92 114 111 108 38 - Lead Grade % 65.5% - - 63.9% 65.6% 65.7% 66.1% 65.5% 63.8% 59.8% 72.3% 70.4% - Silver Grade g/t 665 - - 501 574 666 520 737 665 890 654 873 - Payable Lead kt 543 - - 55 69 69 57 62 67 62 75 28 - Payable Silver Moz 17.2 - - 1.3 1.9 2.2 1.4 2.1 2.1 3.0 2.1 1.1 - Boab Metals Limited ASX:BML 10/08/2022 29 Sorby Hills Definitive Feasibility Study Life of Mine Cash Flows FINANCIAL SUMMARY Unit Total FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Lead Revenue A$M 1,789.7 - - 177.1 223.9 227.2 187.0 206.2 221.5 205.6 248.7 92.4 - Silver Revenue A$M 691.7 - - 49.1 73.4 87.3 57.2 86.7 86.7 122.5 85.2 43.7 - Total Revenue A$M 2,481.4 - - 226.1 297.3 314.5 244.3 292.9 308.2 328.2 333.9 136.0 - Lead Treatment A$M (159.5) - - (16.1) (19.9) (20.2) (16.5) (18.4) (20.2) (20.2) (20.2) (7.7) - Silver Refining A$M (31.6) - - (2.3) (3.4) (4.0) (2.6) (3.9) (3.9) (5.6) (3.9) (2.0) - Royalties A$M (94.3) - - (8.8) (11.5) (12.0) (9.5) (11.0) (11.7) (11.7) (13.0) (5.1) - Net Revenue A$M 2,196.1 - - 198.9 262.5 278.3 215.6 259.6 272.3 290.6 296.8 121.3 - Logistics A$M (121.0) - - (12.4) (15.1) (15.6) (12.7) (13.5) (15.5) (15.4) (15.2) (5.6) - Mining A$M (591.1) - - (46.2) (59.3) (61.5) (90.7) (104.6) (105.1) (80.0) (43.6) (0.1) - Processing A$M (391.0) - - (31.5) (45.6) (47.1) (47.0) (46.8) (46.6) (46.7) (47.1) (32.6) - G&A A$M (88.0) - - (8.6) (10.3) (10.3) (10.4) (10.4) (10.4) (10.4) (10.3) (6.9) - Operating Cash Flow A$M 1,005.0 - - 100.1 132.1 143.9 54.9 84.2 94.8 138.2 180.6 76.1 - Upfront Capex A$M (244.6) (31.5) (176.9) (36.3) - - - - - - - - - Sustaining Capex A$M (55.2) - - (35.7) (6.8) (2.0) (0.1) - (1.3) - - (5.0) (4.3) Net Cash Flow A$M 705.2 (31.5) (176.9) 28.1 125.4 141.9 54.8 84.2 93.5 138.2 180.6 71.1 (4.3) Cumulative Cash Flow A$M (31.5) (208.4) (180.3) (54.9) 87.0 141.8 226.0 319.5 457.7 638.3 709.5 705.2 NPV8 A$M 369.7 IRR A$M 35% Average EBITDA A$M 119.4 Operating Margin % 41% Boab Metals Limited ASX:BML 10/08/2022 Revenue and Exchange assumptions were based on the Lead, Silver and A$:US$ Forward Curves as at 16th January 2023. Full details of the Prices assumptions are provided in the Appendix. 30 Metal Equivalent calculation It is Boab’s opinion th