Announcement PDF 19 September 2024 Progress Update on Phase VIII Drilling Program Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to announce the successful completion of its short Phase VIII drilling campaign at its 75% owned Sorby Hills Lead-Silver-Zinc Project (“Sorby Hills” or “the Project”), located in the Kimberley Region of Western Australia. HIGHLIGHTS • New mineralisation encountered at the Keep Seismic Target during the Phase VII drilling program has been successfully followed up via a Phase VIII drilling program. • The Phase VIII drilling program comprised 4 deep sonic/diamond drill holes for a total of 1,352m and was completed ahead of schedule and within budget. • Further intervals of visual mineralisation have been intercepted, including intervals of massive sphalerite (ZnS). • Visual results indicate a major exploration success and support planning of an extensive exploration drilling campaign at the new KEEP discovery. • Assay results anticipated to be received in early Q4 2024. Boab Managing Director and CEO, Simon Noon, stated: “We are pleased to report the successful completion of our 2024 drilling campaign and furthermore that the Keep Seismic Target is continuing to show positive results. The recent drilling has intersected further lead and zinc-sulphide mineralisation. This is an outstanding success given the conceptual nature of the target and its location in an area and at a depth where no mineralisation was intersected before.” The proximity of the mineralisation to our existing Sorby Hills deposits is particularly important and speaks to the significant near mine exploration potential of the Project and the Burt Basin regional more broadly”. Background In early August, Boab announced the commencement of a Phase VIII drilling program to follow up on its exploration success from the 2023 campaign at the Keep Seismic Target. The Phase VIII drilling program comprised of 4-hole deep sonic/diamond step out drill holes for a total of 1,352m and was completed ahead of schedule and within budget. The collar locations for all the completed drill holes are shown in Figure 1. Figure 1: Plan view of the Sorby Hills Project showing the locations of completed drill holes for Phase VIII with respect to previous drilling, the Mineral Resource and DFS open pit outlines. Keep Seismic Target The planned Phase VIII drilling program comprised 4 diamond drill holes around the discovery hole SDSH_185 (Figure 1). The new drill holes were collared as 100m step-outs from the original drill hole position to enable correlation and interpretation of the original results. SHSD_185 was aimed at testing the potential for a mineralised feeder fault system, which can be seen on the seismic data and the potential for stratiform mineralisation at the base of the Knox _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited Formation/Sorby Dolomite interface (Figure 2). In summary, the program delivered several important results: 1. One significant intercept of mineralisation to demonstrate the validity of the targeting rationale. 2. Intersected further intervals of massive stratiform sphalerite mineralisation, and 3. Demonstrated the role of structure in the distribution and deformation of mineralisation. The Keep Seismic Target area is a compelling sub-surface target, and its complexity is well illustrated on seismic data (Figure 2). This complexity is confirmed in the rock formation development, thicknesses variation and mineralisation distribution as intersected in the 4 drill holes completed. Figure 2 – Pre-drilling interpreted ENE-SSW trending seismic line WP_96-08 image showing the location of the SHSD_185 and the conceptual structural target as well as key stratigraphic reflectors within M80/287 & 289. Collectively, the 3D interpretation of the geological formations intersected in the four drill holes, confirms the strong structural control, displacement and abrupt rock type changes indicated in (Figure 2). The new data confirms the interpretation that drilling took place along the western flank of a graben structure that consists of a series of extensional faults with displacements of several tens of metres of basin-wards (Figure 3). _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited The faulting is interpreted to have taken place episodically and over a period. The earlier episode affected the transitional period from the Sorby Dolomite to the Knox Formation leading locally to channels of sedimentary breccias near the top of the Sorby Dolomite which control the location of much of the project mineralisation. The latter deformation period post-dates the youngest Carboniferous strata in the project area and has led to the observed fault and strata geometry. The entire stratigraphic succession dips at about 17°-20° to the east-northeast (Figure 3). Figure 3 -Post-drilling interpreted close view cross and long section and geological interpretation of SHSD_186, SHSD_185 and SHSD_189 and seismic line WP_96-08. The western most drill hole (SHSD_186) did not intersect Milligans Formation below the river gravels but showed a significant sedimentary breccia developed below the Sorby Dolomite/Knox Formation interface, indicating a significant change over 100 m to the west from the SDSD_185. Only traces of mineralisation were noted in the Sorby Dolomite. On the down-dip side, east of SHSD_185, in SHSD_189, a complete and comparable stratigraphic succession was intersected although, the dip measurements suggest a significant displacement down dip over a set of normal faults (Figure 3). The hole intersected significant stratabound mineralisation below the Knox Formation contact, similar to that found in SHSD_185. The mineralisation occurs intermittently beginning from 303m until about 325.5m depth and consist of intervals of massive banded colloform sphalerite between 303 and 305m. Between 308 and 311m and between 314.5 and 325.5m several intervals of coarsegrained disseminated matrix-replace galena are observed (Figures 4 & 5). _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited Base of Knox Formation ZnS ZnS ZnS & PbS Figure 4 - Photograph of drill core interval 298.8 m to 305.35 m showing massive sphalerite + galena mineralisation intervals. Figure 5 -Photograph of HQ size (6.5 cm diameter) drill core interval from 314.9.3 m to 315.4 m showing _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited matrix replacing coarse galena mineralisation and disseminated sphalerite. The longitudinal section (Figure 3, RHS) trends south to north and relates holes SHSD_188 and SHSD_187 to hole SHSD_185. Despite a minor tilt of the strata to the north, there is good stratigraphic and lithological correlation in terms of rock type and thickness to the northern drill hole above the top of the Sorby Dolomite. Below the contact, the Sorby Dolomite is more or less massive, lacking any evidence of the sedimentary breccia. To the south (SHSD_188), the stratigraphy continues seamlessly despite a minor fault displacement. The main lithological difference occurs below the top of Sorby Dolomite in the form of a thick, and well-developed sedimentary breccia body (Figure 3, RHS). Metallogenically, a 2.4m thick massive, but fragmented marcasite (FeS) interval with intergrown galena was intersected between 265.4 and 267.8m in SHSD_187, at the level of zinc-lead mineralisation in SHSD_185. Fault breccias and fractures filled with calcite and base metals in the hanging wall and footwall of this interval suggest a structural control. In SHSD_188, an interval of fault-controlled galena mineralisation, mostly of disseminated, vein and cavity fill style, was intersected immediately below the Milligans Formation over an interval of 15.5m starting from 66.5m down hole. This unusual location and style of mineralisation highlights the structural control for mineralisation in the target zone. Table 1: Significant intercepts of mineralisation, visual estimates* and description of style of mineralisation HOLE ID From (m) To (m) Interval Gn% Sp% Mc% SHSD_187 265.4 267.8 2.4 3 Tr 80 SHSD_188 66.5 81.0 14.5 2.5 0.5 2 SHSD_189 164 167 3 Tr 0.5 1 SHSD_189 303 305 2 2 8 2 SHSD_189 308 311 3 3 0.5 2 SHSD_189 314.5 324.5 10 3 0.5 2 SHSD_198 324.5 325.5 1 0.5 4 .5 Description Massive brecciated marcasite with interstitial galena Disseminated and fault matrix, and host rock replacive style Fracture fill and carbonate replacement style Massive colloform, banded carbonate replacement style Disseminated coarse grained stratabound galena Disseminated coarse grained stratabound galena Massive colloform, banded carbonate replacement style Gn = Galena Sp = Sphalerite Mc = marcasite/pyrite Tr = Trace * In relation to the disclosure of visual mineralisation, Boab Metals cautions that visual estimates of sulphide and oxide minerals abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in the preliminary geological logging. Boab Metals will update the market when laboratory analytical results become available. In summary, the technical results so far, have justified the approach, the risk taking and the interpretation of a location prospective for mineralisation that previously was dismissed. _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited Boab is of the view that the second campaign of drilling at the Keep Seismic Target is another successful exploration step strengthening not only the concept but more importantly confirming the potential of the Burt Range Basin to host significantly more base metal mineralisation. Core samples have been submitted for analysis to Intertek Laboratories in Perth. The Board of Directors have authorised this announcement for release to the market. FOR FURTHER INFORMATION, PLEASE CONTACT: Simon Noon Managing Director & CEO Phone: +61 (0)8 6268 0449 Email: info@BoabMetals.com About Boab Metals Limited Boab Metals Limited (“Boab”, ASX: BML) is a Western Australian based exploration and development company with interests in Australia and South America. In Australia, the Company is currently focused on developing the Sorby Hills Lead-Silver-Zinc Joint Venture Project in WA. Boab owns a 75% interest in the Joint Venture with the remaining 25% (contributing) interest held by HenanYuguang Gold & Lead Co. Ltd. Sorby Hills is located 50km from the regional centre of Kununurra in the East Kimberley and has existing sealed roads to transport concentrate from site to the facilities at Wyndham Port, a distance of 150km. Established infrastructure and existing permitting allows for fast-track production. Compliance Statements 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 Announcement 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. _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited Information included in this Announcement 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 announcement relating to Ore Reserves, Production Targets and Financial Forecasts has been extracted from the FEED study and dated 6 June 2024, 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. Table 1 - Drill Hole Collar Locations and Assay Status HOLE ID mE mN RL Depth Dip Azimuth Assays Prospect SHSD_186 8288017 498243 19 282.4 -65 270 Pending Exploration SHSD_187 8288117 498355 20 318.4 -70 270 Pending Exploration SHSD_188 8287917 498355 20 300.4 -65 270 Pending Exploration SHSD_189 8288017 498486 20 450.4 -65 270 Pending Exploration _________________________________________________________________________________________________________________________________________________ ___________________________________________________ Boab Metals Limited JORC Code 2012 Edition - Table 1 Section 1 Sampling Techniques (Criteria listed in the preceding section also apply to this section) Criteria Sampling techniques JORC Code Explanation • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. Commentary • For the sonic/diamond drilling program (from June to August 2023), sampling was not conducted in the field. After geological logging the cutting/sampling intervals were determined and marked. The drill core destined for sampling has been shipped to ALS laboratories in Perth for cutting and sampling. The sampling process will be supervised by Boab geologists. • The Sonic pre-collars were geologically logged but not samples. The diamond core intervals were geologically logged by a geologist and assessed for visible mineralisation. Where necessary samples was also scanned with a portable XRF (Olympus InnovX Delta) for an indication of qualitative lead concentration. About 45% of all samples have been submitted to the laboratory. • The sampling methodology to be undertaken at ALS laboratories is considered representative and appropriate for the carbonate hosted style of mineralisation at Sorby Hills and is consistent with sampling protocols in the past conducted by Boab. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • The drilling method used in the Phase VII 2023 drill program is sonic pre collars until bedrock was reached followed by diamond drilling (DD). Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • • Measures taken to maximise sample recovery and ensure representative nature of the samples. The sample (core) recovery is between 98 and 100% for most of the core drilling including the mineralised intervals. The were very few occasions where broken ground conditions were encountered where the core loss due to core grinding was encountered. ____________________________________________________________________________________________________________________________________________________________________________________________________ Boab Metals Limited Page 9 Criteria Logging Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests JORC Code Explanation • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all subsampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Commentary • The DD core was logged at the rig at the temporary work site at Sorby Hills. The core geotechnically, geologically, structurally and mineralogically logged on site and photographed. • ¼ core samples will be analysed first for metallurgical drill holes and ½ core for the remaining drill holes. • All samples will be sent to ALS Laboratories in Perth for preparation and analysis. Duplicates, blanks and standards inserted at regular intervals. • All samples will be assayed to accepted industry standards at the ALS Laboratories in Perth. Multi-acid digestion of pulverised sample was followed by ICP-OES or equivalent assay technique. • Certified Ore Grade Base Metal Reference Material provided by Geostats Pty Ltd. The standards selected covered a range of lead and silver concentrations and there is good agreement between the Pb and Ag assays, and the mean values provided with the reference standards. For ____________________________________________________________________________________________________________________________________________________________________________________________________ Boab Metals Limited Page 10 Criteria JORC Code Explanation • Verification of sampling and assaying Location of data points Data spacing and distribution Orientation of data in relation to geological structure Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Commentary the standards the assayed values were within half of one standard deviation and more commonly below the mean suggesting that grade overestimation is not a significant problem in the dataset. • Duplicates and Blanks were also included in all sample despatches. • Geological logs were digitally entered into data entry templates in MS Excel and entered into an Access database. • Assay certificates were received from the analytical laboratories and imported into the drill database. • No adjustments were made to the assay data. • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Accurately surveyed using a DGPS by a registered surveyor and recorded in GDA94 Zone 52 will be conducted at the end of the program. • • Specification of the grid system used. All drill holes are surveyed down hole on completion of the drill hole with a Reflex Gyro tool every 30 m. • • Quality and adequacy of topographic control. The initial siting of the drill hole position is based on planned coordinates from the 3D data base and GPS positioning in the field • Data spacing for reporting of Exploration Results. • • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. The spacing between new and existing drill holes can range from a minimum of 50 m to 25 m spaced collars. • Most drill holes at the Norton Deposit are inclined at -70 degrees to the west holes. • One hole drilled at Beta at -70 deg to the northwest (315deg), and at the Keep Seismic Target -70 to the west to better sample both shallow and steeply dipping mineralised structures considered significant to the mineralisation. • It is not considered that there is a significant sampling bias due to structure. • Whether sample compositing has been applied. • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. ____________________________________________________________________________________________________________________________________________________________________________________________________ Boab Metals Limited Page 11 Criteria JORC Code Explanation Commentary Sample security • The measures taken to ensure sample security. • Cores trays are stored and processed at a secure facility at site. All samples taken by Boab personnel to the truck depot in Kununurra and placed on pallets for transport direct to ALS Laboratory in Perth. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • To be undertaken. ____________________________________________________________________________________________________________________________________________________________________________________________________ Boab Metals Limited Page 12 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria Mineral tenement and land tenure status JORC Code Explanation • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Commentary • Boab Minerals Ltd acquired a 75% interest in the Sorby Hills lead-silver project in Western Australia on 5 October 2018. Yuguang (Australia) Pty Ltd and wholly owned subsidiary of Henan Yuguang Gold & Lead Co. Ltd (HYG) owning the remaining 25%. The Sorby Hills Project comprises five mining leases (M80/196-197 and M80/285-287) (see Table 2 below), all of which are currently held jointly between Sorby Hills Pty Ltd (75%) and Yuguang (Australia) Pty Ltd (25%). • In addition, Boab has 100% ownership over the Eight Mile Project which is immediately south of the Sorby Project area. Table 2: Sorby Hills Tenement Summary Tenement Area (km2) Boab Ownership % M80/196 9.99 75% 22/01/1988 21/01/2030 M80/197 9.95 75% 22/01/1988 21/01/2030 M80/285 5.57 75% 29/03/1989 28/03/2031 M80/286 7.89 75% 29/03/1989 28/03/2031 M80/287 8.15 75% 29/03/1989 28/03/2031 E80/5317 217 100% 05/03/2020 04/03/2025 Granted Expiry • The Mining Leases are centred at coordinates 128°57’E, 15°27’N. • The project area is approximately 50 km north-northeast of the township of Kununurra and covers a total area of 12,612.40 hectares (ha). • The Mining Leases were granted prior to the High Court acknowledging Native Title and therefore native title has been extinguished over the MLs. • The project area lies adjacent to proposed Goomig Range Conservation Park. • Tenure is in good standing until 2030 (in some cases, out to 2031. M80/286 & M80/197 have a current cultural clearance access agreement in place; for the remaining mining tenements normal cultural clearance plans would be required. No mining agreement has been negotiated. ____________________________________________________________________________________________________________________________________________________________________________________________________ Boab Metals Limited Page 13 Criteria Exploration done by other parties Geology JORC Code Explanation • • Acknowledgment and appraisal of exploration by other parties. Deposit type, geological setting and style of mineralisation. Commentary • The Sorby Hills area has been systematically explored by numerous companies since 1971. Prominent amongst these were ELF Aquitaine (19731981) with various JV partners (SEREM, St Joe Bonaparte & BHP), BHP (19811988), in JV with Triako; and CBH/Kimberley Metals/KBL Mining. • Previous work included, geologic mapping, soil geochemistry, airborne and ground geophysics and extensive drilling campaigns. • The Sorby Hills mineralisation is regarded as having many features typical of Mississippi Valley Type (MVT) deposits. Recent geological assessment has refined this to a carbonate-replacement system, with the bulk of the mineralisation focused on the contact between the Lower Knox Sediments and the Upper Sorby Dolomite. However, at the Beta deposit the mineralisation is hosted in the hanging wall of the Knox Formation and within the Lower part of the Upper Formation, specifically withing graphitic fossiliferous carbonate rocks. • The Sorby Hills mineralisation consists of 7 discrete and partly amalgamated carbonate-hosted Ag Pb Zn deposits (previously referred to as pods): A–J, Beta East, Beta West and Alpha. The deposits form a curvilinear north-south belt extending over 7 km, sub parallel to the eastern margin of the Precambrian Pincombe Inlier and within the Carboniferous Burt Range Formation of the Bonaparte Basin. • The bulk of the mineralisation is stratabound and hosted mainly on the contact between Knox Sediments and Sorby Dolomite and in dolomitic breccia which is typically developed at the contact of a crystalline dolomite unit and overlying dolomitic siltstone which generally dips shallowly to the east. • However, during the course of this work program at least one drill hole drilled deeper into the footwall also indicated a zone of intense hydrothermal breccia type of mineralization. While this style of mineralisation is sporadically referenced in the past its geometry is yet to be defined; its location in the hanging wall of a structure may suggest a genetic correlation which can serve as a guide to future targeting. • The stratabound deposits average 7–10 m in thickness, are from 2 km long and 100 to 500 m wide. There is some structural control to the mineralisation, with higher grade zones associated with faulting. Mineralisation is often thicker and/or of higher grade in areas of strong brecc