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US$40/oz US$35/oz US$30/oz US$25/oz September 2025 Corporate Presentation boabmetals.com.au Sorby Hills Project Lead Pays,, Silver Plays For personal use only
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2 Forward-Looking Statements Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company’s future performance. These forward-looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance and results in future periods to differ materially from any express or implied estimates or projections. General Disclaimer The information in this presentation remains subject to change without notice. This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company. Not an Offer This presentation is for information purposes only. The presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law. The presentation does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any shares in Boab Metals Limited. No Liability Boab Metals Limited has prepared this document based on information available at the time of preparation. No representation or warranty, express or implied is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Boab Metals Limited, its related bodies corporate and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. Compliance Statement The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. Information included in this presentation relating to Mineral Resources has been extracted from the Mineral Resource Estimate dated 17 December 2021, available to view at 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 FEED Study dated 19 January 2023 and 6 June 2024 respectively, 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. 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.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. Disclaimer 2 Boab Metals Limited ASX: BML For personal use only
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3 Boab Metals Investment Thesis 3 SILVER SNAPSHOT: THE CROSSROADS OF INDUSTRY AND INVESTMENT ✓ Industrial demand: Unmatched conductivity make silver critical for solar panels, EV electronic and central to the global energy transition. ✓ Supply squeeze: With primary mine output declining, most silver now coming only as a by-product, and recycling stuck at ~20%, supply cannot keep pace - entrenching a structural deficit. ✓ Value storage & safe-haven: As a monetary metal, silver is a store of value, moving with gold during inflationary or geopolitical uncertainty. ✓ Speculative kicker: gold–silver ratio, investor flows to silver EFTs, and leveraged futures trading all leading to amplified volatility — giving silver greater upside torque in bull markets. 1,164Moz Demand in 2024 • 58% Industrial Demand • 23% Jewellery & Silverware • 16% Coins and Bars 1,015Moz Supply in 2024 • 22% Primary Silver Mines • 58% as a by-product metal • 19% Recycled Silver Added to the U.S Government draft Critical Minerals List (August 25) The Sorby Hills Project provides investors development ready exposure to rising silver prices leveraging off robust project economics underpinned by a historically stable lead price Boab Metals Limited ASX: BML Source: Silver Institute 2025 Survey For personal use only
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4 Boab Metals Investment Thesis The Sorby Hills Project provides investors development ready exposure to rising silver prices leveraging off robust project economics underpinned by a historically stable lead price 4 LEAD SNAPSHOT: THE ORIGINAL BATTERY METAL ✓ Enduring Demand: A lead-acid battery is typically replaced two to three times in a Light Vehicle's average lifetime of around 12 years supporting a demand tail that will stretch decades. ✓ Indian Lead Demand: Indian consumption of refined lead is forecast to grow 5% YOY through to 2030. ✓ Silver Lining: High demand for silver bearing lead concentrates is delivering record low Concentrate Treatment Charges (negative US$65/t) ✓ Price Stability: A mature secondary market provides a buffer against price shocks, limiting the Lead price to a relative tight and predictable range. 13,185kt Demand in 2024 • 41% Replacement batteries • 13% New batteries • 34% Industrial batteries • 12% Non-battery uses 13,141kt Supply in 2024 • 32% Primary Lead • 68% Recycled Lead Market to remain tight as growth in production slows by more than in consumption Boab Metals Limited ASX: BML Source: CRU 2023-2025 For personal use only
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5 Viewed differently, the Sorby Hills Project may be considered a low-cost silver producer AISC = negative US$14/oz Ag Sorby Hills Project Cost structure delivering “free Silver” Boab Metals Limited ASX: BML Operating Costs covered by a non-volatile Lead Price Operating margin fully leveraged to Silver price movements. *Based on Spot Price of US$41/oz Ag Sorby Hills FEED Study AISC ex-Silver Credits US$0.81/lb Pb US$/lb Pb 1.0 2.0 0 10-Year average Lead Price1 US$0.94/lb Pb +/-US$0.10/lb Pb standard deviation Sorby Hills Net Silver Credits* US$0.58/lb Pb Sorby Hills Project Costs are more than covered by the 10-year average1 Lead Price Sorby Hills AISC ex Lead “Credits” US$51/oz Ag US$/oz Ag 0 50 -50 Sorby Hills Net Lead “Credits” US$65/oz Ag AISC = negative US$14/oz Ag Sorby Hills – A low-cost Silver Producer? 47% Margin 5 AISC = All in Sustaining Cost or “Breakeven” cost Project Costs Project Revenue 1 As at 12 September 2025 Increasing Silver Price -1 Std +1 Std For personal use only
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6 -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% Sorby Hills Project Delivering leveraged Silver exposure to Boab’s Investors Boab Metals Limited ASX: BML 6 ▪ Since the acquisition of the Sorby Hills Project in June 2018, Boab’s share price has exhibited a strong correlation with movements in the price of Silver. ▪ Significant positive movements in Silver price correspond to leveraged positive movements in the Boab share price Rolling 30-day average daily % changes in USD Silver price & BML share price BML 30-day Avg Daily % Change USD Silver 30-day Avg Daily % Change -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 30 Day Average Daily Return ASX:BML US$ Silver For personal use only
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7 Sorby Hills Project Development Ready • Tier-1 Jurisdiction, Located 50km northeast of Kununurra, Western Australia, sealed road to Wyndham Port (150 km) • Large scale and well defined 47.3Mt Silver-Lead Resource (123g/t AgEq)1 including 53Moz contained Silver • DFS & FEED Studies Complete for stage 1 Operations NPV8 A$705M and IRR >53% at current macroeconomics2 • High-Quality Processing Plant secured from Sandfire Resources DeGrussa project for use at Sorby Hills • All significant Environmental Approvals received • Forecast annual Silver production of ~2.2Moz, positioning Sorby Hills among the top silver producers in Australia • Exceptional Silver Exposure – Operating costs covered by lead revenue delivering an AISC negative US$14/oz Ag • Strong Financing & Partnerships – Trafigura offtake agreement in place with US$30M prepayment. Advanced discussions with debt financiers progressing • Targeting a Final Investment Decision (“FID”) Q4 2025 • Significant Growth & Exploration Upside – Resource expansion and Mine life extension at Sorby Hills in addition to 100% owned regional strategic projects Figure: Location of the Sorby Hills Project 1. See Appendix for Resource breakdown and Metal Equivalent Assumptions 2. See Slide 4 for current macroeconomic assumptions Boab Metals Limited ASX: BML 7 For personal use only
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8 NPV8 A$411M IRR 37% Strong pre-tax economics A$264M pre-production Capex (material cost reduction anticipated resulting from DeGrussa acquisition) Average Annualised Production 103kt Lead-Silver concentrate 68kt Lead and 2.2Moz Silver C1 cash cost US$0.36/lb payable Pb Incl. net Silver credit of US$0.37/lb payable Pb A$126M p.a. Average EBITDA 2.25Mtpa Initial 8.5 Year Mine Life A$1.1B Operating Cash Flow Sorby Hills Project Front-End Engineering & Design FEED Study Highlights Boab Metals Limited ASX: BML 8 FEED Study Macroeconomic Assumptions Pb: US$2,252/t (A$3,312/t), Ag: US$27.4/oz (A$40.4/oz), FX: 0.68, Lead TC: US$125/t Spot Macroeconomics As at 12 September 2025 • Lead: A$2,997/t • Silver: A$63.1/oz • FX: 0.66 AUD:USD • Spot Lead TC: minus US$65/t1 NPV8 = A$705M IRR = 53% 1. Average of Spot TCs published by CRU and WoodMac for May 2025 Shallow high grade and Low Strip Ore delivering strong low risk early cashflows and rapid payback For personal use only
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Acquisition of the DeGrussa Processing Plant from Sandfire Resources significantly reduces and derisks project execution timeline Sorby Hills Project A head start on project delivery For personal use only
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10 Sorby Hills Project A standout investment among peers 10 Boab Metals Limited ASX: BML See Appendix for supporting information and BML Metal Equivalent Calculations Project Sorby Hills Bowdens Wonawinta Paris Jervois Location Western Australia New South Wales New South Wales South Australia Northern Territory Company Boab Metals Silver Mines Manuka Resources Investigator Resources KGL Resources Ticker ASX: BML ASX: SVL ASX: MKR ASX: IVR ASX: KGL Market Cap (12-Sep-25) A$78M A$314M A$36M A$52M A$111M Resource 47.3Mt @ 35g/t Ag, 3.1% Pb, 0.4%Zn (123g/t AgEq.) 179Mt @ 31g/t Ag, 0.4% Zn, 0.3%Pb (58g/t AgEq.) 38.5Mt @ 41g/t Ag, 0.5%Pb 24Mt @ 73g/t Ag 0.4% Pb 29.0Mt @ 25g/t Ag, 1.8% Cu, 0.2g/t Au Reserves 15.2Mt @ 39g/t Ag, 3.5%Pb 32.8Mt @ 68g/t Ag, 0.4%% Zn, 0.3%Pb 6.4Mt @ 57g/t Ag Nil 14.4Mt @ 28g/t Ag, 1.8% Cu, 0.3g/t Au Silver Reserves 19.1Moz 71.1Moz 11.6Moz Nil 12.8Moz Latest Study FEED Study (June 2024) Optimised Feas. Study (December 2024) Restart Study (May 2025) Pre-Feasibility Study (November 2021) Feasibility Study Update (February 2025) Project Status FID pending Finance Progressing Approvals Restart pending Finance Undertaking DFS FID pending Finance Offtake Status Awarded to Trafigura + US$30M Prepay Not yet awarded Sales direct to Refinery Sales direct to Refinery Awarded to Glencore Process Plant 2nd Hand Plant Acquired Not yet built Existing Processing Plant Not yet built Not yet built Approvals Status Environmental Approvals received Development Application pending Approvals in place Mining Lease Application Pending Approvals in place For personal use only
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11 Sorby Hills Project Poised to be a Major Silver Producer 11 Boab Metals Limited ASX: BML 546kt Payable Lead A$1.6B Revenue 17.2Moz Payable Silver A$1.1B Revenue Sorby Hills Revenue Split A$2,997/t Pb and A$63.1/oz Ag 60% 40% Company Asset Silver Production (koz)* S32 Cannington 10,292 MMG Rosebery 2,414 Boab Metals Sorby Hills 2,191 Avg annualised production Glencore Mt Isa, George Fisher 2,189 MMG Dugald River 1,853 Glencore McArthur River 1,760 BHP South Australia 913 29 Metals Golden Grove 882 Evolution All Assets 827 *Source FY24 and FY25 Annual Reports List is not exhaustive Forecast Sorby Hills silver production versus established silver producers within Australia For personal use only
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12 2024 - 2025 ✓ Completion of a Front-End Engineering & Design Study (“FEED Study”) delivering improved project economics1. ✓ Executed Agreement to acquire 100% Sorby Hills upon Final Investment Decision2. ✓ Executed Binding Offtake and US$30 Million Prepayment Facility with Trafigura3. ✓ EPA Part IV and EBPC approvals recieved4,6. ✓ Executed Agreement to Purchase the DeGrussa Processing Plant from Sandfire Resources5. 1. ASX Release 6 June 2024 2. ASX Release 23 September 2024 3. ASX Release 10 December 2024 4. ASX Release 23 December 2024 5. ASX Release 30 April 2025 6. ASX Release 3 September 2025 12 Recent achievements provide Boab with significant momentum heading into FID 2022 - 2023 ✓ Completion of the Sorby Hills Definitive Feasibility Study (“DFS”)1. ✓ Heads of Agreement to source power from the Ord-River Hydroelectric Plant executed with Horizon Power2. ✓ Port Access Agreement executed with port operators Cambridge Gulf3. ✓ 178-person Accommodation Facility acquired and relocated to site4. 1. ASX Release 19 January 2023 2. ASX Release 22 April 2022 3. ASX Release 31 March 2022 4. ASX Release 15 September 2022 Boab Metals Limited ASX: BML Sorby Hills Project Progressing toward a Final Investment Decision For personal use only
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13 13 Boab Metals Limited ASX: BML • Boab have executed a US$30M Prepayment Facility terms sheet with Trafigura1. • Additionally, non-binding terms sheets2 have been received from domestic and international financiers. • Based on the terms sheets received, Boab is confident of securing a financing solution for Sorby Hills that achieves the level of gearing targeted by the Company. • The Company is targeting FID in H2 2025. Positive Project progress has supported meaningful progress with financiers 1. ASX Release 10 December 2024, Financial Close and drawdown of the Prepayment Facility are subject to, amongst other things, the execution of definitive agreements, the finalisation of due diligence to Trafigura’s satisfaction and the Project being fully funded. 2. Terms sheets are non-binding, discussions remain preliminary and there is no certainty that a binding agreement will be reached." Sorby Hills Project Project Financing For personal use only
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14 Sorby Hills Project Acquisition of the DeGrussa Processing Plant 14 Boab Metals Limited ASX: BML Acquisition Terms Total price of A$10M, comprising: • Deposit paid: A$0.5M cash and A$1.0M shares issued to Sandfire Resources • Tranche 1 Payment: A$6.0M paid upon completion (incl. Final Investment Decision) and funded from proceeds of the Sorby Hills project construction financing. • Tranche 2 Payment: A$2.5M paid within 12 months of first sale of concentrate from the Sorby Hills Project. Derisking Project Execution from both a procurement and capital cost perspective ASX Release 30 April 2025 For personal use only
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15 Sorby Hills Project DeGrussa Process Plant: An Ideal Fit All major components for the Sorby Hills Process Plant have been secured via the DeGrussa Process Plant acquisition Fit for purpose specifications to deliver the targeted 2.25Mtpa throughput with minimal changes Extensive list of new spares included in the acquisition. Boab commenced a competitive tender process to price the relocation, reconstruction and refurbishment during Q3 2025 with tender completion expected Q4 2025 Boab Metals Limited ASX: BML 15 Figure: 3D Model of the Sorby Hills Process Plant produce by GRES during FEED showing key components of the design that have been secured via the acquisition of the DeGrussa Processing Plant. SAG Mill Ball Mill Tailings Thickener Concentrate Thickening & Filtration Flotation Circuit Primary Crusher Crushed Ore Storage Bin For personal use only
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16 Sorby Hills Project High Quality Concentrate Boab Metals Limited ASX: BML 16 Wyndham Port located just 150km from Sorby Hills by existing sealed road. Port Access Agreement executed with port operators Cambridge Gulf Concentrate to be transported from site to Wyndham in sealed containers. 873kt of Concentrate shipped at an average 103kt per annum. • Average 65.8% Lead. • Average 664 g/t Silver. Highly competitive process including global traders and smelters has demonstrated the attractiveness of the Sorby Hills concentrate product. Figure: Loading at Wyndham Port For personal use only
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17 Sorby Hills Project Offtake and Prepayment Agreement Boab Metals Limited ASX: BML 17 Attractive and flexible offtake terms from global commodities trader Trafigura US$30M Prepayment represents a cornerstone element of targeted financing plan for Sorby Hills. Terms of the Agreement with Trafigura Binding Prepayment Term Sheet • US$30M for the development and construction of Sorby Hills. • 5 Year Term, 18 Month repayment grace period. • Interest Rate of Term SOFR + 5%. • Repaid via monthly instalments following the grace period. Binding Offtake Agreement • 75% of the lead-silver Concentrate produced at Sorby Hills. • Minimum Quantity of 531kt (~7 years based on the FEED Study). • Market standard metal pricing and metal payabilities. • Ability for Boab to scale back Offtake Percentage and Minimum Quantity should the Prepayment Facility not proceed or Boab’s sources alternative financing. ASX Release 10 December 2024 For personal use only
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18 Sorby Hills Project Agreement to acquire 100% Interest Boab Metals Limited ASX: BML 18 Further Project value attributable to Boab upon acquisition +218kt Concentrate +137kt Payable Lead +4.3Moz Payable Silver +A$103M NPV based on the Sorby Hills FEED Study - ASX Release 6 June 2024 Terms of the Agreement 12-month option for Boab to acquire remaining 25% interest in Sorby Hills from existing JV partner. Full control over joint venture budgets and work programs during the Option Period. Should the Option be exercised, Boab will pay: • Tranche 1: A$12.5M upon reaching a Final Investment Decision at Sorby Hills; • Tranche 2: A$5.5M payable within 12 months following first concentrate production; and • Tranche 3: A$5.0M payable within 18 months following first concentrate production. Importantly, the Option Agreement requires no immediate payment and provides a new basis on which to engage potential financiers. ASX Release 23 September 2024 For personal use only
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19 Sorby Hills Project Potential Share Price Catalysts Boab Metals Limited ASX: BML 19 Q4 2025 • Complete competitive contract tender to relocate, reconstruct and refurbish the DeGrussa Processing Plant at Sorby Hills. • Commencement of early site works. • Secure additional non-dilutive debt finance to support funding of the Sorby Hills Project. • Finalise regulatory approvals required to commence construction at Sorby Hills. • Final Investment Decision at Sorby Hills. • Potential mine life extensional drilling1 1 Subject to drilling approvals being received with sufficient time remaining to mobilise drilling rig and complete the program before the seasonal wet weather arrives. For personal use only
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20 Board and Project Delivery Team 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 Board and Management with a proven track record in project development 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. Simon Noon Managing Director & CEO 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 Boab Metals Limited ASX: BML 20 Geologist with over 30 years’ experience in technical, commercial, marketing and finance within the exploration and mining industry. Richard Monti Non-Exec. Director Seasoned mining executive with over 28 years’ experience in the development and operation of large-scale mining projects across Australia and internationally. He has held senior executive and project leadership roles with leading resources companies including BHP, Peabody, Mineral Resources, Downer Mining, and Thiess, as well as board positions with ASX-listed companies. Russell Taylor Project Director For personal use only
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21 • ASX-listed base and precious metals developer and explorer. • Advancing toward Final Investment Decision on Sorby Hills. • Board & Management team with a proven track record in development. • Top 20 shareholders hold 36% of issued capital. Share Price A$0.28 Shares on Issue 279 million shares Market Cap A$78 million Debt Nil Cash A$7.2 million1 Performance Rights 7,600,000 # Holder Name 12 Sep 2025 1 Villiers Queensland PL 5.67% 2 Citicorp Nominees Pty Limited 4.84% 3 BNP Paribas Nominees Pty Ltd 4.00% 4 Zero Nominees Pty Ltd 3.44% 5 Sandfire Resources Ltd 2.98% Capital Structure (12 September 2025) Top 5 Shareholders Share Price History 1. As at 11 September 2025. In addition to the $7.3m existing cash reserves the company has a $4.1m At the market (ATM) Facility available for use at the company’s absolute discretion 21 Boab Metals Limited ASX: BML Boab Metals Corporate Snapshot 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Share Price (A$/sh) Volume (M Shares) Volume Share Price For personal use only
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22 Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab-metals Thank You 22 For personal use only
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23 Appendix Appendix 23 For personal use only
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24 Sorby Hills Project Strategic Growth Opportunities Vision to establish a long-life presence in the east Kimberley Region Figure: Location of the Manbarrum Project, Eight Mile Creek Project and Keep n-Pb Target relative to Sorby Hills. Manbarrum Zn-Pb-Ag 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. 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 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. Eight Mile Creek (Pb-Ag-Zn) Keep Zn-Pb Target Boab Metals Limited ASX: BML 24 ASX Release 22 October 2024 For personal use only
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25 Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster • 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. Images: Ord Valley Muster 2023 and Simon Noon - Managing Director/CEO with team at Teach Learn Grow, East Kimberley Boab Metals Establishing Deep Roots within the Local Community 25 Boab Metals Limited ASX: BML For personal use only
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26 Sorby Hills Project High Quality Resource Deposit Tonnes (Mt) Grade Contained Metal Pb Zn Ag PbEq1 Pb Zn Ag % % g/t % kt kt 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 Figure: Location of the Sorby Hills Resources See ASX announcement 17 December 2021 1. See Appendix for Lead & Silver Equivalent calculation method A different perspective - 47.3Mt @ 123g/t Silver Equivalent 26 Boab Metals Limited ASX: BML For personal use only
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27 Sorby Hills Project Low Risk Open Pit Ore Reserve See ASX announcement 19 January 2023 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) Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) Proved 10.4 3.5% 42 358 14.1 Probable 4.9 3.5% 32 172 5.0 Total Ore Reserve 15.2 3.5% 39 531 19.1 FEED Study Production Target Ore Reserve Statement 1. See Appendix for Lead Equivalent calculation method Figure: DFS pit shells with respect to the Resource block model Production Target underpinned 83% by Measured and Indicated Resources. Including 95% Measured and Indicated Resources over the first 7 years of production. 57%26% 17% Measured Indicated Inferred Boab Metals Limited ASX: BML 27 For personal use only
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28 PHYSICALS SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 ROM Mined Mt 18.3 - 0.4 2.1 2.3 2.4 2.5 2.3 2.0 1.1 3.0 0.3 - Waste Mined Mt 134.6 - 3.8 11.7 14.3 25.7 25.4 21.0 17.3 13.0 4.2 0.2 - % Measured % 56.7% - 67.3% 91.7% 64.7% 72.0% 89.7% 71.8% 47.7% 16.6% - - - % Indicated % 26.5% - 32.7% 8.3% 35.3% 27.2% 8.9% 26.7% 49.7% 30.6% 31.1% - - % Inferred % 16.8% - - - - 0.9% 1.4% 1.5% 2.7% 52.8% 68.9% 100.0% - Lead Grade % 3.4% - 3.8% 4.1% 3.2% 3.8% 3.3% 3.1% 3.1% 3.6% 3.4% 2.9% - Silver Grade g/t 39 - 24 39 28 60 50 22 27 42 41 50 - Processed Tonnes Mt 18.3 - - 1.39 2.25 2.26 2.25 2.25 2.25 2.26 2.25 1.11 - Lead Grade % 3.4% - - 5.5% 3.4% 4.0% 3.5% 3.1% 3.0% 2.5% 3.5% 3.0% - Silver Grade g/t 39 - - 47 30 59 54 24 27 30 41 41 - Lead Recovery % 91.6% - - 90.9% 94.1% 90.0% 88.0% 92.7% 94.7% 93.8% 90.3% 90.3% - Silver Recovery % 81.7% - - 87.2% 86.2% 82.2% 81.4% 86.9% 86.9% 85.7% 70.4% 70.3% - Concentrate Produced kt 873 - - 109 110 126 112 99 98 80 97 42 - Lead Grade % 65.8% - - 64.2% 65.6% 63.5% 62.4% 65.9% 66.0% 65.7% 72.2% 72.3% - Silver Grade g/t 664 - - 529 532 860 878 479 535 730 677 770 - Payable Lead kt 546 - - 61 69 79 65 63 63 50 68 30 - Payable Silver Moz 17.2 - - 1.5 1.7 3.2 3.0 1.4 1.5 1.8 2.0 1.0 - Sorby Hills Feed Study Life of Mine Physicals Boab Metals Limited ASX: BML 28 For personal use only
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29 FINANCIAL SUMMARY Unit Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Lead Revenue A$M 1,803 - - 198 225 260 215 207 208 165 226 98 1,803 Silver Revenue A$M 693 - - 59 69 131 121 57 62 71 82 40 693 Total Revenue A$M 2,496 - - 257 295 392 337 264 269 236 308 138 - TR/RCs A$M (191) - - (21) (23) (30) (26) (21) (21) (18) (22) (10) - Royalties A$M (95) - - (10) (11) (14) (12) (10) (10) (9) (12) (5) - Net Revenue A$M 2,209 - - 227 260 347 299 233 238 210 274 123 - Logistics A$M (117) - - (14) (15) (17) (15) (13) (13) (11) (13) (6) - Mining A$M (547) - - (51) (62) (94) (93) (81) (71) (54) (36) (4) - Processing A$M (388) - - (38) (47) (47) (47) (47) (47) (47) (47) (24) - G & A A$M (88) - - (10) (10) (10) (10) (10) (10) (10) (10) (5) - Operating Cash Flow A$M 1,069 - - 114 126 180 134 81 96 88 167 84 - Pre-production Capex A$M (264) (131) (133) - - - - - - - - - - Sustaining Capex A$M (26) - - (12) (1) (3) (1) (0) - - - (5) (4) Project Cash Flows A$M 778 (131) (133) 101 125 177 133 81 96 88 167 78 (4) NPV8 A$M 411 IRR % 37 Average EBITDA A$M 126 Sorby Hills Feed Study Life of Mine Cashflows Boab Metals Limited ASX: BML 29 For personal use only
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30 Sorby Hills FEED Study Capital Cost Breakdown Item Pre-Production (A$M) Sustaining (A$M) Total (A$M) EPC Contract 134.9 - 134.9 Site Est / Bulk Earthworks 31.9 4.9 36.9 Water Management 8.1 11.7 19.8 Accommodation Village 11.5 - 11.5 Other Infrastructure 8.5 0.6 9.1 Owners Costs 32.0 - 32.0 Contingency 22.7 - 22.7 Pre-Production Opex 15.0 - 15.0 Closure Costs - 9.3 9.3 Total Capital Costs 264.5 26.5 290.9 Total upfront capital cost of A$264M including A$22.7M contingency. ~66% of capital costs underpinned by tendered pricing, including an updated Process Plant EPC pricing following the completion of Front-End Engineering & Design by GRES. A$32M Owner Costs including operational readiness items such as critical spares and owner’s team. Opportunities being explored to further reduce upfront capital costs and project implementation risk. Boab Metals Limited ASX: BML 30 For personal use only
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31 Sorby Hills FEED Study Operating Cost Breakdown Unit Operating Costs based on 18.3Mt of Ore, 546kt of Payable Lead, average exchange rate of AUD:USD 0.68 and average Silver price of US$27.4/oz. Item Total (A$M) Unit Costs A$/t ore US$/lb payable Pb Logistics 117 6.4 0.07 Mining 547 30.0 0.31 Processing 388 21.3 0.22 G & A 88 4.8 0.05 Lead Treatment 160 8.8 0.09 C1 Costs (ex-Credits) 1,300 71.2 0.74 Net Silver Credits (661) (36.2) (0.37) C1 Costs 639 35.0 0.36 Royalties 95 5.2 0.05 Sustaining Capital 26 1.4 0.01 AISC 760 41.6 0.43 Competitive C1 cash cost of US$0.36/lb payable Pb (including Silver Credits). ~80% of Mining Costs underpinned by tendered pricing. Opportunity to reduce Process costs through the optimisation of back-up power requirements. Boab Metals Limited ASX: BML 31 For personal use only
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32 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Sorby Hills Project 2027 Lead Cost Curve (ex-works basis) US$/t Lead Low risk open cut mining and high process plant throughput drives low operating cost relative to global peers. CRU, Independent Market Consultant Report for Boab Metals’ Sorby Hills Pb-Ag Project (Sept 2023). Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project on the Global Lead cost curve Boab Metals Limited ASX: BML 32 For personal use only
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33 Sorby Hills Project Comparison of Resource/Reserves (as at 12 September 2025) Boab Metals Limited ASX: BML 33 All figures have been rounded to the nearest whole number Project Sorby Hills Bowdens Wonawinta Paris Jervois Commodity Lead-Silver-Zinc Silver-Lead-Zinc Silver Silver Copper-Silver-GOld Company Boab Metals Limited Silver Mines Limited Manuka Resources Limited Investigator Resources Limited KGL Resources Limited Ticker BML SVL MKR IVR KGL Reserves Proved 10.4Mt @ 42g/t Ag 3.5% Pb 32.8Mt @ 69g/t Ag, 0.4% Zn, 0.3% Pb - - 4.2Mt @ 31g/t Ag, 1.8% Cu, 0.3g/t Au Probable 4.9Mt @ 32g/t Ag, 3.5% Pb 1.3Mt @ 51g/t Ag, 0.2% Zn, 0.2% Pb 6.2Mt @ 56g/t - 10.2Mt @ 26g/t Ag, 1.8% Cu, 0.3g/t Au Total Silver Reserves 15.2@ 39g/t Ag, 3.5% Pb 32.8Mt @ 68g/t Ag, 0.4% Zn, 0.3% Pb 6.2Mt @ 56g/t - 14.4Mt @ 28g/t Ag, 1.8% Cu, 0.3g/t Au Resources Measured 12.6Mt @ 43g/t Ag, 3.5% Pb, 0.4% Zn 100Mt @ 42 g/t Ag, 0.4% Zn, 0.3% Pb 1.1Mt @ 47g/t Ag, 0.7% Pb - 4.4Mt @ 33g/t Ag, 1.9% Cu, 0.3g/t Au Indicated 11.0Mt @ 34g/t Ag, 3.4% Pb, 0.4% Zn 43Mt @ 21 g/t Ag, 0.4% Zn, 0.3% Pb 12.3Mt @ 46g/t, 0.8% Pb 17Mt @ 75g/t Ag, 0.5% Pb 13.2Mt @ 29g/t Ag, 2.0% Cu, 0.3g/t Au Inferred 23.6Mt @ 31g/t Ag, 2.7% Pb, 0.5% Zn 36Mt @ 14g/t Ag 0.4%Zn, 0.3% Pb 24.9Mt @ 39g/t, 0.4% Pb 7.2Mt @ 67g/t Ag, 0.4% Pb 11.3Mt @ 16g/t Ag, 1.5%Cu, 0.2g/t Au Total Silver Resources 47.3Mt @ 35g/t Ag, 3.1% Pb, 0.4%Zn 179Mt @ 31g/t Ag, 0.4% Zn, 0.3% Pb 38.3Mt @ 41g/t Ag, 0.5%Pb 24Mt @ 73g/t Ag 0.4% Pb 29.0Mt @ 25g/t Ag, 1.8% Cu, 0.2g/t Au Source Corporate Presentation September 2025 Restart Study - 30 May 2025 2024 Annual Report Corporate Presentation March 2025 For personal use only
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34 Feed Study Macroeconomic Assumptions The contained metal equivalence formula is based on the Sorby Hills FEED Study including: • Lead Price US$2,253/t; and • Silver Price US$27.4/oz. Lead Equivalent Calculations • Silver recovery of 82% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. Silver Equivalent Calculations • Lead recovery of 91% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. Pb Ag It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate lead equivalent grade is: Metal Eq (percent) = Gpri + (Gpri × [∑i Ri Si Vi Gi ]/(Rpri Spri Vpri Gpri)) where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. The metal prices are based on the DFS values adopted and do not reflect the metal prices that a smelter would pay for concentrate nor are any smelter penalties or charges included in the calculation. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. Assumption Unit 2025 2026 2027 2028 2029+ Lead Price US$/t 2,259 2,268 2,269 2,254 2,251 Silver Price US$/oz 24.8 25.8 26.4 27.3 27.5 Exchange Rate A$:US$ 0.70 0.70 0.70 0.69 0.68 Metal Equivalent Calculations 34 Boab Metals Limited ASX: BML For personal use only