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BUILDING AUSTRALIA’S NEXT SILVER -LEAD PRODUCER SEPTEMBER 2026 BO A B M E T A L S L I M I T E D | ASX: B M L
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Boab Metals Disclaimer Boab Metals Disclaimer BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Forward-Looking Statements Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company’s future performance. These forward- looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance and results in future periods to differ materially from any express or implied estimates or projections. General Disclaimer The information in this presentation remains subject to change without notice. This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company. Not an Offer This presentation is for information purposes only. The presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law. The presentation does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any shares in Boab Metals Limited. No Liability Boab Metals Limited has prepared this document based on information available at the time of preparation. No representation or warranty, express or implied is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Boab Metals Limited, its related bodies corporate and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. Compliance Statement The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. Information included in this presentation relating to Mineral Resources has been extracted from the Mineral Resource Estimate dated 17 December 2021, available to view at boabmetals.com. The Company confirms that it is not aware of any new information that materially affects the information included in the Mineral Resource Estimate and that all material assumptions and technical parameters underpinning the estimates, continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Mineral Resource Estimate. Information included in this presentation relating to Ore Reserves, Production Targets and Financial Forecasts has been extracted from the Sorby Hills Definitive Feasibility Study and FEED Study dated 19 January 2023 and 6 June 2024 respectively, available to view at www.boabmetals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserve Statement and that all material assumptions and technical parameters underpinning the estimates, production targets and financial forecasts continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Ore Reserves Statement. Information included in this presentation relating to Exploration Results has been extracted from the ASX Announcements titled “KEEP confirmed as a Target for Further Exploration” dated 22 October 2024, “Significant Intercepts at Sorby Hills” dated 8 November 2023, “Amended Drilling Announcement” dated 4 September 2023”, “Assays Confirm Further Positive Outcome for Sorby” dated 23 January 2023, “High-Grade Lead-Silver Confirmed at Beta Deposit” dated 1 February 2022 available to view at www.boabmetals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the form in which they were first presented. 2
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Boab Metals ABOUT US Boab Metals ABOUT US Boab Metals Limited (ASX:BML) is an Australian resources company specialising in the exploration, development, and production of base and precious metals. Based in Perth Western Australia, Boab is positioning to become a significant new producer of silver and lead, capitalising on strong silver and lead market fundamentals to deliver long-term shareholder value. Boab also holds a portfolio of exploration assets with the potential to support future resource growth and mine life extensions. BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 3 AUSTRALIA’S NEXT SILVER-LEAD PRODUCER
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Boab Metals Discover Sorby Hills Boab Metals DISCOVER SORBY HILLS Boab's flagship Sorby Hills silver-lead project in the East Kimberley is Australia’s largest undeveloped, near-surface silver-lead deposit. This 100% owned project is fully funded and under construction, targeting first production in the second half of 2027. Boab is taking a capital efficient approach to developing Sorby Hills, leveraging existing regional infrastructure and repurposing major assets to reduce capital costs, construction timeline and the need for new infrastructure. BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 4 Strength Detail Ownership 100% Jurisdiction Tier-1 Western Australia Mining Method Near-surface open-pit – low complexity Funding >A$350M secured (A$236M debt + A$117M equity) Offtake Binding agreement with Trafigura Plant DeGrussa processing plant acquired from Sandfire Resources Timeline First concentrate H2 2027
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Boab Metals CORPORATE SNAPSHOT BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Capital Structure 04 /09/2026 Shares on Issue 1 578 m Share Price 45 cps Market Capitalisation $260m Cash Position $49m (31 August 2026) Debt Outstanding Nil Enterprise Value $211 m ASX-listed base and precious metals developer and explorer. Final Investment Decision achieved on Sorby Hills. Board & Management team with proven track record in development. Top 20 shareholders hold 46% of issued capital. Top Five Shareholders # Holder Name 04/09/ 2026 1 Citicorp Nominees Pty Limited 14.60% 2 JP Morgan Nominees Australia PL 7.45% 3 B N P Paribas Nominees Pty 6.37% 4 HSBC Custody Nominees 2.94% 5 Villiers Queensland PL 2.21% 1 13.7m Performance rights Substantial Shareholders # Holder Name (Last Notice) 5 February 2026 1 Franklin Resources Inc. 7.12%
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BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 6 Boab Metals INVESTMENT THESIS Unlocking value through systematic Project derisking Resource Definition Project Studies and Permitting Construction Phase Operations Phase/ Mine Life Extension Drilling BML acquires Sorby Hills in 2018 Completion of Project Feasibility Studies and receipt of EPBC and EPA Approvals BML increase the Sorby Hills Resource by 2.8x Q4 – 2025, Boab Raises +A$350M Debt and Equity to Fully Fund Sorby Hills development Relative Value On Track for first Production in H2 2027 Source, Lassonde Curve: Adapted from Lassonde, P. – Franco-Nevada Corporation
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SILVER SNAPSHOT: AT T H E CROSSROADS OF INDUSTRY & INVESTMENT Ag Silver 47 Source: Silver Institute Nov 2025 Interim / World Silver Survey 2025 BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Boab Metals OUR COMMODITIES - SILVER 7 Unmatched conductivity makes silver critical for solar panels, EV electronics and central to the global energy transition. INDUSTRIAL DEMAND As a moneta ry metal, silver is a store of value, moving with gold during inflationary or geopolitical uncertainty. VALUE STORAGE & SAFE HAVEN With primary mine output declining, most silver now coming only as a by -product, and recycling stuck at ~20%, supply cannot keep pace – entrenching a structural deficit. SUPPLY SQUEEZE Gold -silver ratio, investor flows to silver EFTs, and leveraged futures trading all leading to amplified volatility – giving silver greater upside torque in bull markets. SPECTULATIVE KICKER Source: Silver Institute Nov 2025 Interim / World Silver Survey 2025
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Source: Silver Institute Nov 2025 Interim / World Silver Survey 2025 BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Boab Metals OUR COMMODITIES - LEAD 8 A led -acid battery is typically replaced two to three times in a light vehicle's average lifetim e of around 12 years, supporting a demand tail that will stretch decades. ENDURING DEMAND Indian consumption of refined lead is forecast to grow 5% YOY through to 2030. INDIAN LEAD DEMAND High demand for silver bearing lead concentrate is delivering record low Concentrate Treatment Charges (negative US$65/t). SILVER LINING A Mature secondary market provides a buffer against price shocks, limiting the lead price to a relative tight and predictable range. PRICE STABILITY Pb Lead 82 LEAD SNAPSHOT: T H E ORIGINAL B A T T E R Y METAL Source: ILZSG Statistical Bulletin Oct 2025
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SORBY HILLS BO A B M E T A L S L I M I T E D | ASX: B M L 9 PROVIDING INVESTORS WITH EXPOSURE TO RISING SILVER PRICES WHILE LEVERAGING ROBUST PROJECT ECONOMICS UNDERPINNED BY A HISTORICALLY STABLE LEAD PRICE
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The fully funded Sorby Hills Project is a near-term production asset in a Tier 1 jurisdiction. 1. ASX Release 6 June 2024 Boab Metals INVESTMENT THESIS BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 10 Jurisdiction, Orebody & Processing Funding & Commercial De-risking Execution Status • Low-risk Shallow open pit mining operation • Stage 1 production, 8.5 years , ~2.2Moz silver and 68kt lead per year 1 • Conventional flotation processing, delivering strong recoveries in both silver and lead. • Offtake agreement with Trafigura over 50% of silver -lead concentrate • ~A$350m funding package secured to fully fund the Project through to production • 100% project ownership recently secured • DeGrussa processing plant acquisition completed • Final investment decision made • Construction underway • First concentrate targeted H2 2027
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Company Asset Silver Production (koz )* S32 Cannington 10,292 Glencore Mt Isa, George Fisher 3,909 MMG Rosebery 2,414 Boab Metals Sorby Hills 2,191 (Average annualised production) MMG Dugald River 1,853 Glencore McArthur River 1,760 B H P South Australia 913 29 Metals Golden Grove 882 Evolution All Assets 827 Sorby Hills Project A NEW FORCE IN SILVER BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 *Source FY24 and FY25 Annual Reports. List is not exhaustive 11 Figure: Location of the Sorby Hills Project The Sorby Hills Project is set to become one of the heavyweights in Australian silver mining.
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Sorby Hills Project FEASIBILITY STUDY BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 12 NPV8 A$411M IRR 37% Strong pre-tax economics A$264M pre-production Capex (material cost reduction anticipated resulting from DeGrussa acquisition) Average Annualise 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 Shallow high grade and Low Strip Ore delivering strong low risk early cashflows and rapid payback FEED Study Highlights SORBY HILLS REVENUE SPLIT 546kt Payable Lead A$1.8b revenue Assuming a spot silver price² of US$60/oz, silver is expected to contribute over 50% of forecast revenue. 1. ASX Release 6 June 2024 2. As at 15 July 2026, Ag US$60/oz, Pb = US$1,875/t Based on FEED Study Assumptions inc Silver @ US$27.4/oz 17.2Moz Payable Silver A$0.7b revenue
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Sensitivity analysis in the FEED Study demonstrates that a A$1 increase in the silver price increases Project NPV by approximately A$10m¹,². Silver is currently trading >100% above the price assumed in the FEED Study. Boab Metals INVESTMENT THESIS BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 13 FEED Study (NPV8 A$411M) based US$27.4/oz Silver Price Silver Leverage 1. ASX Release 6 June 2024 2. See Appendix for F E E D Study sensitivity analysis
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2.0 0 1.0 US$/lb Pb Sorby Hills FEED Study AISC ex-Silver Credits US$0.81/lb Pb 10-Year average Lead Price ** US$0.94/ lb Pb +/-US$0.10/ lb Pb standard deviation Sorby Hills Net Silver Credits* US$0.84/ lb Pb INCREASING SILVER PRICE * Based on spot price of US$ 60/oz Ag ** Asat June 2026 55% MARGIN Operating costs covered by a non-volatile lead price. Operating margin fully leveraged to silver price movements. Sorby Hills Project Costs are more than covered by the 10-year average 1 Lead Price 50 -50 0 US$/oz Ag Sorby Hills AISC ex Lead “Credits” US$51/oz Ag Sorby Hills Net “Lead Credits” US$65/oz Ag AISC = negative US$14/oz Ag AISC = All in sustaining cost or ‘break even’ cost The Sorby Hills Project is a low -cost silver producer. AISC = negative US$14/oz Ag Sorby Hills Project COST STRUCTURE DELIVERING ‘FREE SILVER’ BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Opex Revenue 14
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57% Measured 17% Inferred FEED STUDY PRODUCTION TARGET Pit Total (Mt) Waste (Mt) ROM (Mt) Pb (%) Ag (g/t) PbEq (%) AgEq (g/t) AgEq (Moz) Strip Ratio Pit A 4.1 3.7 0.5 3.7 16.4 5.2% 56 0.9 8.1 Pit B 14.8 12.6 2.3 3.2 17.4 4.8% 52 3.8 5.5 Omega South 21.1 18.3 2.8 2.9 29.5 5.6% 61 5.5 6.5 Omega Main 57.7 50.3 7.4 3.6 38.7 7.2% 78 18.4 6.8 Norton 21.4 19.5 1.9 4.0 78.5 11.3% 122 7.4 10.0 Beta 35.6 32.2 3.4 3.3 41.5 7.1% 77 8.4 9.5 Total Production 154.8 136.5 18.3 3.4 38.8 7.0% 75 44.4 7.5 ORE RESERVE STATEMENT Ore Reserve Category Ore (Mt) Grade Contained Metal Pb (%) Ag (g/t) Pb (kt) Ag (Moz) AgEq (Moz) Proved 10.4 3.5% 42 358 14.1 26.7 Probable 4.9 3.5% 32 172 5.0 11.0 Total Ore Reserve 15.2 3.5% 39 531 19.1 37.5 Sorby Hills Project LOW RISK OPEN PIT ORE RESERVE BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 1See ASX announcement 6 June 2024 See Appendix for Metal Equivalent Calculation basis 15 57%26% 17% Measured Indicated Inferred Production Target and Ore Reserve Growth Opportunities ✓Large shallow deposit allowing for efficient and effective Resource definition ✓Near-pit Resource extensions and defined strategic exploration targets ✓Structural change in Silver pricing allowing for larger open pit designs Production Target underpinned 83% by Measured and Indicated Resources. Including 95% Measured and Indicated Resources over the first 7 years of production.
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See ASX announcement 17 Dec 2021 See Appendix for Metal Equivalent Calculation basis Deposit Tonnes (Mt) Grade Contained Metal Pb Zn Ag PbEq AgEq Pb Zn Ag AgEq % % g/t % g/t kt kt koz koz A 0.6 5.3% 0.1% 23 7.4% 80 31 6 427 1,547 B 2.7 3.6% 0.3% 20 5.5% 59 97 8 1,720 5,107 Omega 17.2 3.3% 0.4% 34 6.5% 70 566 71 18,948 38,486 Norton 21.1 2.8% 0.4% 34 6.0% 64 590 96 24,090 43,554 Alpha 1.5 3.1% 0.9% 64 9.0% 97 45 13 2,975 4,699 Beta 4.2 3.6% 0.4% 43 7.6% 82 151 17 5,856 11,050 Measured 12.6 3.5% 0.4% 43 7.5% 81 444 45 17,521 32,713 Indicated 11.0 3.4% 0.4% 34 6.6% 71 377 46 12,114 24,995 Inferred 23.6 2.7% 0.5% 31 5.6% 60 645 117 23,406 45,619 Total 47.3 3.1% 0.4% 35 6.3% 68 1,465 207 53,042 104,077 Sorby Hills Project 104 MOZ SILVER EQUIVALENT BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 16
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Sorby Hills Project Development on Track Sorby Hills Project DEVELOPMENT ON TRACK BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 17 Dismantling of the DeGrussa Processing Plant has commenced Long term Diesel Supply Contract executed with Cambridge Gulf Approximately 60% of the Phase IX drilling program completed Clearing of ROM Pad, Tailings Storage Facility and Haul Road corridors completed ahead of schedule Construction of the Evaporation Pond on track and topsoil removal from Tailings Storage Facility has commenced
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Crushed Ore Storage Bin Figure: 3D Model of the Sorby Hills Process Plant produced by GRES during FEED showing key components of the design that have been secured via the acquisition of the DeGrussa Processing Plant. BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 18 Sorby Hills Project DEGRUSSA PROCESSING PLANT All major processing plant components, together with an extensive spares inventory, have been secured through the acquisition of the DeGrussa Processing Plant from Sandfire Resources. The acquisition materially reduces capital costs, shortens the construction schedule and lowers project execution risk. • A$20M Saving in Processing Plant Capital Costs • 6-Month Reduction in Construction Timeline DeGrussa Plant Acquisition – Lower Cost, Faster Delivery
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Sorby Hills Project Loading at Wyndham Port Sorby Hills Project LOADING AT WYNDHAM PORT BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 19 Wyndham Port located just 150km from Sorby Hills by existing sealed road. Port access Agreement executed with port operators Cambridge Gulf. Concentrate to be transported from site to Wyndham in sealed containers. 873kt of Concentrate shipped at an average 103kt pa. • Average 664 g/t silver • Average 65.8% lead Spot Treatment Charges currently priced at minus US$145/t1 – versus positive US$125/t benchmark assumed in the Sorby Hill FEED Study Highly competitive offtake process including global traders and smelters has demonstrated the attractiveness of Sorby Hills concentrate product.
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First production from Sorby Hills is scheduled to occur in H2 2027. BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project CONSTRUCTION TIMELINE 20
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E P C C O N T R A C T E X E C U T E D GR Engineering appointed for Sorby Hills EPC delivery Contract value A$109M A C Q U I S I T I O N C O M P L E T E D DeGrussa plant acquisition completed May 2026 Assets aligned to 100ktpa concentrate target D E G R U S S AP L A N T R E L O C A T I O N Plant being dismantled and refurbished Reconstruction at Sorby Hills P R O J E C T W O R K S U N D E R W A Y Early engineering underway and long -lead orders placed Construction teams mobilised D E V E L O P M E N T P R O G R E S S On-site construction activity ramping up Production remains on track for H2 2027 BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 21 Sorby Hills Project CONSTRUCTION UPDATE
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FUTURE GROWTH OPPORTUNITIES BO A B M E T A L S L I M I T E D | ASX: B M L 22
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Sorby Hills Project GROWTH POTENTIAL BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 o Current Mine Plan represents only 37% of the defined Resource at Sorby Hills o Large shallow Resource allowing for efficient and effectiveReserve growth o Structural increase silver price allowing for re- optimisation of open pit designs and potential growth in the Mine life o Current open pit designs were optimized using a US$21.1/ozSilver Price o Near-pit Resource extensions and defined regional strategic exploration targets 23 Figure: DFS pit shells with respect to the Resource block model Production Target and Strategic Growth Opportunities Resource to Reserve Ongoing conversion drilling, focused on upgrading portions of the existing Mineral Resource to support mine life extension. Resource Expansion Targeting extensions to known mineralisation and previously excluded silver-rich zones, with potential to grow the Mineral Resource. Exploration Drilling within the broader Sorby Hills tenure, testing targets identified from geological interpretation and historical datasets.
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BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 Sorby Hills Project NEAR TERM CATALYSTS 25 Project delivery, construction progress and resource growth Mining Contract Award Sorby Hills mining contract awarded Construction Progress DeGrussa plant reconstruction commences at Sorby Hills Project Delivery Plan Updated costs, Ore Reserve and Mine Life Reserve Growth Exploration and mine-life extension program updates Resource/Reserve Growth Results from exploration and mine-life extensional drilling Competitive Tender Tender process for the remaining concentrate production. 50% of production available to optimise value Favourable Market Conditions Opportunity to capture exceptionally low treatment charges Strategic Optionality Flexibility to contract or sell into the spot market to maximise value Q4 – 2026Q3 – 2026 ASX: BML Construction underway and advancing toward first production in 2027, with multiple near-term catalysts to drive further project and shareholder value.
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Simon Noon, Managing Director & CEO www.boabmetals.com info@boabmetals.com +61 8 6268 0449 Facebook.com/boabmetalsltd linkedin.com/company/boab-metals @BoabMetals Boab Metals Thank you Boab Metals THANK YOU BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 26
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Experienced mining executive with a strong track record in project development, capital raising, corporate growth and creating shareholder value. Simon Noon Managing Director & CEO Sorby Hills Project Excellence in project delivery Sorby Hills Project EXCELLENCE IN PROJECT DELIVERY BO A B M E T A L S L I M I T E D | ASX: B M L 2026 / 27 27 A Board and Management team with a proven track record in project development. Engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Gary Comb Chairman Lawyer with significant experience in the exploration and mining industry. Wealth of expertise in corporate advisory, strategic consultancy and raising capital. Andrew Parker Non-Exec. Director Geologist with over 30 years’ experience in technical, commercial, marketing and finance within the exploration and mining industry. Richard Monti Non-Exec. Director Mining executive with 30+ years’ experience in large-scale mining. Held senior leadership roles with major resources companies including BHP, Peabody, Mineral Resources and Downer Mining. Russell Taylor Project Director
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- 100 200 300 400 500 600 700 800 900 1,000 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Project NPV8 (A$M) Lead Silver FX Lead TC Opex Capex Sorby Hills Project FEED STUDY SENSITIVITY ANALYSIS BO A B M E T A L SL I M I T E D| ASX: B M L 2026 / 27 Assumption Unit FEED Spot1 Change Lead Price US$/t 2,252 1,870 (17%) Silver Price US$/oz 27.4 65.5 140% FX A$:US$ 0.68 0.72 6% Lead TC US$/t 125 (170)2 (236%) 1 As at 7 September 2026 2. Shanghai Metals Market – 7 September t2026 A 30% increase in Silver price increases NPV from A$411m to A$540m = delta of A$129m A 30% increase in A$ Silver Price of A$40.3/oz = A$52.4/oz = delta of A$12.1/oz Change in NPV vs Change in A$ Silver Price = A$129m / A$12.1/oz = A$10.7m/oz ASX Release - 6 June 2024 28
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Sorby Hills Project METAL EQUIVALENT CALCULATIONS BO A B M E T A L SL I M I T E D| ASX: B M L 2026 / 27 Feed Study Macroeconomic Assumptions The contained metal equivalence formula is based on o Lead Price US$1,875/t; and o Silver Price US$60.0/oz. Lead Equivalent Calculations • Silver recovery of 82% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. Silver Equivalent Calculations • Lead recovery of 91% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. Pb Ag It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. The formula used to calculate equivalent grade is: Metal Eq (percent) = Gpri + (Gpri ×[∑i Ri Si Vi Gi ]/(Rpri Spri Vpri Gpri)) where R is the respective metallurgical metal recovery rate, S is the respective smelter return rate, V is metal price/tonne or ounce, and G is the metal commodity grade for the suite of potentially recoverable commodities (i) relative to the primary metal (pri). Metal equivalents are highly dependent on the metal prices used to derive the formula. Boab notes that the metal equivalence method used above is a simplified approach. Owing to limited metallurgical data, zinc grades are not included at this stage in the lead equivalent grade calculation. Assumption Unit 2025 2026 2027 2028 2029+ Lead Price US$/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 29