Sorby Hills Project FEED Study

Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to announce the results of its Front-End Engineering & Design (“FEED”) Study for its 75% owned Sorby Hills Lead-Silver- Zinc Project (“Sorby Hills” or “the Project”), located in the Kimberley Region of Western Australia. The FEED Study augments and enhances the Sorby Hills Definitive Feasibility Study (“DFS”) released by the Company in January 2023.

HIGHLIGHTS

Project updates (excluding any change in macroeconomic assumptions) have delivered an increase of +A$73M Net Cash Flow and +A$41M NPV₈ compared to the DFS.

Key Base Case Project Metrics include upfront Capital Expenditure of A$264M, average C1 Cost of US$ 0.36/lb payable Lead (including silver credits), pre-tax NPV₈ of A$411M, pre-tax IRR of 37%, and average annual EBITDA of A$126M.

Importantly, the net change to pre-production Capital Expenditure is limited and project pre- tax cash flows over the initial 5 years of production have improved by +A$150M providing a stronger profile to support debt financing.

Assuming current spot pricing¹ for Lead, Silver, Exchange Rate and current Benchmark Lead Treatment and Silver Refining Charges results in an NPV₈ of A$596M, pre-tax IRR of 47% and average annual EBITDA of A$160M.

Key Project updates include:

• Updated post FEED pricing for the Process Plant EPC Contract provided by GR Engineering Service (“GRES”).
• Updated mining schedule bringing forward mining of the high-grade Norton Deposit.
• Updated metal recovery and concentrate grades for the Norton Deposit based on new metallurgical testwork on core recovered during the Phase VII drilling program.
• Updated pricing for the Mining and Earthworks Contracts provided on a bundled basis and based on the optimised site layout and mining schedule.
• Updated tailings strategy with above-ground tailings disposal being employed for the Life of Mine as opposed to in-pit deposition previously adopted in the DFS.

Boab Managing Director and CEO, Simon Noon, stated:

“Following the DFS, we identified clear opportunities to optimise and de-risk the Project both technically and economically. Over the past year, we have pursued these opportunities in conjunction with completing Front End Engineering & Design on our Process Plant with GRES.

We are pleased to present the results of our work during this period in the form of this FEED Study. We now look forward to accelerating our engagement with financiers and further advancing Sorby Hills toward a Final Investment Decision.”

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