26 Nov

AGM Presentation and Live Stream

26 November 2021 AGM Prese ntation and Livestream Boab Metals Limited (ASX: BML ) (“ Boab ” or the “ Company ”) is pleased to provide a copy of a presentation whic h the M anag ing Director and CEO Mr Simon Noon will present at the A nnual General Meeting of the Comp any , to be held today at 11am ( AWS T ) at the offices of the A ustralian Institute of C omp any Directors , L evel 1 , 77 S t Georges T errace , Pert h Western A ustralia . Those wishing to view a live stre am of the meeting may do so via zoom by cop y ing and pasting the following URL into their web bro wser . https://us02web.zoom.us/j/82295691637?pwd=VXBLMlJmRkhrbmVCc 0ZwdEdRc0xnZz09 The Board of Directors have authorised this announcement for release to the market. Jerry Monzu Company Secretary Phone: +61 (0)8 6268 0449 Email: info@BoabMetals.com - ENDS Sorby Hills Lead - Silver Project Delivering Metals for a Sustainable Future 26 November 2021 2021 AGM Presentation Boab Metals Limited ASX:BML 2 Disclaimer 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 . The information in this release that relates to Exploration Results is based on information prepared by Dr Simon Dorling . Dr Dorling is a member of the Australasian Institute of Geoscientists (Member Number : 3101 ) . Dr Dorling has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves . Dr Dorling consents to the inclusion in the release of the matters based on their information in the form and context in which it appears . Information included in this presentation relating to Mineral Resources has been extracted from the Mineral Resource Estimate dated 6 April 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 Pre - Feasibility Report and Ore Reserve Statement dated 25 August 2020 , 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 . Boab Metals Limited ASX:BML 3 Calendar year 2021 in review ? Successful Completion of Phase IV and Phase V drilling campaigns. ? Interim Mineral Resource Estimate completed . ? Continued work towards delivering DFS in 1H CY 2022. ? Agreement reached with JV Partner Henan Yuguang to fast - track Mining Joint Venture Agreement. ? Strong engagement with potential lenders including NAIF and both domestic and international commercial banks. ? Extensive DFS Metallurgical test work program completed. ? Boab assessing the opportunity to upgrade project scope from PFS estimates. ? Acquisition of Manbarrum Zn - Ag - Pb Project , 25km East of the Sorby Hills Project. ? Boab confirmed as naming rights sponsor for the internationally renowned “Ord Valley Muster”. ? Competitive Offtake process underway. Boab is well placed to launch into 2022 and into what is shaping to be a transformative year for the Company. Boab Metals Limited ASX:BML 4 Corporate summary Capital structure (24 Nov2021) Share Price A$0.345 / share Shares on Issue 153 million shares M arket Cap A$53 million Debt Nil Cash A$10.1 million (as at 30 Sep 2021) Options & Perf. Rights 2 million 1 • ASX - listed base and Precious metal explorer and developer. • Fully funded through to final investment decision expected in Mid 2022. • Board & Management team with a proven track record in exploration & development. • Top 10 shareholders hold 37% of issued capital. Top Shareholders # Holder Name 24 November 2021 1 Villiers Queensland pl 10.54% 2 Zero Nominees Pty Ltd 8.36% 4 Citicorp Nominees Pty Limited 3.59% 5 Brent Connolly 2.92% 6 Aigle Royal 2.22% 6 Craig Chapman 2.22% 1. 2.02 million Performance Rights 2. See Slide 16 for board and Management profiles Share Price History 0.0 0.2 0.4 0.6 0.8 0.0 2.0 4.0 6.0 8.0 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Share Price (A$/sh) Trading Volume (M shares) Share Trading Volume Share Price 5 The Sorby Hills Pb - Ag - Zn Project – a quick recap Australia’s largest undeveloped, near - surface Lead - Silver - Zinc deposit . ? 75%/25% Joint Venture Partnership with China’s largest Lead smelter and Silver producer – Henan Yuguang Gold & Lead Co. ? 2020 Pre - Feasibility Study delivered compelling economics NPV 8 A$303m, IRR 46%, Payback 1.6 Years & CAPEX $183m ? Granted pre - native title mining tenements . ? EPA Approval for an Open Pit Mine and Infrastructure. ? Resource inventory comprising 1.4Mt of Lead and 54Moz of Silver ? Open Pit Reserves of 494kt Lead and 17.6Moz Silver 1 . ? Located close to existing infrastructure including Wyndham port. ? Opportunity to access hydro grid power . ? Definitive Feasibility Study (DFS) well advanced with completion expected March/April 2022 Location of the Sorby Hills Project relative to Kununurra and Wyndham Port 1. See Slide 19 for full Mineral Resource Estimate 2. See Slide 20 for full Reserve Estimate Boab Metals Limited ASX:BML Boab Metals Limited ASX:BML 6 Effective and efficient r esource definition Drilling by Boab Metals at Sorby Hills has delivered continued growth in Resource size and confidence. ? The Phase IV drilling program was primarily designed to acquire core for the DFS Metallurgical and Geotechnical test work. ? In addition to achieving its primary objectives Phase IV drilling materially increased Resource confidence and identified sig nif icant opportunities to expand the scope DFS mining and processing capacity. Post Phase IV drilling, an interim Mineral Resource Estimate increased Measured Resources by 54% (98kt Pb and 3Moz Ag). Measured and Indicated Resources comprises 92% of the current mining inventory. Sorby Hills orebodies are large, shallow and gently dipping Mineral Resource Estimates reported at 1.0% Pb cut - off (Pb Domains only), Zn is not included. Refer to appendix for Pb Equivalen t calculations Growth and classification of Contained metal within the Sorby Hills Mineral Resource Apr. Boab Metals Limited ASX:BML 7 Phase V drilling program Significant results include Alpha Deposit • SHDD_ 059 : 4 . 5 m @ 2 . 39 % Pb & 101 g/t Ag from 31 m Omega Deposit • SHMD_ 066 : 4 . 5 m @ 2 . 39 % Pb & 102 g/t Ag from 31 m • SHMD_ 066 : 5 m @ 6 . 77 % Pb & 26 g/t Ag from 100 m • SHMD_ 074 : 5 m @ 7 . 08 % Pb & 91 g/t Ag from 108 m • SHMD_ 099 : 5 m @ 5 . 37 % Pb & 16 g/t Ag from 90 m B Deposit • SHMD_ 088 : 6 m @ 5 . 37 % Pb & 21 g/t Ag from 50 m • SHMD_ 091 : 12 m @ 5 . 82 % Pb & 24 g/t Ag from 35 m Beta Deposit • SHMD_ 111 : 26 m @ 2 . 58 % Pb & 25 g/t Ag from 53 m ? Incl . 2 m @ 7 . 50 % Pb & 58 g/t Ag from 71 m 59 diamond drill holes targeted mineralisation with potential to be included in to the DFS Mining Inventory and Ore Reserve The Phase V Drilling Program has delivered mineralisation extensions across Sorby Hills . Drill rig in action during the recently completed Phase V drilling program Boab Metals Limited ASX:BML 8 DFS metallurigcal testwork results Recently finalised metallurgical testwork has confirmed high recoveries 1 up to 95%Pb (Fresh Ore) and 90%Pb (Oxidised Ore); up to 87%Ag (Fresh Ore) and 92%Ag (Oxidised Ore) ? Some 1,420kg of core recovered from 35 HQ diamond drill holes completed during the Phase IV and V drill program utilised for testwork including: • Flotation, • Comminution, • Mineralogy, • Heavy Liquid Separation, • Tailings Thickening, • Concentrate Filtration; and • Concentrate analysis. ? Results have revealed separate flotation of Oxidised and Fresh Ore will deliver significant uplift in metal recovery across the Life of Mine versus blended ore treatment. Core recovered from the Phase V drilling program at Sorby Hills 1. See ASX announcement 19 November 2021 Boab Metals Limited ASX:BML 9 Potential increase in project scope Phase V drilling aimed support an expanded processing capacity at Sorby Hills by targeting: • Resources located outside but adjacent to the PFS Open Pit designs. • Conversion of I nferred R esou rces contained in the PFS Open pit designs to increase the Ore Reserve. • high - grade Resources located at Alpha ( 2.0Mt at 5.0% PbEq.) 1 and Beta (3.3Mt at 6.3% PbEq.) 1 which to date have been excluded from Mine Plan optimisations. Key benefits of an expanded processing plant may include: • Higher operating margins; • Stronger operating cash flows; and • I ncreased value for Boab shareholders. The Sorby Hills PFS Mine Plan comprised a total of 14.8Mt ore at 4.7% PbEq. being processed through a 1.5Mtpa process plant o ver 10 years. 1. See Slide 19 for full Mineral Resource Estimate. Refer to appendix for Pb Equivalent calculations Results from phase IV and V drilling and the DFS Metallurgical program will act as key inputs to an investigation into the potential to expand the proposed processing capacity at Sorby Hills Drill rig in action during the recently completed Phase V drilling program Boab Metals Limited ASX:BML 10 Project financing Boab is well progressed on preparing the Sorby Hills Project for project financing Boab has engaged BurnVoir Corporate Finance to advise on, analyse and arrange a project finance solution for the Sorby Hills Project. The Company has engaged with Australia Government financing agencies • Northern Australian Infrastructure Facility (“ NAIF ”); or • Export Finance Australia (“ EFA ”), Australia’s export credit agency (“ ECA ”). ? Sorby Hills has passed through Stage 1 (Initial Review) of the NAIF’s updated three - Stage debt finance assessment and approval process and will look to advance to Stage 2 (Detailed Review) as the Company moves toward a Decision to Mine*. ? Boab has received a Letter of Support from EFA with regards to potentially providing direct or in - direct financing support to the Project. In addition to the Australia Government financing agencies Boab has had ongoing positive engagement with a number of Australian and international commercial banks. *At this stage, NAIF and EFA has not made any decision to offer finance and there is no certainty that an agreement will be reached between the parties Representatives from NAIF and Commercial Banks together with Boab Senior management looking out over the Sorby Hills deposit (Oct 21) Boab Metals Limited ASX:BML 11 Sorby Hills offtake and joint venture progress Tier - 1 offtakers have confirmed a strong appetite for the Sorby Hills Lead - Silver concentrate ? The Sorby Hills Project is located only 150km by sealed road to from the Port of Wyndham. ? Boab is currently in the advanced stages of a competitive offtake tender process for their 75% share of the Sorby Hills concentrate. ? The execution of binding offtake agreements will be a key pillar supporting the securing of project finance for Sorby Hills. JV Partner Yuguang supportive of accelerated development ? Yuguang has reaffirmed their strong appetite for the Sorby Hills Lead - Silver concentrate and potentially increasing their offtake participation above that which they are currently entitled by virtue of their 25% joint venture interest in the Project ? Yuguang has confirmed their commitment to the accelerated development of the Project and working constructively with Boab to ensuring the Project is bankable and fully - financed. Wyndham Port (Source: Cambridge Gulf Limited) Boab Metals Limited ASX:BML 12 Establishing enduring legacy within the local community Boab is a proud corporate citizen in the Kimberley and keen to play their part in improving economic and social outcomes in the region. ? Sense of community plays a key role in economic and social well - being of stakeholders across the east Kimberley Region. ? Boab is pleased to be the Naming Rights Sponsor the iconic Ord Valley Muster for 2022 and beyond. ? The Ord Valley Muster has been a highlight of the Kimberley community calendar for 20 years ? Boab is also involved with Teach Learn Grow – a charitable organisation aiming to bridge the education gap for rural and remote school students With Boab’s support, TLG recently sent 10 volunteers to run the first Rural Program in the Kimberley with students at Wyndham District High School On track to become a significant West Australian Lead - Silver producer i n late 2023 Milestones for the next 12 months Recent News ? Preliminary Offtake Soundings demonstrate strong demand for Sorby Hills Concentrate ? Interim Mineral Resource Estimate Increases Measured Resources tonnes by 56% ? Strategic Acquisition of Manbarrum Zinc - Lead - Silver Project ? Further mineralisation extensions confirmed by Phase V Drilling Program ? Financiers undertake Sorby Hills Site Visit as part of ongoing due diligence ? DFS Metallurgical Test work program completed confirming high recoveries • Exploration update to include results from initial drill hole and soil sampling at eight mile creek and five RC infill holes at the Beta deposit. • Mineral Resource Estimate • Execution of Binding Sorby Hills Offtake Agreements • Delivery of Sorby Hills Definitive Feasibility Study • Final Regulatory Approvals • Awarding of Construction Contracts • Execution of Debt Financing Term Sheets Mine Construction 2H 2022 2021 H1 2022 Q4 2021 (Current) Decision to mine mid 2022 Boab Metals Limited ASX:BML ? Sorby Hills Definitive Feasibility Study underway ? Phase IV and Phase V drilling completed ? Progressing NAIF and EFA approval process ? Funded up to Final Investment Decision Boab Metals Limited ASX:BML 14 Strategic Acquisition of Manbarrum Zinc - Lead - Silver Project Location of the Manbarrum Project relative to the Sorby Hills and Eight Mile Creek Projects. Boab has recently acquired a 100% interest in the Manbarrum Zinc - Lead - Silver Project Key h ighli ghts include: • Manbarrum is strategically located 25km east of the Sorby Hills Lead - Silver - Zinc Project. • Mineral Resources declared at two prospects within the Manbarrum project area 1 ; • Conceptual open pit mining studies completed by CSA Global in 2018 identified the opportunity to improve project economics via toll treating at a future plant located at Sorby Hills; and • 175km 2 of prospective tenements (including two granted mining leases) covering geology genetically related to that found at Sorby Hills allowing for an effective transfer of technical knowledge. • The Zinc dominant nature of the Manbarrum deposit may upgrade the Zinc potential for the Sorby Hills Project. The Sorby Hills PFS did not consider Zinc to be payable in concentrate. 1 Refer to the Todd River Resources prospectus dated 4 April 2017 2 Refer BML Announcement 21 July 2021 Thank you Simon Noon – Managing Director & CEO info@BoabMetals.com www.BoabMetals.com www.linkedin.com/company/boab - metals 16 Board and management Technical team David English - Chief Operating Officer Kevin Reynolds - Project Metallurgist Simon Dorling - Exploration Manager Wealth of experience gained in operations and project development across some of Australia’s most prominent resource projects and processing operations. Experienced metallurgist and project development manager of 30 years, covering mining and metallurgical operations, process development, feasibility studies & project execution. Geologist with more than 26 years’ experience in exploration, development and the mining of base metals, precious metals, energy minerals and industrial minerals. Gary Comb Chairman Richard Monti Non - Exec. Director Simon Noon Managing Director and CEO Andrew Parker Non - Exec. Director Engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines . Experienced mining executive with a strong background in management, finance, capital raising and operating joint ventures with mid to top tier miners in a variety of commodities . Geologist with over 30 years’ experience in technical, commercial, marketing and finance within the exploration and mining industry . Lawyer with significant experience in the exploration and mining industry . Wealth of expertise in corporate advisory, strategic consultancy and raising capital . Experienced Board and Management with a proven track record in exploration and development. Boab Metals Limited ASX:BML 17 PFS capital and operating costs 1. PFS assumptions include lead price US$2,095/t, and silver price US$21.1/oz and A$1=US$0.70. Capital Cost Estimate Capital Item A$M Pre Production Mining 24.3 Process Plant incl. EPC fee 105.4 Infrastructure 20.5 Owners Costs 13.1 Contingency 19.6 Total Pre - Production CAPEX 182.8 Sustaining Capital 32.2 Total CAPEX 215.0 Throughput Capacity - Mtpa 1.50 Concentrate Produced - ‘000 dmt 806.8 Upfront Capex A$ per tonne throughput capacity 122 Upfront Capex A$ per tonne concentrate 227 Operating Cost Estimate 1 Cost Centre A$M A$/t ore A$/lb 2 US$/lb 2 Mining 347 23.48 0.33 0.23 Processing 292 19.80 0.28 0.20 G & A 107 7.28 0.10 0.07 Transport 108 7.35 0.10 0.07 Lead Treatment Charges 161 10.93 0.15 0.11 C1 Costs excl. Credits 1,016 68.85 0.97 0.68 Silver Revenue (431) (29.21) (0.41) (0.29) Silver Refining Charge 20 1.38 0.02 0.01 C1 Costs incl. Credits 606 41.03 0.58 0.40 Lead Royalty 59 4.01 0.06 0.04 Silver Royalty 10 0.70 0.01 0.01 Sustaining Capex 32 2.18 0.03 0.02 AISC 3 707 47.91 0.67 0.47 2. Unit costs quoted as pounds (lb) Lead Payable, 3. No Interest Charge has been assumed Boab Metals Limited ASX:BML 18 PFS life of mine metrics Item Unit Base Case Economic Assumptions Lead Price US$/t 2,095 Silver Price US$/oz 21.10 Exchange Rate A$:US$ 0.70 Physicals Life of Mine (LOM) Years 9.9 Mined Ore kBCM 5,161 Strip Ratio BCM: BCM 8.0x Processed Tonnes kt 14,760 Processed Lead Grade % 3.63 Processed Silver Grade g/t 39.5 Lead Recovery % 93.3 Silver Recovery % 80.3 Recovered Lead kt 500.2 Recovered Silver Moz 15.1 Concentrate Produced kdmt 806.8 Payable Lead kt 475.2 Payable Silver Moz 14.3 Item Unit Base Case Cash Flow Lead Revenue A$M 1,422.3 Silver Revenue A$M 431.1 Gross Revenue A$M 1,853.3 Royalties A$M (69.5) TC/RC & Transport A$M (290.3) Net Revenue A$M 1,493.6 On Site Operating Costs A$M (746.3) Net Operating Cash Flow A$M 747.3 Upfront Capital Cost A$M (182.8) Sustaining Capital Costs A$M (32.2) Net Project Cash Flow (Pre - Tax) A$M 532.3 Value Metrics Pre - Tax NPV 8 A$M 303.4 Pre - Tax IRR % 46 Pre - Tax Payback Period 1 Years 1.6 1. Payback calculated from first production. Boab Metals Limited ASX:BML 19 Mineral Resource Estimate - 6 April 2021 The information presented above is extracted from the report entitled “Interim Mineral Resource Estimate” released on 6 April 20 21 and is available to view on www.boabmetals.com Deposit Mt Grade Contained Metal Pb Ag Pb Eq. Zn Pb Ag Pb Eq. Zn % g/t % % kt koz kt kt A 0.6 5.1 22 5.7 0.9 30 411 34 5 B 2.3 3.9 22 4.5 0.3 91 1,608 105 7 Omega 16.6 3.4 34 4.3 0.4 560 18,233 718 69 Norton 20.0 2.7 36 3.7 0.4 545 23,067 745 89 Alpha 2.0 3.1 67 5.0 1.0 61 4,251 98 19 Beta 3.3 4.6 61 6.3 0.4 152 6,476 208 14 Total 44.9 3.2 37 4.3 0.5 1,438 54,046 1,907 203 Measured 11.1 3.6 45 5.7 0.3 404 15,934 542 38 Indicated 11.0 3.4 34 4.1 0.4 375 11,929 478 49 Inferred 22.8 2.9 36 3.9 0.5 660 26,184 887 117 Image: Location of the Sorby Hills deposits and mining tenements relative to local geology Boab Metals Limited ASX:BML Reported at a 1 . 0 % Pb Cut - Off (Pb Domains only) . Tonnes and Grade are rounded . Discrepancy in calculated Contained Metal is due to rounding . Lead Equivalent calculation excludes Zinc. See Appendix 2 for Lead Equivalent calculation method. - 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% - 200 400 600 800 1,000 1,200 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 CY2022 CY2023 CY2024 CY2025 CY2026 CY2027 CY2028 CY2029 CY2030 CY2031 CY2032 CY2033 CY2034 Lead Grade (%) '000 tonnes Deposit A Deposit B Norton Omega Lead Grade 0 20 40 60 80 100 120 Silver Grade (g/t) Silver Grade Boab Metals Limited ASX:BML 20 Current ore Reserve and PFS mine plan Reported at cut - off of 1.5% Pb, based on 2 June 2020 Mineral Resource Estimate Classification Ore Pb (%) Pb (kt) Ag (g/t) Ag (Moz) Mt % kt g/t Moz Proved 6.8 4.1 275 53.0 11.5 Probable 6.9 3.2 219 27.6 6.1 Total 13.6 3.6 494 40.2 17.6 The PFS Base Case incorporates the mining of 14.8Mt of ore over an initial 10 - year mine life from four deposits, namely Omega, A, B and southern portion of Norton. • Mineralisation from 20m. • Flat topography and easy free dig in first 18m. • Life of Mine Strip Ratio of 8.0x (volumetric basis). • Proved Reserve expected to increase on the back of 56% increase in Measured Resources in the 6 April 2021 Mineral Resource Estimate A low - risk Mine Plan underpinned by 92% Ore Reserves 1. Section 45C change proposal to be submitted to the EPA to reflect advancements. Refer ASX announcement 25 August 2020 for further information 0% 20% 40% 60% 80% 100% 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 CY2022 CY2023 CY2024 CY2025 CY2026 CY2027 CY2028 CY2029 CY2030 CY2031 CY2032 CY2033 CY2034 % Rescat Measured Indicated Inferred PFS Mining Schedule Based on 2 June 2020 Mineral Resource Estimate 21 Equivalent calculation The contained metal equivalence formula is based on the Sorby Hills PFS including: • Lead Price US$2,095/t; • Silver Price US$21.1/oz; Lead Equivalent Calculations • Silver recovery of 80.3% (weighted average of oxide and fresh Ag recoveries); and • Silver Payability rate of 95%. Silver Equivalent Calculations • Lead recovery of 93.3% (weighted average of oxide and fresh Pb recoveries); and • Lead Payability rate of 95%. 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) = G pri + (G pri × [? i R i S i V i G i ]/(R pri S pri V pri G pri )) 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 PFS 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. Boab Metals Limited ASX:BML

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