Broken Hill Mines Limited · ASX:BHM
Broken Hill Mines — Q1 FY2027 Earnings Presentation
23 slides from Broken Hill Mines's earnings presentation, Oct 30, 2026
Slide 1: Rasp & Pinnacles Ag-Pb-Zn Mines: FY27 Q1 Results Presentation
Rasp & Pinnacles Ag-Pb-Zn Mines Consolidating one of Australia’s great mining jurisdictions personal use only FY27 Q1 Results Presentation October 2026
Slide 2: BHM Has Delivered Significant Progress in its First Year as an ASX Listed Entity
BHM Has Delivered Significant Progress in its First Year as an ASX Listed Entity personal use only Jul ‘25 Nov ‘25 ASX Listing of First ore First ore from Main Lode. Broken Hill Mines from Main Lode Jul ‘26 First ore from Pinnacles Oct ‘26 Ramping operations to 750,000tpa capacity Aug ‘26 Centenary
Slide 3: September 2026 Quarterly Results Summary
September 2026 Quarterly Results Summary personal use only Ramp Up to 750,000tpa Capacity: Sep Q Dec Q Mar Q Jun Q Sep Q Qtrly Annual Key Operational Metrics 2025 2025 2026 2026 2026 % % Record Mining & Production - 142.5kt ore mined from Western Min (72%), Main Lode (18%) and Pinnacles (10%) Ore
Slide 4: Board and Capital Structure
Board Track record in developing & operating world-class mature mines Growth Funding, Enhanced Liquidity personal use only Patrick Walta & Strong Balance Sheet Executive Chair Experience in M&A & large-scale Ag-Pb-Zn development & operations New Century Resources & Broken Hill Mines Co-Founder Quali
Slide 5: World Class Silver-Lead-Zinc Mineral Endowment
World Class Silver-Lead-Zinc Mineral Endowment personal use only Rasp Operation (CML7) Pinnacles Operation Longhole stoping operation Multiple mining fronts across Centenary Zone discovery, High grade silver, lead, zinc Underground 750ktpa capacity Main Lode & Western Min material resource upside op
Slide 6: BHM Strategy: Leverage Existing Operational Infrastructure
BHM Strategy: Leverage Existing Operational Infrastructure personal use only Pinnacles Mine (ONLINE) Open Pit Silver In lead concentrate Main Lode (ONLINE) at Rasp Lead In concentrate 750ktpa Western Min (ONLINE) Processing Facility at Rasp at Rasp Zinc In concentrate Centenary (FUTURE) at Rasp Copp
Slide 7: BHM Investor Value Proposition
Material Exposure Metal Value Contribution Within ZnEq Grade1 personal use only 100% to Silver & Zinc Lead Lead Lead Production Zinc BHM Investor Value Proposition: - Multiple ore feed sources Zinc - Macro diversification via base & 50% Zinc precious metal producer Gold - Increasing exposure to silv
Slide 8: Rasp Mine: High-grade Main Lode ore feed now online
Rasp Mine High-grade Main Lode ore feed now online personal use only 8
Slide 9: Rasp Mine Overview: Multiple Ore Feeds Online
Rasp Mine Overview: Multiple Ore Feeds Online personal use only 10.1Mt @ 9.9% ZnEq, 273g/t AgEq2 (49g/t Ag, 3.2% Pb & 5.7% Zn)1 Western Mineralisation N CML7 Centenary Main Lode Perilya North Mine Perilya South Mine High-Grade “Line of Lode” Workings (Remnant mining opportunity) Pinnacles Mine (15km
Slide 10: High Grade Main Lode Now Online
High Grade Main Lode Now Online personal use only Clear upside potential to existing Mineral Resource Estimate (MRE) based on identified targets and historical operational knowledge Mining underway, shallow ore body starting ~200m depth Main Lode drilling1 highlights: - 4.3m @ 57.0% ZnEq, 1,919g/t A
Slide 11: Centenary Discovery: High Grade Bulk Tonnage Mineralisation
Centenary Discovery: High Grade Bulk Tonnage Mineralisation personal use only First ever targeted drilling below the Globe-Vauxhall Shear Only 24 holes drilled into Centenary, majority from surface BHM’s first three holes delivered exceptional intercepts up to ~500% wider & 27% higher grade th
Slide 12: Centenary Discovery: High Grade Bulk Tonnage Mineralisation
Centenary Discovery: High Grade Bulk Tonnage Mineralisation personal use only ASX: BHM | 12
Slide 13: Simple Processing of Zinc & Silver-Lead Concentrates
Simple Processing of Zinc & personal use only Silver-Lead Concentrates Processing statistics since 2013: Rasp Processing Plant 750ktpa capacity plant using conventional comminution Zinc recovery (avg.): 88% (coarse 200µm grind) & sequential flotation Lead recovery (avg.): 88% Silver recovery (
Slide 14: Premium Quality Concentrate & Established Logistics Supply Chain
South Australia Rail Overview Premium Quality Concentrate & personal use only Established Logistics Supply Chain Zinc concentrate typical grade: 49-50% Zn Lead concentrate typical grade: 65% Pb & 800 - 1,000g/t Ag Rail Transport Rasp mine is conveniently located on the Broken Hill line connecting Sy
Slide 15: Pinnacles Mine
Pinnacles Mine One of the highest grade and shallowest deposits in Broken Hill personal use only Overview of Pinnacles Operation 15
Slide 16: Pinnacles Mine Restart & First Ore Since 2021
Pinnacles Mine Restart & First Ore Since 2021 personal use only Successful restart of Pinnacles was delivered on schedule and budget at end of June Quarter, with progressive ramp up of additional ore feed to the Rasp Plant underway Pinnacles and Rasp are connected by haul and public roads Broken Hil
Slide 17: Accelerating Pinnacles Growth
Accelerating Pinnacles Growth personal use only Open pit operations underway, fast-tracking further drilling & development Current Pinnacles MRE & Exploration Target MRE: 6.0Mt @ 13.5% ZnEq, 374g/t AgEq (133g/t Ag, 3.3% Pb, 4.7% Zn, 0.5g/t Au) Exploration Target:1 6.0 – 15.0Mt @ 5.7 – 13.1% ZnEq, 15
Slide 18: Thick, High Grade, Shallow Drilling Results on an Operating Mining Lease
Thick, High Grade, Shallow Drilling Results personal use only on an Operating Mining Lease BHM’s Inaugural ASX Pinnacles Release (22 September 2025) 1, 2 8.9m @ 54.6% ZnEq, 1,537g/t AgEq (922g/t Ag, 12.3% Pb, 1.6% Zn, 3.7g/t Au) from 11m PN311 8.2m @ 40.4% ZnEq, 1,120g/t AgEq (763g/t Ag, 13.4% Pb, 1
Slide 19: Pinnacles Underground Development Opportunity
Pinnacles Underground personal use only Development Opportunity Significant high grade growth project with material silver exposure - Identification of very high grade underground zone - Currently extends >350m down dip (open), up to 100m wide & 2 to 10m thickness - Multiple intercepts >1,000g/t AgE
Slide 20: Investment Proposition
Investment Proposition personal use only Solid Foundation: Rasp’s infrastructure and Western Mineralisation, providing a base for growth Near-Term Growth: Rasp’s Main Lode and Pinnacles’ Open Pit to increase metal production. Centenary discovery to add significant bulk tonnage medium term Silver Exp
Slide 21: Appendix - Mineral Resource Estimates
Appendix - Mineral Resource Estimates1,2 personal use only Rasp Pinnacles Tonnes ZnEq AgEq Zn Pb Ag Tonnes ZnEq AgEq Zn Pb Ag Au Classification (kt) (%) (g/t) (%) (%) (g/t) Classification (kt) (%) (g/t) (%) (%) (g/t) (g/t) Main Lode Open Pit Measured 245 19.3 533 8.50 7.00 152 Measured 84 8.3 230 3.
Slide 22: Appendix - Metal Equivalents
Appendix - Metal Equivalents personal use only Metal recoveries used in the zinc equivalent (ZnEq) and silver equivalent (AgEq) calculations for each element are based on the average metallurgical recoveries of Rasp achieved based on historical performance and applied to all ore types, including Pin
Slide 23: personal use only
Patrick Walta Shane Goodwin Executive Chair Head of Corporate Affairs [email protected] [email protected] personal use only