Boab Metals Ltd · ASX:BML
Boab Metals — Investor Presentation (May 2024)
30 slides from Boab Metals's investor presentation, May 23, 2024
Slide 1: Moving the Sorby Hills Lead-Silver Project Toward Production
Investor Presentation May 2024 For personal use only Moving the Sorby Hills Lead-Silver Project Toward Production A near-term producer with a margin highly leveraged to the Silver Price
Slide 2: Disclaimer
2 Disclaimer Forward-Looking Statements Compliance Statement For personal use only Certain statements in the presentation are or may be “forward-looking statements” and The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore represent the Company’s intentions, projectio
Slide 3: Boab Metals Corporate Summary
3 Boab Metals Corporate Summary Share Price History 7.50 0.750 For personal use only Capital Structure (22 May 2024) 6.25 0.625 Share Price Debt BML Share Price (A$/share) A$0.125 /share Nil 5.00 0.500 Volume (millions) Shares on Issue Cash 3.75 0.375 201 million shares A$3.0 million1 2.50 0.250 Mar
Slide 4: Sorby Hills JV Project
4 Sorby Hills JV Project (75% owned by Boab Metals) A near term producer of Lead and Silver For personal use only • Located 50km northeast of Kununurra in the East Kimberley Region of Western Australia (Tier 1 Jurisdiction) • High quality 47.3Mt Mineral Resource • 1.5Mt contained Lead at 3.1% • 0.2M
Slide 5: Sorby Hills JV Partnership
5 Sorby Hills JV Partnership Boab Metals Ltd (75% interest) Henan Yuguang Gold and Lead Co., Ltd (25% contributing interest) For personal use only • Yuguang Gold and Lead Co., Ltd (“Yuguang”) is Asia’s largest electrolytic lead producer and China’s largest Silver producer.1 • Initially invested in S
Slide 6: High Quality Resource Estimate
6 Sorby Hills Project High Quality Resource Estimate Grade Contained Metal Tonnes Deposit Pb Zn Ag PbEq1 Pb Zn Ag For personal use only (Mt) % % 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
Slide 7: Low Risk Open Pit Ore Reserve
7 Sorby Hills Project Low Risk Open Pit Ore Reserve DFS Production Target For personal use only Total Waste ROM Pb Ag PbEq Strip Pit (Mt) (Mt) (Mt) (%) (g/t) (%) 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.
Slide 8: Definitive Feasibility Study
8 Sorby Hills Project Definitive Feasibility Study DFS Highlights For personal use only Lead A$245m pre- C1 cash cost 543 thousand payable tonnes production Capex A$1,790 Million Revenue US$0.39/lb payable Pb underpinned 75% Incl. net Silver credit of by tendered pricing US$0.38/lb payable Pb Averag
Slide 9: Confirmed Low-Cost producer
9 Sorby Hills Project Confirmed Low-Cost producer Independently confirmed as a 1st Quartile Project For personal use only on the Global Lead cost curve 2027 Lead Cost Curve (ex-works basis) 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile ▪ Forecast Project ex works Operating Costs covered by a h
Slide 10: Silver
10 Silver The most conductive metal on earth • Silver‘s traditional role as a Strong demand for use in solar cells and the storer of wealth is electronic components of electric vehicles For personal use only complemented by its increasing industrial demand. • The use of Silver in solar cells has inc
Slide 11: Supplying the proven Battery Metal
11 Sorby Hills Project Supplying the proven Battery Metal Lead demand growth underpinned by mature and For personal use only emerging vehicle technologies 1. www.batteryinnovation.org/resources/lead-battery-market-data/ “…. low voltage 12V lead- Forecast Light Vehicles Sales versus Lead Demand1 base
Slide 12: Project Optimisation Workstreams
12 Sorby Hills Project Project Optimisation Workstreams For personal use only Boab is undertaking a series of Project Optimisation Workstreams in conjunction with Front- End Engineering and Design (“FEED“) to explore opportunities further improve Project economics ahead of a Final Investment Decisio
Slide 13: Updated Mine Plan and Tailings Strategy to enhance Metal Production
13 Sorby Hills Project Updated Mine Plan and Tailings Strategy to enhance Metal Production The DFS tailings strategy incorporated For personal use only 20,000,000 1,000,000 both above-ground tailings storage Cumulative Lead / Silver Recovered within an integrated waste landform 18,000,000 900,000 (“
Slide 14: Metallurgical Testwork to enhance metal recoveries
14 Sorby Hills Project Metallurgical Testwork to enhance metal recoveries For personal use only ▪ Incorporating the interim results of flotation variability tests from additional post DFS drill core samples delivers: ▪ 5% increase in Norton Deposit lead recovery ▪ Confirms Norton silver recovery at
Slide 15: Development Ready
15 Sorby Hills Project Development Ready ▪ GRES has recently completed For personal use only Primary Crusher FEED Workstreams. ▪ FEED output has resulted in: ▪ detailed plant design and; Flotation Circuit optimised site layout; ▪ the issue of tender packages for long-lead items; and Filter Press ▪ u
Slide 16: Refreshed tenders to reprice bundled mining and earthworks contract packages
16 Sorby Hills Project Refreshed tenders to reprice bundled mining and earthworks contract packages For personal use only DFS C1 Operating Costs (%) Lead Treatment Charge, 12% Processing, 29% Logistics, 9% ▪ Mining comprised 44% of the DFS G&A, 7% Operating Costs. ▪ Earthworks Packages comprised nea
Slide 17: Significant Intercepts post Mineral Resource Estimate
17 Sorby Hills Project Significant Intercepts post Mineral Resource Estimate 2021 Phase V – 15 holes not yet included in Mineral Resource Estimate For personal use only ▪ SHRC_123 (Beta): 27m @ 3.47% Pb & 37g/t Ag from 34m: ▪ Incl. 3m @ 7.04% Pb & 95g/t Ag from 35m; 5m @ 5.60% Pb & 44g/t Ag from 45m
Slide 18: Keep Seismic Target
18 Sorby Hills Project Keep Seismic Target Keep Seismic Target ▪ 1st drill hole indicates potential for a new discovery (2 km south of Potential Discovery located 2km from the existing Sorby Hills Reserves). For personal use only existing Sorby Hills Deposits ▪ New Zone located within favourable str
Slide 19: Strategic Growth Opportunities
19 Sorby Hills Project Strategic Growth Opportunities Manbarrum Zn-Pb-Ag Project Vision to establish a long-life presence in the east ▪ located 25km east of the Sorby Hills Project. For personal use only Kimberley Region ▪ Mineral Resources declared at two prospects Figure: which are zinc and silver
Slide 20: Delivering Silver Exposure to Investors
20 Sorby Hills Project Delivering Silver Exposure to Investors The Sorby Hills Project and Boab Metals offer For personal use only rare ASX exposure to Silver Price movements ▪ Boab’s share price has BML Share Price vs AUD Silver Price historically demonstrated a 11.25 1.125 strong correlation with
Slide 21: Investment Opportunity: Near Term News Flow and Ongoing Activities
21 Boab Metals Investment Opportunity For personal use only Near Term News Flow and Ongoing Activities 22% - DFS vs PFS NPV ▪ Incorporate the results of Optimisation Workstreams into a FEED Study – target for release Q2 2024. 35% - Boab Share Price1 ▪ Execute Offtake Agreement(s). ▪ Assess opportuni
Slide 22: Thank You
22 For personal use only Thank You Simon Noon – Managing Director & CEO [email protected] www.BoabMetals.com www.linkedin.com/company/boab-metals
Slide 23: Board and Technical Team
23 Board and For personal use only Technical Team Gary Comb Simon Noon Richard Monti Andrew Parker Chairman Managing Director Non-Exec. Director Non-Exec. Director and CEO Board and Management Engineer with over 30 Experienced mining Geologist with over 30 Lawyer with significant with a proven track
Slide 24: Sorby Hills Definitive Feasibility Study: Capital Cost Breakdown
24 Sorby Hills Definitive Feasibility Study Capital Cost Breakdown For personal use only Tendered Pricing for 75% of Item Pre-production (A$M) Sustaining (A$M) Total (A$M) Capital Costs to reduce the Early Works / Bulk Earthworks / Road Construction 9.9 15.7 25.6 risk of pre-FID cost escalation. Pro
Slide 25: Appendix
25 Appendix For personal use only Appendix Boab Metals Limited ASX:BML 25 25
Slide 26: Sorby Hills Definitive Feasibility Study: Life of Mine Physicals
26 Sorby Hills Definitive Feasibility Study Life of Mine Physicals PHYSICALS SUMMARY Unit Total FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 For personal use only ROM Mined Mt 18.3 - - 2.1 2.1 2.3 2.5 1.9 2.2 1.8 3.3 - - Waste Mined Mt 134.6 - - 11.7 11.6 12.2 24.3 26.1 25.6 19.6 3.5
Slide 27: Sorby Hills Definitive Feasibility Study: Operating Cost Breakdown
27 Sorby Hills Definitive Feasibility Study Operating Cost Breakdown For personal use only Competitive C1 cash cost of US$0.39/lb Total Unit Costs Item payable Pb (including Silver Credits). (A$M) A$/t ore US$/lb payable Pb Mining 591 32.4 0.34 ~80% of Mining Costs underpinned by Processing 391 21.4
Slide 28: Resource Classification by Deposit
28 Sorby Hills Project Resource Classification by Deposit Grade Contained Metal For personal use only Tonnes Deposit Classification Pb Zn Ag PbEq1 Pb Zn Ag (Mt) % % g/t % kt kt koz Inferred 0.6 5.3% 1.0% 23 6.1% 31 6 427 A Sub Total 0.6 5.3% 0.1% 23 6.1% 31 6 427 Measured 1.4 3.8% 0.3% 19 4.5% 52 4
Slide 29: Establishing Deep Roots within the Local Community
29 Boab Metals Establishing Deep Roots within the Local Community For personal use only Boab is extremely proud to be the Naming Rights Sponsor of the Ord Valley Muster for 2023 and beyond. • Sense of community plays a key role in economic and social well-being of stakeholders across the east Kimber
Slide 30: Metal Equivalent Calculations
30 Metal Equivalent Calculations For personal use only The contained metal equivalence formula It is Boab’s opinion that all elements included in the metal equivalent calculation have a reasonable is based on the Sorby Hills DFS including: potential to be recovered and sold. The formula used to calc