Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

How big can the savings be for a used processing plant ?
Could this shorten the time required to get the mine up and running once FID occurs ?

As part of Boab’s project execution derisking initiative, the Company has commenced detailed due
diligence on the potential acquisition of the DeGrussa process plant from Sandfire Resources
Limited (ASX:SFR) (“Sandfire”) for use at Sorby Hills.
The DeGrussa process plant, located 900km
northeast of Perth, formed part of the world-class DeGrussa Copper mine that was built and
operated by Sandfire between 2011 and May 2023. Since the cessation of operations in early FY24,
the DeGrussa process plant has been kept on active care and maintenance by Sandfire.

Preliminary due diligence undertaken by Boab during the quarter has indicated the DeGrussa
process plant, which comprises a conventional crushing, milling, flotation, dewatering and
filtration circuit is ideally suited for the requirements of Sorby Hills.
Over the coming quarter, Boab
will work closely with preferred EPC Contractor GR Engineering Service (“GRES”) (ASX release 21
November 2022) to undertake a thorough review of the DeGrussa process plant and assess the
technical and economic benefit of its incorporation into the Sorby Hills Project.

Boab Managing Director and CEO Simon Noon stated: “Throughout the quarter, the Company has
been proactively assessing multiple opportunities to materially reduce the upfront capital
expenditure for Sorby Hills. The identification of available second-hand process plants has been
one such initiative and the DeGrussa plant represents the most technically suitable option for
Sorby Hills. We look forward to completing our due diligence on the DeGrussa opportunity over
the coming quarter and quantifying its potentially significant impact on Project economics.”