Ann: Shallow-Depth Extensions Confirmed by Assay Results, page-2

HIGHLIGHTS
• The Phase IV drilling program concluded with a total of 58 diamond and rotary/diamond drill
holes completed for a total meterage of 4,803m during November 2020.
• Several shallow-depth extensions of mineralisation reported from the Omega deposit
have been confirmed by assay results.
• The latest drill results are expected to allow several historic intercepts to be modelled
confidently into the next Mineral Resource Estimate.
• Further drill hole assay results due in coming weeks.
Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to report positive additional
results received for core samples submitted from the Phase IV drilling program at its 75% owned
Sorby Hills Lead-Silver-Zinc Project (“Sorby Hills” or the “Project”), located in the Kimberley Region
of Western Australia.
Apart from metallurgical and geotechnical objectives the program also targeted the growth of the
resource base through the extension and addition of brown-field drill holes to the program. Results
for some brown-field drill holes have been received and are expected to have positive impacts on the
Resource base of the project as well as the overall future pit design. Significant assay results as part
of the latest assay batch from the brown-field drill holes include:
o SHDD043: 11m at 7.4% Pb and 29g/t Ag from 35m
o SHDD039: 21m at 3.4% Pb and 15 g/t Ag from 31m
o SHDD024: 17m at 7.5% Pb and 157g/t Ag from 72m
Boab Managing Director Simon Noon stated: “Once again diamond drilling at Sorby Hills has
delivered excellent results. With Assays now confirming significant extensions of mineralisation
immediately adjacent to our PFS open pit designs, we expect to see positive changes to the mining
inventory in the definitive feasibility study. We look forward to providing the further results of assays
over the coming weeks ahead of possible updating the Sorby Hills Mineral Resource.”

Phase IV Drilling Program
Boab’s Pre-Feasibility Study (“PFS”) confirmed that Sorby Hills is underpinned by a large nearsurface Pb-Ag-Zn deposit comprising a Mineral Resource of 44.1Mt at 3.3% Pb, 38g/t Ag and 0.5%
Zn, and Proved and Probable Reserves of 13.6Mt at 3.6% Pb, and 40g/t Ag.
On the back of the positive PFS, the Phase IV drilling program was designed to primarily advance
the Project towards Definitive Feasibility Study (“DFS”) status. As such, the bulk of drilling meters
(3,340m) were apportioned to these objectives. The balance of the drilling was targeted at Resource
extensions and brown-fields exploration (~1,460m).
Figure 1 provides an overview of Phase IV drill hole locations. A compilation of all significant drill hole
sample assay results to date can be found in the Appendix 1 Table 2.

Updated Drilling Results
Significant assay results included in the first four batches of samples are reported in Table 1 and 2
and the JORC Table 1.
Geotechnical and metallurgical drilling comprised 30 diamond drill holes for 3,340m across the PFS
mining area.
In addition to the metallurgical and geotechnical objectives of the Phase IV drilling program, the
Company is pleased to report that results for several drill holes which intersected new intervals of
mineralisation immediately adjacent to the current open pit designs confirm significant mineralisation
extensions. The recent laboratory results support the previously reported geological observations and
underpin the plan for future drilling.
It is anticipated these intersections will have a favourable impact on the Sorby Hills Resource.