Ann: Response to ASX Price Query, page-5

BML response;

3. If the answer to question 1 is “no”, is there any other explanation that BML may have for the
recent trading in its Securities.

Recently, the Company released an updated Investor Presentation highlighting the significant
progress that has been made on Project execution workstreams.
These updates have included:
• completion of tenders for the Process Plant EPC and Early Work contracts;
• completion of Stage 1 Lenders Independent Technical Due Diligence;
• securing an Accommodation Camp for the Project;
• securing amendments to the existing EPA approval to allow for a larger project; and
• nearing completion of the Project Definitive Feasibility Study and Offtake Award Process.

Furthermore, Boab presentations have for some time highlighted the strong correlation
between Boab’s share price and the price of Silver. Boab’s Sorby Hills Project is one of the
largest undeveloped Silver Resources in Australia and offers ASX participants rare exposure
to Silver markets. Since 2 November, the price of Silver has risen nearly 7%.

The points above, together with the potential near-term news flow pipeline that includes:
• release of the DFS results;
• awarding of Offtake Agreements;
• receipt of drilling assays results;
• commencement of Early Works;
• execution of the Mining Joint Venture Agreement;
• execution of a Power Purchase Agreement; and
• securing of Project Finance.
demonstrate value in the Boab share price and presents a strong case investment to market
participants as the Company moves towards a Decision to Mine at Sorby Hills.