Ann: Corporate Presentation, page-4

Certainly sounds promising with metallurgy results indicating an improvement in Norton recoveries which would see an improvement in mine life from DFS of 8.5 years to ? maybe close to 9 years ?



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 Decision.
✓ Revenue Brought Forward: an updated mine plan and tailings strategy has been adopted
allowing the higher-grade Norton deposit to be mined earlier and further derisking project
execution;
✓ Process Plant FEED completed, Capex Unchanged: updated tendered pricing for the
process plant from GR Engineering Services (“GRES”) based on the FEED outcomes and
current raw material and labour costs;
✓ Enhanced Metal Recoveries at Norton: preliminary metallurgical test work point to
improved recoveries over the conservative values adopted for the Norton Deposit in the
DFS due to limited core availability at the time;
✓ Improved Earthworks and Mining Pricing The mining and bulk earthworks contracts were
tendered for the DFS at the height of post COVID inflation. The Company has received
tenders from three groups, two of which represent an improvement on the pricing
adopted for the DFS.
The results of the Project Optimisation Workstreams will be incorporated into a FEED Study with the
intention that this study is released to the market in Q2 2024.