Ann: Corporate Presentation, page-12

Material Changes Since Last Note

1. Improved Project Economics

   • Then: FEED Study NPV8 of A$411M, IRR 37%.

   • Now: Updated NPV8 of A$605M and IRR of 47.6%, reflecting current spot prices (higher silver and lead prices, lower treatment charges, weaker AUD).

   • Implication: The intrinsic value of Sorby Hills is materially higher under current market conditions, strengthening the economic case and making Boab even more leveraged to silver price upside.

2. Enhanced Silver Leverage

   • New Insight: Operating margin is entirely covered by lead revenue under historical averages, making the project effectively a low-cost silver play with AISC of negative US$14/oz Ag.

   • Implication: The prior note correctly emphasized silver leverage, but this update quantifies it more powerfully — this should increase investor interest in silver exposure plays.

3. Processing Plant Integration Progress

   • Then: DeGrussa acquisition noted as strategic.

   • Now: All major components are confirmed as fit-for-purpose; competitive tendering for relocation and refurb begins Q3 2025.

   • Implication: Execution risk is reducing, and procurement bottlenecks are being proactively managed.

4. Offtake and Financing Terms Clarified

   • Then: US$30M Trafigura prepay facility secured.

   • Now: Full terms disclosed: 5-year term, SOFR+5%, 18-month grace. Plus, Boab can scale back offtake commitments if alternate funding is found.

   • Implication: More flexibility in funding structure; reduced reliance on Trafigura if cheaper options emerge.

5. Resource to Reserve Conversion Reaffirmed

   • New: 83% of production target underpinned by reserves; 95% of first 7 years by Measured + Indicated.

   • Implication: Reinforces confidence in early mine life predictability — not fully emphasized in prior note.

Unchanged or Reaffirmed Points

• Strategic importance of acquiring 100% of Sorby Hills: Remains a major positive, simplifying ownership and enhancing financeability.

• Funding gap (~A$280M) and dilution risk: Still the critical issue.

• Low-cost profile: Reconfirmed with updated benchmarking showing 1st quartile status on global cost curve.

• Timeline toward FID (H2 2025): Unchanged.

Conclusion:

The new presentation strengthens the investment case for Boab Metals with improved economics, clarified financing terms, and a clearer path to construction. It supports an upgrade in valuation assumptions, though the high funding hurdle remains a key overhang.