Ann: Testwork Improves Metal Recovery & Concentrate Grades, page-2

Decent result, should be a great day!

Metallurgical Testwork Improves Metal Recovery and Concentrate Grades at the Norton Deposit

Boab Metals Limited (ASX: BML) (“Boab” or the “Company” is pleased to announce interim results of additional metallurgical testwork at its 75% owned Sorby Hills Lead-Silver-Zinc Project (“Sorby Hills” or “the Project”, located in the Kimberley Region of Western Australia. These
results augment and enhance the Sorby Hills Definitive Feasibility Study (“DFS” released by the Company in January 2023, and will be used in the current front end engineering and design study (“FEED Study”.

HIGHLIGHTS
• Incorporating the interim results of flotation variability tests from additional post DFS drill core samples delivers a 5% increase in Norton Deposit lead recovery from 78% to 83% and confirms silver recovery at 78%, together with an improvement in concentrate grade
from 56.9% Pb to 59.5%Pb.
• Results to be included in the soon to be released FEED Study.
• Improved metallurgy confirms the merit of a future reassessment the Ore Reserve at Norton Deposit via rerunning pit optimisations and open pit design.

Boab Managing Director and CEO, Simon Noon, stated:
“Due to limited sample availability during the DFS, we were unable to fully complete the desired volume of metallurgical testwork on the Norton deposit. Consequently, a conservative approach to metal recovery was adopted resulting in approximately 500kt of ore being removed from the Norton mining inventory compared with the Sorby Hills PFS.
The Phase VII drilling program completed in 2023 provided an opportunity to collect further samples for metallurgical testwork. This testwork has been ongoing during 2024 and the results support the case for higher recoveries at Norton and the potential to improve mine life via a
future reassessment of pit optimisations and pit designs associated with the deposit.
We look forward to incorporating the updated recoveries and concentrate grades into our upcoming FEED Study and subsequently exploring further enhancements to the mine plan.