Name of the Project
Sorby Hills lead/silver/zinc project.

Location
The Kimberley region of Western Australia.

Project Owner/s
Boab Metals (75%), and joint venture partner Henan Yuguang Gold and Lead Company (25%).

Project Description
The project is the biggest undeveloped, near-surface lead/silver/zinc deposit in Australia. It comprises mining leases covering six known lead/silver/zinc deposits in the Kimberley region.

The definitive feasibility study (DFS) completed in January 2023 proposes the openpit mining and processing of 18.3-million tonnes of ore from five of the six deposits – Omega, A, B, Beta and Norton. Mined ore will be treated through a simple crush-mill-flotation circuit at an initial rate of 1.5-million tonnes a year, expanding to 2.25-million tonnes a year after one year of production.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of A$370-million and an internal rate of return of 35%, with a payback of 2.5 years.

Capital Expenditure
Preproduction capital expenditure is estimated at A$245-million.

Planned Start/End Date
First ore is expected in August 2024, with the first shipment of lead/silver concentrate targeted for September 2024.

Latest Developments
A decision to mine is expected by mid-2023.

Key Contracts, Suppliers and Consultants
CSA Global (resource assessment); Entech (mining studies); Strategic Metallurgy, ALS Metallurgy, MicroAnalysis Australia (metallurgical testwork); Primero (process plant); Tetra Tech Coffey (infrastructure and tailings storage); GHD Consulting Engineers (dewatering and water supply); Minerals to Market (product logistics); Animal Plant Mineral (environmental studies); Green Values Australia (approvals); and BurnVoir Corporate Finance (financial analysis).

Contact Details for Project Information
Boab Metals, tel +61 8 6268 0449 or email info@BoabMetals.com.