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

Location
About 50 km from the regional centre of Kununurra, in Western Australia.

Project Owner/s
Base and precious metals exploration and development company Boab Metals exercised its option to acquire 100% of the Sorby Hills silver/lead project in December 2025, taking full control of an openpit mining inventory of 18.3-million million tonnes at an average grade of 3.4% lead and 39 g/t silver.

The acquisition, from joint venture partner Yuguang, involves a completion payment of A$12.5-million, with deferred payments of A$5.5-million and A$5.0-million due 12 and 18 months respectively after the start of concentrate production.

Boab MD Simon Noon has said the deal gives the company full rights to sell the forecast 897 000 t of concentrate, and exposes shareholders to the increasing operating margins supported by a silver price that has more than doubled since Boab’s front-end engineering design study.

The project remains fully funded without requiring additional financing.

The move follows seven years of JV development with Yuguang, which Noon has acknowledged as crucial in bringing the project to a final investment decision. Completion of the acquisition is expected in January 2026, ahead of the planned ramp-up to first production in the second half of 2027.

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 project proposes an operation with a 2.25-million-tonne-a-year-capacity conventional flotation process plant, producing an average of 103 000 t/y of lead/silver concentrate containing 64 000 t of lead and two-million ounces of silver.

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$411-million and an internal rate of return of 37%.

Capital Expenditure
Preproduction capital expenditure is estimated at A$264-million.

Planned Start/End Date
Boab is targeting the start of production for the second half of 2027.

Latest Developments
None stated.

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.