Boab Metals is unlocking one of Australia’s largest undeveloped silver-lead deposits, a development-ready project valued at over A$700m NPV with approvals and offtake already in place. This A$50m raise offers investors exposure to a near-term producer positioned to become a cornerstone supplier of silver and lead into Asian markets.
Boab Metals Limited (ASX:BML)
BML
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.400
per share
Offer Size
A$50,000,000
Offer Details
Issue Price (Per Share)
A$0.400
Discount
-11.11%
Offer Size
A$50,000,000
Shares Available
125,000,000
A$50m two-tranche placement with the ability to accept overs (T1 A$5m).
Discount
- Discount to last close price of A$0.495/sh: 19.2%
- Discount to 5 trading day VWAP of A$0.450/sh: 11.1%
- Discount to 10 trading day VWAP of A$0.453/sh: 11.8%
Documents & Downloads
Company Overview
Boab Metals is currently developing the Sorby Hills Project 50km north east of Kununurra in the East Kimberley of Western Australia. Sorby Hills is Australia’s largest undeveloped, near surface lead-silver deposit with granted mining leases, EPA approval and is 150km from the Wyndham Port.
Established infrastructure and existing permitting allows for fast track production. Â
In parallel with its Sorby Hills development, Boab is also exploring it’s Manbarrum (100% owned) and Eight Mile Creek (100% owned) prospects.Â
Development ready Sorby Hills Project (WA)
- 50km northeast of Kununurra, 150km on sealed road to Wyndham port (closest Australian port to Asia).
- FID targeted Q4 2025.
- Silver-Lead Resource – 47.3Mt @ 123g/t Ag equivalent. Potential mine life extension drilling.
- Shallow open pit with low strip ore.
- Major environmental approvals in place & port access agreement executed.
- Option to increase ownership from 75% to 100%
Sorby Hills Project – FEED Highlights
2.25mtpa with initial mine life of 8.5 years, ~2.2Mozpa Ag with average annual EBITDA A$126m.
C1 cash cost US$0.36/lb payable Pb including net Ag credit of US$0.37/lb.
- Pb covers Ag processing cost for negative AISC US$14/oz Ag.
Pre-tax NPV8 A$705m & IRR 53% @ spot (FEED pre-tax NPV8 A$411m & IRR 37%). A$264m pre-production capex:
- Includes A$136m for new processing plant.
- Material reduction expected with A$10m acquisition agreed – SFR’s DeGrussa processing plant – relocation and refurbishment tender process.
Strong financing partnerships
Trafigura offtake with US$30m prepayment for 75% of the high-grade lead-silver concentrate from Sorby Hills:
- Option to scale back if prepayment not drawn.
Advanced discussions with debt financiers.
Use of Funds
Use of Funds
1.
Development of the Sorby Hills project including early development works
2.
Acquisition of the remaining 25% interest in Sorby Hills
3.
DeGrussa plant acquisition payment at FID
4.
Working capital
Disclaimer
This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Boab Metals Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.
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