Boab Metals Limited ASX: BML / OTCQB: BMLQF
Introduction
Boab Metals Limited is an Australian base and precious-metals development company focused on bringing the 100%-owned Sorby Hills Silver-Lead-Zinc Project into production in the East Kimberley region of Western Australia. Sorby Hills is approximately 50 kilometres from Kununurra and has established road access toward Wyndham Port. Boab also controls the nearby Manbarrum zinc-lead-silver project and the Eight Mile Creek exploration project, creating the potential for a broader regional mining hub over time.
The main story today is Sorby Hills. Unlike many junior silver stocks that are still at exploration, PEA, or early feasibility stage, Boab has already passed Final Investment Decision, secured more than A$350 million of funding, moved to 100% project ownership, commenced construction activities, executed the processing-plant EPC contract, and is targeting first silver-lead concentrate production in H2 2027.
The bull case is simple, lead helps pay the operating costs while silver creates the upside. The June 2024 FEED Study used only US$27.40/oz silver and still generated a pre-tax NPV8 of A$411 million, IRR of 37%, approximately A$778 million of project cash flow and average EBITDA of A$126 million per year. The company calculates that every A$1/oz increase in the silver price adds roughly A$10.7 million to project NPV around the FEED sensitivity range. This creates unusually strong silver-price leverage for a project whose base economics are supported by lead.
The risk has now shifted. Boab is no longer mainly a geological or feasibility-stage speculation. It is becoming a construction and execution story. The company needs to successfully relocate and commission the DeGrussa processing plant, manage the construction budget, draw and service project debt, convert drilling success into additional reserves, commission the operation and achieve the recoveries, grades and operating costs assumed by the study. The current 8.5-year FEED mine life is attractive but not especially long, so reserve growth will also matter to the eventual full valuation.
Projects / Location / MRE / Grades
Project 1: Sorby Hills Silver-Lead-Zinc Project, Western Australia
Flagship Asset / Construction-Stage Project
Sorby Hills is Boab Metals’ flagship project and the main driver of the company’s valuation.
The project is located in the East Kimberley region of Western Australia, approximately 50 kilometres northeast of Kununurra. Sorby Hills consists of granted mining leases covering multiple shallow silver-lead-zinc deposits and benefits from existing regional infrastructure. Concentrate can be transported by established roads toward Wyndham Port, while Boab has also developed power, fuel, camp and logistics arrangements for the operation.
Most importantly, the ownership structure has now been simplified. In January 2026, Boab completed the acquisition of Yuguang Australia’s remaining 25% interest and increased its ownership from 75% to 100%. Boab paid A$12.5 million at completion, with another A$5.5 million due 12 months after concentrate production begins and A$5.0 million due 18 months after first production. Boab consequently has the economic rights to 100% of the forecast project concentrate, including approximately 18.6Moz silver and 575kt lead across the FEED production profile.
Project Phase
Sorby Hills is now a near-producer / construction-stage project.
Boab made its Final Investment Decision in December 2025 after securing more than A$350 million in combined debt and equity funding. Early works have commenced, major site works are progressing, the DeGrussa processing plant has been acquired, and GR Engineering has been awarded an approximately A$109 million EPC contract covering its relocation, refurbishment and reconstruction at Sorby Hills. First concentrate production remains targeted for H2 2027.
This is important because Boab has crossed one of the biggest gaps in junior mining: moving from a study into funded physical development.
Grade Feel
Sorby Hills is not a classic ultra-high-grade underground silver vein project. It is a relatively shallow, open-pit lead-silver-zinc system where the combination of lead grade, silver credits, low-strip mining and relatively large processing throughput creates the economics.
The overall Mineral Resource grades approximately 3.1% lead, 0.4% zinc and 35 g/t silver. These grades look moderate if viewed only as a silver deposit, but that misses the project’s economic structure. Lead provides a major revenue stream and effectively subsidises a significant portion of the project’s cost base.
There are also materially higher-grade areas inside the broader resource. Norton is particularly interesting from a silver perspective. The existing Norton Measured Resource averages approximately 4.1% lead and 75 g/t silver, while historical drilling includes intercepts such as 11.05m at 10.98% Pb and 189 g/t Ag and 11.60m at 8.78% Pb and 325 g/t Ag.
This means Sorby Hills should not be judged simply by its 35 g/t global silver grade. The investment thesis depends on combined metal value, recoveries, mining geometry and the ability to prioritise stronger lead-silver zones.
Sorby Hills Mineral Resource Estimate
The current JORC Mineral Resource underpinning the project was prepared by CSA Global and reported in December 2021. It remains the published resource base while Boab’s current drilling is designed to support reserve conversion, resource growth and an updated mine plan.
| Resource Category | Tonnes | Pb Grade | Zn Grade | Ag Grade | Contained Pb | Contained Zn | Contained Ag |
| Measured | 12.6Mt | 3.5% | 0.4% | 43 g/t | 444kt | 45kt | 17.52Moz |
| Indicated | 11.0Mt | 3.4% | 0.4% | 34 g/t | 377kt | 46kt | 12.11Moz |
| Inferred | 23.6Mt | 2.7% | 0.5% | 31 g/t | 645kt | 117kt | 23.41Moz |
| Total | 47.3Mt | 3.1% | 0.4% | 35 g/t | 1.465Mt | 207kt | 53.04Moz |
The total Sorby Hills resource therefore contains approximately 53 million ounces of silver and 1.47 million tonnes of lead. Measured and Indicated resources contain approximately 29.6Moz of silver.
The key opportunity is that the current FEED mine plan uses only part of the overall geological resource. Boab’s February 2026 presentation stated that the existing mine plan represents only around 37% of the defined Sorby Hills Resource, leaving meaningful room for future conversion and mine-life extension.
Sorby Hills Ore Reserve
The current published Ore Reserve totals approximately:
| Reserve Category | Ore | Pb Grade | Ag Grade | Contained Pb | Contained Ag |
| Proved | 10.3Mt | ~3.5% | ~42 g/t | ~358kt | ~14.1Moz |
| Probable | 4.9Mt | 3.5% | 32 g/t | 172kt | 5.0Moz |
| Total | 15.2Mt | 3.5% | 39 g/t | 531kt | 19.1Moz |
The reserve is reported at a 1.0% lead cut-off. Approximately 83% of the FEED production target was reserve-backed, giving Sorby Hills considerably greater geological confidence than a typical early-stage junior mining project.
One of the major 2026 objectives is to increase this Ore Reserve by converting additional mineralisation around B, Omega, Norton and Beta and by re-optimising pit shells at substantially higher silver prices than those used in the existing designs.
FEED Study Economics
The June 2024 FEED Study is the most important published economic study for Sorby Hills.
| FEED Metric | Result |
| Processing Rate | 2.25Mtpa |
| Initial Mine Life | 8.5 years |
| Average Concentrate Production | ~103ktpa |
| Average Annual Lead Production | ~68kt |
| Average Annual Silver Production | ~2.2Moz |
| Pre-production Capex | A$264M |
| Pre-tax NPV8 | A$411M |
| Pre-tax IRR | 37% |
| Project Cash Flow | A$778M |
| Average EBITDA | A$126M/year |
| C1 Cash Cost | US$0.36/lb payable Pb |
| AISC | approximately US$0.43/lb payable Pb |
| FEED Silver Price | US$27.40/oz |
| FEED Lead Price | US$2,252/t |
| AUD/USD | 0.68 |
The important point is that the FEED economics were built using only US$27.40/oz silver.
At that silver price, the project was already economically viable. If silver remains structurally above that level, a much greater proportion of incremental silver revenue can flow toward project margins.
Boab illustrates this using the phrase “lead pays, silver plays.” The February 2026 company presentation recalculated the project from a silver perspective and showed an illustrative silver AISC of approximately negative US$14/oz after lead credits at the metal-price assumptions used in that presentation. That is not the original FEED cost metric and should not be treated as a guaranteed operating cost, but it clearly demonstrates why Sorby Hills has unusually high silver leverage.
Latest Drilling
Boab commenced its Phase IX growth drilling program during 2026 to increase Ore Reserves, extend mine life, expand silver-rich mineralisation and test additional regional targets.
As of the company’s 23 July 2026 update:
- Approximately 60% of the planned ~5,000m program had been completed.
- 28 sonic/diamond holes representing approximately 3,000m had been drilled.
- Reserve-conversion drilling at B, Omega and Norton had been completed.
- More than 860 samples had been submitted for laboratory analysis.
- Visual mineralisation extended outside portions of the existing FEED pit designs.
- High-grade galena was visually encountered north of Norton.
- Remaining work included Beta, the Keep Target and a deeper hole at Manbarrum.
The key point is that these observations are not yet assay grades. Visual galena can be encouraging, but the economic significance will only be known after laboratory assays, geological interpretation, resource modelling and pit optimisation.
If the drilling successfully converts additional material into Ore Reserves, it could extend the current 8.5-year mine life and increase the amount of silver available to the project.
Project 2: Manbarrum Zinc-Lead-Silver Project, Northern Territory
Optionality Asset
Manbarrum is located approximately 25 kilometres east of Sorby Hills, across the Western Australia–Northern Territory border. Boab owns 100% of the project.
The project covers approximately 175km², including two granted mining leases, and contains geology considered genetically related to the system hosting Sorby Hills. Mineral Resources have historically been declared at the Sandy Creek and Djibitgun prospects, and conceptual open-pit studies were completed by CSA Global in 2018.
However, investors need to be careful with the resource numbers. Some historical Manbarrum estimates were prepared under older reporting standards and Boab has indicated that further verification and drilling are required before all historical numbers can be relied upon as current JORC-compliant resources.
The attraction of Manbarrum is strategic rather than near-term standalone valuation.
If Sorby Hills is successfully commissioned, Boab will own a processing plant and mining infrastructure only around 25 kilometres from Manbarrum. That creates the possibility that future Manbarrum material could eventually be processed through the Sorby Hills infrastructure rather than requiring a completely separate development.
That could materially improve the economics of any future discovery or resource upgrade.
Project 3: Eight Mile Creek / Keep Target / Regional Exploration
Long-Term Exploration Optionality
Boab also owns the Eight Mile Creek Project, which contains approximately 30 kilometres of prospective strike extending through geology considered favourable for Sorby Hills-style mineralisation.
The company’s regional exploration strategy was strengthened by the discovery of zinc-lead mineralisation at the Keep Target, within the broader Sorby Hills tenure.
Previous drilling at Keep has returned intercepts including:
- SHSD_185: 9.55m at 5.10% PbEq, including 2.59% Pb, 2.26% Zn and 17.6 g/t Ag.
- SHSD_189: 2.00m at 7.73% PbEq, including 1.23% Pb, 5.86% Zn and 36.7 g/t Ag.
The regional thesis is important because Boab is not necessarily building Sorby Hills only for an 8.5-year mine.
The longer-term opportunity is to turn the infrastructure into a regional processing hub fed first by Sorby Hills and potentially later by reserve growth, deeper or lateral discoveries, Keep, Eight Mile Creek or Manbarrum.
This optionality should not be given full valuation today, but it could become increasingly important once the processing infrastructure is operational.
Share Structure / Ownership / Insiders
Capital Structure
Boab underwent substantial equity issuance during the financing phase for Sorby Hills.
The company’s February 2026 presentation showed approximately 576 million ordinary shares plus 13.7 million performance rights. Subsequent ASX filings increased ordinary shares on issue to approximately 578.6 million, while an August 2026 compilation of ASX filings indicates approximately 592.3 million securities on a fully diluted basis, principally ordinary shares plus performance rights.
| Capital Structure Item | Approximate Amount |
| Ordinary Shares | 578.6M |
| Performance Rights / Other Dilution | ~13.7M |
| Fully Diluted Shares | ~592.3M |
| Recent Indicative Share Price* | ~A$0.49 |
| Basic Market Capitalisation* | ~A$283.5M |
| Fully Diluted Market Capitalisation* | ~A$290.2M |
| Cash at 30 June 2026 | A$60.2M |
| Project Debt Facility | A$236M |
*Using a delayed indicative A$0.49 share price around mid-August 2026 rather than a live quote.
Share Structure Feel
This is one of the weaker parts of the Boab story.
The current fully diluted share count of approximately 592 million is relatively high. Boab’s ordinary share count expanded substantially during the project’s financing period as the company raised the equity required to advance Sorby Hills through FID and construction.
However, there is an important difference between bad dilution and value-creating dilution.
In Boab’s case, much of the recent dilution financed the transition from developer to a fully funded project under construction. The company raised approximately A$117 million through its late-2025 placements and Share Purchase Plan while also securing A$236 million of project debt. Therefore, although existing shareholders were diluted, the company simultaneously removed one of the largest risks facing any junior developer: the possibility that the mine could never be financed.
Future dilution still needs to be monitored, especially if construction costs exceed budget or debt conditions become difficult. But assuming the existing financing package remains sufficient, the need for another major pre-production equity raise should be substantially lower than it was before FID.
Ownership / Insiders
Franklin Resources became an important institutional shareholder following Boab’s financing.
A February 2026 substantial-holder filing showed Franklin Resources and affiliates holding 41 million shares, representing approximately 7.12% of Boab at that time.
A February 2026 Shaw and Partners register analysis also identified:
| Major Holder | Approximate Ownership |
| Franklin Resources | 7.1% |
| Villiers Queensland | 2.4% |
| Sandfire Resources | 1.5% |
| Simon Noon | ~1.0% |
Institutional participation from Franklin is a positive signal. Sandfire’s involvement is also strategically interesting because Boab acquired the DeGrussa processing plant from Sandfire.
Direct insider ownership, however, appears modest rather than exceptionally high.
CEO Simon Noon has meaningful personal exposure but does not own anything close to the 20–30% levels sometimes seen in tightly held junior mining companies.
This reduces the score somewhat under our ownership framework.
People / Management
Simon Noon
Managing Director & CEO
Simon Noon has been Managing Director of Boab since 2013 and has more than 15 years of experience managing publicly listed resource companies.
Before Boab, he managed Groote Resources, where the company’s market capitalisation grew from below A$10 million to more than A$200 million at its peak. He later co-founded West Rock Resources and served as Managing Director until West Rock was acquired by Boab’s predecessor in 2013.
At Boab, Noon led the acquisition of Sorby Hills in 2018 and subsequently oversaw the project through resource expansion, PFS, DFS, FEED, permitting, offtake, financing, Final Investment Decision and now construction.
Gary Comb
Chairman
Gary Comb is a mining engineer with more than 30 years of experience in the Australian mining industry and has direct experience commissioning and operating base-metal mines.
He was Chairman of Finders Resources between 2013 and its takeover in 2018. He was also previously Managing Director of Jabiru Metals and CEO of BGC Contracting.
Richard Monti
Non-Executive Director
Richard Monti is a geologist with more than 30 years of international mineral-resource industry experience. His background includes geology, technical evaluation, corporate advisory, strategic planning and public-company board experience.
He has served across numerous ASX and TSX-listed mining and exploration companies and has experience managing substantial technical teams.
Andrew Parker
Non-Executive Director
Andrew Parker is a lawyer with significant experience in exploration and mining, corporate advisory, strategic consulting and capital raising.
Russell Taylor
Project Director
Russell Taylor is one of the most important people to watch during the construction period.
Taylor has more than 28 years of experience developing and operating large-scale mining projects in Australia and internationally. His previous senior roles include experience with BHP, Peabody, Mineral Resources, Downer Mining and Thiess. He was appointed to oversee delivery of Sorby Hills through construction and toward commercial production.
Simon Dorling
Exploration Manager
Simon Dorling is an experienced exploration geologist with a PhD and decades of industry experience, with particular expertise relevant to sediment-hosted base-metal systems.
Risks / Catalysts / Timeline
Key Risks
| Risk Category | Key Risk |
| Construction Risk | Sorby Hills is under construction. Delays, contractor problems, equipment issues or cost overruns could damage project economics. |
| DeGrussa Relocation Risk | Boab is refurbishing and relocating an existing processing plant. This saves capital and schedule but creates refurbishment, integration and commissioning risk. |
| Financing / Debt Risk | A$236M of project debt materially reduces equity requirements but introduces interest, repayment, covenant and refinancing risk. |
| Cost Overrun Risk | The project is described as fully funded, but material overruns could require additional debt, equity or schedule changes. |
| Silver Price Risk | Sorby Hills has exceptional silver leverage. That works in both directions. Lower silver prices would reduce margins and NPV. |
| Lead Price Risk | Lead provides the economic foundation that offsets much of the operating cost. A sustained deterioration in lead prices would weaken the “lead pays, silver plays” structure. |
| Treatment Charge Risk | Lead concentrate treatment charges can materially affect project margins. |
| Metallurgical Risk | Study recoveries are supported by test work, but full-scale plant performance still must be demonstrated. |
| Commissioning Risk | First concentrate is targeted for H2 2027, but new mines frequently experience slower-than-planned ramp-up. |
| Reserve / Mine-Life Risk | The existing FEED mine life is approximately 8.5 years. Boab needs reserve growth to create a genuinely long-life operation. |
| Resource Conversion Risk | The larger Mineral Resource does not automatically become Ore Reserve. Drilling, engineering and economics must support conversion. |
| Dilution Risk | Approximately 592M fully diluted shares already exist. Major unexpected funding needs could create further dilution. |
| Hedging Risk | Project lenders may require or encourage metal hedging. Hedging can protect downside but can also cap part of the upside in a major silver bull market. |
| Logistics / Weather Risk | The East Kimberley location introduces transport, seasonal weather and remote-operating considerations. |
| Execution Risk | Boab is transitioning from developer to producer. This is usually the hardest stage in the lifecycle of a junior mining company. |
Catalysts
| Timeline | Catalyst |
| Q3 2026 | Project Delivery Plan incorporating updated contracted costs, revised economics and updated Ore Reserve assumptions |
| 2026 | Phase IX Sorby Hills assay results |
| 2026 | Potential reserve conversion at B, Omega and Norton |
| 2026 | Continued drilling at Beta |
| 2026 | Follow-up exploration at Keep |
| 2026 | Manbarrum drilling and deeper exploration |
| 2026 | Updated pit optimisation using materially higher silver-price assumptions |
| 2026 | Mining contract and further major construction awards |
| H2 2026 onward | Drawdown of project debt as construction expenditure increases |
| 2026–2027 | DeGrussa processing plant dismantling, refurbishment, relocation and reconstruction |
| 2026–2027 | Camp, infrastructure, power, fuel, tailings and site construction milestones |
| H1–H2 2027 | Commissioning preparation |
| H2 2027 | Targeted first production of silver-lead concentrate |
| 2028 | Production ramp-up and potential steady-state operations |
| Medium Term | Potential mine-life extension through reserve conversion |
| Medium Term | Possible development of regional hub strategy involving Manbarrum / Eight Mile Creek |
| Longer Term | Potential production expansion if higher silver prices support larger pit shells and additional resources |
The Project Delivery Plan is particularly important because the old FEED assumptions no longer reflect the current project design, actual contracted construction costs or the radically different silver-price environment. Boab’s June-quarter update said the plan is expected to update economics and Ore Reserves.
Expected Timeline to Full Production
2026
This is primarily the construction and de-risking year.
Boab is progressing site development, the DeGrussa plant relocation, engineering, procurement, infrastructure and mine-development preparations. At the same time, Phase IX drilling is targeting additional reserves and a larger mine plan.
The Project Delivery Plan should provide a much clearer picture of updated project capex, reserves and economics.
H1 2027
The focus should increasingly shift toward physical completion, processing-plant reconstruction, mine readiness, pre-production mining, workforce mobilisation and commissioning preparation.
This will be the period where construction execution becomes the biggest driver of the stock.
H2 2027
Boab continues to target first silver-lead concentrate production during H2 2027.
The exact timing of commercial production will depend on commissioning and ramp-up performance.
2028 Onward
If commissioning is successful, 2028 should represent the transition into commercial production and the first period where Boab can demonstrate actual mining grades, recoveries, concentrate quality, operating costs and cash flow.
At that point the market should increasingly value Boab as a producer rather than a development company.
The next question would then become mine life.
If Phase IX and subsequent exploration materially increase reserves, Sorby Hills could evolve from an initial 8.5-year project into a much longer-life regional operation.
Valuation
AUD Share Price Sensitivity
Boab is easier to model than many development-stage silver companies because there is already a published FEED NPV and a company-provided silver sensitivity.
However, the following high-silver scenarios are not company guidance.
They are designed to show silver-price torque only.
The company’s FEED sensitivity states that a 30% increase in the Australian-dollar silver price from approximately A$40.3/oz to A$52.4/oz increases project NPV8 from A$411 million to A$540 million.
That equates to approximately A$10.7 million of additional project NPV for every A$1/oz increase in the Australian-dollar silver price, around the study’s tested range.
Base Assumptions
| Assumption | Value |
| Fully Diluted Shares | ~592.3M |
| FEED Silver Price | US |
| FEED Project NPV8 | A$411M pre-tax |
| FEED IRR | 37% |
| NPV Sensitivity | ~A$10.7M per A$1/oz silver movement |
| Silver Case 1 | US$150/oz |
| Silver Case 2 | US$200/oz |
Illustrative Project NPV at US$150 and US$200 Silver
For consistency, this simplified model holds the FEED AUD/USD assumption at 0.68.
US$150 Silver
US$150 ÷ 0.68 = approximately A$220.59/oz silver.
Difference versus FEED:
A$220.59 − A$40.29 = approximately A$180.30/oz.
Applying Boab’s published local sensitivity:
A$180.30 × A$10.7M ≈ A$1.93B incremental NPV.
Add the original A$411M FEED NPV:
Illustrative project NPV ≈ A$2.34B
Project NPV per fully diluted share:
A$2.34B ÷ 592.3M ≈ A$3.95/share
US$200 Silver
US$200 ÷ 0.68 = approximately A$294.12/oz silver.
Difference versus FEED:
A$294.12 − A$40.29 = approximately A$253.82/oz.
Applying Boab’s published sensitivity:
A$253.82 × A$10.7M ≈ A$2.72B incremental NPV.
Add the original A$411M FEED NPV:
Illustrative project NPV ≈ A$3.13B
Project NPV per fully diluted share:
A$3.13B ÷ 592.3M ≈ A$5.28/share
Updated Valuation Summary Table
| Silver Price | Illustrative Project NPV | NPV / Fully Diluted Share | 50% of NPV/share | 75% of NPV/share | 100% of NPV/share |
| US$150/oz | ~A$2.34B | A$3.95 | A$1.98 | A$2.96 | A$3.95 |
| US$200/oz | ~A$3.13B | A$5.28 | A$2.64 | A$3.96 | A$5.28 |
Supplementary FCF Multiple Model
To maintain the same high-silver valuation framework used throughout our silver-stock template, we can also look at an extremely simplified FCF model.
Boab’s February 2026 presentation illustrated Sorby Hills as having an effective silver AISC of approximately negative US$14/oz after lead credits under the assumptions used at the time.
This model assumes:
| Assumption | Value |
| Annual Silver Production | 2.2Moz |
| Illustrative Silver AISC after lead credits | -US$14/oz |
| Fully Diluted Shares | 592.3M |
| AUD/USD | 0.68 |
| Silver Case 1 | US$150/oz |
| Silver Case 2 | US$200/oz |
FCF Margin Assumption
| Silver Price | Illustrative AISC | FCF Margin / oz |
| US$150/oz | -US$14/oz | US$164/oz |
| US$200/oz | -US$14/oz | US$214/oz |
AUD Share Price Target 2.2Moz Annual Silver Production
| Silver Price | Annual Silver | Mechanical Annual FCF Proxy | 10× FCF/share | 15× FCF/share | 20× FCF/share |
| US$150/oz | 2.2Moz | ~US$360.8M | ~A$8.96 | ~A$13.44 | ~A$17.92 |
| US$200/oz | 2.2Moz | ~US$470.8M | ~A$11.69 | ~A$17.53 | ~A$23.38 |
These outputs are deliberately aggressive and should not be treated as realistic formal price targets.
Summary & Quick Scorecard
| Category | Points | Overall |
| Company Overview | Stock ticker: ASX:BML / OTCQB:BMLQF Main metals: Silver and Lead, with Zinc exposure Main project: Sorby Hills Project phase: Construction / Near Producer Project country: Australia First production target: H2 2027 | — |
| 1. Management | Previous successful project / company transaction: Yes. Exploration to development experience: Yes. Big mining company experience: Yes. Capital markets track record: Yes. | Strong |
| 2. Projects | High grades: Moderate overall, high-grade zones exist, particularly Norton. MRE size: Yes Optionality: Yes | Strong |
| 3. Cost Structure | Low AISC: Yes / potentially exceptional after lead credits. Low capex / Existing infrastructure: Yes. | Strong |
| 4. Share Structure Discipline | Ordinary shares: ~578.6M Fully diluted: ~592.3M Approx. FD market cap around A$290M at A$0.49/share | Strong |
| 5. Insider / Ownership | Franklin Resources: ~7.12% disclosed in Feb 2026. Simon Noon: ~1% GSD data show 20% insider aligned. | Good |
| 6. Location | Country: Australia State: Western Australia Jurisdiction: Tier 1 | Strong |
RT Rating, Commentary
Boab Metals is on our watchlist.
We rate this as 5 out of 5 stars.
Boab Metals ticks a very large number of our preferred silver-stock boxes.
The company has a large silver-lead resource, a real Ore Reserve, strong project economics, a Tier 1 jurisdiction, a fully funded development plan, 100% project ownership, construction underway, experienced management and a realistic pathway toward production in H2 2027.
What makes Boab particularly interesting is the cost structure.
Sorby Hills does not need silver alone to carry the mine. Lead provides a substantial portion of the underlying economic support, while silver creates the upside. This makes Boab different from many silver developers whose projects only become highly attractive when investors assume much higher silver prices.
Sorby Hills already showed a A$411M pre-tax NPV8 and 37% IRR at only US$27.40/oz silver.
That is the number that stands out.
The company also estimates approximately A$10.7M of NPV sensitivity for every A$1/oz movement in the Australian-dollar silver price around the FEED range. If Boab successfully completes construction while silver remains structurally well above the FEED assumption, the project could generate substantially stronger economics than the original study suggested.
There are also several ways the project can become larger.
Only part of the existing Sorby Hills resource is represented in the current mine plan. Phase IX drilling is specifically trying to convert additional resources into reserves, extend Norton and other silver-rich zones, expand pit limits and lengthen mine life. Beyond Sorby Hills, Manbarrum, Keep and Eight Mile Creek create additional regional optionality.
The main reason we are need to worry about is execution.
The mine is not producing yet.
Boab still needs to relocate and refurbish the DeGrussa plant, complete construction, stay within the funding envelope, commission the operation, achieve expected recoveries, service project debt and demonstrate that the mine can operate at the costs and production levels forecast by the studies.
The current 8.5-year FEED mine life is another area we would like to see improved.
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