Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Andrew Parker was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Feb 03
Boab Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 60 million. Boab Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 60 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 101,057,108
Price\Range: AUD 0.4
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 48,942,892
Price\Range: AUD 0.4
Transaction Features: Subsequent Direct Listing Duyuru • Jan 27
Boab Metals Limited (ASX:BML) completed the acquisition of remaining 25% stake in Sorby Hills project from Yuguang (Australia) Pty Ltd. Boab Metals Limited (ASX:BML) exercised its right to acquire remaining 25% stake in Sorby Hills project from Yuguang (Australia) Pty Ltd for AUD 23 million on December 19, 2025. A cash consideration of AUD 12.5 million will be paid by Boab Metals Limited. Boab Metals Limited will pay an deferred payment of AUD 10.5 million cash. As part of consideration, AUD 23 million is paid towards Sorby Hills project.
The expected completion of the transaction is January 2026.
Boab Metals Limited (ASX:BML) completed the acquisition of remaining 25% stake in Sorby Hills project from Yuguang (Australia) Pty Ltd January 27, 2026. Duyuru • Oct 24
Boab Metals Limited, Annual General Meeting, Nov 25, 2025 Boab Metals Limited, Annual General Meeting, Nov 25, 2025. Location: at the offices of the australian institute, of company directors, level 1, 77 st georges terrace, perth 6000, Australia Duyuru • Jun 16
Boab Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 6 million. Boab Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,500,000
Price\Range: AUD 0.16
Discount Per Security: AUD 0.0096
Transaction Features: Subsequent Direct Listing Duyuru • Apr 30
Boab Metals Limited (ASX:BML) agreed to acquire DeGrussa Processing Plant from Sandfire Resources Limited (ASX:SFR) for AUD 10 million. Boab Metals Limited (ASX:BML) agreed to acquire DeGrussa Processing Plant from Sandfire Resources Limited (ASX:SFR) for AUD 10 million on April 30, 2025. A cash consideration will be paid by Boab Metals Limited. As part of consideration AUD 10 million is paid towards assets of DeGrussa Processing Plant.
The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer board.
Completion (and the associated payment due at Completion) is conditional upon Boab reaching a final investment decision on the Sorby Hills Project which is anticipated in H2 2025. Duyuru • Oct 08
Boab Metals Limited, Annual General Meeting, Nov 26, 2024 Boab Metals Limited, Annual General Meeting, Nov 26, 2024. Reported Earnings • Sep 26
Full year 2024 earnings released: AU$0.018 loss per share (vs AU$0.036 loss in FY 2023) Full year 2024 results: AU$0.018 loss per share (improved from AU$0.036 loss in FY 2023). Net loss: AU$3.32m (loss narrowed 44% from FY 2023). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (AU$309k revenue, or US$212k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (€13.8m market cap, or US$15.4m). Breakeven Date Change • Sep 23
Forecast breakeven date pushed back to 2027 The analyst covering Boab Metals previously expected the company to break even in 2026. New forecast suggests the company will make a profit of AU$113.0m in 2027. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Buy Or Sell Opportunity • Apr 02
Now 37% overvalued Over the last 90 days, the stock has fallen 26% to €0.067. The fair value is estimated to be €0.049, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 100% in a year. Earnings are forecast to grow by 41% in the next year. Breakeven Date Change • Apr 02
Forecast breakeven date pushed back to 2026 The analyst covering Boab Metals previously expected the company to break even in 2025. New forecast suggests losses will reduce by 29% per year to 2025. The company is expected to make a profit of AU$21.0m in 2026. Average annual earnings growth of 92% is required to achieve expected profit on schedule. Reported Earnings • Mar 13
First half 2024 earnings released: AU$0.015 loss per share (vs AU$0.02 loss in 1H 2023) First half 2024 results: AU$0.015 loss per share (improved from AU$0.02 loss in 1H 2023). Net loss: AU$2.38m (loss narrowed 26% from 1H 2023). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Breakeven Date Change • Mar 09 The analyst covering Boab Metals previously expected the company to break even in 2025. New forecast suggests losses will reduce by 49% to 2024. The company is expected to make a profit of AU$45.0m in 2025. Average annual earnings growth of 1.8% is required to achieve expected profit on schedule.
New Risk • Oct 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.44m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.0m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m (AU$299k revenue, or US$189k). Market cap is less than US$10m (€9.44m market cap, or US$9.95m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Sep 26
Full year 2023 earnings released: AU$0.036 loss per share (vs AU$0.044 loss in FY 2022) Full year 2023 results: AU$0.036 loss per share (improved from AU$0.044 loss in FY 2022). Net loss: AU$5.92m (loss narrowed 13% from FY 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Duyuru • Sep 26
Boab Metals Limited, Annual General Meeting, Nov 06, 2023 Boab Metals Limited, Annual General Meeting, Nov 06, 2023. Agenda: To consider re-election and appointment of Directors. New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.6m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m (AU$207k revenue, or US$138k). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (€16.5m market cap, or US$18.0m). Reported Earnings • Mar 15
First half 2023 earnings released: AU$0.02 loss per share (vs AU$0.026 loss in 1H 2022) First half 2023 results: AU$0.02 loss per share (improved from AU$0.026 loss in 1H 2022). Net loss: AU$3.20m (loss narrowed 20% from 1H 2022). Revenue is forecast to grow 60% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Metals and Mining industry in Europe. Buying Opportunity • Feb 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be €0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Breakeven Date Change • Jan 25
Forecast breakeven date pushed back to 2025 The analyst covering Boab Metals previously expected the company to break even in 2024. New forecast suggests losses will reduce by 34% per year to 2024. The company is expected to make a profit of AU$32.0m in 2025. Average annual earnings growth of 100% is required to achieve expected profit on schedule. Duyuru • Jan 23
Boab Metals Limited Announces Final Assay Results from the Phase VI Drilling Program Boab Metals Limited announced the receipt of the final assay results from the Phase VI drilling program undertaken at its 75% owned Sorby Hills Lead-Silver-Zinc Project located in the Kimberley Region of Western Australia. Phase VI Overview & Objective: During the Phase VI drilling program, a total +3,020m were drilled across 28 RC holes including some that were pre-collared by mud rotary drilling and completed with RC drilling. A total of approximately 1,700 drill samples were submitted to Intertek Laboratories in Darwin all of which have been analysed for a broad spectrum of element analysis including Lead, Silver and Zinc. Beta Deposit: The Beta Deposit was drilled for the first time by Boab during the Phase V drilling campaign. The results from the company's initial drilling conformed with the revised interpretation of the mineralisation geometry. The Phase VI program at Beta included 18 drill holes for a total of 1,800m. The holes were sited with the aim of making the Resource more robust and at the same time expanding it. Infill drilling (SHMR_136) and drilling on the eastern periphery (SHMR_157, SHMR_163) and central northern area (SHMR_151) of the deposit delivered highly encouraging results while elsewhere, visual recognition of broad intervals of mineralisation did not reach the cut off grades for reporting and may indicate, in the west, the limits of the mineralisation. Positive results include: SHRC_157 (Beta): 7m at 19.17% PbEq, (16.23% Pb & 82g/t Ag) from 72m Incl 3m at 41.38% PbEq, (35.26% Pb & 174g/t Ag) from 72m; SHRC_136 (Beta): 20m at 7.39% PbEq, (5.58% Pb & 52g/t Ag) from 65m Incl 8m at 13.86% PbEq, (10.49% Pb & 96g/t Ag) from 77m; SHRC_163 (Beta): 13m at 2.90% PbEq, (2.26% Pb & 18g/t Ag) from 49m (New Result); SHRC_151 (Beta): 5m at 5.13% PbEq, (3.70% Pb & 41g/t Ag) from 40m (New Result). It is expected that these results will positively impact future Resource estimates, enable an improved Resource classification and the inclusion of a larger proportion of the Beta Mineral Resource into the Ore Reserve as well as support the plan for an additional campaign of resource expansion drilling. The most recent drilling campaign at Beta has shown, that tightening of the drill hole spacing can identify narrow but elongated high-grade lenses of mineralisation, as was noted in the 2021 drilling campaign at the Omega Deposit. The stratabound mineralisation at Beta is located above the Knox Formation (different to most of the rest of the Sorby Hills mineralisation) and is encountered in lenses or channel-like bodies over a vertical interval of about 80m. The mineralisation begins from around 40m below surface and can extend to about 120m below the surface. This understanding opens the way for significant extensions to the northeast of Beta that only has wider (> 200m) spaced historic drilling. Norton Deposit: Six RC drill holes for approximately 700m of drilling have been completed at the northern periphery of the Norton Deposit. Results received include: SHRC_143 (Norton N): 13m at 4.06% PbEq, (2.82% Pb & 35g/t Ag) from 95m Incl 5m at 5.35% PbEq, (3.91% Pb & 41g/t Ag) from 95m; SHRC_149 (Norton N): 2m at 16.64% PbEq, (10.92% Pb & 163g/t Ag) from 103m (New Result, terminated in mineralisation); SHRC_147 (Norton N): 11m at 5.74% PbEq, (3.84% Pb & 54 g/t Ag) from 86m (New Result). Unfortunately, drill hole SHMR_149 had to be terminated in mineralisation due to poor ground conditions. The drill hole remains accessible and can possibly be extended by diamond drilling. Furthermore, the intercepts of mineralisation in holes SHMR_147 and SHMR_149 were made on the periphery of the Norton resource and therefore provide a further opportunity for the extension of the Mineral Resource envelope. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Andrew Parker was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 03
Full year 2022 earnings released: AU$0.044 loss per share (vs AU$0.036 loss in FY 2021) Full year 2022 results: AU$0.044 loss per share (down from AU$0.036 loss in FY 2021). Net loss: AU$6.80m (loss widened 35% from FY 2021). Over the next year, revenue is expected to shrink by 100% compared to a 5.2% growth forecast for the Metals and Mining industry in Germany. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Andrew Parker was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 08
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.026 loss per share (down from AU$0.018 loss in 1H 2021). Net loss: AU$4.01m (loss widened 68% from 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 100% compared to a 23% growth forecast for the industry in Germany. Breakeven Date Change • Sep 30
Forecast to breakeven in 2024 The analyst covering Boab Metals expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$52.0m in 2024. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Reported Earnings • Sep 23
Full year 2021 earnings released: AU$0.035 loss per share (vs AU$0.028 loss in FY 2020) Full year 2021 results: Net loss: AU$5.04m (loss widened 61% from FY 2020). Breakeven Date Change • Jul 01
Forecast to breakeven in 2024 The analyst covering Boab Metals expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$37.1m in 2024. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Reported Earnings • Mar 19
First half 2021 earnings released: AU$0.018 loss per share (vs AU$0.017 loss in 1H 2020) First half 2021 results: Net loss: AU$2.39m (loss widened 22% from 1H 2020). 
