Boab Metals (BML) H1 2026 earnings summary

Executive summary

• Final Investment Decision made for Sorby Hills Lead-Silver-Zinc Project after securing over A$350 million in funding, including A$236 million debt and A$117 million equity commitments.

• Option exercised to acquire the remaining 25% of Sorby Hills, moving to 100% ownership; acquisition completed in January 2026 with deferred payments scheduled.

• EPBC Act approval received, enabling project advancement; Early Works commenced, including site access and plant pad construction.

• Appointment of Russell Taylor as Project Director to oversee delivery through to commercial production.

• Silver prices more than doubled during the period, significantly enhancing project economics.

Financial highlights

• Revenue for the half year ended 31 December 2025 was $752,506, up from $135,866 in the prior period.

• Net loss for the period was $2,205,934, compared to a net loss of $2,162,870 for the same period last year.

• Basic and diluted loss per share was (0.72) cents, improved from (0.93) cents year-over-year.

• Cash and cash equivalents at 31 December 2025 were $89,872,055, up from $7,528,528 at 30 June 2025.

• Net cash inflow from financing activities was $85,466,871, driven by significant capital raisings.

Outlook and guidance

• Sorby Hills Project fully funded through to first production, scheduled for H2 2027.

• Shortened construction timeline expected to bring production forward by six months compared to previous estimates.

• Further cost savings and value creation anticipated as project progresses.