What Boab Metals does

Boab Metals Limited (ASX:BML) is a Western Australian base and precious metals exploration and development company headquartered in Perth, with its flagship asset being the Sorby Hills Lead-Silver-Zinc Project in the East Kimberley region. The company was previously known as Pacifico Minerals Limited and rebranded in FY2021 to reflect its Kimberley focus. Sorby Hills is positioned as Australia's largest undeveloped lead-silver deposit, with a Mineral Resource Estimate of 44.9Mt at 3.2% lead, 0.5% zinc, and 37 g/t silver, and a 10-year initial mine life producing 81,000 dry tonnes of 62% lead concentrate per annum, equating to ~50,000t of recovered lead and 1.5Moz of recovered silver.

The company's core technology is a conventional crush-mill-float processing circuit with separate flotation of oxidised and fresh ore, designed to achieve lead recoveries of up to 95% (fresh) and 90% (oxidised), and silver recoveries of up to 87% (fresh) and 92% (oxidised). The processing plant is the refurbished DeGrussa facility acquired from Sandfire Resources for A$10 million, which materially reduced pre-production capex to A$264 million. Boab's go-to-market model centres on long-term binding offtake agreements with Tier-1 commodity traders and smelters, with 75% of concentrate volumes committed to Trafigura Asia Trading over seven years alongside a US$30M prepayment facility; the residual ~25% was historically tied to former JV partner Henan Yuguang (world's largest lead smelter). First concentrate production is targeted for H2 2027 following the January 2026 Final Investment Decision.

Boab is currently pre-revenue and pre-production, with funding fully committed through a combination of A$154M of project debt, the Trafigura prepayment, and prior equity. Project economics per the June 2024 FEED Study include pre-tax NPV8 of A$411M, IRR of 37%, C1 cash cost of US$0.36/lb of lead, average annual EBITDA of A$126M, and a 1.6-year payback. The company supplements its flagship asset with adjacent 100%-owned exploration projects at Manbarrum and Eight Mile Creek, targeting a multi-asset base metals platform in the East Kimberley.

Name

Boab Metals

Legal name

Boab Metals Limited

Website

https://boabmetals.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Boab Metals (ASX:BML) is a Perth-based Australian base and precious metals developer advancing the Sorby Hills Lead-Silver-Zinc Project in the East Kimberley, targeting first concentrate production in H2 2027. The company is pre-revenue and funded for construction, with a binding 7-year offtake covering 75% of output with Trafigura.

Ownership category

akta.pro rank

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain

Revenue model

1. Lead-Silver Concentrate Sales: Pre-revenue development-stage mining company. Future revenue will be generated from the sale of lead-silver concentrate produced at the Sorby Hills project. Binding offtake agreement secured with Trafigura covering 75% of lead-silver concentrate production over 7 years, including a US$30 million prepayment facility. Production target of 81,000 dry tonnes of 62% lead-silver concentrate annually, equating to 50,000t of recovered lead and 1.5Moz recovered silver per annum. First concentrate production targeted for H2 2027.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Boab Metals is an Australian base and precious metals exploration and development company developing the Sorby Hills Lead-Silver-Zinc Project in the East Kimberley region of Western Australia. The company is transitioning from development to construction after reaching Final Investment Decision in January 2026, with first lead-silver concentrate production targeted for H2 2027. Future revenue will come from the sale of 62% lead-silver concentrate (81,000 dry tonnes per annum) under a binding 7-year offtake with Trafigura covering 75% of production.

Product overview

Boab Metals Limited (ASX: BML) is an Australian base and precious metals exploration and development company, not a software/technology vendor. Its product portfolio is structured around a flagship project (Sorby Hills Lead-Silver-Zinc Project, 100% owned and fully funded with FID reached January 2026) supported by adjacent exploration assets (the Manbarrum Zinc-Silver-Lead Project and the Eight Mile Creek exploration tenement) and a Non-Core Assets bucket. The core product is the Sorby Hills lead-silver concentrate, produced under a binding offtake with Trafigura Asia Trading covering 75% of production for seven years, with the DeGrussa processing plant (acquired from Sandfire Resources) being refurbished for integration. Boab Metals' role in the broader market is as a near-term Australian silver producer transitioning from development to construction, targeting first concentrate production in H2 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• Sorby Hills Lead-Silver-Zinc Project Flagship lead-silver-zinc mining project located 50 km northeast of Kununurra and 150 km from Wyndham Port in the East Kimberley, Western Australia. Mineral Resource Estimate of 44.9Mt at 3.2% lead, 0.5% zinc, and 37g/t silver. Boab owns 100% after acquiring the remaining 25% interest from JV partner Henan Yuguang for A$12.5 million in December 2025. Targets 81,000 dry tonnes of 62% lead-silver concentrate annually over an initial 10-year mine life.
• Manbarrum Zinc-Silver-Lead Project 100%-owned zinc-silver-lead exploration project acquired to complement the regional production strategy around the Sorby Hills hub.
• Eight Mile Creek Project 100%-owned early-stage greenfield exploration tenement south of Sorby Hills, covering 217 km² with 30 km of prospective geological strike for deposits similar to Sorby Hills. Targets identified through high-resolution gravity surveys.
• Lead-Silver Concentrate (Trafigura Offtake) Future commercial product: 62% lead concentrate grade with 580 g/t silver content, to be sold under binding 7-year offtake agreement with Trafigura Asia Trading covering 75% of production, with concentrate exported via Wyndham Port.

Quantifiable outcome

• Pre-tax NPV8 of A$411 million
• +7 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• Trafigura Asia TradingflagshipChannel Partner/ Reseller/ DistributorBinding offtake agreement covering 75% of Sorby Hills lead-silver concentrate production over 7 years. Includes US$30 million prepayment facility with favorable terms, enhancing Boab Metals' financial flexibility and reducing reliance on equity markets. Offtake agreement finalized as a strategic cornerstone for project financing.
• Sandfire ResourcesflagshipStrategic or Co-development PartnerBoab Metals acquired the DeGrussa processing plant from Sandfire Resources for AU$10 million (payable in tranches). The existing plant will be refurbished and integrated into Sorby Hills, cutting pre-production capex (estimated at AU$264 million) and accelerating development. Sandfire has also taken equity in Boab (~3 percent stake), demonstrating confidence in the project.
• Henan Yuguang Gold and Lead Co. Ltd (Yuguang)flagshipStrategic or Co-development PartnerFormer joint venture partner holding 25% interest in Sorby Hills project from 2018 until December 2025. World's largest lead smelting company and China's largest silver producer. Yuguang covered 25% of project costs under the JV agreement. Boab Metals acquired the remaining 25% interest for A$12.5 million in December 2025, taking full ownership of the project.
• Horizon PowercoreStrategic or Co-development PartnerBoab Metals signed a Heads of Agreement with Horizon Power for a future power purchase agreement for the Sorby Hills Project. The agreement is for a 10-year period with an option to extend further. The clean hydropower will provide better project economics.
• BurnVoir Corporate FinancecoreImplementation/ SI/ Consulting PartnerEngaged by Boab Metals to provide advisory and analysis services for arranging a project finance solution for Sorby Hills. BurnVoir is engaged to offer advice, analysis and arrangement of project financing solutions.
• Teach Learn Grow (TLG)minorGTM or Marketing PartnerBoab Metals partnered with Teach Learn Grow (TLG) to provide a Rural Program to students at Wyndham District High School. The TLG Rural Program had never previously travelled to the East Kimberley. The partnership supports TLG's mission to improve educational outcomes and aspirations for rural and remote students in socioeconomic disadvantaged areas.
• Ord Valley MustercoreGTM or Marketing PartnerBoab Metals became the naming sponsor for the iconic Ord Valley Muster in 2022 and 2023, taking the baton from Rio Tinto and the Argyle Diamond Mine. The Muster brings together the Kununurra community and attracts thousands of visitors to experience the Kimberley landscape. Partnership supports the company's commitment to community engagement in the region where Sorby Hills is located.
• East Coast ResearchminorGTM or Marketing PartnerIndependent research firm that published an analyst report in May 2025 highlighting Boab Metals as a compelling investment opportunity. Provided base-case valuation of AU$0.47 per share and bull-case valuation of AU$0.51. Featured in Leadership Talks interview with Simon Noon on the company's YouTube channel.
• ALS Metallurgical LaboratoriesminorImplementation/ SI/ Consulting PartnerALS Metallurgical Laboratories in Perth was selected by Boab Metals to conduct metallurgical testwork as part of the Sorby Hills Definitive Feasibility Study (DFS). Testwork investigated floatation, comminution, and tailings processing including Dense Media Separation plant incorporation.
• CSA Global Pty LtdcoreImplementation/ SI/ Consulting PartnerCSA Global was engaged to undertake updated Mineral Resource Estimates for the Sorby Hills project, including incorporation of Phase IV and Phase V drilling program results. CSA Global validated the drilling database and provided updated Mineral Resource Estimates during 2021 and 2022.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Investigator Resources: Investigator Resources (ASX: IVR) is an Australian silver-focused explorer advancing the Paris Silver Project in South Australia. It is an emerging peer in the Australian silver development space with similar lead-silver polymetallic exposure.
• Adriatic Metals: Adriatic Metals (ASX: ADT) is developing the Vares silver-zinc-lead project in Bosnia, making it a comparable emerging silver-zinc-lead producer in development/construction phase with similar project economics framework and Chinese smelter offtake interest.

Broad incumbents

• IGO Limited: IGO Limited (ASX: IGO) is a major Western Australian base-metals producer (nickel, copper, cobalt) and the acquirer of Jabiru Metals' Jaguar mine where Boab Chairman Gary Comb was involved. Comparable as a Tier-1 WA base-metals operator.
• Sandfire Resources: Sandfire Resources (ASX: SFR) is a major WA copper producer that sold the DeGrussa processing plant to Boab and took a ~3% equity stake. Comparable as a WA base-metals operator and direct counterparty in Boab's processing plant acquisition.
• BHP Group: BHP (ASX: BHP) is the largest diversified mining major globally, producing lead, zinc and silver as by-products of its Olympic Dam and other operations. Comparable as a broad incumbent lead/silver producer with global offtake relationships.
• South32 Limited: South32 Limited (ASX: S32) is a diversified base-metals miner (zinc, lead, silver, copper) with global operations including Australian mines. Comparable as a broad incumbent in the same base-metals concentrate market.

Direct peers

• Galena Mining: Galena Mining (ASX: G1A) owns the Abra lead-silver project in Western Australia — the most directly comparable Australian lead-silver developer to Boab Metals. Both target high-grade lead-silver concentrate for Asian smelters and operate in the Tier-1 WA jurisdiction.
• New Century Resources: New Century Resources (ASX: NCZ) operates the Century zinc mine in Queensland producing zinc and lead concentrate. It is a directly comparable Australian base-metals concentrate producer with similar customer profile and concentrate export logistics.
• Silver Mines Limited: Silver Mines (ASX: SVL) is developing the Bowdens silver-zinc-lead project in NSW, making it a directly comparable Australian silver-focused developer with similar offtake strategy to commodity traders and Chinese smelters.

Regional players

• Tianqi Lithium Energy Australia: Tianqi Lithium operates the Greenbushes lithium mine in Western Australia. Comparable as a regional Tier-1 WA mining operator with Chinese strategic ownership overlap and similar infrastructure/logistics profile in the state.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/BoabMetals
• YouTubeyoutube.com/@boabmetalsvideos
• LinkedInlinkedin.com/company/boab-metals
• Facebookfacebook.com/boabmetalsltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boab Metals