Boab Metals (ASX: $BML) Quarterly Activities and Cashflow Report

Boab Metals Limited (ASX: $BML) has released its Quarterly Activities and Cashflow Report for the period ending 31 March 2024. The company continued to make progress on its 75% owned Sorby Hills Lead-Silver-Zinc Project located in the Kimberley Region of Western Australia. Boab had a cash balance of approximately A$1.4M at the end of the quarter.

Executive Commentary on Quarterly Activities

Boab Managing Director and CEO, Simon Noon, highlighted the company's focus on increasing project value through enhanced metal recoveries and reduced operating and upfront capital costs. He expressed confidence in the positive results from the updated tender for mining and bulk earthworks contracts, the reconfirmed post-FEED EPC pricing, and the promising preliminary results from the metallurgical testwork. Noon also mentioned the anticipation of delivering the results of these workstreams in the upcoming quarter, including the publication of the FEED Study for the Sorby Hills Project and the closing out offtake negotiations.

Summary of Quarterly Activities and Outlook

Boab Metals (ASX: $BML) made significant progress during the March quarter, with the FEED study on track for release in the upcoming quarter. The company achieved improved pricing for the Mining and Bulk Earthworks Contracts, which is expected to enhance the Project economically and further derisk project execution. Positive preliminary results from detailed metallurgical testwork indicate the potential for improved metal recoveries at the Norton deposit. Boab is also exploring opportunities to reduce upfront capital costs and accelerate project execution. The company anticipates awarding offtake in the coming quarter and has completed environmental surveys as part of the approvals process. With a cash balance of approximately A$1.4M, Boab remains focused on its objectives and is confident in its ability to continue operations and meet its business objectives.