BOAB METALS LIMITED (BML)
Share Price Analysis and Chart

09/10/2025

1

Buy

$0.77

97.44%

Shaw and Partners recently upgraded its gold price forecast to US$4,000/oz in early 2026, and its silver price forecast is now over US$50/oz from 2026. Boab Metals has one of the most advanced silver projects at Sorby Hills.

The silver price rally has lifted the stock's price to four-year highs, up 330% in the last year and 102% in the past month.

The analyst continues to see further upside in the stock as Boab brings Sorby Hills into production. Target is upgraded to 77c from 60c, Buy, High Risk maintained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.70 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.10 cents.

08/10/2025

1

Initiation of coverage with Buy

$1.08

176.92%

Petra Capital begins research coverage on Boab Metals which is advancing its 75%-owned (option to 100%) Sorby Hills Project in Western Australia’s Kimberley region toward first production. 

The analyst begins with a $1.08 target and Buy rating, citing low costs, silver leverage, and a clear development path.

The broker highlights the recent front end engineering and design (FEED) study confirming output of 68ktpa lead and 2.2moz silver over an 8.5-year life, with costs of -US$0.90/lb lead, effectively delivering silver at no cost.

Located 50km from Kununurra, the project features shallow open-pit mining, clean metallurgy, and the recently purchased DeGrussa plant enabling 2.25mtpa throughput, explains the broker.

Offtake with Trafigura, including a US$30m prepayment, is seen to support strong economics.

Petra Capital expects a final investment decision (FID) by late 2025 and first concentrate in September 2027. 

FORECAST
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.60 cents.
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.30 cents.