BOAB METALS LIMITED (BML)
Share Price Analysis and Chart

16/09/2025

1

Buy, High Risk

$0.60

36.36%

Shaw and Partners highlights again the exponential rise in Boab Metals' share price, up 70% in the past month and 228% higher in the past year.

The broker believes further upside is likely, as it has upgraded its silver price forecast and the company brings the Sorby Hills project into production. Silver is expected to rise beyond US$50/oz from 2026.

The broker is also now assuming $100m equity raise at a higher price of 30c vs 20c estimated earlier, which means less dilution.

Target rises to 60c from 40c. Buy, High Risk maintained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.90 cents.

07/10/2025

1

Initiation of coverage with Buy

$1.08

145.45%

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.