Boab takes FID on fully funded Sorby Hills silver/lead project

In a statement on Wednesday, Boab noted that it was well funded, having raised A$110-million from equity capital markets during the current quarter, together with securing a binding commitment for a A$236-million project finance debt facility. The funding package provides full financing through to first production.

Boab MD and CEO Simon Noon said the FID reflected years of disciplined preparation and positioned the company to move confidently into construction.

“The approval of the final investment decision marks a defining milestone for Boab, reflecting many years of disciplined technical, commercial, and financing work. The company has systematically de-risked the project across metallurgy, engineering, permitting, and funding, positioning us to move confidently into construction,” he said.

“With the project now fully funded through to first production, Boab is transitioning from a developer to an emerging base and precious metals producer. This positions the company to capitalise on supportive silver and lead market fundamentals while maintaining a clear focus on capital discipline and execution certainty.”

Following the FID, Boab will ramp up development activities at Sorby Hills, with early works already progressing on site. These works are paving the way for camp installation and bulk earthworks, while approvals under Part V are expected in the first quarter of 2026.

The company plans to award the processing plant contract in January 2026, with dismantling of the DeGrussa plant expected to begin around March. The mining contract is targeted for award in the second quarter of 2026, ahead of construction, commissioning and ramp-up.

“Our immediate priority is the safe and efficient delivery of early works, followed by the award of key construction and mining contracts. We remain committed to building a long-life, low-risk operation that delivers sustainable value for shareholders and generates lasting economic and social benefits for the East Kimberley community,” Noon said.

Sorby Hills is located about 50 km from Kununurra in the East Kimberley and benefits from access to sealed roads for concentrate haulage to Wyndham Port. Boab holds a 75% interest in the project, with the remaining 25% owned by Henan Yuguang Gold & Lead Co, over which Boab retains an option to acquire the balance by December 31, 2025.

Boab said it expected strong project-related news flow through 2026 as construction advances, with first concentrate production scheduled for the second half of 2027.