Boab Metals Limited provided assay results from the Phase V Reverse Circulation ("RC") drilling program undertaken at its 75% owned Sorby Hills Lead-Silver-Zinc Project ("Sorby Hills", or the "Project") located in the Kimberley Region of Western Australia. Diamond drilling at the Beta Deposit in 2021 returned positive results and highlighted a need for further infill drilling to enhance Resource classification and improve the understanding of grade distribution. In addition, continued encouraging near-surface intersections of mineralisation at the Wildcat Prospect justified additional shallow depth drilling.

In late 2021, Boab secured an RC drill rig to undertake the infill drilling program at Beta and further test the Wildcat Prospect. A total of 15 RC drill holes were drilled for a total of 888m. Of these holes drilled 8 were drilled at Beta deposit for 638m, and 7 were drilled at the Wildcat Target for 250m.

A single 234m RC hole was drilled at the Eight Mile Creek Project to test a conceptual exploration target. The Eight Mile Creek Project is located immediately south of the Sorby Hills deposits. Results: Beta Deposit: The Beta Deposit was drilled tested for the first time by Boab Metals during the Phase V diamond drilling campaign.

Dominated by galena mineralisation together with very high grade silver, the mineralisation at Beta is located within sedimentary breccia filled channel(s) in carbonate rocks ("Upper Formation") in the hanging wall of the Knox Siltstone. The sub-horizontal, channel-like host rock varies in thickness laterally and required further tightening of the drill hole spacing to enhance Resource confidence. The thickness and grade distribution seen in the results confirms the interpreted grade and controls on mineralisation.

The results conform with the interpreted mineralisation geometry and confirm the elevated silver grades with some metre intervals recording up to 360g/t silver (SHRC_124 from 57m). Most significantly, the results provide further support for the inclusion of the Beta Deposit in the Sorby Hills DFS Mine Plan and encouragement that further step-out drilling may result in an extension of the mineralisation envelope.