Boab Metals Limited reported a Mineral Resource update for its 75% owned Sorby Hills Lead-Silver-Zinc Project ("Sorby Hills", or the "Project") located in the Kimberley Region of Western Australia. The reported Mineral Resource incorporates results of the Phase IV and Phase V drilling programs and will underpin the Sorby Hills Definitive Feasibility Study ("DFS") Mining Inventory. HIGHLIGHTS: A 5.6Mt increase (+78%) in Measured Resources versus the Mineral Resource Estimate that underpinned the Sorby Hills Pre-Feasibility Study (PFS). Inaugural 1.0Mt Indicated Resource reported for the Beta Deposit. It is anticipated that the Beta Deposit will now form part of the Sorby Hills DFS Mining Inventory where previously it had been excluded. Total Resources to 47.3Mt at 4.1% Pb Eq (3.1% Pb, 35g/t Ag) and 0.4% Zn containing 1.47Mt Pb, 53Moz Ag and 0.21kt Zn representing a 14% increase in Measured and Indicated Resources to the PFS Resource, and 5% increase in Total Resources on the same basis. Measured and Indicated Resources of 23.6Mt at 4.6% Pb Eq (3.5% Pb, 39g/t Ag) and 0.4% Zn containing 0.8Mt Pb, 0.1kt Zn and 30Moz Ag representing a 14% increase versus the PFS Resource, and a 7% increase versus the April 2021 MRE. Increase in Resource Quantity and Confidence expected to have a positive impact on the Sorby Hills Ore Reserve and DFS. Background: Boab's Pre-Feasibility Study ("PFS") confirmed the Sorby Hills Project as a low-risk, high value project underpinned by a large near-surface Pb-Ag-Zn deposit comprising a Mineral Resource of 44.1Mt at 3.3% Pb, 38g/t Ag and 0.5% Zn, and Proved and Probable Reserves of 13.6Mt at 3.6% Pb, and 40g/t Ag. On the back of the positive PFS results, a Phase IV drilling program was designed to primarily advance the Project towards DFS status. As such, the bulk of drilling metres (3,340m, 70%) were apportioned to collecting samples for metallurgical and geotechnical testwork. The balance of the program was targeted at increasing geological confidence via infill drilling and testing potential shallow Resource extensions to the south of the Omega deposit (~1,460m, 30%). An interim Mineral Resource update incorporating the results of the Phase IV drilling was released in April 2021 and delivered 44.9Mt at 3.2% Pb, 0.5% Zn and 37g/t Ag using a cut-off of 1% Pb. Subsequently, a Phase V drilling program comprising an additional 59 diamond drill holes (5,284m) was completed with the objective of expanding the Sorby Hills Mining Inventory and supporting the opportunity to increase the proposed processing plant capacity to 1.5Mtpa. Mineral Resource Update: The Mineral Resource Estimate presented in this announcement was undertaken by CSA Global Pty Ltd. and upgrades the PFS Mineral Resource Estimate via the inclusion of results from the Phase IV and Phase V drilling programs. The updated Mineral Resource Estimate comprises 47.3Mt at 3.1% Pb, 0.4% Zn and 35g/t Ag using a cut-off of 1% Pb. The updated estimate has resulted in an increase in Measured and Indicated Tonnes of 2.8Mt (14%), 65kt contained Lead (9%) and 3.0Moz contained Silver (11%) versus the Mineral Resource Estimate that underpinned the PFS and represents an increase of 5% Total Resources on the same basis. Importantly, the update has seen the conversion of 5.6Mt of Indicated Resources to Measured Resources (an increase of 78% compared with the Mineral Resource Estimate that underpinned the Sorby Hills Pre-Feasibility Study) and the inaugural Indicated Resource of 1.0Mt being reported at the Beta Deposit. It is anticipated that: a) the increase in Measured Resources by 5.6Mt will likely lead to a significant increase in Proved Reserves and the quality of data feeding into open pit and process plant design criteria for the Sorby Hills DFS; and b) the inaugural 1.0Mt of Indicated Resources reported at the Beta Deposit will be incorporated into the Sorby Hills mining inventory for the first time as part of the DFS. The updated Mineral Resource Estimate follows the recently reported DFS Metallurgical Testwork Program results which provided confirmation of high metal recoveries and detailed input for the Process Design Criteria of the Sorby Hills processing plant. Geology and Geological Interpretation: The Sorby Hills mineralisation is classified as Mississippi Valley Type (MVT), implying replacement of carbonate and mixed carbonate siliciclasitc rocks by Pb-Ag-Zn-Fe sulphides. Recent geological assessment has refined this to a sediment-replacement system, with mineralisation focused within an interval below the base of the Knox Sediments and the Sorby Dolomite (Transition Facies). The Late Devonian/Early Carboniferous host rock succession was transgressively deposited over the flanks of a Precambrian basement-high (Pincombe Inlier) that extended into the Burt Range Sub-basin which is part of the southern Bonaparte Basin. The mineralisation is largely stratabound and hosted mainly in the Transition Facies, an interval of about 20 to 25 m consisting of 1 to 2 m thick cyclic bedded, beds of massive dolomite, silty dolomite and clay matrix breccias in the immediate footwall of the Knox Sediments and the uppermost interval of the Sorby Dolomite. A massive micritic fossiliferous dolomite interval is located in the hanging wall. Strata generally dip shallowly, but variably to the east, southeast and northeast. The mineralisation consists of seven discrete carbonate hosted Pb-Ag-Zn deposits: A, B, Omega, Norton, Beta and Alpha (Pb and Zn) deposits. The deposits form a curvi-linear north-trending belt extending over 7 km, sub-parallel to the eastern margin of the Precambrian Pincombe Inlier with sub-economic mineralisation linking all deposits. During the course of 2021 Boab demonstrated that late stage, sub-parallel structurally controlled zones of intense hydrothermal breccia-type of mineralization are located at Omega striking in a north-northwest direction. The controlling structures form a set of en-echelon right stepping extensional faults associated with halos of mineralised breccias.