Boab Metals (ASX:BML) has completed an oversubscribed share purchase plan (SPP), closing early due to shareholder demand.
The SPP was open to eligible shareholders on 18 December 2025 and closed on 7 January 2026, with approximately $17 million in applications, far exceeding the original target of $7 million.
The oversubscription demonstrates the strong investor confidence in the company’s strategy and development plans for its assets.
The SPP, together with additional capital raisings previously reported, mean that Boab has secured commitments to raise approximately $67 million. This is in addition to the $50 million placement announced in October 2025 and the $236 million senior debt facility announced in November 2025.
Boab now has access to approximately $350 million to be put towards the development and construction of the Sorby Hills Silver-Lead Project which is scheduled for first production in H2 2027.
CEO Simon Noon says that the company is delighted with the support for the SPP.
“The significant oversubscription highlights growing confidence in Boab’s fundamentals and the quality of the Sorby Hills Silver-Lead Project,” Noon says.
“With equity and debt funding now secured, Boab is exceptionally well positioned to advance Sorby Hills toward production and deliver ongoing value for shareholders.”
Following the application of a pro-rata scale-back, 17.49 million new fully paid ordinary shares will be issued under the SPP. The quotation of the SPP shares is expected on 15 January 2026.
Boab Metals is advancing the Sorby Hills Silver-Lead project in the East Kimberley in Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Boab Metals
