Boab Metals announced a $5 million fully underwritten capital raise to advance its Sorby Hills Lead-Silver Project.

The raise includes a $1.7 million placement to institutional investors and a $3.3 million entitlement offer to eligible shareholders, priced at 10 cents per share.

The initiative aims to fund project progression, exploration drilling, and working expenses.

Proceeds will optimise Sorby Hills, support early site works and exploration at Sorby Hills and Manbarrum projects, and ensure sufficient working capital.