Boab Metals Limited (ASX:BML) has disclosed that director Simon Noon converted 2,000,000 "F" Class Director Performance Rights into fully paid ordinary shares on 2 November 2026, following the achievement of a milestone linked to the Sorby Hills Project, according to a Change of Director's Interest Notice lodged with the exchange.

Key Points

  • Simon Noon converted 2,000,000 "F" Class Director Performance Rights to ordinary shares on 2 November 2026 at nil consideration.
  • The conversion was triggered by Boab Metals announcing that the mine life of the Sorby Hills Project had been extended by two years, as disclosed in the "Sorby Hills Project Delivery Plan" announcement dated 29 September 2026.
  • Following the change, the Simon Noon <Noon A/C> holding increased from 6,016,736 to 8,016,736 fully paid ordinary shares.
  • Simon Noon's direct holding of 174,197 fully paid ordinary shares remained unchanged.

Performance Rights Conversion Details

According to the filing, the conversion involved 2,000,000 "F" Class Director Performance Rights, which carried a nil exercise price and an expiry date of 17 December 2030. The rights were converted to ordinary securities at no consideration upon the achievement of a specified milestone. The nature of the change was classified as a conversion on achievement of a milestone, and the filing states that no trade occurred, confirming the transaction was not subject to closed-period trading requirements. The previous notice for Simon Noon was dated 10 February 2026.

Sorby Hills Project Milestone Trigger

The filing states the milestone that triggered the conversion was Boab Metals announcing that the mine life of the Sorby Hills Project had been extended by two years. That announcement was titled "Sorby Hills Project Delivery Plan" and was dated 29 September 2026. The filing identifies this event as the specific condition that enabled the "F" Class Director Performance Rights held through the Simon Noon <Noon A/C> to convert into fully paid ordinary shares on 2 November 2026.

Simon Noon's Remaining Securities Holdings

Following the conversion, the filing discloses that Simon Noon retains a range of performance rights. These include 490,323 "A" Class MD Performance Rights expiring 17 December 2030, 2,400,000 "C" Class Director Performance Rights expiring 24 October 2027, 1,000,000 "D" Class Director Performance Rights expiring 17 December 2030, and 1,000,000 "E" Class Director Performance Rights expiring 17 December 2030. All remaining performance rights carry a nil exercise price. The "F" Class Director Performance Rights no longer appear in his post-change holdings following the conversion.