Highlights

  • Boab Potash Project progressing toward Bankable Feasibility Study in the Northern Territory
  • Sulphate of potash resource defined from brine evaporite deposits in the Amadeus Basin
  • Growing Australian and Asian SOP demand driven by high-value horticultural and crop markets
  • Offtake discussions advancing with fertiliser distributors seeking domestic potash supply

BOA Resources Limited (ASX:BOA), trading at A$0.12 as at 30 October 2026, is an Australian potash explorer and developer advancing the Boab Potash Project in the Northern Territory's Amadeus Basin toward a Bankable Feasibility Study, targeting production of sulphate of potash – a premium potassium fertiliser used in high-value agriculture – for both the domestic Australian market and the broader Asia-Pacific agricultural sector.

Boab Potash Project: Resource and Development

The Boab Potash Project is located in the Amadeus Basin in the Northern Territory, hosting brine and evaporite potash mineralisation within sedimentary sequences. The project targets the production of sulphate of potash (SOP) through the extraction and evaporation of potash-bearing brines and the processing of evaporite deposits. SOP is a premium potassium fertiliser preferred for chloride-sensitive crops including fruits, vegetables, nuts, and wine grapes, which are among the highest-value agricultural commodities. BOA has been conducting geological characterisation, resource definition drilling, and process metallurgical testwork to advance the understanding of the Boab deposit and support the technical studies required for a Bankable Feasibility Study.

SOP Market: Premium Fertiliser Demand

Sulphate of potash commands a significant price premium over muriate of potash (MOP), the more commonly traded potassium fertiliser, due to its suitability for chloride-sensitive crops and its lower sodium content. Global SOP demand is growing as the area under high-value horticultural production expands in Asia, Australia, and the Middle East, driven by rising consumer income and dietary shifts toward fresh fruit and vegetables. Australia has a significant and growing horticultural sector, particularly in tropical and subtropical regions close to the Northern Territory, and imports the majority of its SOP requirements. A domestically produced SOP source from the Boab project would have natural logistics advantages for supplying Australian agricultural markets.

Bankable Feasibility Study: Pathway to Development

The Bankable Feasibility Study (BFS) is the definitive engineering and economic assessment of the Boab project required to support a Final Investment Decision and project financing. BOA's BFS work program includes detailed geotechnical, hydrogeological, and resource characterisation studies, process plant design and cost estimation, infrastructure and logistics planning, environmental impact assessment preparation, and financial modelling of project economics across a range of SOP price and production scenarios. Completion of the BFS would allow BOA to approach debt and equity financiers with a fully documented project development proposal.

Corporate Strategy and Funding

BOA Resources has been managing its corporate cost structure carefully while advancing the technical work programs required for the BFS. The Company has funded its exploration and development activities through a combination of equity placements to institutional and sophisticated investors and the careful prioritisation of work programs to maximise technical progress per dollar of expenditure. As the BFS approaches, BOA will need to secure the development capital required for construction, which management is expected to pursue through a combination of project debt, strategic partnerships, and further equity.