Key Highlights

  • BOA Resources Ltd (ASX:BOA) was trading at A$0.11, down 12.00%, during the 23 October 2026 trading session.
  • On 22 October 2026, the company announced firm commitments for a A$9.245 million share Placement priced at A$0.105 per share.
  • The company said proceeds will principally fund drilling at the Ricci Lee, Thaduna and Rooneys targets at the Neds Creek Copper Project.

BOA Resources Ltd (ASX:BOA) was trading at A$0.11 during the 23 October 2026 trading session, down 12.00%. The move was considerably wider than the S&P/ASX 200 (XJO), which was at 8,760.50, down 0.37% (32.70 points) at 1:16 pm AEDT. BOA is an ASX-listed copper explorer with a 100% interest in the Neds Creek Copper Project in Western Australia's Murchison region. In its latest update, released on 22 October 2026, the company announced that it had received firm commitments for a A$9.245 million share placement before costs to fund the next phase of drilling and resource growth at Neds Creek.

Latest Developments

22 October 2026: A$9.245 Million Placement Announced

On 22 October 2026, BOA said it had received firm commitments for a share placement of A$9.245 million before costs. According to the announcement, the placement will be undertaken in two tranches at an Offer Price of A$0.105 per share. Tranche 1 comprises 66,666,667 fully paid ordinary shares to raise A$7 million under the company's existing placement capacity pursuant to ASX Listing Rule 7.1. Tranche 2 comprises 21,380,953 shares to raise A$2.245 million and is subject to Shareholder approval.

Settlement of Tranche 1 is expected on 28 October 2026. Shareholder approval for the Tranche 2 shares, including approximately A$130,000 of director participation, will be sought at the Annual General Meeting to be held on 30 November 2026.

Use of Funds and Drilling Plans

In the same 22 October 2026 announcement, BOA said it will use the funds for drilling at Neds Creek, including at the Ricci Lee, Thaduna and Rooneys targets, with the objective of expanding its resource inventory. Other uses listed were heritage and exploration studies, tenement costs, additional targets including Green Dragon subject to results, and corporate administration and working capital. The company said it anticipates drilling at the project will recommence in three to four weeks.

Ricci Lee Drilling and Pending Results

The announcement referred to earlier drilling results at Ricci Lee, including 22 metres at 3.05% copper and 9.5 g/t silver from 250 metres, as reported on 28 September 2026. BOA said high-grade copper intersections had been returned from 28 of 34 holes reported to date, and that the Main Lode had been intersected over more than 400 metres of strike and beyond 200 metres vertical depth. Assays from 12 holes are pending, as are results from 92 aircore holes completed across five additional prospects.

Neds Creek Consolidation

The company noted that the placement follows its consolidation of Neds Creek, with completion of the Acquisition of the remaining 51% announced on 14 October 2026. BOA said the portfolio includes Thaduna and Green Dragon copper Mineral Resources of 5.3 million tonnes at 2.3% copper for 121,000 tonnes of contained copper, as stated in a release dated 25 June 2026.

About BOA Resources Ltd

BOA Resources Ltd is an Australian-listed mineral exploration company with offices in Melbourne and Perth. Its principal asset is the Neds Creek Copper Project, a basin-scale project covering approximately 60 kilometres by 40 kilometres in the northeastern arm of the Paleoproterozoic Yerrida Basin in WA's Murchison region. The company says the project lies within the Capricorn Orogen.

The company describes copper mineralisation at Neds Creek as associated with carbon-filled brittle faults and chlorite-carbonate alteration, principally within the Thaduna Formation. Managing Director Graeme Purcell was quoted as saying the company is pursuing a significant Western Australian copper business.

Related Sector Context

BOA operates in ASX-listed mineral exploration, specifically copper exploration in Western Australia. Companies in this segment typically fund drilling and resource definition through Equity raisings, as BOA has done with its latest placement. The S&P/ASX 200 benchmark was down 0.37% at 1:16 pm AEDT on 23 October 2026, a smaller move than BOA's during the same session.

Risks to Weigh In

  • BOA is an exploration-stage company, and pending assay results from Ricci Lee and the aircore program may or may not support the company's objectives.
  • Tranche 2 of the placement, including director participation, requires shareholder approval at the annual general meeting on 30 November 2026.
  • The company's announcement states that future events are subject to risks and uncertainties and no assurance is given that stated intentions will occur.
  • The placement adds 88,047,620 new shares across the two tranches.

Catalysts on Watch

  • Settlement of Tranche 1, expected on 28 October 2026.
  • Resumption of drilling at Neds Creek, which the company anticipates in three to four weeks from its 22 October 2026 announcement.
  • Pending assays from 12 Ricci Lee holes.
  • Results from 92 aircore holes across five additional prospects.
  • The annual general meeting on 30 November 2026, where Tranche 2 approval will be sought.

The Story So Far

BOA shares were trading at A$0.11, down 12.00%, during the 23 October 2026 session, compared with a 0.37% decline in the S&P/ASX 200 at 1:16 pm AEDT. The company's update of 22 October 2026 set out a A$9.245 million placement at A$0.105 per share and planned drilling.