• BOA completed the Acquisition of Core Value Australia NL and now holds 100 per cent of the Neds Creek Copper Project in the Murchison region.
  • The combined Thaduna and Green Dragon deposits hold a JORC 2012 Mineral Resource of 5.3 million tonnes at 2.3 per cent copper, containing 121,000 tonnes of copper.
  • Consideration was paid in securities: 127,624,587 shares and 76,919,407 Options to CVA shareholders, plus 27,800,000 shares to Sandfire.

BOA Resources Limited (ASX:BOA) announced on 14 October 2026 that it has completed the acquisition of Core Value Australia NL, known as CVA. As a result, BOA now holds 100 per cent of the Neds Creek Copper Project in the Murchison region of Western Australia, including the remaining 51 per cent interest it did not previously own. The company first announced the transaction on 25 June 2026, and shareholders approved it on 12 October 2026.

What BOA has acquired

The deal brings the Thaduna and Green Dragon copper deposits into BOA's portfolio. CVA had acquired those deposits from Sandfire Resources Limited (ASX:SFR). BOA says the combined deposits hold a JORC 2012 Mineral Resource of 5.3 million tonnes at 2.3 per cent copper, containing 121,000 tonnes of copper. This is a resource estimate rather than an ore reserve, and it is not a production plan. BOA states that the figures come from its ASX announcement of 25 June 2026 and that it is not aware of new information that materially affects them.

Consideration and securities issued

The purchase was paid for with securities rather than cash at completion. BOA issued 127,624,587 fully paid ordinary shares and 76,919,407 options to CVA shareholders. It also issued 27,800,000 fully paid ordinary shares to Sandfire, which leaves Sandfire holding 6.2 per cent of BOA.

A separate notice lodged with ASX on the same day provides the option terms. The options are unquoted, were issued on 14 October 2026, have an exercise price of $0.10 and expire on 14 October 2029. The notice records the options as issued for non-cash consideration and states that no further issues are pending for this transaction.

There is also a deferred element. BOA will pay Sandfire $2 million, in cash or BOA shares, upon a decision to mine at Thaduna and Green Dragon. That payment depends on a future decision that has not been made, so it should not be read as a committed cash outflow in the near term.

Board change and work priorities

Adrian Griffin joined the BOA Board as a Non-Executive Director from 14 October 2026. Cath Norman remains Chair.

On exploration, the company lists several priorities. It intends to complete interpretation of current drilling results and plan a follow-up program, and to advance the Ricci Lee prospect towards a maiden Mineral Resource estimate. It also plans to identify new drilling targets for a future drill program. The announcement refers to recent drilling at the Rooneys prospect as encouraging, which is the company's own characterisation. No drilling results, budgets or timetables were included in the release.

Points to watch

The announcement confirms that the transaction has closed, but it does not set out how the project would be funded through to any development decision, and it does not state any mining, permitting or production timetable. Resources of this kind remain at an early stage, and moving from a resource estimate to a mine requires further studies, approvals and financing, none of which the company has described. Exploration targets such as Ricci Lee and Rooneys are not part of the stated resource, and a maiden estimate at Ricci Lee is an intention rather than a result.

The enlarged share count also matters to existing holders. Issuing 155,424,587 new shares across CVA shareholders and Sandfire, with 76,919,407 options in addition, increases the securities on issue. Shareholders had the opportunity to vote on the transaction on 12 October 2026.

BOA's next confirmed steps are the interpretation of existing drilling data and the planning of follow-up work. The company has not given dates for either, so further news will depend on future announcements.