Why BOA Resources (ASX:BOA) raised A$9.2 million after taking full control of the Neds Creek copper project

Sonal Goyal

03 November 2026 09:09 PM AEDT

Why BOA Resources (ASX:BOA) raised A$9.2 million after taking full control of the Neds Creek copper project

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Key Highlights

BOA Resources completed Acquisition of Core Value Australia NL on 14 October 2026, lifting its Neds Creek stake from 49% to 100%.
The Thaduna and Green Dragon deposits hold a JORC 2012 resource of 5.3 million tonnes at 2.3% copper, containing 121,000 tonnes of copper.
At Ricci Lee, 28 of 34 reported holes returned high-grade copper, with the Main Lode traced over more than 400 metres of strike.
A$9.245 million was raised at A$0.105 per share in a placement.

BOA Resources (ASX:BOA) has raised A$9.245 million because it has just taken full ownership of the Neds Creek copper project in Western Australia, and it needs money to drill the high-grade targets that came with it.

What BOA now owns

BOA Resources Ltd is an ASX-quoted explorer with ordinary shares, classified by the ASX in the Materials sector. It is focused on copper, nickel and lithium in Western Australia, although copper is now clearly the priority.

On 14 October 2026 it completed the acquisition of Core Value Australia NL, lifting its stake in Neds Creek from 49 per cent to 100 per cent. The deal also brought the Thaduna and Green Dragon deposits, bought from Sandfire Resources, and a consolidated tenement holding of 1,378 square kilometres. The ground sits in the Yerrida Basin of the Capricorn Orogen, where copper is linked to carbon-filled brittle faults and chlorite-carbonate alteration. Adrian Griffin joined the board on 14 October.

Consideration was 127,624,587 shares and 76,919,407 Options for Core Value shareholders, and 27,800,000 shares for Sandfire, which holds 6.2 per cent of BOA. A further A$2 million is payable if a decision to mine Thaduna and Green Dragon is made.

The drilling evidence

Thaduna and Green Dragon hold a JORC 2012 resource of 5.3 million tonnes at 2.3 per cent copper, containing 121,000 tonnes of copper.

The newer story is Ricci Lee, where the company says 28 of 34 holes reported to 22 October returned high-grade copper and the Main Lode has been traced over more than 400 metres of strike and beyond 200 metres vertical depth.

The September quarter report records 46 reverse circulation holes for 7,364 metres, including 22 metres at 3.05 per cent copper in hole 26NCRC023, with 9 metres at 6.86 per cent inside it. Hole 26NCRC001 returned 14 metres at 2.49 per cent copper from 122 metres.

At Rooneys, 23 aircore holes extended the copper trend to more than 500 metres of strike, with 16 metres at 2.47 per cent copper from 58 metres in hole 26NCAC0016.

These are early drill intersections, not a resource. The company says Ricci Lee is being advanced toward a maiden Mineral Resource estimate.

The raising and the balance sheet

The Placement is priced at A$0.105 a share. Tranche 1, of A$7.0 million, settled on 28 October 2026 under existing placement capacity. Tranche 2, of A$2.245 million, needs Shareholder approval at the Annual General Meeting on 30 November 2026, and includes about A$130,000 of director participation.

Cash was only A$690,000 at 30 September 2026, down from A$2.433 million at the start of the quarter, with no debt. Operating outflow was A$508,000 and loans to other entities were A$620,000.

On the quarter's figures alone, the report calculates 1.22 quarters of funding, but management expects the placement to cover planned exploration at Neds Creek.

Where the money goes

Proceeds are earmarked for drilling at Ricci Lee, Thaduna and Rooneys, plus heritage work, studies and tenement costs. Drilling was expected to resume within three to four weeks of the 22 October announcement.

Assays are pending for the final 12 Ricci Lee holes, 21 Blockley aircore holes and several other prospects, expected through the December quarter.

Risks to weigh

Exploration may not turn early intersections into a viable resource. Dilution is already substantial, with new shares and options issued for the acquisition and the placement. Tranche 2 depends on a shareholder vote, and the Appendix 5B figures do not fully match the narrative in the activities report, so readers should consult full accounts. Copper prices and permitting matter.

Key dates are the 30 November 2026 meeting and results through December.

FAQs

Q: What is the Neds Creek copper project?

A: Neds Creek is a copper project in Western Australia’s Yerrida Basin of the Capricorn Orogen covering 1,378 square kilometres, now 100% owned by BOA Resources. It includes the Thaduna, Green Dragon and Ricci Lee deposits.

Q: What is the Ricci Lee discovery?

A: Ricci Lee is an emerging high-grade copper discovery at Neds Creek where 28 of 34 reported holes have returned high-grade copper. The Main Lode has been traced over more than 400 metres of strike and beyond 200 metres vertical depth.

Q: How was the A$9.2 million placement structured?

A: Tranche 1 of A$7.0 million settled on 28 October 2026 under existing placement capacity. Tranche 2 of A$2.245 million requires shareholder approval at the annual general meeting on 30 November 2026.

Q: What is the Thaduna and Green Dragon resource?

A: Thaduna and Green Dragon hold a JORC 2012 Mineral Resource of 5.3 million tonnes at 2.3% copper, containing approximately 121,000 tonnes of copper. These deposits were acquired from Sandfire Resources as part of the Core Value Australia transaction.

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