BOA Resources Completes Neds Creek Acquisition, Consolidates 100% Ownership
Key Takeaways
- BOA Resources completed the Core Value Australia acquisition on 14 October 2026, consolidating 100% of the Neds Creek Copper Project in Western Australia's Murchison region.
- Thaduna and Green Dragon carry combined JORC 2012 Mineral Resources of 5.3Mt at 2.3% Cu for 121kt of contained copper.
- Ricci Lee has returned high-grade hits in 20 of the first 23 RC holes reported, with more than 400m of strike continuity and a second parallel lode identified.
- Sandfire now holds 6.2% of BOA after receiving 27.8 million shares, with A$2 million in deferred consideration payable on a decision to mine.
- The next goal is a maiden Mineral Resource estimate at Ricci Lee, though no timelines or issue price were disclosed.
Acquisition completed: BOA consolidates 100% of Neds Creek copper portfolio
BOA Resources (ASX: BOA) has completed the acquisition of Core Value Australia NL (“CVA”), consolidating 100% ownership of the Neds Creek Copper Project in Western Australia’s Murchison region. The project includes the Thaduna and Green Dragon copper deposits.
CVA brought with it the remaining 51% interest in Neds Creek and the Thaduna and Green Dragon copper deposits that CVA acquired from Sandfire Resources Limited (ASX: SFR) (“Sandfire”). The deal was first announced on 25 June 2026, approved by shareholders on 12 October 2026 and completed on 14 October 2026.
Cath Norman, Chair, BOA Resources
“Completing this acquisition is an important milestone for BOA and our shareholders…”
The company says the consolidated ownership position enables it to coordinate exploration and resource growth opportunities across Thaduna, Green Dragon and the wider Neds Creek portfolio. For you as an investor, that means one owner, one plan, across the whole package.
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Neds Creek by the numbers
Combined JORC 2012 Mineral Resources
Thaduna and Green Dragon host combined JORC 2012 Mineral Resources of 5.3Mt at 2.3% Cu for 121kt of contained copper. These figures come from BOA’s 25 June 2026 announcement, and the company confirms it is not aware of any new information or data that materially affects the previously reported estimates.
| Metric | Figure |
|---|---|
| Tonnes | 5.3Mt |
| Grade | 2.3% Cu |
| Contained copper | 121kt |
| BOA ownership of Neds Creek Copper Project | 100% |
Beyond the defined resources, the consolidated portfolio includes:
- Ricci Lee: an emerging prospect
- Rooneys: a highly encouraging exploration opportunity
- A pipeline of additional exploration targets
That combination gives you a defined resource base alongside exploration upside.
Ricci Lee copper results so far show high-grade hits in 20 of the first 23 RC holes reported, with continuity now spanning more than 400m of strike and a second parallel lode newly identified.
Understanding JORC resources and why consolidation matters
A JORC-compliant Mineral Resource is an estimate of mineralisation reported under the JORC Code, the Australian standard for public reporting. “Contained copper” is the total amount of copper metal estimated to sit within the resource tonnes at the stated grade.
An exploration target like Ricci Lee is different. It is a prospect that has not yet been defined as a Mineral Resource, so its size remains unproven.
Owning the adjacent deposits outright may make it simpler to plan drilling and resource growth as one programme, which is the approach BOA says the consolidated ownership enables.
Deal terms and Sandfire joins the register
BOA issued the following securities in accordance with the approved transaction terms:
- 127,624,587 fully paid ordinary shares to CVA shareholders
- 76,919,407 options to CVA shareholders
- 27,800,000 fully paid ordinary shares to Sandfire
Sandfire holds 6.2% of BOA following completion.
A further A$2 million in deferred consideration may become payable to Sandfire in cash or BOA shares upon a decision to mine at Thaduna and Green Dragon, in accordance with the acquisition agreement.
Adrian Griffin has joined the BOA Board as a Non-Executive Director, effective 14 October 2026.
The announcement does not disclose the issue price or the deal valuation.
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Next steps: building a larger copper resource
BOA’s immediate priorities are:
- Completing interpretation of the current drilling results and planning a follow-up program
- Advancing Ricci Lee towards a maiden Mineral Resource estimate
- Identifying new drilling targets for a future drill program
The company aims to grow a significant copper resource at Neds Creek. Ms Norman described the drilling results at Ricci Lee and Rooneys as “encouraging”, though the announcement does not provide intercepts or other result details.
No timelines were disclosed for any of these steps.
For investors, the items to watch are the follow-up drilling results and any progress towards a maiden Mineral Resource estimate at Ricci Lee.
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