Investor update

Jun 30, 2026

Slides

Summary

The acquisition adds a 5.3Mt at 2.3% Cu resource and nearly 1,400km² of Yerrida Basin tenure. Drilling is planned from August, led by Ricci Lee, with a maiden resource targeted by year-end.

Good morning, and welcome to the BOA Resources investor webinar. All attendees are on a listen-only mode. If you would like to ask a question to the company, please enter it into the Q&A panel within Zoom. I will now hand over to BOA Resources Chair, Cath Norman. Thank you, Cath. Thank you, Nathan, and good morning. It is a pleasure to be here to talk about the recent transaction that BOA has undertaken to acquire some copper resources in Western Australia, and also a suite of exploration assets with really good-looking prospectivity. This morning, you may have noticed that BOA released an announcement, and following this transaction, I will be stepping back as Non-Executive Chair, and Graeme Purcell, my current Co-Director at BOA, is stepping up into the Managing Director position. Graeme is with me now, and he will be taking you through the recent investor presentation. Thanks very much, Cath, and it is a pleasure to be able to present this today, but also to take on the role of Managing Director. It is quite an exciting project and exciting times ahead for the company. Just to give you a bit of an introduction into the Neds Creek copper project. It is up in the Yerrida Basin in the Murchison district. Within that project was the Thaduna and Green Dragon copper deposits, and that is the recent acquisition that we have made. It is important to us because it is a mineral resource of 5.3 million tonnes at 2.3% for around 120,000 tonnes of contained copper. The acquisition consolidates and expands our footprint in the Copper Belt, in the Murchison area, to nearly 1,400 square kilometers for a whole bunch of exploration and prospecting licenses. The purchase through CVA and Sandfire means Sandfire now become a substantial shareholder with approximately 6.2%, and as part of the cash transaction, Adrian Griffin from CVA will join the board as a Non-Executive Director. With our cash position and our drilling plans for the rest of the year, we are fully funded to be able to complete all our exploration strategies. Just a bit of a corporate summary. The deal was all scrip, and it equated to about AUD 7 million, or about AUD 70 per tonne of copper for the resource. So it is a pretty good value transaction. Post-transaction, once we complete, you can see there the CVA shareholders will have a significant part of the company. You can see with the board, one thing I'd like to say is, without Cath Norman and Adrian Griffin, their patience and persistence, this transaction wouldn't have occurred, and they've been instrumental in making this happen. It's great to have Adrian come and join us on the board with his wealth of experience. Also, part of the exploration team is Dave Reid. He's our newly, recently appointed exploration manager. He's instrumental as well because he has drilled 90% of the drilling at Thaduna and Green Dragon, and he knows those resources very, very well, and he brings a lot of technical knowledge in-house. The advantage there is we don't have to develop that knowledge. We can now use it, and it can make our exploration process a lot quicker. One of the reasons, or main reason, that we acquired the Thaduna Green Dragon deposits is it strengthens our portfolio in terms of tenure, but it puts or gives us an advanced JORC compliant copper resource of about 120,000 tonnes. That provides a significant platform for future resource growth and potential development. Another advantage is that it gives us 100% ownership of this part of the Yerrida Basin, and included within that is the broader Neds Creek area with multiple prospects that have been quite surprisingly underexplored, lightly tested, all with very significant copper intersections. We've identified six of those for immediate drill testing. Between all that drilling, we're looking to do some further resource definition, particularly at one of the prospects at Ricci Lee. All our drilling is actually planned to start commencing. At the moment, we're working towards commencing at the end of this month. Just to zoom in a little bit on the Neds Creek project. The focus here is in the northern part of the Yerrida Basin. Basically, we're just looking for structurally controlled epigenetic copper deposits. Most of these, there are six priority targets. They're all essentially based. It's a very simple exploration model. They're based on the Thaduna and Green Dragon deposits. We're using those as analogs for all these other targets. The targets are all in the Thaduna Formation, a big thick sequence of graywackes. They're all structural targets. They have generally good geochemical signatures and good geophysical signatures. The most advanced of these is the Ricci Lee prospect. It's going to be our priority focus for drilling. That's the first thing we're going to drill, and we believe that has potential to get up to very quick resource definition. Other targets that we're looking to drill all have significant copper intersections. We'll look at another one of those in a moment. But the focus there is to understand the mineralization controls of these targets and then start testing those as warranted. One of the things we haven't talked about is the Enigma prospect up to the northeast of the project. It's a massive 3-by-1-kilometer footprint of significant copper mineralization, but it's in a different part of the stratigraphic package. Even though it's large, it's quite poorly understood. So we'll be looking to look at the geology of that, build up a bit more of an understanding of the mineralization model there before we go drilling. If we do find some stratigraphic control there, it would be very exciting for us because then we can actually enable that to look at the broader basin and different targeting. Now I would like to Zoom in and have a look at the Thaduna copper deposit, give you a bit of a feel for what that looks like. It is just over 4 million tonnes at 2.5% for just over 100,000 tonnes of contained copper. It was an historical small-scale mine, an open pit from the 1940s through to the 1970s. It has got mineralization footprint of about 1.5 kilometers, trends north-northwest. It is steeply dipping to the west. It is basically just a high-level brittle fault that has carbon within it, and then that has later been mineralized with quartz, carbonate, bornite, and copper sulfides. Mineralization has been defined to about 600 meters of vertical depth, and it is open along strike, down dip, down plunge. Surprisingly to us, outside of this map that you see here, along strike to the north and south, it has been quite lightly tested, and we will be looking at towards potential repetitions along strike. So here is Thaduna in long section. It is from in that main body there. There is 100,000 tonnes of copper. It has got a moderate northerly plunge control, and we believe that you can see some gaps in there in the upper part and some of the margins that are poorly defined, and we believe there is a lot of potential there to grow the resources within this long section with what has been drilled by just testing for the margins. One of the interesting things about Thaduna is in the upper part of the system, it is more chalcopyrite-dominant, and it does transition to more bornite-dominant at depth, which as you can see on the long section, the deeper intersections are much higher grade, and that is essentially due to the bornite. Again, once we get a bit of a feel and understanding of this Thaduna deposit, when we get the data and pull it apart and start looking to grow it, we will also start applying that model further along strike and look for repetitions. The other part of the transaction was the Green Dragon copper deposit. It is a much smaller deposit at this stage. It is just over 1 million tonnes at 1.5% for 18,000 tonnes. Again, it is a small-scale historic mine from the 1940s through to the 1970s. It has got mineralization on strike at about 300 meters, southeast trending, and modeling dips to the north. It is a bit different to Thaduna in that there are multiple lodes here. It is not just a single fault as at Thaduna. There are multiple zones within the fault. It has been defined to about 200 meters vertical depth. So it is open both down dip and along strike, and we sort of recognize that even at this early stage, a potential plunge control. That is something that, again, once we start looking at it in more detail post-transaction, then we will look for drilling to increase the dimensions and upgrade the resource. Again, also test for repetitions along strike, along the structural corridor. Some of you may have seen this before from previous presentations, but we have the other prospects within the broader Neds Creek project. Again, it's a simple, straightforward exploration model, and the exploration strategy and methodology is quite simple. We have known or proven copper mineralized structural corridors from the north trending one at Thaduna up to Rooneys, and then the east-west trending one from Green Dragon through to Rooneys. Of those, we have six priority targets. The main one there is Ricci Lee, and we'll talk about that in more detail soon. We'll also talk a little bit about the Rooneys prospect. One of the things that we've inherited through the Neds Creek project is an extensive geochemical and geophysical datasets, and we're currently reprocessing those and putting them into a sort of target generation exercise using a bit of machine learning to help quicken that process. From that, we'll also get additional targets, and we'll be able to rank and prioritize those within time. Now just to look at, this is our priority target, the Ricci Lee prospect. It's again, a small scale historic mine. It's essentially 2 kilometers to the southwest of Thaduna. It's in the same structural orientation, the same stratigraphy. It's got the same setting. Mineralization has been defined over 500 meters strike and 200 meters depth, and that's only been defined by very broad RC drilling and some shallow RAB drilling. Mineralization is open laterally and at depth. For us, it's a priority drilling target, and we believe can quickly come up with some resource definition before the end of this year. This slide here is really just to give everyone an idea of the scale. You can see again that Thaduna long section. That Ricci Lee long section that you just looked at is above that, and that's at the same scale. What we're using is essentially the mineralization style and setting at Thaduna is the model that we use for Ricci Lee. If we are successful at Ricci Lee, then we're hoping that's the potential we can get, is to replicate Thaduna. Here's Ricci Lee again, just looking at it in drill plan and cross-section. For a bit of history, Ricci Lee was drilled in 2007 with some shallow RAB drilling around the workings, and they got some encouraging numbers from that. Then 3 years later in 2010, 3 RC holes were drilled in it, and again, with some encouraging numbers. Then in 2013, another 5 holes were drilled. There's only 8 RC holes in that 500-meter panel with some significant, very significant copper grades at depth. Surprisingly, there's been no follow-up drilling undertaken, and we're amazed at that because this is screaming out for a lot more drilling. So we're going to oblige and do a simple grid-based RC drill program, test up dip, down dip, and the strike potential. From that, we should establish more geological controls to the mineralization. We expect there to be a structural plunge control. All up, it's a 5,500-meter program that's planned with 35 holes. Again, we're looking at doing that, at commencing that at the end of this month. Here's our second priority project is the Rooneys Prospect. It's located 3-4 kilometers to the west of Green Dragon along the same structural corridor. Again, it's got some historic workings and some shallow RAB drilling and air core drilling, had some very encouraging numbers, very thick in thickness and grade. Part of that, the eastern part of it, we're looking to immediately walk in and do some RC drilling, a grid-based RC drill program, and test about 200 meters worth of strike for mineralization. From field reconnaissance and mapping with Dave and myself, we actually found there are multiple structures there, and the structures actually change orientation. We are going to also do some air core drilling, and that's basically to define the attitude, the orientation, the dip and strike of these other structures to ensure that they can be effectively tested. Both the air core and the RC will be running in conjunction when we start at the end of this month. That's just a bit of a snapshot of where BOA Resources is at the moment. We're now a fully focused copper exploration company with that nearly 1,400 square kilometers of tenure up in the Yerrida. One of the reasons we were initially attracted to the project was that it came with a full project exploration pipeline from early-stage target delineation prospects through to drill testing and the most advanced in Ricci Lee at the time. Now to complement that, we actually have JORC resources, which gives us a very full exploration pipeline and something that is a fantastic base to be working from. Here's what it looks like for us over the next six months towards the end of the year. At the moment, we're completing our second and last heritage survey. That should be completed by week's end. We're also getting drill permitting, programme of works approvals. That's in progress. We're organizing our logistics to start drilling at the end of the month. Come August, we should be commencing our RC and air core drilling, and it's going to be a pretty busy time because we're also going to be completing the transaction through August. But once we start getting results and anticipate those late August, September, we should have regular news flow and drill assay results. While that's all happening, we'll also be integrating the Thaduna Green Dragon data into our targeting exercise, looking for additional targets and designing programs to test those. It's a bit of a stretch, but by the end of this year, we're hoping to have a maiden resource for the Ricci Lee prospect. From there, we'll continue the exploration process. That's it. That's just a bit of a snapshot for where BOA Resources is. The acquisition that we've just done is really transformational to the company. Having a JORC resource is a magnificent platform for us to be able to generate some immediate value, but it's also through the exploration and through our drilling programs, generate some more longer-term value. The good thing is we're well-funded, we're balanced. Our balance sheet means that we can execute our exploration strategy through to the end of the year and beyond. We've put together a strong exploration team and we're looking to keep on drilling and growing copper resources to scale by the end of this year. I'll leave it there and say thank you very much for your attention, and I'll be happy to take on any questions. Thanks, Graeme. Just a reminder, if you would like to ask a question to the company, please enter it into the Q&A panel within Zoom. We have had some questions come through, so we will just work through these. First one: The licenses you have secured have been explored historically. What gives you the confidence these areas remain prospective and that you can achieve a different outcome from previous operators? Yeah, that is a good question. I mean, the historic exploration completed by Sandfire was very light. Most of their exploration was actually looking for VMS-style systems in the Bryah Basin to the west of us. Sandfire really did not appear to be using or looking at the sed-hosted mineralization as a priority target for them. Prior to that, Sepa Resources and Ventnor did a lot of work, or Ventnor did it within the resource at Thaduna Green Dragon, but Sepa did a lot of exploration work. Markets change and I guess there are various reasons why they did not do as much exploration. In the end, it is our opportunity. We recognize that it has been underexplored. It has been very lightly tested for this particular mineralization style, and we are keen to get out there and explore it. Thank you. Next question. You have about AUD 3 million in the bank. How much can you advance exploration with this amount? Oh, look, as I have mentioned through the presentation, we are well funded. All the exploration programs, the drilling programs that we have planned for this year and beyond, we are funded for. So we are in a good position to do what we want to do without having any financial stress. Thank you. Next question. When do you expect drilling to commence at Neds Creek? We are working to do that by the end of this month. As I mentioned, we are currently doing a heritage survey. We are organizing our logistics. We are getting drill permit approvals, and we will be mobilizing towards the end of this month and aiming to drill by August 1st at the latest, and that is both air core and RC. Thank you. Just another question here. We have had a series of questions on this, so I will just sort of summarize this in. How do you view the exploration upside and potential to grow resources at these deposits? At Thaduna and Green Dragon, we think there is excellent upside, both within what has been defined already and on the margins of it, but also down plunge and along strike. There is a lot of potential that we see to grow the resources within from the known resources. Plus, there is also the exploration upside from some of the other targets that have been very lightly tested. We just see a lot of exploration upside throughout the whole of the project really. Thank you. What modern exploration techniques do you plan to implement that can give you the exploration advantage? Well, one of the advantages is we have all these very high-resolution detailed geophysical data sets. There's good geochemical data sets. We're going to apply the geology and what we know, but we're also going to implement a bit of machine learning to help that process because it tends to look at it in a more unbiased way, but it also helps to quicken the process. Yeah, I don't think we need to use too much. It's still a very simple exploration model and a simple exploration strategy that we have at this stage. Pretty standard, but hopefully we can do it quicker with the machine learning. Thank you. There are no further questions at this time, so I'll now hand back to Graeme for closing remarks. Thanks very much. No, it's been great to be able to present this to you. We're very excited with what we've been able to achieve in acquiring the Neds Creek project and now Thaduna Green Dragon, and we really look forward to giving you some results when we start