Heritage Survey Delays Stall BOA’s Drilling Timeline Despite Strong Cash Position

Strategic Drilling Plans Set for 2025

BOA Resources Limited (ASX:BOA) has outlined its exploration roadmap for 2025, focusing on advancing drilling activities at its core lithium and nickel assets in Western Australia. The company plans to drill the Bald Hill East, Cat Camp, and Fraser South tenements, subject to final heritage and conservation approvals. These tenements represent BOA's strategic push into regions with promising mineralisation, including proximity to established lithium mines and nickel sulphide targets.

At Bald Hill East, located just 2 kilometres from the significant Bald Hill lithium mine, BOA aims to test extensions of known mineralised zones. However, delays in heritage surveys, attributable to the unavailability of heritage representatives, have pushed the drilling timetable into late Q2 2025. Similarly, the Cat Camp tenement in the Lake Johnston region will see targeted drilling over known pegmatites and nickel mineralisation, with surface geochemistry indicating anomalous lithium zones.

Fraser South and Tenement Management

In the Fraser Range, BOA is preparing to drill the Snowys Prospect within the Fraser South tenement, targeting highly conductive anomalies that may indicate nickel-copper-cobalt mineralisation akin to the nearby Nova and Andromeda deposits. The heritage survey for Fraser South has been completed without required changes to the Conservation Management Plan (CMP), but BOA awaits formal CMP approval before commencing drilling. The protracted approval process, spanning over a year, reflects the complexities junior explorers face in balancing environmental and cultural considerations with operational timelines.

Notably, BOA has taken back operatorship of the Transline North and Transline South tenements from IGO Limited, which had been evaluating these assets. These tenements contain the Eggpie and Ballast NE nickel targets. BOA is currently assessing IGO’s exploration data before determining next steps, while IGO will continue to operate the Symons Hill tenement in the Fraser Range.

Board Refresh and Corporate Developments

BOA’s 2024 Annual General Meeting marked a significant governance milestone with shareholder approval of Mark Tomlinson’s appointment as an independent non-executive director. Tomlinson brings extensive mining executive experience, expected to strengthen BOA’s strategic oversight. Concurrently, long-serving director James Barrie resigned from the board but remains as company secretary, ensuring continuity in corporate administration.

Shareholders also approved the company’s name change from Boadicea Resources Limited to BOA Resources Limited, reflecting a refreshed corporate identity aligned with its evolving exploration focus.

Financial Position and Portfolio Optimisation

BOA closed the December quarter with a solid cash position of $1.31 million and no debt, underpinning its capacity to fund planned exploration activities. The company’s 2024 budget allocated 76% of capital expenditure to direct in-ground exploration, a commitment expected to continue into 2025. Management remains vigilant on administrative and personnel costs to maximise capital efficiency amid a challenging environment for junior explorers.

In line with its strategic focus, BOA is actively reviewing and rationalising its tenement portfolio. This includes seeking partners for its gold-focused Koongulla tenements in the Paterson Province, an area notable for large-scale gold and copper discoveries. The company is prioritising high-potential assets while relinquishing less prospective holdings to sharpen its exploration efforts.

Navigating Heritage and Regulatory Challenges

BOA’s experience with heritage surveys underscores the broader challenges junior miners face in securing timely approvals. Delays in heritage representative availability have deferred drilling schedules, highlighting the delicate balance between exploration ambitions and cultural heritage preservation. The company’s proactive engagement and patience in awaiting CMP approvals will be critical to unlocking the potential of its Fraser South tenement.

As BOA advances its drilling programs and portfolio optimisation, the market will be watching closely for results that validate its strategic direction and capital allocation.