BOA Resources (ASX: BOA) is set to acquire full ownership of the Thaduna and Green Dragon copper deposits, adding a combined 5.3 million tonnes at 2.3% copper to its portfolio and expanding its Murchison Belt footprint ahead of a funded drilling campaign.
- Acquisition of 100% of Core Value Australia NL consolidates Neds Creek assets
- Thaduna and Green Dragon hold 121,000 tonnes of contained copper
- Sandfire Resources becomes a 6.2% BOA shareholder
- Fully funded drilling program to start late July 2026
- Experienced geologist Adrian Griffin joins BOA board
Strategic Acquisition Strengthens Copper Portfolio
BOA Resources (ASX:BOA) is taking a significant step in its copper strategy by acquiring 100% of Core Value Australia NL (CVA), thereby gaining full ownership of the Thaduna and Green Dragon copper deposits within the Neds Creek Copper Project in Western Australia's Murchison region. The deal consolidates BOA's position in a prolific copper belt, bringing under one roof a combined Mineral Resource Estimate (MRE) of 5.3 million tonnes at 2.3% copper, equating to approximately 121,000 tonnes of contained copper.
These deposits, situated on granted mining leases, provide BOA with a solid foundation for future development and exploration. The acquisition complements BOA’s existing 49% stake in Stanifer Pty Ltd, which holds the Neds Creek tenements, allowing BOA to indirectly acquire the remaining 51% interest through its purchase of CVA.
Resource Details and Geological Setting
The Thaduna deposit accounts for the bulk of the resource with 4.1 million tonnes at 2.5% copper (103,000 tonnes contained), while Green Dragon contributes 1.2 million tonnes at 1.5% copper (18,000 tonnes contained). Both deposits are hydrothermal, fault-controlled, sediment-hosted copper systems with minor silver mineralisation, hosted within the Thaduna Formation sediments.
Thaduna features a steeply dipping, north-north-east trending fault system extending over 1,700 metres strike and 660 metres depth, with mineralisation open at depth. Green Dragon is smaller but similarly open at depth and along strike. The deposits have been subject to extensive drilling, including 356 holes totalling nearly 68,000 metres, with data quality and sampling methods meeting industry standards.
Transaction Structure and Consideration
BOA will issue approximately 127.6 million shares and 76.9 million options to CVA shareholders, subject to escrow arrangements. Sandfire Resources Limited (ASX:SFR), the current owner of the Thaduna and Green Dragon tenements, will receive 27.8 million BOA shares as partial consideration, becoming a substantial shareholder with about 6.2% of BOA's post-transaction capital.
The transaction, valued at around AUD 7.3 million based on BOA’s closing share price on 17 June 2026, is subject to shareholder and regulatory approvals, including ASX waivers and third-party consents. Completion is expected by September 2026.
Exploration Upside and Drilling Plans
BOA’s cash position of approximately AUD 3.2 million supports the acquisition and a fully funded drilling program planned to commence in late July 2026. The immediate drilling focus is on the Ricci Lee prospect, located near Thaduna and sharing its geological characteristics, where historical drilling has returned multiple ore-grade copper intersections.
Additional targets include Rooneys, Blockley, Ward, Mueller, and Limestone Bore, all situated within BOA’s expanded 1,378.6 square kilometre tenement holding in the Murchison Copper Belt. BOA is integrating extensive historical datasets with its own exploration data and applying machine learning techniques to refine target generation and prioritisation.
Governance and Board Enhancement
As part of the transaction, Adrian Griffin, principal of CVA and a geologist with over 40 years of mining industry experience, will join the BOA Board as a Non-Executive Director. Griffin’s background spans project identification, exploration, development, and financing, including leadership roles at lithium and mineral exploration companies.
BOA’s Chair and Managing Director Cath Norman highlighted the transformational nature of the deal, emphasizing the strengthened copper portfolio and the potential to build a meaningful copper business in a proven mining region.
Technical Review and Resource Classification
Cube Consulting recently reviewed and updated the Mineral Resource Estimates for Thaduna and Green Dragon, confirming their compliance with JORC 2012 standards and reasonable prospects for eventual economic extraction. The updated MRE applies cut-off grades of 0.75% copper for open pit and 1.0% for underground components, reflecting a mining study based on a copper price of approximately USD 5.53 per pound.
The review resulted in a modest reduction in tonnage but an increase in average grade compared to previous estimates, with the removal of isolated, non-contiguous blocks and exclusion of oxide and transitional material outside the optimized mining shells. Metallurgical test work indicates the ore is amenable to leaching, flotation, or both, though further studies are planned.
What to Watch Next
BOA’s next steps include securing shareholder approval, completing regulatory clearances, and integrating the Thaduna and Green Dragon datasets into its broader exploration strategy. The upcoming drilling campaign at Ricci Lee and other targets will be critical in defining and expanding resources, potentially shaping BOA’s copper development trajectory in the Murchison region.
Sandfire’s new role as a significant shareholder adds an interesting dynamic to BOA’s capital structure and strategic partnerships. Investors will be keen to see how the drilling results and exploration progress translate into resource upgrades or development plans in the coming quarters.
Bottom Line?
BOA’s acquisition consolidates a sizeable copper resource base with a funded drilling program poised to test promising targets, but the path to economic viability remains contingent on exploration success and market conditions.
Questions in the middle?
- Will the planned 2026 drilling at Ricci Lee and other prospects convert inferred resources into higher confidence categories?
- How will Sandfire’s stake influence BOA’s strategic decisions and capital management going forward?
- What are the key risks around permitting, metallurgical processing, and market volatility that could impact the project’s development timeline?