BOA Resources raises $6.48M to drill out Neds Creek copper
What's the deal? BOA ResourcesDealroom has a profile for this one. Try Dealroom → (ASX: BOA) has raised US$5.98M (≈$6.48 million) through a share placement to fund the next phase of drilling at its Neds Creek Copper Project in Western Australia. The raise, priced at 10.5 cents per share, will come in two tranches, with directors intending to chip in roughly US$84.1K.
Why now? The placement follows a busy run at Neds Creek. BOA completed its consolidation of 100% ownership of the project on October 14, 2026, giving it full control of the Thaduna and Green Dragon copper deposits across a 1,378km² portfolio.
What's the endgame? BOA said it will spend the money principally on drilling at Ricci Lee, Thaduna, and Rooneys, with the goal of expanding its copper resource inventory. The combined Mineral Resource currently stands at 5.3 million tonnes at 2.3% copper, for 121,000 tonnes of contained copper. Drilling is expected to recommence in three to four weeks.
BW EquitiesDealroom has a profile for this one. Try Dealroom → and Cygnet CapitalDealroom has a profile for this one. Try Dealroom → acted as joint lead managers, with Bell Potter Securities as co-manager.
The results so far: Of 34 holes reported at Ricci Lee, 28 returned high-grade copper, including an intercept of 22 metres at 3.05% copper and 9.5 grams per tonne silver from 250 metres depth in late September. Maiden drilling at Rooneys extended the interpreted trend beyond 500 metres of strike, including four metres at 3.54% copper from 10 metres.
What could go wrong? These remain exploration results, not a defined deposit; the raise's significance hinges on whether follow-up drilling establishes continuity and supports a larger resource. BOA also carries dilution risk: its share count grew about 262% over 24 months, and this is its third disclosed raise in that window.
"This strongly supported placement positions BOA to maintain the momentum generated by our maiden drilling at Ricci Lee," managing director Graeme Purcell said.
The signal: BOA is betting fresh capital on converting promising copper hits into a resource it now fully owns. With assays still pending from 12 Ricci Lee holes and 92 regional aircore holes, the next campaign will test whether the Neds Creek story has the continuity to match the headline grades.
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