BOA Resources Ltd (ASX:BOA) is advancing drill planning across its key Western Australian lithium and nickel tenements — Cat Camp, Bald Hill East and Fraser South — pending final heritage and environmental approvals. The company aims to begin exploration later in 2025 following delays in survey scheduling.
At Fraser South, drilling is set to commence following approval by the Department of Biodiversity, Conservation and Attractions (DBCA) of environmental surveys and subsequent Program of Work (POW) applications.
BOA is also streamlining its portfolio, with ongoing reviews leading to tenement relinquishments and the expected termination of its agreement with IGO Ltd, which will return the Symons Hill tenement to BOA. The company reported A$824,000 in cash and no debt at June 30, 2025.
The company stated in the latest quarterly: "In line with BOA’s strategic policy to focus its resources on high-potential exploration opportunities, the company has been undertaking a detailed review of its existing tenement holdings.
"This portfolio optimisation process is ongoing and forms part of a broader strategy to ensure capital is deployed to its highest value uses. As part of this approach, BOA is also actively evaluating new project opportunities that align with its growth objectives. The rationalisation of existing holdings is intended to support the reallocation of funds toward these potential new ventures.
"The company continues to maintain a tight control on administration and personnel costs to ensure efficient use of its capital. Management recognises the challenging environment for junior explorers and will be fine-tuning the planned drill programs to ensure they are optimally located to deliver results and as efficiently as possible.
"The planned Heritage Surveys and environmental approvals have seen long delays and as a result, the drilling planned for 2025 has also been delayed."
Bald Hill East: Lithium target near established resource
Located just 2 kilometres from the Bald Hill Lithium Mine (26.5 million tonnes at 1% lithium oxide), the Bald Hill East tenement (E15/1608) is a high-priority lithium target. BOA intends to test for extensions to the mineralised zone as mapped. However, the program has been delayed due to heritage survey scheduling constraints.
Cat Camp: Pegmatites and nickel focus
At the Cat Camp tenement (E63/2050), situated in the Lake Johnston/Lake Percy region, BOA will target known shallow and thick pegmatites and areas of nickel mineralisation. Surface geochemical anomalies indicating elevated lithium levels have helped define upcoming drill targets.
Fraser South: Targeting high-conductivity Snowys Prospect
In the Fraser Range, BOA plans to drill the Snowys Prospect on tenement E63/1859. Identified via electromagnetic survey, the anomaly is prospective for nickel, copper and cobalt mineralisation in mafic-ultramafic rocks, with potential for Nova-style or Andromeda-style systems. Heritage surveys are complete and a Conservation Management Plan has been approved. Environmental approvals from DBCA and a POW are awaited before drilling can commence.
IGO relinquishes Symons Hill; agreement to end
IGO has advised it will return operatorship of the Symons Hill tenement (E28/1932) to BOA once their agreement is expired in October 2025. When concluded, no BOA tenements will be operated by IGO.
Strategic focus and capital efficiency
BOA continues to assess its tenement portfolio to optimise capital deployment toward high-impact opportunities. The company is also reviewing potential new projects aligned with its growth strategy. Management remains committed to disciplined cost control amid challenging conditions for junior explorers and will fine-tune drill programs to maximise efficiency and value.