BOA Resources Ltd (ASX:BOA) has boosted its cash position with a $3.75 million share placement, providing additional funding support as the company moves to advance exploration across the newly secured Neds Creek Copper Project in Western Australia’s Murchison Copper Belt.
The placement was completed at $0.025 per share — a 16.67% discount to the seven-day volume-weighted average price (VWAP) — and was taken up by professional and sophisticated investors. Following the raise, BOA expects to hold approximately $4.315 million in cash (unaudited, before costs and excluding Q4 expenditure). BW Equities acted as lead manager and bookrunner.
The capital raising accompanies BOA’s acquisition of a 49% interest in Stanifer Pty Ltd, which holds 13 exploration licences covering about 1,140 square kilometres at Neds Creek. The tenement package sits in a well-endowed copper district near Sandfire’s DeGrussa and Monty mines and the Thaduna and Green Dragon deposits, and contains a suite of advanced and early-stage copper targets.
Read more: BOA Resources builds Murchison copper position with ‘transformational’ Neds Creek deal
Funds to drive drilling and target advancement
BOA says placement proceeds will accelerate on-ground work across the high-priority prospects at Neds Creek, including the advanced Ricci Lee and Enigma targets — both of which have delivered ore-grade copper intercepts — along with Rooneys and Green Dragon NE.
BOA copper prospects in the Neds Creek Project
Planned allocation of funds includes:
- completing heritage agreements and progressing pending tenement grants;
- resource definition drilling at Ricci Lee, the project’s most advanced prospect;
- follow-up drilling at Rooneys, Green Dragon NE and the 4 km × 1.5 km Enigma system;
- machine-learning–assisted target generation and dataset integration with SensOre Pty Ltd; and
- general working capital and ongoing project development.
Broader growth path remains intact
Under the Stanifer transaction terms, BOA has issued 17.27 million shares for its initial 49% stake and will fund the first A$500,000 of exploration. The company also holds an exclusive option to acquire the remaining 51% for an additional 17.27 million shares.
BOA has also entered into an exclusivity letter giving it the right to negotiate the acquisition of 100% of Core Value Australia, providing a potential avenue for broader regional consolidation.
Heritage access preparations are underway ahead of first-half 2026 drilling at Ricci Lee.