BOA Resources Ltd (ASX:BOA) has moved to take full control of the Neds Creek Copper Project in Western Australia’s Murchison region through the acquisition of Core Value Australia NL (CVA), which is set to acquire the Thaduna and Green Dragon copper deposits from Sandfire Resources.

Proactive Investors reports the transaction will give BOA 100% ownership of CVA and, through CVA, the Thaduna and Green Dragon deposits, while also consolidating BOA’s ownership of the broader Neds Creek copper assets.

On completion, Sandfire will become a substantial BOA shareholder.

Acquisition consolidates copper position

BOA currently holds a 49% interest in Stanifer Pty Ltd, which owns the Neds Creek tenements, and has an option to acquire the remaining 51%.

Rather than exercising that option separately, BOA will acquire the remaining Stanifer interest indirectly through the purchase of CVA.

The deal will also bring Thaduna and Green Dragon into the company’s portfolio. The deposits are located on granted mining leases and host a combined JORC 2012-compliant mineral resource estimate of 5.3 million tonnes at 2.3% copper for 121,000 tonnes of contained copper.

BOA tenements in WA’s Murchison region on completion of transaction.

Transformational transaction

“This is a transformational transaction for BOA. By acquiring CVA and the Thaduna and Green Dragon copper deposits, BOA will move from holding an interest in a highly prospective copper exploration package to controlling a much broader regional copper portfolio including granted mining leases, drill-ready targets and substantial exploration upside,’ BOA chair and managing director Cath Norman said.

“Thaduna and Green Dragon bring resources with 121,000 tonnes of contained copper that materially strengthens our copper portfolio, at the same time as BOA is advancing heritage surveys and drill preparations across Ricci Lee, Rooneys and other priority prospects at Neds Creek, with drilling targeted to commence late July.

“Ricci Lee remains our first priority for resource definition drilling. It is located close to Thaduna, sits in the same geological setting and has already returned multiple ore-grade copper intercepts from historical drilling.

“We look forward to Adrian Griffin joining the BOA Board and welcome his extensive resources and capital markets experience to the Company.

“The combination of Thaduna and Green Dragon, together with a fully funded drilling program across high-priority Neds Creek targets, means BOA has the potential to build a meaningful copper business in one of Western Australia’s proven mining regions.”

Strategic rationale

The acquisition is the logical next step in BOA’s copper strategy following its entry into the Murchison Copper Belt in late 2025.

The company expects the transaction to strengthen its copper portfolio by adding advanced resources, provide a basis for resource growth and potential future development, create a larger regional exploration footprint, and increase exposure to copper at a time of strong market demand.

The enlarged Neds Creek position includes multiple drill-ready targets within mineralised corridors associated with the broader Thaduna and Green Dragon copper systems.

BOA Drill ready prospects and location of Thaduna and Green Dragon mining tenements.

Transaction terms and approvals

Subject to shareholder approval and completion, BOA will issue CVA shareholders 127,624,587 fully paid ordinary shares and 76,919,407 options exercisable at $0.10 each and expiring three years from issue.

Based on BOA’s closing share price of $0.057 on June 17, 2026, the CVA consideration shares are valued at about $7.27 million.

BOA will also issue Sandfire 27,800,000 shares as upfront consideration. Sandfire will hold about 6.2% of BOA’s post-transaction issued capital.

A further $2 million deferred consideration may become payable to Sandfire in cash or BOA shares upon a decision to mine at Thaduna and Green Dragon.

Completion remains subject to conditions including shareholder approval, third-party approvals and CVA becoming the legal and beneficial owner of Thaduna and Green Dragon under the Sandfire acquisition agreement.

What’s next

BOA intends to convene a shareholder meeting in August 2026, with completion targeted for September 2026, subject to satisfaction or waiver of remaining conditions.

Immediate priorities include completing regulatory, ASX and third-party approvals, finalising the CVA and Sandfire acquisition arrangements, completing heritage surveys and starting a fully funded mid-2026 drilling program.

Initial drilling will focus on Ricci Lee and Rooneys, while BOA will also integrate the Thaduna and Green Dragon datasets into its existing database and develop an exploration and resource growth plan across the expanded copper portfolio.

On completion, CVA principal and experienced geologist Adrian Griffin will join the BOA board as a non-executive director.