Cygnet Capital | Market Insights

BOA Resources has returned high-grade copper in twenty eight of thirty four reported holes at Ricci Lee, extending mineralisation below two hundred metres vertical depth.

Cygnet Capital Market Insights has reported

BOA Resources Limited has released assay results for an additional 11 reverse circulation (RC) drill holes from its maiden 46-hole drilling program at the Ricci Lee prospect, located within the Neds Creek Copper Project in Western Australia.

Drilling extends main lode to 200m vertical depth

The latest assay batch brings total reported holes at Ricci Lee to 34. High-grade copper mineralisation has now been returned from 28 of these 34 holes, confirming structural continuity along the primary Main Lode over more than 400 metres of strike and from surface to beyond 200 metres vertical depth.

Results also further define an emerging parallel Hanging-Wall Lode in the northern portion of the prospect over 160 metres of strike, which remains open to the north.

Key drill intercepts from the latest batch include:

• Deep Southern Main Lode (Hole 26NCRC021): Intersected 10 metres at 2.78% copper from 208 metres downhole, including a high-grade core of 8 metres at 3.33% copper from 209 metres.
• Deep Northern Main Lode (Hole 26NCRC022): Intersected 11 metres at 2.04% copper from 253 metres, including 9 metres at 2.44% copper from 255 metres, plus 3 metres at 2.25% copper in an upper splay.
• Northern Hanging-Wall Lode (Hole 26NCRC014): Intersected 8 metres at 1.60% copper from 87 metres, including 3 metres at 3.53% copper from 88 metres.
• Shallow Oxide Zone (Hole 26NCRC033): Intersected 46 metres at 0.67% copper from surface, including 3 metres at 3.29% copper from 34 metres.
• Northern Splay (Hole 26NCRC016): Intersected 5 metres at 1.95% copper from 104 metres, including 3 metres at 2.95% copper.

Strategic significance for Ricci Lee

For Overlook, the key takeaway is the vertical depth extension and multi-lode scale demonstrated by latest drilling. Returning high-grade copper across 28 of 34 reported holes reinforces that Ricci Lee represents a coherent, fault-hosted copper system rather than isolated lenses.

Extending the Main Lode below 200 metres vertical depth confirms that high-grade mineralisation persists deep into fresh rock. Concurrently, defining the parallel Hanging-Wall Lode over 160 metres of strike introduces additional near-surface volume. As drilling finishes, integrating these results into geological wireframes provides a strong baseline for a maiden Mineral Resource Estimate.

What we are watching next

We are tracking several key operational and corporate milestones:

• Pending RC Assays: Receiving laboratory assays for the remaining 12 RC holes drilled at Ricci Lee.
• Regional AC Assays: Reporting air core assay results across 92 holes drilled at five additional regional prospects at Neds Creek.
• General Meeting Vote: Shareholder vote on 12 October 2026 regarding the acquisition of the remaining 51% of Neds Creek and 100% of Thaduna and Green Dragon.
• Resource Modelling: Progressing geological wireframing and structural interpretation toward a maiden Mineral Resource Estimate for Ricci Lee.

Risk and uncertainty

While drilling confirms strong copper continuity down to 200 metres vertical depth, reported intercepts represent downhole lengths, as true mineralisation widths remain subject to final structural modeling. Commercial development remains subject to receiving remaining assays, consolidating project ownership, and defining an initial Mineral Resource Estimate.

Overlook

BOA Resources has advanced Ricci Lee with 28 of 34 reported RC holes returning high-grade copper across 400 metres of strike. Extending the Main Lode below 200 metres depth and expanding the Hanging-Wall Lode improves project scale. Reporting the remaining 12 RC hole assays, regional AC results, and progressing resource wireframes represent the key upcoming catalysts.

https://announcements.asx.com.au/asxpdf/20261012/pdf/0756j88kgjkzlr.pdf