Leeuwin Wealth has released coverage on BOA Resources following the announcement of significant copper intersections in the first 6 holes tested and assayed of 46 holes.

BOA has released its initial assays from the first six RC drill holes at Ricci Lee, with all six holes intersecting the targeted N/NW trending, carbon filled brittle fault – all of which returned intervals grading above 1% Cu. Notable intercepts include:

• 49% Cu from 122m, including 7m at 4.60% Cu (26NCRC001)
• 15m at 2.25% Cu from 130m (26NCRC003)
• 12m at 1.58% Cu from 64m, including 3m at 3.38% Cu and 2m at 3.14% Cu (26NCRC004)
• 9m at 1.69% Cu from 84m, including 3m at 4.43% Cu (26NCRC002)

These six holes represent only 13% of BOA’s total RC holes drilled to date. Assays remain outstanding for a further 40 RC holes at Ricci Lee. 92 AC holes have been drilled across five other untested Ned’s Creek prospects, with results expected into Q4 CY2026.

Prior to BOA’s program at the Ricci Lee prospect, it had only been tested with eight RC holes drilled back between 2010 and 2013. No drilling since. Ricci Lee sits 2km southwest of Thaduna, in the same stratigraphy and structural setting, and is interpreted as a geological analogue of Thaduna – the results support that interpretation. Thaduna carries a Mineral Resource of 4.1Mt at 2.5% Cu for 103kt of contained copper.

BOA holds 49% ownership of the Neds Creek Copper Project and is in the process of moving to 100% ownership. A General Meeting on 12 October 2026 will vote on the acquisition, bringing in the Thaduna and Green Dragon deposits – a combined 5.3Mt at 2.3% Cu for 121kt of contained copper on granted mining leases, which the Company presents as costing approximately $72 per tonne of contained copper.

What might this mean?

The system potentially continues south of everything drilled historically.

• 26NCRC001 and 26NCRC002 sit more than 50m south of the historic RC holes, and they are two of the four strongest results in the batch.
• The high grade zone might not be not confined to the 500m of strike those eight holes defined between 2010 and 2013 – it potentially runs on into ground nobody had tested.

Further south again, 26NCRC017 and 018 sit at 7173521N and 26NCRC019 at 7173440N, another 80m to 165m beyond the new southern limit. Those results are in the pending 40 assays.

Grade presents as increasing with depth

• It shows up twice in these six holes alone.

On section 7173600N, the shallower hole 26NCRC002 returned 9m at 1.69% Cu from 84m; step down dip to 26NCRC001 on the same structure and it becomes 14m at 2.49% from 122m. On section 7173680N, the shallower 26NCRC004 returned 12m at 1.58% from 64m; step down-dip to 26NCRC003 and it becomes 15m at 2.25% from 130m. Two independent sections, same behaviour, and neither needs a pending result to demonstrate it.

What did Thaduna’s intercepts look like?

At Thaduna, the best historic intercepts – 10.8m at 8.20% Cu,7.5m at 7.81%, 4.9m at 8.20% – sit in the lower, bornite dominant part of the system. At Ricci Lee itself, the two deepest of the eight historic holes were logged in fresh rock carrying chalcopyrite and bornite. Copper sulphides zone by their copper-to-iron ratio, with the richer species forming nearest the fluid input: chalcopyrite carries about 34% copper against bornite’s 63%. Bornite sitting beneath chalcopyrite both doubles the metal per unit of sulphide and points down toward the feeder. This presents as a fault hosted system, and faults typically propagate to depth – Thaduna is defined only to 650m because of drilling restrictions and remains open down dip and down plunge. Likewise, Ricci Lee has only been drilled 200m of depth (and this assay release to only 180m).

What is next?

• Remaining 40 Ricci Lee RC assays (Q4 CY2026) – the primary catalyst. Watch 26NCRC020 and 021 for the down dip thickening, and 017 to 019 for the southern extension. All samples are at Intertek labs and we note that Perth’s labs have been pretty busy.
• Aircore results from five prospects (Q4 CY2026) – 92 holes at Rooneys, Blockley, Mueller, Ward and Limestone Bore, designed to confirm structural orientations and continuity rather than define grade. Mueller has never been drilled despite rockchips to 6.28% Cu.
• General Meeting, 12 October 2026 – shareholder approval to move to 100% of Neds Creek, with Sandfire becoming a c 6.2% shareholder.
• Rooneys RC (future campaign) – deferred when its metres were rerouted to Ricci Lee. Historic drilling there includes 14m at 3.87% Cu and 20m at 2.76% Cu.
• Resource definition at Ricci Lee (Q1 2027) – the formal test of whether the 2026 program has built something of scale.
• September quarter Appendix 5B (due 31 October 2026) – BOA held $2.43M at 30 June with no debt and has not raised since. This is the first report showing a 138-hole, 13,086m campaign being paid for.

With a pipeline of consistent news flow, plenty of drill results to be released to the market and a great Team. Chances are more copper hits will build on the share price momentum.

That’s why we like it!

Cheers,

Aaron, Harry & Neve