BOA Resources (ASX:BOA) is set to expand its copper portfolio through the acquisition of Core Value Australia, which has subsequently agreed to acquire the Thaduna and Green Dragon deposits from Sandfire Resources (ASX:SFR).
The acquisition delivers a combined mineral resource estimate of 5.3 million tonnes @ 2.30% copper for 121,000 tonnes of contained copper across both deposits.
Upon completion of the acquisition, BOA will own CVA; and through CVA, control Thaduna and Green Dragon, with Sandfire becoming a major BOA shareholder.
It also paves the way for BOA to have consolidated ownership of the Neds Creek Copper Project.
BOA says this represents a “major step” in its strategy to build a copper-focused portfolio in the Western Australia’s Murchison region, with Chair Cath Norman describing it as a “transformational transaction”.
“Thaduna and Green Dragon bring resources with 121,000 tonnes of contained copper that materially strengthens our copper portfolio,” Norman says.
“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.”
Thaduna hosts 4.1 million tonnes @ 2.50% copper for 103,000 tonnes of contained copper, while Green Dragon holds 1.2 million tonnes @ 1.50% copper for 18,000 tonnes of contained copper.
Under the terms of the acquisition, BOA will issue 127.6 million shares and 76.9 million options to CVA shareholders exercisable at $0.10 each and expiring three years from the issue date; alongside a $100,000 unsecured loan.
It will also issue Sandfire 27.8 million upfront shares for selling the deposits, securing a 6.2% stake in the company.
Following completion, CVA principal and geologist Adrian Griffin will also join the BOA board as Non-Executive Director.
BOA maintains a $3.2 million cash position to support the transaction and its drilling program, scheduled to commence in late July 2026.
The company now intends to prioritise remaining regulatory, ASX, and third-party approvals, convene a shareholder meeting for the approval of the issuance of consideration securities, wrap up heritage surveys, and develop an exploration and resource growth plan, among others.
BOA Resources is a mineral explorer targeting the copper, lithium, nickel, and critical minerals discoveries across Western Australia.
Write to Paula Fabe at Mining.com.au
Images: BOA Resources
