BOA Resources (BOA) Investor update summary

Acquisition and funding

• Completed the Neds Creek transaction, securing 100% ownership of Thaduna and Green Dragon, with a combined 5.3 Mt at 2.3% Cu for 121 kt contained copper and ~1,378 km² of exploration tenements.

• Sandfire Resources became a substantial shareholder with ~6.2% following the mostly scrip transaction.

• Two-tranche placement totals AUD 9.245m: AUD 7m in Tranche 1 and AUD 2.245m in Tranche 2, subject to shareholder approval.

• Of planned AUD 9.245m use of funds, AUD 6.945m is allocated to project expenditure, including AUD 6.045m for drilling; post-placement capital structure expected at ~535m shares and circa AUD 55m market capitalisation.

Resource and exploration

• Thaduna hosts 4.1 Mt at 2.5% Cu for 103 kt; mineralisation extends over 600 m vertically, remains open at depth, and includes a bornite-rich zone with grades up to 7–8% Cu.

• Ricci Lee RC drilling completed 46 holes for 7,364 m; 28 of 34 holes reported to date intersected high-grade copper, defining a Main Lode and parallel Hanging-Wall Lode over >400 m strike and >200 m vertical depth.

• Ricci Lee hole 23 intersected 22 m at 3% Cu, including 9 m at 6.8%; southern Hanging-Wall Lode results included 15 m at 2% and 10 m at 2.8% Cu.

• Rooneys aircore drilling extended the interpreted mineralised trend to >500 m; highlights included 4 m at 3.54% Cu from 10 m and 16 m at 2.47% Cu from 58 m.

• Aircore drilling tested 92 holes for 5,722 m across Rooneys, Blockley, Mueller, Limestone Bore and Ward; assays for the latter four prospects were pending.

Work program and outlook

• At least 75% of placement proceeds are intended for drilling, focused on Ricci Lee and Thaduna, with Rooneys and other targets also included.

• Further Ricci Lee and aircore results were expected through mid-November; Ricci Lee and Rooneys drilling was targeted to recommence in mid-to-late November, subject to rig availability.

• Ricci Lee drilling will test depth and down-plunge potential rather than infill; planned work also includes resource evaluation, a 2027 drill program and integration of Thaduna and Green Dragon resource data.

• Thaduna resource-growth drilling, particularly deeper in the system, is a focus for Q1 to H1 2027; the broader aim is to grow resources to economic scale.