Ann: Updated Company Presentation, page-6

Hi All,

I am a very recent of BOA. Accumulated a position after reviewing several project that came onto my radar. Some of that early buying this morning was me as well.

Would like to thank Jon for taking my call this morning and discussing the projects and company in depth over 45minute period.

This is a high level summary of my DD.

Projects.

1) Nickel Projects in fraser range.
IGO owns everything under the sun in this area and bought 8 tenements off BOA. This included a clause which now means BOA receives 50M if/when IGO prove a JORC resource on any one of them.
Doesn't matter about size etc but needs to be JORC compliant and therefore economical.

BOA retains a NSR on those tenements and additionally has 2 of their own tenements 100% in the midst of these areas. Has access to all the info IGO gets from the 8 JV tenements.

Essentially on this project BOA has a 50M payday when IGO proves a resource. If they don't, then IGO spends millions in exploration, surveys, aeromagnetic and it costs BOA nothing. They can use as knowledge on their 100% owned tenements.

Recent DD (diamond drilling) launched in that project by IGO and just missed the intrusion. Key just missed. The type of intercept they got is exactly the right minerology for a large chonolith intrusion.

Market wasn't happy but 800m drills and these structures are very complex. Very confident IGO is going to hit something decent here which then means the 50M payday. Above all that, BOA has it's own exploration tenements in those area.

• Fast developing mineral province with total known resources of 18 million tonnes
• Hosts Nova-style high-value targets
• Less than 8 years of mining remaining at Nova providing motivation for new discoveries
• Huge unexplored areas and untapped potential for new nickel deposits
• Immature exploration field with 2 significant discoveries in the recent past

Project 2

Patterson Range aka god country. We're talking the Telfer 32m OZ gold mine. A dome like structure. Guess what BOA has. A massive dome structure.

This is one to get a little excited about. Take a look at the calibre of companies with tenements in this area.





comments from the BOA team. "I'm not saying we have the next Telfer, but this looks extremely prospective. We're not searching for 100,000oz of gold. We're looking for multi million ounce deposits here."



Finally but certainly not least.

Project 3.
Gold in QLD. Drummond Basin. Right next door to GBM (disclosure my 3rd largest holding)
This is epithermal gold country.

They have 2 intrusions which look very very similar to Mt Coolan. This is where GBZ have been buying up like no tomorrow. These project are 10km away. Very close. They have never been explored.



That Mt Coolan Hub has processing capability and 1.5Moz of resources exploration target 2-5-3M0z. Recommend Searching some of my posts on GBM for Mt Coolan Research.

A little bit of corporate stuff.
14M MC and 5M in cash makes for a very low EV.
Low SOI and very little hype here or on twitter which suggests the company is very overlooked.

The strategy which i discussed with Jon was essentially large scale top 1 exploration projects. The back pocket contingency being IGO farm out which likely yields 50M in the next 4years. With some exploration success very soon.

This places BOA at a very low risk category long term. In fact 50M is 3 times to market cap. Could easily be a special dividend equal to you investment and cash to the business.

All in all, i think there's around 100% upside in the immediate term simply based off the potential of the projects. Exploration success at any of the 3 projects can be huge as the area's and targets are top tier scale areas.

I've got more to say and more notes but will keep some ammo in the gun for now.
Sentiment changed to buy to reflect my actions today.

SF2TH