SYDNEY: Eastern Metals Limited (ASX: EMS) announced Tuesday it has entered an agreement to acquire 100% of Raptor Resources Limited, an unlisted Australian exploration company with a portfolio of copper and gold assets in Canada and Western Australia.
The transformational deal, outlined in a Bid Implementation Agreement, will see Eastern Metals issue securities to Raptor shareholders. The total consideration includes $2 million in EMS shares, $1.5 million in performance rights tied to a 10-million-tonne copper resource milestone, and an additional $2 million in performance rights linked to further resource growth and the completion of a scoping study.
Following the acquisition, Eastern Metals will change its name to Raptor Metals Ltd., subject to shareholder approval. The company’s board will also be reconstituted, with Raptor’s Managing Director, Brett Wallace, and Adam Sierakowski joining. Current Non-Executive Chairman Ian White will remain, while Gregory Starr and Mark Dugmore will step down.
The acquisition significantly boosts Eastern Metals’ asset base, adding Raptor’s three key projects:
- The Chester Project in Canada, which hosts a JORC (2012) Mineral Resource Estimate of 6.68 million tonnes at 1.092% copper.
- The Turgeon Project in Canada, a prospective copper-zinc asset.
- The Emu Lake Project in Western Australia, prospective for gold, copper and nickel.
“This acquisition represents the best path forward for Eastern Metals after a difficult period,” said Ian White, Non-Executive Chairman of Eastern Metals. “Raptor’s projects are exciting and complementary to the copper, gold and base metal exploration that the Company has focused on to date.”
To fund exploration and facilitate its reinstatement to the ASX, Eastern Metals will undertake a capital raising of between $4.5 million and $5 million through a public offer of shares at $0.02 each.
The company’s securities have been suspended from trading since April 24, 2025. The transaction is a key part of its strategy to recomply with ASX listing rules and resume trading, expected by Dec. 4, 2025, pending shareholder and regulatory approvals.
The board of Eastern Metals unanimously recommends the transaction, and Raptor’s directors intend to vote in favor of it in the absence of a superior proposal. A shareholder meeting to approve the deal is scheduled for Nov. 7, 2025.
Eastern Metals is an exploration company with projects in the Northern Territory and New South Wales. Its securities are currently suspended from official quotation on the ASX.