Sydney – Aeris Resources Limited has announced a major strategic move with the acquisition of Peel Mining Limited, a deal set to reshape the copper landscape in Australia’s Cobar region. The transaction, structured as an all-scrip Scheme of Arrangement, will see Aeris absorb Peel’s South Cobar Copper Project, including the advanced Mallee Bull and Wirlong deposits.
Under the agreement, Peel shareholders will receive 0.3363 Aeris shares for each Peel share, plus shares in a newly formed company (“NewCo”) that will hold Peel’s remaining exploration assets. The deal values Peel at A$214 million, representing a 46% premium to its recent share price. Aeris shareholders will own 79.5% of the combined entity, while Peel shareholders will hold 20.5%.
Strategic Impact
- Mine Life Extension: The acquisition positions Aeris’ flagship Tritton Operations for a +10 year mine life, underpinned by high-grade ore from Mallee Bull and Constellation.
- Resource Growth: The consolidation enlarges Tritton’s resource base to over 500kt of contained copper, with significant upside potential as deposits remain open at depth.
- Operational Synergies: Peel’s assets will leverage Aeris’ existing Tritton mill and infrastructure, reducing costs and accelerating development.
Project Highlights
- Mallee Bull: A development-ready project with 6.3Mt @ 1.92% Cu and 0.35g/t Au, expected to become a near-term high-grade ore source. Exploration decline approvals are already in place.
- Wirlong: A highly prospective deposit with 4.3Mt @ 1.75% Cu, open along strike and at depth, with further drilling planned to expand resources.
The combined company will have a market capitalization of around A$850 million, strengthening Aeris’ standing among Australia’s mid-tier copper producers. Peel shareholders also gain exposure to NewCo, which will list separately on the ASX with a portfolio of precious and base metals exploration assets.
Board and Shareholder Support
Peel’s board has unanimously recommended the deal, with major shareholder Perth Capital Pty Ltd (holding 16.1%) confirming its intention to vote in favor. The transaction remains subject to shareholder and court approval, as well as an independent expert’s assessment.
This acquisition marks a logical consolidation in the Cobar Basin, creating a stronger, more liquid copper and gold producer while laying the foundation for further regional growth. Aeris expects to release an integrated life-of-mine plan within six months, reinforcing its strategy to deliver long-term value for shareholders.