Peel Mining Limited (ASX: PEX), a mineral exploration company focused on discovering and developing copper and base metal resources, has announced a definitive agreement for the sale of its South Cobar Copper Project to Aeris Resources. The transaction, valued at $214 million, will see Aeris acquire 100% of Peel Mining’s issued shares via a Scheme of Arrangement. The deal also includes the demerger of Peel’s remaining Cobar Basin assets into a new entity, NewCo, which will be distributed to Peel shareholders.
Under the terms of the agreement, Peel shareholders will receive consideration totaling $0.234 per share, comprising 0.3363 Aeris shares for each Peel share, valued at $0.19 per share, and indicatively one NewCo share for every 4.6 Peel shares, valued at $0.044 per Peel share. Following the completion of the transaction, Peel shareholders, in aggregate, will own approximately 20.5% of Aeris, a mid-tier copper and gold producer. They will also hold 100% of NewCo, a newly formed base and precious metals explorer.
The South Cobar Copper Project includes the Mallee Bull and Wirlong deposits. Peel’s Board has unanimously recommended that shareholders vote in favor of the transaction, in the absence of a superior proposal. Perth Capital Pty Ltd and its associates, holding approximately 16.1% of Peel, have also indicated their intention to vote in favor of the Scheme. Peel’s Managing Director & CEO, Nick Woolrych, highlighted the benefits of the transaction, noting that it provides a clear pathway to accelerate and de-risk the development of the South Cobar Copper Project by leveraging Aeris’ operational expertise.
Woolrych added that Peel shareholders will receive immediate value at an attractive premium and retain exposure to the upside of Peel’s remaining assets through NewCo. NewCo is anticipated to list on the ASX and will focus on unlocking the value of the Southern Nights Complex and the broader Cobar Basin portfolio. The transaction remains subject to shareholder and regulatory approvals, with the Scheme booklet expected to be released in early May 2026.
