Peel Mining Raises $18.75M, Welcomes Tony Schultz to Drive Cobar Basin Growth
Peel Mining has raised $18.75 million through a placement and share purchase plan, while appointing Tony Schultz as a new director to drive its copper and polymetallic asset strategy in the Cobar Basin.
- Placement of $16.25 million at $0.085 per share with strong institutional demand
- Non-underwritten $2.5 million Share Purchase Plan offered to eligible shareholders
- Sale of St Barbara Limited’s 7.1% stake facilitated as part of the placement
- Appointment of Tony Schultz as Non-Executive Director, replacing retiring Mark Okeby
- Capital raise supports exploration and growth in Peel’s high-quality Cobar Basin assets
Capital Raising Bolsters Peel’s Growth Ambitions
Peel Mining Limited (ASX – PEX) has successfully secured $18.75 million in new capital through a two-tranche placement and a share purchase plan (SPP), underscoring strong investor confidence in its refreshed strategy. The $16.25 million placement, priced at 8.5 cents per share, attracted robust demand from a diverse mix of institutional and sophisticated investors, including a $1.05 million commitment from Peel’s own board and management. Complementing this, the $2.5 million SPP offers existing eligible shareholders an opportunity to participate on the same terms.
This capital injection arrives at a pivotal moment for Peel, enabling the company to accelerate its review and development of its copper and polymetallic assets in the prolific Cobar Basin region. The basin’s reputation as a premier base metals hub in Australia, supported by established infrastructure and skilled labour, positions Peel well to capitalise on both organic growth and potential regional consolidation.
Strategic Shareholder Movements and Board Renewal
Integral to the placement was the facilitation of St Barbara Limited’s exit from its 7.1% shareholding in Peel. The coordinated sell-down to a broad investor base marks a significant shift in Peel’s shareholder composition, potentially opening the door to fresh perspectives and support aligned with the company’s growth trajectory.
In parallel with the capital raise, Peel announced the appointment of Tony Schultz as a Non-Executive Director. Schultz brings a wealth of experience spanning resources, corporate finance, and project development, having held senior roles at Kohlberg Kravis Roberts & Co and founded North Harbour Clean Energy. His arrival coincides with the retirement of long-serving director Mark Okeby, whose contributions Peel acknowledged with gratitude.
Unlocking Value in the Cobar Basin
Peel’s portfolio boasts a substantial mineral resource base, with 22.9 million tonnes at 2.2% copper equivalent across five deposits, including the notable Wagga Tank and Southern Nights projects. The company’s technical team has laid a solid foundation through feasibility studies and secured land access, setting the stage for expansion and development.
The fresh capital will fund a comprehensive strategic review and exploration programs aimed at unlocking latent value. Peel’s leadership emphasises disciplined growth, leveraging its strong financial position and the expertise of its new board to pursue both organic and inorganic opportunities within the Cobar Basin and beyond.
Looking Ahead
With shareholder approval pending for the second tranche of the placement, Peel is poised to deploy the new funds swiftly. The upcoming Annual General Meeting will be a key milestone, not only for capital raising approvals but also for formalising board changes. Investors will be watching closely to see how Peel’s strategy unfolds amid a competitive and evolving base metals landscape.
Bottom Line?
Peel’s fresh capital and leadership renewal set the stage for a decisive push to unlock value in one of Australia’s most promising copper regions.
Questions in the middle?
- Will shareholder approval for the second tranche of the placement be secured without issue?
- How will Tony Schultz’s expertise influence Peel’s strategic direction and capital allocation?
- What exploration results or development milestones can investors expect in the near term?
