Raptor Metals’ Bold Shift to Canadian Copper Brings Execution Risks

Strategic Acquisition Completes

Raptor Metals Ltd (ASX – RAP), formerly Eastern Metals Limited, has successfully completed the compulsory acquisition of all remaining shares in Raptor Resources Limited, achieving full ownership. This milestone, finalised on 22 January 2026, follows a takeover bid that secured approximately 94.7% acceptance by the end of December 2025, becoming unconditional mid-month. The acquisition marks a significant transformation for the company, shifting its focus from Australian exploration to a copper-centric portfolio based in Canada’s renowned Bathurst Mining Camp.

Capital Raising and Market Reinstatement

To support its new exploration agenda, Raptor Metals raised A$5 million through a prospectus offer priced at two cents per share. This capital injection strengthens the company’s balance sheet, which stood at just over A$5 million in cash with no debt at the end of the quarter. Following ASX approval, trading under the new ASX code RAP resumed on 9 January 2026, coinciding with the company’s rebranding to reflect its new strategic direction.

Focus on High-Potential Canadian Projects

The company’s portfolio now centres on volcanogenic massive sulphide (VMS) copper-zinc projects in New Brunswick’s Bathurst Mining Camp, a Tier-1 mining jurisdiction with a 45-year history of base metal production. Key assets include the Chester Project, which hosts a JORC-compliant mineral resource with high-grade copper-zinc mineralisation, and the Turgeon Project, offering early-stage discovery potential in a highly prospective geological corridor. Both projects benefit from excellent infrastructure and proximity to historical mines, positioning Raptor Metals to apply modern exploration techniques to unlock further value.

Australian Assets and Portfolio Optimisation

Legacy Australian assets, including tenements in the Northern Territory and Western Australia, remained on care and maintenance during the quarter with no active fieldwork. The company also completed the divestment of its non-core Cobar Project tenements in New South Wales to Australian Gold and Copper Ltd, streamlining its portfolio to concentrate on the Canadian copper strategy. The board continues to evaluate options for remaining Australian assets, including potential divestments or joint ventures, to optimise capital allocation.

Leadership Aligned with New Direction

Significant board and management changes accompanied the acquisition, with Brett Wallace appointed Managing Director and Adam Sierakowski as Non-Executive Chair. These changes aim to integrate expertise from the acquired entity and align leadership with the company’s renewed focus on copper exploration in Canada. The refreshed team is poised to commence drilling and geophysical programs at Chester and Turgeon in the first quarter of 2026, targeting resource expansion and new discoveries.