Aeris to Acquire Peel Mining, Delivering 46% Premium and 511kt Copper Resource
Aeris Resources has agreed to acquire Peel Mining in a strategic deal that consolidates key copper assets and extends the Tritton mine life to over 10 years. Peel shareholders will receive Aeris shares plus stakes in a new ASX-listed entity holding Peel’s remaining exploration assets.
- Aeris to acquire Peel’s South Cobar Copper Project via Scheme of Arrangement
- Deal values Peel at A$214 million, a 46% premium to Peel’s closing price
- Tritton mine life extended to over 10 years with improved operational flexibility
- Peel shareholders receive Aeris shares and shares in a new ASX-listed exploration company (NewCo)
- Transaction subject to shareholder, court, and regulatory approvals with completion expected mid-2026
Strategic Consolidation in the Cobar Basin
Aeris Resources Limited (ASX – AIS) has announced a binding agreement to acquire Peel Mining Limited (ASX – PEX) through a Scheme of Arrangement, marking a significant consolidation in the copper mining sector of New South Wales’ Cobar Basin. The acquisition focuses on Peel’s South Cobar Copper Project, which includes the Mallee Bull and Wirlong deposits, integrating these assets into Aeris’ existing Tritton Operations.
The deal is unanimously recommended by Peel’s Board and offers Peel shareholders immediate value at a 46% premium to Peel’s closing share price, reflecting a total equity valuation of approximately A$214 million. Shareholders will receive 0.3363 Aeris shares for each Peel share held, alongside shares in a newly formed entity, NewCo, which will hold Peel’s remaining precious and base metals assets. This structure allows Peel shareholders to maintain exposure to exploration upside while participating in the benefits of a larger, more diversified copper and gold producer.
Extending Mine Life and Enhancing Operational Efficiency
The acquisition strategically extends the life of the Tritton mine complex to over 10 years, an aspirational milestone that positions Aeris as a leading mid-tier copper and gold producer in Australia. The combined Mineral Resource Estimate (MRE) for the Tritton and South Cobar projects totals 29.5 million tonnes at 1.73% copper, containing 511,000 tonnes of copper. This consolidation enables Aeris to fully utilise its existing 1.8 million tonnes per annum processing plant at Tritton, reducing unit costs and avoiding the capital expenditure and complexity associated with constructing a new processing facility at South Cobar.
Operational flexibility and scheduling optionality are expected to improve, with Aeris planning further resource drilling at Wirlong to potentially supplement future ore supply. The transaction also simplifies the operational footprint, reducing complexity and enhancing the overall resilience of the combined mining hub.
Creation of NewCo and Ongoing Exploration Exposure
Concurrently with the acquisition, Peel will demerge its remaining precious and base metals assets, including the high-grade Southern Nights Complex, Wagga Tank, and May Day deposits, into NewCo, a new ASX-listed company. Peel shareholders will receive shares in NewCo on an indicative ratio of one NewCo share for every 4.6 Peel shares held, preserving their exposure to these exploration assets and potential future value creation.
NewCo will pursue a dual-track growth strategy focused on unlocking value from its Cobar Basin assets and pursuing mergers and acquisitions in the international precious and base metals sector. Peel’s CEO, Nick Woolrych, will continue to lead NewCo, ensuring continuity of management and strategic focus.
Conditions and Timetable
The transaction is subject to customary conditions, including approval by Peel shareholders, court sanction, regulatory consents, and the execution of final transaction documents. An Independent Expert will assess the Scheme’s merits, with the Scheme Booklet expected to be released in early May 2026. Shareholder meetings to approve the Scheme and Demerger are scheduled for mid-June 2026, with completion targeted for late June to early July 2026. NewCo’s ASX listing is anticipated in the third quarter of calendar year 2026, subject to regulatory approvals.
Both Aeris and Peel have appointed reputable financial and legal advisers to support the transaction, underscoring the complexity and significance of this strategic consolidation.
Market Position and Strategic Outlook
Post-transaction, Aeris will have a pro-forma market capitalisation of approximately A$851 million, a robust balance sheet with no debt, and a combined copper resource endowment nearing one million tonnes of contained copper. The enlarged company is expected to be more liquid and investable, potentially attracting inclusion in the ASX300 index.
Executive Chairman Andre Labuschagne emphasised the value creation potential, highlighting the logical fit of Peel’s assets with Tritton and the opportunity to transform Aeris into a larger, more resilient copper and gold producer. Peel’s Managing Director Nick Woolrych echoed this sentiment, noting the transaction’s role in accelerating and de-risking development while providing Peel shareholders with immediate premium value and ongoing exploration exposure.
Bottom Line?
As Aeris and Peel move towards shareholder votes and court approvals, the market will watch closely for the successful integration of assets and the unfolding of NewCo’s exploration ambitions.
Questions in the middle?
- Will the Independent Expert endorse the Scheme as being in the best interests of Peel shareholders?
- How will NewCo perform as a standalone exploration and development company post-demerger?
- What operational synergies and cost savings will Aeris realise from integrating Peel’s South Cobar assets?
