Aeris Resources has announced a strategic all-scrip acquisition of Peel Mining, consolidating key copper assets in New South Wales and aiming to extend the Tritton mine life beyond a decade. Peel shareholders will also retain exposure to precious metals exploration through a demerger into a new ASX-listed entity.
- Aeris to acquire Peel Mining via Scheme of Arrangement with 46% premium
- Consolidation of South Cobar copper assets including Mallee Bull and Wirlong
- Tritton Operations’ mine life extended to over 10 years with new base load feed
- Peel to demerge remaining precious and base metals assets into NewCo
- Transaction unanimously recommended by Peel board and supported by major shareholders
Strategic Acquisition to Strengthen Mid-Tier Copper Production
Aeris Resources Limited has unveiled plans to acquire Peel Mining Limited through an all-scrip Scheme of Arrangement valued at approximately A$214 million. This transaction, which carries a 46% premium to Peel’s closing share price, is set to reshape the copper and gold mining landscape in New South Wales by consolidating the South Cobar Copper Project assets.
The acquisition brings together Aeris’ flagship Tritton Operations with Peel’s advanced Mallee Bull and Wirlong copper projects, both located within trucking distance of Tritton. This consolidation creates a combined tenement package spanning 3,822 square kilometres, significantly enhancing Aeris’ resource base and operational flexibility.
Extending the Life of Tritton Operations
One of the key strategic outcomes of the deal is the extension of the Tritton mine life beyond 10 years. The integration of Peel’s high-grade Mallee Bull deposit, which boasts approximately 88% Indicated Mineral Resources and is development-ready with exploration declines approved, will provide a stable, long-life base load ore source. Metallurgical testing confirms that Mallee Bull ore is well suited for processing at the existing Tritton mill, promising operational efficiencies and potential cost benefits through increased throughput.
Wirlong, another Peel asset, offers significant exploration upside with a proven high-grade copper resource open at depth. Aeris plans further drilling and mining studies to unlock Wirlong’s development potential, positioning it as a future ore source following Mallee Bull.
Demerger to Unlock Precious Metals Potential
In a complementary move, Peel Mining will demerge its remaining precious and base metals tenements in the Cobar Basin, along with residual cash, into a newly formed company (NewCo). Peel shareholders will receive shares in NewCo, retaining exposure to a high-grade polymetallic resource base centred on the Southern Nights Complex. NewCo intends to list on the ASX, offering investors a focused vehicle for precious metals exploration and development, led by Peel’s existing management and board.
This dual-transaction structure allows Aeris to concentrate on copper production growth while enabling Peel shareholders to benefit from the exploration upside of precious metals assets in a dedicated entity.
Strong Support and Clear Path to Completion
The Scheme has received unanimous recommendation from Peel’s board and is supported by major shareholders, including Perth Capital Pty Ltd, which controls over 16% of Peel shares. Subject to customary conditions such as shareholder and court approvals, the transaction is expected to complete by early July 2026. The Scheme Booklet is scheduled for dispatch to Peel shareholders in early May, with key meetings and court dates planned through June.
Post-transaction, Aeris shareholders will hold approximately 79.5% of the combined entity, with Peel shareholders owning 20.5%. The enlarged company will emerge as a leading Australian mid-tier copper and gold producer with a pro-forma market capitalisation around A$850 million and a significantly enhanced resource base.
Positioning for Growth and Market Leadership
This acquisition aligns with Aeris’ FY26 strategy to realise shareholder value through operational delivery, asset optimisation, and growth via consolidation. The company is well positioned to leverage its existing infrastructure and operational expertise to maximise the value of the combined assets. The transaction also provides a platform for further consolidation in the Cobar region, potentially enhancing Aeris’ market position and liquidity.
Meanwhile, NewCo’s focus on precious metals exploration and development offers Peel shareholders a renewed growth strategy in a dedicated vehicle, potentially unlocking further value from the Cobar Basin’s polymetallic resources.
Bottom Line?
Aeris’ acquisition of Peel marks a pivotal step in extending Tritton’s mine life and reshaping the mid-tier copper-gold sector, with market eyes now on integration and NewCo’s ASX debut.
Questions in the middle?
- How will Aeris manage integration risks and capital expenditure to realise synergies?
- What are the timelines and prospects for NewCo’s ASX listing and exploration plans?
- Could this consolidation trigger further M&A activity in the Cobar region?