Cooper Metals Secures Pyramid Gold Project in Strategic Asset Swap

Strategic Asset Swap Enhances Exploration Focus

Cooper Metals Limited (ASX:CPM) has executed a binding asset swap with AIC Mines Limited (ASX:A1M), acquiring 100% of the Pyramid Gold Project in exchange for its non-core Oorindi Project. This transaction marks a significant pivot for Cooper, securing a high-quality gold asset in the prolific Drummond Basin of North Queensland, a region boasting over 5 million ounces of known gold endowment including major deposits like Pajingo and Mount Leyshon.

The Pyramid Gold Project spans approximately 150 square kilometres and features two distinct mineralisation styles: structurally controlled epithermal gold along the West Pyramid Range and intrusion-related gold system (IRGS) potential on the East Pyramid Range, analogous to the nearby Mount Leyshon deposit. Historical drilling at the Gettysberg prospect within the project has delivered impressive intercepts such as 35 metres at 6.1 grams per tonne gold and 15 metres at 5.65 grams per tonne, highlighting the prospect's high-grade potential.

Exploration Upside and Upcoming Drilling

Despite previous exploration by operators including Minotaur Exploration and AIC Mines, substantial portions of the roughly 8-kilometre Gettysberg Fault corridor remain untested, offering considerable scope for new discoveries both along strike and at depth. Cooper Metals plans to fast-track exploration with geochemical and geophysical surveys, targeted drilling campaigns, and aims to progress toward defining a maiden JORC Resource.

Alongside the Pyramid acquisition, Cooper is preparing to commence a ∼1,400-metre reverse circulation drilling program at Ardmore North within its Mt Isa East Project in the second quarter of 2026. This program, fully approved and with contractor availability confirmed, builds on the company’s ongoing efforts to advance its copper-gold portfolio in Queensland. This drilling push follows a series of preparatory steps including heritage clearances and sampling programs, underscoring Cooper’s methodical approach to exploration, as detailed in its recent Mt Isa drilling preparations.

Funding and Technical Expertise to Support Growth

To underpin its expanded exploration agenda, Cooper Metals has secured firm commitments to raise approximately $979,500 through a placement priced at $0.05 per share, representing a 4% premium to the 10-day VWAP. The placement includes free attaching options exercisable at $0.10 over three years, subject to shareholder approval. The company’s board intends to participate in the placement, signalling confidence in the growth strategy.

Adding to the technical firepower, Cooper has appointed Hamish Collins as a technical consultant. Collins brings over 34 years of Queensland mining experience, including project development and investment banking, with a track record of leading resource growth and financing transactions. His involvement is expected to enhance project oversight and business development as Cooper advances the Pyramid and other assets.

Transaction Terms and Conditional Consideration

The asset swap includes the mutual transfer of rights to the Pyramid and Oorindi Projects, alongside the issue of 15 million fully paid shares to AIC Mines, subject to a 12-month voluntary escrow. Additionally, Cooper may owe deferred consideration of $250,000 payable in cash or shares upon achieving a JORC Inferred Resource of at least 250,000 ounces of gold at greater than 1 g/t within five years. This milestone-based payment adds a performance-linked element to the transaction’s value.

While historical exploration data underpinning the Pyramid Project is promising, Cooper cautions that much of it remains unverified and that forward-looking statements carry inherent risks. The company’s accelerated exploration plans and fresh capital injection will be critical to validating the project’s potential and delivering value to shareholders.