Aeris Resources will acquire Peel Mining’s South Cobar copper project in a $214 million landmark deal, while Peel spins out its remaining Cobar Basin assets into a new ASX-listed explorer, NewCo.

The transaction delivers Peel shareholders a total consideration of $0.234 per share, combining Aeris shares and proposed NewCo shares.

Under a scheme of arrangement, Aeris will acquire 100 per cent of Peel’s shares, gaining control of the Mallee Bull and Wirlong copper projects.

At the same time, Peel’s high-grade Southern Nights Complex, cash and joint ventures will be demerged into NewCo and distributed to Peel shareholders, who will collectively own 20.5 per cent of Aeris and 100 per cent of NewCo.

“The combination of Aeris and Peel represents a compelling and logical consolidation within the Cobar Basin, providing a clear pathway to accelerate and de-risk the development of the South Cobar copper project by leveraging Aeris’ operational expertise and the high-quality Tritton processing facility,” Peel managing director and chief executive officer Nick Woolrych said.

“Peel shareholders will receive immediate value at an attractive premium and will hold approximately 20.5 per cent of the combined group, allowing them to benefit from the market re-rate that is expected to flow from the creation of a larger base and precious metals producer with increased mine life and an enhanced production profile.”

The deal represents a 49.1 per cent premium to Peel’s one-month VWAP and a 174.8 per cent premium to its September 2025 equity raising price. It is expected to fast-track South Cobar’s development while creating a larger, more liquid copper and gold producer.

Peel shareholders are set to vote on the scheme and demerger at meetings in mid-June 2026. If approved, the scheme is expected to be implemented in early July, with NewCo’s proposed ASX listing anticipated in third quarter of 2026.

Aeris recently secured regulatory approval for its Constellation project, with the New South Wales Department of Planning, Housing and Infrastructure granting development consent, a key step in unlocking new ore feed to its flagship Tritton copper operations.

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