Aeris Resources (ASX:AIS) announces that it will complete its 100% acquisition of Peel Mining (ASX:PEX) on 1 July 2026, following the Supreme Court of New South Wales’ approval of the proposed scheme of arrangement.
The company says the scheme takes effect on 22 June 2026, with implementation occurring on 1 July when new Aeris shares will be issued to Peel shareholders.
The acquisition secures full ownership of the South Cobar Copper Project, which includes the Mallee Bull and Wirlong projects, holding a combined copper resource of 197,000 tonnes.
Executive Chairman Andre Labuschagne says the transaction represents a “major milestone” that will underpin the future of the company’s Tritton copper operations.
“We look forward to welcoming the Peel shareholders onto the Aeris register as we continue to grow the business, positioning Aeris as a leading Australian copper producer,” Labuschagne says.
Mallee Bull will be prioritised as a near-term, ‘high-grade’ ore source for the Tritton processing plant, which has a capacity of more than 1.8 million tonnes per annum.
The deposit features an advanced resource, with 88% in the indicated category.
The company is in the process of completing a maiden ore reserve estimate, scheduled for release in Q1 of financial year 2027. This will form the basis for an updated long-term mine plan due early financial year 2027.
Production permitting for Mallee Bull is likewise being prioritised and is estimated to be completed in financial year 2029 to facilitate first ore.
Aeris is also updating feasibility study works, including mine designs, schedules, metallurgical test work, and ore haulage options.
Meanwhile, the Wirlong deposit is a highly prospective exploration project, hosting a mineral resource of 4.3 million tonnes at 1.75% copper containing 75,000 tonnes of copper metal.
The company will undertake resource drilling and mining studies to assess Wirlong as an additional ore source for the Tritton mill.
Aeris Resources is a mid-tier copper and gold producer that owns and operates assets in Queensland and New South Wales.
Write to Paula Fabe at Mining.com.au
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