Highlights

  • Peel Mining Shares jumped 12.50% on 12 February 2026, followed by a transaction announcement.
  • South Cobar Copper Project to be acquired by Aeris via Scheme
  • Deal values Peel at approximately AUD 214 million fully diluted.
  • Peel shareholders to receive AUD 0.234 per share in total value.
  • Remaining Cobar Basin assets to be demerged into new ASX hopeful.
  • Peel shareholders to own 20.5% of enlarged Aeris post-transaction.

Peel Mining Ltd (ASX:PEX) shares rose 12.50% to AUD 0.18 on 12 February 2026 after the company announced a binding Scheme Implementation Deed with Aeris Resources Ltd (ASX:AIS), under which Aeris will acquire 100% of Peel’s issued shares.

The transaction centres on the sale of Peel’s South Cobar Copper Project, comprising the Mallee Bull and Wirlong deposits, alongside a concurrent demerger of Peel’s remaining precious and base metal assets into a newly formed entity (NewCo). Regional consolidation is anticipated to enable development of the South Cobar Copper Project using Aeris’ existing Tritton processing infrastructure and operational platform.

Under the Scheme of Arrangement, Peel shareholders will receive total consideration valued at AUD 0.234 per share. This consists of 0.3363 Aeris shares per Peel share, valued at AUD 0.19 per share, and approximately one NewCo share for every 4.6 Peel shares held, valued at AUD 0.044 per Peel share.

The consideration implies a fully diluted equity value of approximately AUD 214 million for Peel. Based on Aeris’ closing price on 11 February 2026, the offer represents a 46.0% premium to Peel’s closing share price, a 49.1% premium to its one-month VWAP, and a 174.8% premium to the September 2025 capital raising price of AUD 0.085.

Following completion, Peel shareholders are expected to collectively hold approximately 20.5% of the enlarged Aeris group.

Demerger to Create New ASX Explorer

Concurrently with the Scheme, Peel will restructure its remaining Cobar Basin assets into NewCo. These include the Southern Nights Complex, May Day deposit, approximately 1,375km² of exploration tenure, joint venture interests, and Peel’s cash net of transaction costs.

NewCo is intended to apply for ASX listing, subject to regulatory approvals. Peel shareholders are anticipated to receive one NewCo share for every 4.6 Peel shares held through an in-specie distribution and capital reduction.

An underwriting agreement has been entered into to support a proposed IPO capital raising for NewCo at a proposed issue price of AUD 0.20 per share, targeting a minimum of AUD 4 million, subject to customary conditions.

Key Conditions for Transaction Completion

The Scheme and Demerger are inter-conditional and subject to shareholder approval, Court and regulatory approvals, Ministerial consents where required, and an Independent Expert concluding the Scheme is in the best interests of Peel shareholders.

Peel’s Board has unanimously recommended shareholders vote in favour of the Transaction, in the absence of a superior proposal and subject to the Independent Expert’s conclusion. Perth Capital and its associates, holding approximately 16.1% of Peel, have provided voting intention statements in favour of the Transaction, subject to similar conditions.

Investor Takeaway

Peel Mining shares rose 12.50% following announcement of the AUD 214 million transaction. The stock is also up 63.64% over the past year, reflecting sustained investor interest in its Cobar Basin assets.

The proposed Scheme and Demerger outline a restructuring that would see shareholders receive Aeris scrip while retaining exposure to Peel’s remaining exploration portfolio through NewCo. Investor focus is likely to centre on shareholder approvals, Scheme conditions and the planned ASX listing of NewCo in the months ahead.

FAQs

What is the value of the Peel Mining transaction with Aeris?

The transaction values Peel at approximately AUD 214 million on a fully diluted basis.

What will Peel shareholders receive under the Scheme?

Shareholders will receive 0.3363 Aeris shares per Peel share plus approximately one NewCo share for every 4.6 Peel shares held.

Why did Peel Mining shares rise on 12 February 2026?

The share price increased following announcement of the proposed AUD 214 million Scheme and Demerger transaction.