Highlights

  • Bubalus proposed issuing 21,428,571 performance rights as part consideration for the Skyline Copper-Gold Project.
  • The rights relate to a $1,500,000 performance milestone payment.
  • The milestone is a JORC Indicated Resource of 200kt contained copper equivalent within five years.
  • Shareholder approval is required, with the proposed issue date of 24 December 2026.

Bubalus Resources Limited (ASX:BUS) has lodged an Appendix 3B for a proposed issue of performance rights. The rights form part of the consideration for the company's acquisition of the Skyline Copper-Gold Project, announced on 26 October 2026.

Performance Rights Details

Bubalus proposes to issue 21,428,571 performance rights, each converting into one ordinary share. The rights carry an exercise price of A$0.07 and expire on 24 December 2031.

The proposed issue date is 24 December 2026, subject to shareholder approval expected around 14 December 2026.

Milestone Payment Structure

The rights relate to a performance milestone payment of $1,500,000, payable in cash or Bubalus shares at the prevailing share price, at the company's election.

The milestone will be triggered if JORC-compliant Indicated Mineral Resources of 200kt contained copper equivalent are defined at Skyline within five years after completion of the acquisition.

Purpose and Further Information

The performance rights form part of the consideration for the Skyline Copper-Gold Project acquisition, linking part of the payment to future resource success.

No lead manager or underwriter is involved, and the company's dividend policy is unchanged. Further details will be provided in a notice of meeting.

Key Takeaways

  • Part of the Skyline acquisition cost depends on resource success.
  • The milestone requires 200kt of Indicated contained copper equivalent within five years.
  • Bubalus can choose to pay in cash or shares.
  • Shareholder approval is required before the rights are issued.