Highlights

• Cooper Metals said it has signed a binding agreement for the Philippines copper project and launched placement and.

• Cooper Metals Limited , a copper and gold explorer with fully paid ordinary shares on issue, said in.

• At its flagship Mt Isa East copper-gold project in Queensland, which covers about 963 square kilometres, Cooper completed.

• Cooper acquired 100 per cent of the Pyramid gold project, about 150 square kilometres in Queensland's Drummond Basin.

Cooper Metals (ASX:CPM) — said it has signed a binding agreement for the Philippines copper project and launched placement and entitlement offer funding, while its cash balance at 30 September 2026 was A$1.24 million.

Cooper Metals Limited , a copper and gold explorer with fully paid ordinary shares on issue, said in its September 2026 quarterly report that it entered a binding agreement on 12 October 2026 to acquire 85 per cent of Chalterra Pty Ltd, which holds an option over the Don Jose and A1 porphyry copper deposits at the Colet project in the Philippines. The deal is conditional on shareholder approval and an Independent Expert opinion.

The Colet transaction

The company said consideration includes 82.2 million shares, 45 million performance rights tied to a JORC 2012 resource of more than 500,000 tonnes of contained copper, and a 1.5 per cent net smelter royalty. Cooper would also assume option payments of US$250,000 in December 2026, US$250,000 in April 2027 and US$10 million at a final investment decision.

The resource position is a key caveat. The historical estimate dates from 2012 and was prepared under JORC 2004, so it is not reported under JORC 2012, and the company has not independently verified the historical data. Drilling is planned for early 2027. Colet has more than 124,000 metres of historical drilling.

Funding and cash

Cash at 30 September 2026 was A$1.24 million, down from A$1.81 million at 30 June. Operating outflow was A$238,000, investing outflow A$426,000 and financing inflow A$103,000. The company estimated a runway of 1.9 quarters before post-quarter funding.

After the quarter, Cooper issued a A$2.15 million placement of 28.7 million shares at A$0.075 on 19 October 2026. It has also opened a fully underwritten one-for-four entitlement offer at A$0.075 to raise about A$2.7 million, which closes on 4 November 2026. One attaching option is offered for every four shares, exercisable at A$0.15 over three years. Together the two raisings amount to roughly A$4.85 million, but the entitlement offer had not closed and the company depends on the raisings completing.

Mt Isa East drilling

At its flagship Mt Isa East copper-gold project in Queensland, which covers about 963 square kilometres, Cooper completed a maiden reverse circulation programme of 16 holes for 1,984 metres at the Ardmore North and Attina prospects. Key intersections included 5 metres at 1.21 per cent copper and 0.22 grams per tonne gold from 112 metres at Attina, and 2 metres at 2.66 per cent copper and 0.54 grams per tonne gold from 22 metres at Ardmore North. Nine of 13 Ardmore North holes returned copper above the cut-off.

A rock chip sample returned up to 5.36 per cent copper and 5.16 grams per tonne gold, though rock chips are selective. Mineralisation is open at depth at both prospects. Intervals are downhole widths and true widths are unknown.

Pyramid gold and other projects

Cooper acquired 100 per cent of the Pyramid gold project, about 150 square kilometres in Queensland's Drummond Basin, on 20 July 2026. It issued 15 million shares to AIC Mines, which became its largest shareholder, with a deferred A$250,000 payable if a JORC Inferred Resource of at least 250,000 ounces of gold above 1 gram per tonne is defined within five years. A review of 151 historical drill holes outlined gold mineralisation over more than 500 metres of strike, with about 8 kilometres of the Gettysberg Fault corridor largely untested. No new assays were reported, and an inaugural drill programme is planned for the December 2026 quarter.

Cooper also retains an option to sell 80 per cent of its Gilberton project to Sybella Metals while keeping a 20 per cent free-carried interest.

Next milestones

Confirmed milestones are the close of the entitlement offer on 4 November 2026, field mapping before the wet season followed by Mt Isa East drilling, the Pyramid drill programme, and the shareholder vote and Independent Expert report for Colet. Weather could affect field work, and exploration results remain early stage.