Peel Mining Ltd - Peel Set to Regain Control of Mallee Bull Delivering High-Grade Copper and Potential Critical Mass
Peel Mining Ltd (ASX:PEX)

Peel Set to Regain Control of Mallee Bull Delivering High-Grade Copper and Potential Critical Mass

Document   View Announcement

Highlights

What's happened?

Peel Mining Ltd (ASX: PEX, “Peel”) has announced that it intends to acquire an additional 50% share of the Mallee Bull Joint Venture, taking Peel’s ownership in the project to 100%.

What are the key highlights?

  1. Peel has acquired the remaining 50% from CBH Resource Ltd by exercising its pre-emptive right, matching a third party’s unconditional cash offer of $17 million.
  2. To fund the acquisition, the Company is undertaking a capital raising of $17.1 million comprising of a $10.5m placement and a $6.6m entitlement offer (before costs).
  3. Mallee Bull is one of Australia’s highest-grade undeveloped copper deposits and is located ~50km northeast of Peel’s Wagga Tank-Southern Nights discovery.
  4. 100%-ownership of Mallee Bull consolidates Peel’s global resource base to more than 10Mt, with an experienced team focused on improving the confidence and growing the resources for establishment of ore reserve and mining inventory.

For more information, please refer to the announcement linked below.

Managing Director's Summary

Rob Tyson

“The consolidation of Mallee Bull will deliver a number of very important outcomes for our business plan, those being: control, critical mass and copper. Bringing Mallee Bull back into the fold makes us masters of our own destiny once again, however, most importantly, it delivers potential critical mass for our goal of establishing a stand-alone operation in our region of the Cobar Basin, with the added benefit of re-positioning the Company’s primary metal exposure to copper in a rising copper price market. The Mallee Bull JV also includes the May Day gold-polymetallic deposit where we see an exploration opportunity to add shallow gold resources to our asset base - a potential boost towards our critical mass aspirations. The support and demand we have received for the capital raising from existing and new institutional, sophisticated and professional investors has been overwhelming, reaffirming and validating our belief in the project and the Company’s strategy."

Rob Tyson
Managing Director, Peel Mining Ltd
Question   Ask Rob Tyson a question...

Download Announcement

View this announcement as well as our full profile on the company.
Document   View Announcement
View PEX's Full Profile Arrow Forward

How do I invest?

Considering investing in Peel Mining Ltd?
Here's how to get started.
Low Cost Brokerage ASX Cheapest ASX Trading Platform
  1. 1

    Create account

    Open an account with an online broker of your choice. If you do not have an existing broker, consider Vested Equities' A$9.50 flat fee platform.

    Sign up now »
  2. 2

    Search for ASX:PEX

    On your online investment platform search for the stock ticker code ASX:PEX to bring up the company's shares.

  3. 3

    Buy shares

    Place your order however you wish. If you need advice on buying or selling, you should seek the assistance of a full service financial adviser experienced in small cap equities.

Trade for $9.50 Arrow Forward
Up