• Peel Mining to sell South Cobar Copper Project to Aeris Resources for $214 million
• Peel shareholders to receive 0.3363 Aeris shares and 1 NewCo share for every 4.6 Peel shares
• NewCo to be a new ASX-listed precious and base metals explorer

Peel Mining Limited (ASX: PEX) has entered into a binding Scheme Implementation Deed with Aeris Resources Limited (ASX: AIS) to sell its South Cobar Copper Project (Mallee Bull and Wirlong) to Aeris for approximately $214 million. Concurrently, Peel will demerge its remaining precious and base metal assets in the Cobar Basin, including the high-grade Southern Nights Complex, into a new company, NewCo, which will be listed on the ASX. Under the transaction, Peel shareholders will receive consideration with a total value of $0.234 per share, comprising 0.3363 Aeris shares (valued at $0.19 per Peel share) and indicatively one NewCo share for every 4.6 Peel shares held (valued at $0.044 per Peel share). The transaction represents a 46.0% premium to Peel's closing share price and a 49.1% premium to its one-month VWAP. Peel shareholders will own approximately 20.5% of the enlarged Aeris group and 100% of the new ASX-listed NewCo, which will focus on exploring and developing Peel's remaining Cobar Basin assets. The transaction is expected to unlock significant synergies by leveraging Aeris' established Tritton processing infrastructure and operational expertise.

NewCo, to be led by Peel's existing management team, will pursue a strategy to unlock the value of its high-quality precious and base metals assets in the Cobar Basin and pursue M&A growth opportunities in the base and precious metals sector.