Congratulations to Peel Mining Limited (ASX: PEX) and Aeris Resources (ASX: AIS) on entering a binding Scheme Implementation Deed for Aeris to acquire 100% of Peel via a Scheme of Arrangement, alongside a proposed demerger of Peel’s remaining Cobar Basin assets into a NewCo.

The Transaction implies a fully diluted equity value for Peel of approximately A$214m and total value of A$0.234 per Peel share, via:
•  0.3363 Aeris shares per Peel share, valued at A$0.19 per Peel share (based on Aeris closing price of A$0.565 on 11 Feb 2026).
•  Indicatively 1 NewCo share for every 4.6 Peel shares, valued at A$0.044 per Peel share.
This represents a 46.0% premium to Peel’s closing share price on 11 Feb 2026 and a 49.1% premium to the 1-month VWAP to 11 Feb 2026.

Peel shareholders are expected to own approximately 20.5% of the enlarged Aeris and 100% of NewCo, retaining full exposure to Peel’s remaining precious and base metals portfolio in the Cobar Basin, including the high grade Southern Nights Complex.

Sternship Advisers is pleased to have acted as joint financial adviser to Peel alongside Euroz Hartleys, with Hamilton Locke as legal adviser.