Cooper Metals Lays Out Colet Copper Deal Backed by 1.19Mt Historical Estimate
Key Takeaways
- Cooper Metals is buying 85% of Chalterra, which holds the right to acquire 100% of the Colet Copper Project, carrying a historical estimate of 339.0 Mt @ 0.35% Cu for about 1.19 Mt contained copper.
- The estimate is JORC 2004, unvalidated by Cooper and not a Mineral Resource, with no Ore Reserves estimated.
- Consideration is 82,209,000 shares, 45,000,000 performance rights tied to a maiden JORC 2012 resource, and a 1.5% NSR with 0.75% buyable for A$3M.
- A $4.85M raise funds the deal, leaving pro-forma cash of about $6M and an enterprise value of $14M at $0.075 per share.
- Completion needs CPM shareholder approval with no date set, while Pyramid Gold drilling is still due in the December quarter 2026.
Cooper Metals outlines Colet copper project acquisition with 1.19Mt historical estimate
In its October 2026 investor presentation, Cooper Metals (ASX:CPM) outlined a proposed acquisition of an 85% interest in Chalterra Pty Ltd, which holds the contractual right to acquire a 100% interest in the Colet Copper Project in Negros Occidental, Philippines.
The headline figure is a historical estimate (JORC Code 2004) of 339.0 Mt @ 0.35% Cu for approximately 1.19 Mt contained copper. The project sits on a granted MPSA covering about 2,965 ha, with more than 124,000 m of historical drilling and a 2012 technical study by AMEC Minproc.
Completion is subject to CPM shareholder approvals at a general meeting, with the date yet to be determined.
An important caveat: this is a historical estimate. It is not reported under the JORC Code 2012, Cooper has not independently validated it, and it should not be read as a Mineral Resource.
When big ASX news breaks, our subscribers know first
Inside the Colet Copper Project
Historical estimate (JORC Code 2004) breakdown
The estimate uses a 0.2% Cu cut-off grade. Here is how it splits by confidence category.
| Category | Tonnes (Mt) | Copper (%) | Copper (kt) |
|---|---|---|---|
| Measured | 130.9 | 0.41 | 536 |
| Indicated | 152.2 | 0.34 | 511 |
| Inferred | 55.9 | 0.25 | 140 |
| Total | 339.0 | 0.35 | 1,187 |
The figures are rounded and may not sum. The presentation attributes the estimate to a Mining Associates report dated 14 June 2012.
Geology and infrastructure
Key points on the deposits and site:
- Don Jose and A1 are shallow porphyry copper deposits hosted mainly by quartz diorite of the Pagatban Intrusive Complex.
- The 2012 study evaluated a potential conventional open pit and flotation operation producing a copper concentrate, and no Ore Reserves were estimated.
- Don Jose and A1 lie within the granted MPSA, and part of A1 extends into Chalterra’s pending EXPA.
- The site is 20 km by road to Hinoba-an, with a grid substation approximately 25 km away and a previously completed environmental baseline study.
For investors, the extensive past work may reduce the time needed to establish a JORC 2012 baseline, though that remains for Cooper to demonstrate.
What is a porphyry copper deposit, and why does a historical estimate matter?
A porphyry copper deposit is typically a large, lower-grade, bulk-tonnage deposit, which is why it tends to suit open-pit mining. Colet’s 0.35% average grade fits that profile.
A historical estimate was prepared under an older reporting standard (JORC Code 2004) by a former owner. A JORC 2012 Mineral Resource has been classified by a Competent Person under the current code, which is what the market relies on.
That gap explains the proposed 45,000,000 performance rights, which are tied to delineation of a maiden JORC 2012 Mineral Resource. They link the next step to the outcome for management and vendors alike.
Exploration upside in copper and gold
The presentation points to potential to extend the known copper mineralisation:
- Mineralisation is not closed off to the south, with targets on regional structures such as A1E.
- A1 remains open at depth, currently defined to approximately 350 m below surface.
- Further copper prospects include A2 (within the MPSA) and Luz (within the pending EXPA), identified from soil geochemistry and IP.
On gold, Mining Associates (2012) interpreted the eastern flank of Don Jose to lie on the same regional structure as Philex Mining’s Bulawan gold mine, which has approximately 29.6 Mt containing 1.7 Moz Au.
That is a regional comparison, not a statement about Colet’s gold scale. The presentation says gold potential is to be assessed and requires further work.
Deal terms and funding
Share Sale Agreement (binding)
Cooper has signed a binding agreement to acquire an 85% interest in Chalterra. Consideration comprises:
- 82,209,000 CPM shares
- 45,000,000 performance rights tied to the delineation of a maiden JORC 2012 Mineral Resource
- A 1.5% net smelter return (NSR) royalty, with 0.75% able to be bought back for A$3M
Separate Option Agreement (Chalterra to Colet Mining shareholders)
Chalterra has executed a separate binding option agreement to acquire 100% of Colet Mining & Development Corporation. On completion, Cooper will assume the following staged payment obligations of Chalterra to the Colet Mining shareholders.
| Trigger | Amount (US$) |
|---|---|
| December 2026 | US$250k |
| April 2027 | US$250k |
| Final Investment Decision (FID) | US$10M |
| 24 months after FID or declaration of commercial production | US$4M |
| Production payments | 4 x US$4M annually over 4 years, commencing 12 months from declaration of commercial production, plus US$5M in year 5 |
Production payments are to be deducted from the 1.5% NSR royalty. The presentation notes the final ownership and operating structure will be arranged under Philippine law and regulations.
Capital raising (separate transaction)
The acquisition is to be funded by a capital raising of approximately $4.85M before costs, comprising:
- a $2.15M single-tranche placement
- a $2.7M fully underwritten 1-for-4 non-renounceable entitlement issue at $0.075 per share
Each placement and entitlement issue share will come with one free attaching option at $0.15 on a 1 option per 4 share basis. Placement shareholders will have access to the entitlement issue.
The next major ASX story will hit our subscribers first
Pro-forma snapshot and team
Here is the pro-forma capital position the presentation set out.
| Metric | Figure |
|---|---|
| Total shares post transaction | 267,888,002 |
| Market capitalisation (at $0.075) | $20M |
| Pro-forma cash | $6M |
| Enterprise value | $14M |
Substantial shareholders are AIC Mines Limited (13%) and Ilwella Pty Ltd (Flannery) (7%).
Chalterra’s team includes Les May (30 years of Philippines experience), Joel Muyco (senior Philippine geologist and former director-general of the Mines & Geoscience Bureau) and Jon Owen, an engineer with development expertise in large-scale mining projects.
Investment highlight
Retained exposure to Mount Isa East and Pyramid Gold Projects
Cooper retains the Mount Isa East Project (approximately 1,200 sq km) and the Pyramid Gold Project. A planned drilling programme at Pyramid is due to commence in the December quarter 2026.
Don’t Miss the Next ASX Copper Breakout
Get FREE ASX copper news and in-depth analysis delivered to your inbox within minutes of release. Join 30,000+ investors who stay ahead of the market with Big News Blast. Click the “Free Alerts” button now to receive breaking announcements the moment they land.