Cooper Metals (ASX:CPM) reshapes portfolio with Pyramid acquisition and funded exploration push

Cooper Metals Non Executive Director Tim Armstrong spoke with MarketOpen to further discuss the acquisition of the Pyramid Gold Project in the Drummond Basin, the divestment of the Oorindi Project, and the company’s planned exploration program across its Queensland portfolio. The transaction introduces a gold project with defined mineralisation and identified drill targets, alongside a structured funding package including a placement and milestone based consideration. The discussion focused on how the asset swap changes portfolio composition, how work will be sequenced between Pyramid and Mt Isa East, and how capital is being deployed across near term exploration activities. 

What does swapping Oorindi for Pyramid change in portfolio quality, focus, and capital allocation?

The asset swap is a leap forward for our portfolio by introducing a developed gold project with an established mineralised system and identified drill targets, while divesting a non core asset. We are acquiring 100% of the Pyramid Gold Project in exchange for the Oorindi Project, in doing so bring a well established copper producer in AIC Mines onto our share register

Pyramid includes historical drilling at the Gettysberg prospect, where intercepts such as 35 m at 6.1 g/t Au have been reported, and mineralisation has been defined over more than 500 m of strike. Huge potential growth story for CPM 

The project also includes an approximately 8 km Gettysberg Fault corridor that remains largely undrilled, alongside multiple priority drill targets identified through desktop studies. This supports a focused exploration program following completion of the transaction. 

With defined high grade mineralisation and an untested ~8 km corridor, what work is required to validate scale?

To validate scale, we need to extend existing drilling and test areas that have not yet been drilled. Historical drilling at Gettysberg has outlined gold mineralisation over more than 500 m of strike, including intercepts such as 35 m at 6.1 g/t Au, while large portions of the ~8 km Gettysberg Fault corridor remain untested. 

Our planned work program at Pyramid includes on ground geochemical and geophysical surveys, followed by targeted drilling campaigns. These activities are designed to advance exploration and support progression toward a maiden JORC Resource. 

How is exploration being sequenced between Pyramid and Ardmore North, and what are the first execution milestones?

Cooper Metals are progressing exploration activities across both assets, with defined programs at each project. At Pyramid, exploration activities are planned to commence following completion of the transaction, including geochemical and geophysical surveys and targeted drilling campaigns. 

At Ardmore North, all required approvals have been secured and drilling logistics have been finalised. An approximately 1,400 m RC drilling program is planned to commence in Q2 2026.

The initial milestones are therefore completion of the transaction and commencement of field activities at Pyramid, and the start of drilling at Ardmore North.

How do the placement, consideration shares, and deferred milestone align funding with delivery risk?

The funding structure combines an equity placement with transaction consideration and a performance based milestone. The company has received firm commitments to raise approximately $979,500 through a placement to support its expanded exploration program.

As part of the acquisition, 15,000,000 fully paid ordinary shares will be issued as consideration, alongside a deferred $250,000 payment. The deferred consideration is linked to achieving a JORC Inferred Resource of at least 250,000 oz gold at greater than 1 g/t Au within five years.

A great deal for us with upfront capital from our existing shareholders and consideration shares issued post shareholder meeting.

Execution shifts to active exploration across an expanded portfolio

The next phase is focused on execution, with exploration activities at Pyramid planned following completion of the transaction and drilling at Ardmore North targeted for Q2 2026. With approvals secured and work programs defined, the company is progressing exploration across its project portfolio.