Cooper Metals Limited has announced a proposed transaction to evaluate the Colet Copper Project in the Philippines, as electrification and investment in electricity networks sharpen attention on the pipeline of future copper projects.
Don Jose looking south and road to A1 Deposit. Image Credit: Cooper Metals Limited
Cooper has entered into a binding agreement to acquire 85% of Chalterra Pty Ltd, which holds an option to acquire Colet Mining & Development Corporation, the company holding the Colet Copper Project on Negros Island. The proposed acquisition remains subject to shareholder approval, due diligence and other necessary approvals.
Colet hosts the Don Jose and A1 porphyry copper deposits. Previous operators completed more than 124,000 meters of drilling, together with metallurgical, engineering, infrastructure and environmental baseline studies. That work provides a substantial starting point for Cooper’s planned evaluation.
Copper is central to electricity networks and electrification. In its Global Critical Minerals Outlook 2025, the International Energy Agency identified a potential copper supply shortfall of 30% by 2035 based on the existing mine project pipeline, citing declining ore grades, rising capital costs, limited discoveries and long development lead times. This is a scenario-based sector outlook, not a forecast of Colet’s production or commercial viability.
Cooper’s immediate focus is to recover and validate the historical database, undertake geological mapping and sampling, and complete confirmation and twin drilling. Drilling is planned for early 2027, with the aim of supporting a Mineral Resource reported in accordance with the JORC Code 2012.
Cooper Metals Executive Director, Tim Armstrong, commented: "The Colet Copper Project is an exciting opportunity for Cooper. Previous operators completed more than 124,000 meters of drilling across the Don Jose and A1 deposits, with a comprehensive technical study also being completed in 2012. That body of work gives us a strong starting point. Our initial work will focus on validating the historical data, with drilling planned early next year, with the aim of reporting a Mineral Resource in accordance with the JORC Code 2012. We also see potential to extend the known copper mineralization and to explore for gold within the Project area, which we will assess as part of that work. At a time when copper supply is tightening and new discoveries and approvals lag, it is our view that assets like this are becoming increasingly scarce and are of strategic value.”
Funding and the Evaluation Pathway
Cooper has received firm placement commitments of approximately A$2.15 million and announced a fully underwritten one-for-four non-renounceable entitlement issue to raise a further approximately A$2.7 million. The combined raising of approximately A$4.85 million before costs is intended to support the acquisition and initial studies, together with work on Cooper’s Australian projects.
The Colet option has staged cash obligations, including US$250,000 in December 2026, US$250,000 in April 2027 and US$10 million on exercise at a final investment decision, with further development and production payments and a royalty. Chalterra vendors would retain a 15% interest free carried until a positive final investment decision. The transaction also includes consideration shares and performance rights; full terms are detailed in the ASX announcement.
A 2012 technical study evaluated a potential conventional open-pit and flotation operation. It was prepared for a former owner, is historical and did not estimate Ore Reserves. Further technical, environmental, permitting and economic assessment is required before any development decision.
The deposits lie within a granted Mineral Production Sharing Agreement, although part of A1 extends into ground covered by Chalterra’s pending Exploration Permit Application. There is no certainty the application will be granted. The granted agreement’s initial term expires in August 2030 and is eligible for renewal. Final ownership and operating arrangements remain subject to Philippine law and regulations.
The proposed acquisition complements Cooper’s Mt Isa East Copper Project, Pyramid Gold Project and Gooroo Gold Project. Cooper intends to continue exploration across its Australian portfolio.