Cooper Metals Holds $1.63M Cash, Plans 1,500m Drilling at Ardmore North
Cooper Metals is gearing up for drilling at its Mt Isa East copper-gold project while divesting a majority stake in its Gilberton Gold Project to Sybella Metals, maintaining a solid cash position to fund exploration.
- Heritage clearance completed for Ardmore North drilling at Mt Isa East
- Drilling preparations underway targeting 2026 commencement
- Option agreement executed to divest 80% of Gilberton Gold Project to Sybella Metals
- Company retains 20% interest with free carry through BFS
- Cash reserves stand at $1.63 million with $113,000 spent on exploration this quarter
Heritage Clearance and Drilling Plans at Mt Isa East
Cooper Metals Limited (ASX – CPM) has made significant progress at its Mt Isa East copper-gold project in Queensland, completing heritage clearance over key Ardmore North targets. This milestone clears the way for a planned reverse circulation drilling program of approximately 1,000 to 1,500 metres, expected to commence as soon as practical, likely in early 2026. Alongside Ardmore North, field programs are advancing at Solo, Attina, and Grass Wren prospects, aiming to bring these targets to drill-ready status.
Strategic Divestment of Gilberton Gold Project
In a strategic move to streamline its portfolio and focus on core assets, Cooper Metals has executed an option agreement to divest an 80% interest in its Gilberton Gold Project to Sybella Metals Pty Ltd, an advanced Queensland-focused gold developer targeting an ASX IPO in early 2026. Cooper will retain a 20% stake and benefit from a free carry through to the completion of a bankable feasibility study (BFS). This partnership aligns Cooper with a specialist operator, potentially accelerating development at Gilberton while conserving capital.
Ongoing Exploration and Regulatory Engagement
At the Oorindi Project, also in Queensland, Cooper has rationalised its tenement holdings by relinquishing five sub-blocks deemed non-prospective, without impacting the overall project. Engagement with regulatory authorities and stakeholders continues to progress positively, supporting future exploration activities. Meanwhile, no field work was conducted at the Gooroo Project in Western Australia during the quarter due to pending biodiversity and conservation approvals, with drilling timelines dependent on securing these regulatory consents.
Financial Position and Corporate Activity
Cooper Metals ended the quarter with cash reserves of $1.63 million, having spent approximately $113,000 on exploration activities, primarily focused on Mt Isa East. The company maintains a lean cost structure with administration and corporate overheads kept light. The board remains active in reviewing new project opportunities to complement its existing portfolio, emphasizing prudent capital management and shareholder value creation.
Looking Ahead
With heritage clearance secured and drilling preparations underway, Cooper Metals is poised to unlock value at Mt Isa East in the coming months. The Gilberton divestment deal positions the company to benefit from Sybella Metals’ development expertise and IPO momentum. However, regulatory approvals remain a gating factor for activities at Gooroo. Investors will be watching closely for drill results and further corporate developments as Cooper advances its exploration agenda.
Bottom Line?
Cooper Metals is setting the stage for a pivotal drilling campaign while strategically partnering to advance its gold assets, signaling a focused growth phase ahead.
Questions in the middle?
- What initial results can be expected from the Ardmore North drilling program in 2026?
- How will Sybella Metals’ IPO progress impact Cooper’s retained interest in Gilberton?
- What is the timeline and likelihood for regulatory approvals at the Gooroo Project?
