Codrus Minerals Limited (ASX: CDR) is an Australian mineral exploration company. It is focused on critical mineral exploration and development. The company announced on 3 August 2026 an agreement to acquire EdgeMet Pty Ltd, a strategic move gaining two highly prospective copper and molybdenum exploration assets: the Copperhole Creek Project in Queensland, Australia, and the Tiquihua Project in Peru. An intellectual property licence for early-stage joule heating technology is also part of the deal, offering diversification for Codrus.
The Copperhole Creek Project encompasses a 100% interest in an exploration permit covering approximately 62 square kilometres, located in Queensland, near Townsville and Cairns. Historical exploration includes a notable drill intercept at Questend, yielding 12m @ 3.27% copper, 0.66% zinc, 51 g/t silver, and 0.26% tin from 36m depth. The Tiquihua Project in Peru allows Codrus to earn up to a 99.8% interest in a 100-hectare mining concession, prospective for high-quality molybdenum, copper, and critical minerals.
The acquisition involves an upfront cash payment of A$100,000, 230 million Codrus shares, up to 60 million performance rights, and potential deferred cash milestone payments of up to A$1 million. Completion is subject to conditions, including shareholder approval, anticipated in September 2026. To fund these new ventures and exploration, Codrus is undertaking a two-tranche placement to raise up to A$2.5 million, issuing up to 100 million shares at A$0.025 per share.
The capital raised from the placement is primarily allocated for exploration activities across the company’s existing projects and, contingent on the acquisition, at the Copperhole Creek and Tiquihua projects. These funds will also cover acquisition costs and general working capital, aligning with Codrus Minerals’ expanded strategic objectives. This announcement effectively lifts the trading suspension for the company, which commenced on 31 July 2026.
