PEAK ASSET: MORNING WRAP 9 January: ASX 200 futures are pointing up 26 points or 0.3 per cent to 8716 | Rio Tinto confirms preliminary merger talks with Glencore | Eastern Metals is to resume trading on the ASX |

 Canadian copper takes centre stage for Eastern Metals as commodity price hits record highs

• Eastern Metals is to resume trading on the ASX after completing the acquisition of Canadian copper explorer Raptor Resources
• The acquisition appears well-timed with copper prices surging to record highs at the start of 2026
• The group now plans to accelerate exploration, aided by a recent $5m capital raise

The first new ASX name is here for 2026, with Eastern Metals (ASX:EMS) to resume trading on the ASX on Friday after wrapping up the acquisition of unlisted explorer Raptor Resources and its portfolio of exploration assets in Canada and WA.

The “reverse takeover” will see EMS take full ownership of Raptor’s flagship Chester project in the New Brunswick region of Canada, around 15 months after Raptor dropped a previous IPO bid.

But Raptor and Eastern’s tie-up appears to be perfectly timed, with copper prices racing to all-time highs at the start of the year.

The red metal is currently trading at about US$5.80 per pound – close to US$13,000/t – marking a 36% jump over the past twelve months.

And the long-term outlook is compelling.

Copper boasts mass industrial applications and a growing importance for the world’s energy transition. It plays a key role in AI data centres as well as electric vehicles and associated infrastructure.

Such traits point to the potential for sustained growth in global demand. And Chester is already advanced when it comes to a flagship project for a fresh ASX explorer.

Established copper assets with exploration potential

Chester already hosts a mineral resource consisting of 6.68Mt at 1.1% copper. It is also prospective for zinc and silver.

Eastern Metals, which will seek shareholder approval to be renamed Raptor Metals, now plans to undertake a series of exploration works designed to grow the resource base, including infill drilling and testing for extensions of existing mineralisation.

Overall, the tenure covers more than 6000 hectares within the Elmtree-Belledune Inlier.

Regional drilling of geochemical and geophysical targets at Chester could also be on the cards.

Subject to the satisfaction of contractual conditions, the Raptor acquisition also includes the Turgeon copper, zinc, and silver project in New Brunswick.

Notably, past exploration works at Turgeon identified six mineralised sulphide zones.

Eastern Metals now intends to advance the project through infill and extension drilling, alongside a combination of geophysical surveys, rock-chip sampling, and trenching to define new drill targets.

For a bit of diversification, you can add to Chester the Emu Lake gold, copper and nickel project, located some 80km northeast of Kalgoorlie in WA.

Here, planned exploration includes geological mapping, soil sampling, aeromagnetic surveys and possible reverse circulation drilling of anomalous geochemical targets.

$5m cash injection to fund growth

Eastern Metals’ new identity will be aided by a $5m cash injection from an oversubscribed placement to sophisticated and professional investors.

All up, the company issued 250 million shares at 2c per share as part of the placement, with respected Perth-based broker Euroz Hartleys acting as lead manager.

Those funds will cover acquisition costs and support exploration programs for the next two years.

Eastern Metals has also refreshed its leadership team by appointing Brett Wallace as managing director – the same position he holds at Raptor.

Wallace is a mining industry veteran with more than 20 years of experience, including greenfields exploration, mine geology, and grade control across a wide range of commodities.

A lawyer and geoscience professional, Wallace has previously held various senior executive roles with ASX-listed companies.

“Raptor is excited to join forces with Eastern Metals, combining our complementary asset portfolios and expertise,” Wallace said back when the acquisition was announced in October.

“The Raptor projects offer significant exploration upside, and this transaction provides the platform to accelerate their development, delivering value for shareholders of both companies.”

Wallace is joined on the board by newly appointed non-executive chair Adam Sierakowski, a lawyer with two decades of experience as director of ASX-listed businesses.

Meanwhile, previous non-executive chair Ian White has transitioned into the role of non-executive director.

​​​​​​​Source: Stockhead