BUMI to Fully Acquire Loyal Metals for AU$79.1 Million

• AU$79.1M deal at AU$0.45/share, bolstering Australian mining foothold.

• Highway Reward produced 3.65 Mt of copper with new reserves

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra May 1 2026, at 16:30 GMT+7

PT Bumi Resources Tbk (BUMI) has formally entered into a Scheme Implementation Deed (SID) to acquire 100% shares of Australia’s Loyal Metals Ltd, with the total transaction valued at approximately AU$79.1 million.

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The scheme consideration is set at AU$0.45 per share, representing a substantial premium of 40.6% above their last recorded closing price of AU$0.32 (5/24).

The offer further demonstrates its competitive value when assessed against broader market benchmarks, carrying a 47.4% premium over the five-day volume-weighted average price (VWAP) and a 49.6% premium above the 10-day VWAP as of the same date.

These figures collectively emphasize BUMI's strategy and financial capability to secure a commanding position in the Australian mining sector.

Illustration of BUMI Acquiring Loyal Metals  | Source: IDNFinancial

Central to BUMI's acquisition interest is Loyal Metals' flagship Highway Reward copper gold project, located in North Queensland, Australia. 

Read More: Amazon Acquires Globalstar for US$11.57 Billion Satellite Expansion The asset's proven production track record strengthens the rationale behind BUMI's takeover, as the site recorded total production of 3.65 million tonnes of copper and approximately 260,000 tonnes of gold during its operational period from 1987 to 2005. 

Further reinforcing the acquisition's strategic merit, recent drilling confirmed mineral reserves beneath the eastern wall of the former open-pit mine, signalling untapped upside that BUMI can develop post-acquisition.

Additionally, Loyal Metals' two lithium projects in Canada further complement BUMI's diversification strategy away from thermal coal, aligning with global demand trends in clean energy transition metals.

BUMI Resource | Source: Bumi Global

Loyal Metals Founder and Chairman Peretz Schapiro suggested that shareholders vote in favour of the scheme, quoting the certainty of full cash payment and offering relative to recent market trading performance. 

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This internal support from Loyal Metals' leadership reduces transactional friction and reinforces the credibility of BUMI's offer. 

The acquisition is structured on a solid and self-sufficient basis, as the entire transaction will be funded entirely from BUMI's internal cash reserves, standing at US$118.6 million in unrestricted cash and equivalents as of 31 December 2025. 

Strategically, the deal directly supports BUMI's expansion to grow its non-coal portfolio by mitigating execution and development risks of Loyal Metals' Australian and Canadian projects.

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Sources:

Fortuneidn

IDNFinancial

Kontan