Alternative technologies for a more sustainable wine spirits’ ageing have been studied but a lack of knowledge on the effect of oxygenation level remains. This work examined the behaviour of low molecular weight compounds, iron and copper of a wine spirit aged in 50 L demijohns with chestnut wood staves combined with three levels of micro-oxygenation or nitrogen. Compounds and mineral elements were quantified by HPLC and FAAS, respectively, in samples collected at 8, 21, 60, 180, 270 and 365 days of ageing. Results showed that most of the compounds underwent significant changes in their content over time and behave differently depending on the wine spirit’s oxygenation level: higher contents of gallic acid, syringic acid and vanillin were associated with lower micro-oxygenation level while higher contents of ellagic acid, syringaldehyde, coniferaldehyde and sinapaldehyde resulted from higher one; lowest contents of these compounds were found in the nitrogen modality. Weak correlation between copper and the studied compounds was evidenced whereas closer relationship between iron, vanillin, gallic, syringic and ellagic acids at end of ageing was observed. This study provides innovative information on the role of oxygen in wine spirit’s ageing, and on chestnut wood effect on wine spirit’s mineral composition.