Exploration Success at Minta Raises Stakes Amid Funding and Leadership Changes

Exploration Breakthrough in Cameroon

Peak Minerals Limited (ASX: PUA) has announced a major milestone in its exploration efforts with the Minta Rutile Project in central Cameroon. The company’s first systematic residual soil rutile exploration program is now 65% complete, with initial assay results from 10 samples revealing exceptionally high concentrations of valuable heavy minerals (VHM), including rutile, monazite, and zircon.

Visual estimates from drill samples indicate total heavy mineral (THM) content up to 5%, while laboratory assays have confirmed VHM percentages as high as 93% of THM in some samples. Rutile, a titanium dioxide mineral critical for pigment and titanium metal production, dominates the assemblage, reaching nearly 70% of THM in certain locations. Notably, the discovery also includes significant monazite (up to 35.6%) and zircon (21.5%), both of which have important industrial and technological applications.

A Rare Mineral Basket and Strategic Leadership

Adding further value to the project, Peak Minerals identified up to 2% niobium within oversize rutile nuggets, a rare element used in high-strength steel alloys and emerging technologies. These coarse rutile nuggets, some measuring up to 30mm, are widespread across the project area, suggesting a robust and diverse mineralisation profile.

In parallel with these exploration advances, Peak Minerals has appointed Mr Casper Adson as Chief Executive Officer, effective 10 February 2025. Mr Adson brings over two decades of experience in mining operations and project development, with a strong background in titanium and mineral sands projects. His leadership is expected to accelerate the transition from exploration to development phases.

Funding the Next Phase

To support ongoing exploration and working capital needs, Peak Minerals plans a non-renounceable entitlement offer to raise approximately $2 million. The offer, priced at $0.008 per share, will provide existing eligible shareholders the opportunity to participate in the company’s growth. Funds raised will underpin further drilling and assay programs, including the preparation for alluvial mineralisation drilling.

The Minta Rutile Project covers a substantial 8,800km² area with granted exploration permits and applications, situated in a geologically favourable setting characterised by kyanite-bearing mica schist and tropical weathering processes conducive to heavy mineral concentration. Early reconnaissance drilling has already returned encouraging intercepts, such as 4 meters at 1.05% rutile from surface in alluvial settings.

Outlook and Market Implications

Peak Minerals’ discovery of a rutile-dominant heavy mineral province with significant monazite, zircon, and niobium content positions the company as a notable player in the mineral sands sector. The combination of high-grade mineralisation and strategic leadership bodes well for advancing the project towards resource definition and potential development.

While assay results for many samples remain pending and visual estimates carry inherent uncertainties, the current data validates the exploration model and justifies the planned expansion of drilling activities. Investors will be watching closely as Peak Minerals progresses its entitlement offer and delivers further assay results in the coming months.