Many Peaks Minerals has secured a binding joint venture to expand its Ferké Gold Project in Côte d’Ivoire, increasing its landholding by 125% and committing up to USD 2 million to earn an 80% stake.
- Binding earn-in joint venture agreement with Ivorian MMS
- Expansion adds 221 km², doubling Ferké project area to 2,140 km²
- USD 2 million staged expenditure to earn up to 80% interest
- Historical artisanal gold workings and anomalies identified
- Milestone payments and royalty options included in deal
Strategic Expansion in Côte d’Ivoire
Many Peaks Minerals Limited (ASX, MPK) has taken a significant step to bolster its presence in West Africa’s gold sector by executing a binding earn-in and joint venture agreement with Magic Mineral Structure SARL (MMS), a privately held Ivorian entity. This deal effectively expands the footprint of Many Peaks’ flagship Ferké Gold Project by an additional 221 square kilometres, increasing the total mineral tenure to 2,140 square kilometres; a 125% increase in landholding.
The newly acquired permit area, known as Ferké South, lies immediately south of Many Peaks’ existing operations and covers a promising 20-kilometre corridor along the Leraba gold trend. This region has a history of artisanal gold workings and multiple geochemical anomalies, which Many Peaks plans to investigate through systematic surface mapping and geochemical surveys once the permit is granted.
Earn-In Structure and Financial Commitment
Under the terms of the agreement, Many Peaks will invest up to USD 2 million in staged exploration expenditures over three years to earn up to an 80% interest in MMS and the Ferké South permit. The earn-in phases include an initial USD 400,000 spend within two years to secure a 51% interest, followed by further investments to reach 65% and ultimately 80% ownership, contingent upon delivering a positive bankable feasibility study.
The deal also includes milestone payments totaling USD 4 million payable to MMS shareholders upon the commencement of commercial gold production, with flexibility for Many Peaks to make these payments in cash or shares. Additionally, there are provisions for converting equity interests into smelter royalties, reflecting a sophisticated approach to balancing risk and reward between the parties.
Operational Control and Governance
Many Peaks will assume the role of operator for the joint venture, managing exploration activities through its subsidiary Ferke Holdings Ltd. The company will also hold board representation and the right to appoint the chairman of MMS, ensuring strategic control over the project’s development. This operational leadership aligns with Many Peaks’ broader strategy to consolidate and advance its gold assets in a stable and resource-rich jurisdiction.
Managing Director Travis Schwertfeger highlighted the strategic importance of the expansion, noting that the additional landholding secures a substantial mineralised corridor with excellent discovery potential. The move also strengthens Many Peaks’ position within Côte d’Ivoire, a country increasingly recognised for its mining-friendly policies and growing gold production.
Looking Ahead
While the permit is still subject to formal grant, the groundwork is laid for an accelerated exploration campaign targeting the extensive artisanal workings and quartz-sulphide mineralisation identified during recent reconnaissance. The success of the earn-in phases and milestone payments will depend on exploration results and regulatory approvals, but the deal positions Many Peaks well to capitalise on Côte d’Ivoire’s emerging gold opportunities.
Bottom Line?
Many Peaks’ bold expansion of the Ferké project sets the stage for a pivotal exploration phase with significant upside and financial commitments ahead.
Questions in the middle?
- When will the Ferké South permit be officially granted to enable exploration?
- What initial assay results will confirm the potential of the artisanal workings and anomalies?
- How will milestone payments and royalty conversions impact Many Peaks’ long-term financials?