How Will Skylark Unlock Value from Côte d’Ivoire’s 364,600oz Gold Resource?

Strategic Acquisition in West Africa

Skylark Minerals Limited (ASX, SKM) has announced a binding agreement to acquire a portfolio of advanced gold exploration assets in Côte d’Ivoire, West Africa. This acquisition notably includes the Zaranou Project, which boasts a JORC (2012) compliant inferred mineral resource estimate of 364,600 ounces of gold at an average grade of 1.8 grams per tonne. The deal, valued at approximately A$6 million, marks a significant step for Skylark in establishing itself as an emerging gold explorer with immediate scale in one of Africa’s most investment-friendly jurisdictions.

The portfolio spans a total area of 1,222 square kilometers and includes four granted exploration licenses and one application. Alongside Zaranou, the acquisition covers the Maphai Project (under application) and an option to acquire the Vavoua Project, which lies near the multi-million-ounce Abujar Gold Mine. This geographic positioning within the prolific Birimian greenstone belt underpins the portfolio’s strong exploration potential.

Zaranou Project, A Robust Foundation

The Zaranou Project, located approximately three hours by road from Abidjan, Côte d’Ivoire’s economic capital, is the centerpiece of the acquisition. It hosts a substantial inferred resource of 364,600 ounces of gold, defined across multiple near-surface mineralized zones within a 47-kilometer gold-in-soil anomaly corridor. Importantly, only a fraction of this prospective strike length has been drilled to date, with drilling averaging just 62 meters in depth, suggesting significant upside potential.

Historical drilling has intersected high-grade, near-surface gold mineralization, with some assays revealing grades exceeding 70 grams per tonne over narrow intervals. Preliminary metallurgical test work indicates excellent gold recoveries of up to 99% using conventional carbon-in-leach processing, supporting the potential for straightforward and cost-effective extraction.

Growth and Development Optionality

Skylark’s acquisition terms include an initial 51% interest in Zaranou, with staged earn-in options to increase ownership to 100% upon completion of key studies and payments. This structure provides a clear pathway for resource growth and project development, aligning with Skylark’s strategy of systematic exploration and technical excellence.

The Maphai Project, situated along strike from Zaranou, and the Vavoua Project option, located near the Abujar Mine, further enhance the portfolio’s district-scale prospectivity. While Vavoua’s acquisition is subject to license reinstatement and shareholder approvals, it offers promising greenfield discovery potential in a proven geological province.

Funding and Next Steps

Skylark plans to fund the acquisition and subsequent exploration activities from its existing cash reserves of approximately A$6.68 million as of September 2025. The company is targeting the commencement of its first phase of drilling in January 2026, aiming to rapidly integrate the new assets into its exploration portfolio.

Executive Chair Nikolai Zelenski highlighted the strategic fit of the acquisition, emphasizing the scale, quality, and growth potential it delivers in a stable and attractive gold jurisdiction. The company also indicated ongoing evaluation of complementary opportunities to build a broader West African gold business.

Context in Côte d’Ivoire’s Mining Landscape

Côte d’Ivoire has emerged as one of West Africa’s fastest-growing gold producers, with output rising from 10 tonnes in 2012 to approximately 58 tonnes in 2024. The government’s ambition to reach 100 tonnes annually by 2030, combined with a modern mining code and supportive infrastructure, makes it a compelling destination for gold exploration and development.

Skylark’s entry into this jurisdiction with a substantial resource and exploration upside positions the company to capitalize on the region’s growth trajectory and underexplored potential.