Santa Fe Minerals Expands Côte d’Ivoire Gold Portfolio with $6M Backed Acquisition

Strategic Expansion in West Africa

Santa Fe Minerals Limited (ASX, SFM) has taken a decisive step to expand its gold exploration footprint in Côte d’Ivoire by entering into a binding agreement to acquire an 80% interest in four highly prospective gold projects from WIA Gold Limited. The acquisition, structured through the purchase of Glomin Services Ltd, brings under Santa Fe’s control a substantial landholding of 3,449 square kilometres encompassing the Mankono, Bouaflé, Bocanda, and Issia projects.

This move builds on Santa Fe’s recent acquisition of the Eburnea Gold Project, positioning the company as a growing player in one of West Africa’s most prolific gold regions. The projects span a range of exploration stages, from early-stage greenfield prospects to multiple drill-ready targets, offering a robust pipeline for future resource development.

Promising Historical Drilling and Geological Potential

The Mankono and Bouaflé projects stand out as the most advanced within the portfolio. Historical reverse circulation drilling has revealed significant high-grade gold intersections, including standout results such as 4 metres at 87.83 grams per tonne (g/t) gold at Bouaflé, alongside other notable intercepts exceeding 4 g/t over multiple metres. These findings underscore the potential for substantial gold deposits within these corridors.

Exploration at Mankono has identified extensive geochemical anomalies with shallow, high-grade zones, while Bouaflé features a 17-kilometre-long mineralised shear corridor with multiple mineralised zones. Meanwhile, the Issia and Bocanda projects, though at earlier stages, exhibit strong geochemical gold anomalies that warrant further investigation.

Funding and Transaction Details

To support the acquisition and subsequent exploration programs, Santa Fe has secured binding commitments for a $6 million placement at $0.20 per share, pending shareholder approval expected in mid-January 2026. The placement, managed by Argonaut Securities Pty Limited, will provide the necessary capital to advance drilling and geological studies across both the newly acquired projects and Santa Fe’s existing assets.

The acquisition consideration includes the issuance of 20 million shares and 8 million performance rights, with milestones tied to the delineation of JORC-compliant gold resources of 500,000 ounces and 1 million ounces respectively. These performance rights align incentives with the successful advancement of the projects.

Outlook and Next Steps

Completion of the acquisition is anticipated in early February 2026, following shareholder and regulatory approvals. Santa Fe plans to initiate extensive aircore and reverse circulation drilling to better define the geology and mineralisation continuity, with diamond drilling to follow for higher confidence resource estimation.

This acquisition significantly enhances Santa Fe’s exploration portfolio in Côte d’Ivoire, a region with a proven track record of gold discoveries and production. The company’s strategy to build a diversified pipeline of projects at various stages of maturity could position it well for future growth in the competitive West African gold sector.