Many Peaks Unveils 1.3Moz Maiden Gold Resource at Ferké with Expansion Potential

Maiden Resource Establishes Solid Foundation at Ferké

Many Peaks Minerals Limited (ASX:MPK) has announced a maiden Mineral Resource Estimate (MRE) of 1.3 million ounces of gold at its Ouarigue prospect within the Ferké Gold Project in Côte d’Ivoire. The resource, reported under the JORC Code (2012), boasts an average grade of 1.54g/t gold across 26.7 million tonnes, with a substantial 83% classified as Measured and Indicated. This high-confidence resource was constrained within an optimised pit shell based on a US$2,400 per ounce gold price and a conservative 0.38g/t cut-off grade, reflecting prudent economic assumptions.

The discovery cost stands at just over A$11 per ounce, inclusive of acquisition costs, highlighting efficient capital deployment by Many Peaks. Managing Director Travis Schwertfeger underscored the rapid progress, noting the resource was declared just 13 months after initial drilling commenced, crediting the Ivorian technical team’s efforts for delivering quality ounces at low cost.

Resource Geometry and Mining Potential

The mineralisation is hosted predominantly in a south-plunging leucocratic intrusion with true widths up to 95 metres and increasing gold grades with depth. This geometry is comparable to other intrusion-hosted deposits like Bonikro in Côte d’Ivoire and Okvau in Cambodia, which supports efficient open pit mining and suggests a favourable resource-to-reserve conversion ratio. The upper 250 metres of the resource contains 45% of the metal, enabling a low strip ratio during initial mining phases.

Resource modelling incorporated 193 drill holes totaling over 39,000 metres, including 141 holes drilled by Many Peaks since 2025. Independent review and sign-off by Mining One Consultants and other Competent Persons affirm the robustness of the estimate. The pit-constrained MRE shows limited sensitivity to gold price variations around the US$2,400 assumption, with tonnage and grade adjusting predictably to changes in cut-off grade.

Exploration Momentum and Project Expansion

Exploration remains vigorous, with ongoing drilling focused on resource expansion and upgrading Inferred resources ahead of a planned MRE update in the December quarter to underpin the Pre-Feasibility Study (PFS). Many Peaks is also preparing to mobilise reverse circulation drilling on priority targets along the extensive 37-kilometre Leraba gold corridor, which significantly broadens the project’s footprint beyond the initial 1.5-kilometre strike at Ouarigue.

Significant upside exists at depth, with gold mineralisation currently traced down to 540 metres below surface and potential extensions targeted a further 400 to 500 metres deeper. Additionally, the pending grant of the Ferké South permit could increase the mineralised corridor by 125% and the overall project area by 74%, adding substantial exploration leverage. This expansion is primed to complement the resource growth efforts, as detailed in the recent historical gold data compilation.

Advancing Towards Pre-Feasibility and Production

Many Peaks is advancing metallurgical, geotechnical, and environmental studies in parallel with ongoing drilling. Preliminary metallurgical tests indicate non-refractory gold mineralisation with an average recovery of 94% in bottle roll tests; however, the company conservatively assumes 90% recovery pending further optimisation. The PFS is on track for completion in the December quarter, aiming to define economic viability and development pathways.

The company recently appointed Matthew Scully as COO and Executive Director to bolster mining expertise and accelerate project advancement. With a cash balance of A$9.6 million as of 31 March, Many Peaks is well-funded to sustain its delineation drilling and study programs.

Technical Rigor and Compliance

The MRE is underpinned by rigorous sampling, assaying, and quality control protocols, including the use of PhotonAssayTM technology for gold analysis. The geological model integrates structural and lithological data, with resource classification based on data density and estimation metrics. Mining assumptions incorporate reasonable prospects for eventual economic extraction, supported by a detailed pit optimisation using Lerchs-Grossmann algorithms and conservative mining and processing cost parameters.

Environmental and social impact assessments are underway, with no material impediments identified to date. The project benefits from established mineral rights and a clear regulatory framework in Côte d’Ivoire.