Many Peaks Minerals Secures A$27.5m Placement to Accelerate Ferké Gold Expansion

Strong Institutional Backing for Major Capital Raise

Many Peaks Minerals Limited (ASX:MPK) has completed a significant A$27.5 million placement, issuing approximately 30.6 million new shares at A$0.90 each. This represents a modest 3.2% discount to the last close price and a 10.7% discount to the 15-day VWAP, reflecting a well-supported raise primarily from institutional and sophisticated investors. The placement was led by Canaccord Genuity and SCP Resource Finance with Blackwood Capital acting as co-manager. Notably, company directors have subscribed for A$800,000 worth of shares, pending shareholder approval at an upcoming July EGM.

Funding Resource Expansion and Study Completion

The freshly raised capital will bankroll a comprehensive drilling campaign exceeding 15,000 metres aimed at expanding and upgrading the existing 1.32 million ounce Ouarigue Mineral Resource Estimate (MRE) at the Ferké Gold Project. This follows on from a series of robust drill results and the maiden MRE announced in April 2026. Many Peaks plans to complete its pre-feasibility study (PFS) for the Ouarigue prospect by Q4 2026, a critical milestone for advancing the project towards development. The company also intends to undertake an additional 20,000 metres of drilling along the 37-kilometre Leraba mineralised corridor, targeting multiple high-priority prospects to build a pipeline for future resource growth. This aggressive exploration agenda builds on the momentum from recent strong diamond drill intercepts that expanded the maiden resource estimate.

Broader Exploration Across Côte d’Ivoire Portfolio

Beyond Ferké, Many Peaks will continue exploration activities at its Odienné and Baga gold projects, focusing on drilling, geochemical sampling, and geophysical surveys. These efforts aim to unlock further resource upside and diversify the company’s asset base in Côte d’Ivoire. The capital raise also covers corporate and administrative costs, ensuring operational continuity during this expansion phase. The placement increases the company’s pro forma shares on issue to approximately 167.9 million, with a market capitalisation of around A$151.1 million at the offer price.

Placement Structure and Next Steps

The placement is structured in two tranches: Tranche 1, comprising 28.4 million shares issued under existing placement capacity, settled by the end of May; and Tranche 2, involving 2.1 million shares including those subscribed by directors, subject to shareholder approval in July. This staged approach introduces some conditionality around director participation but ensures immediate funding for the ongoing drilling and study work. The company’s aggressive exploration timetable aligns with its strategy to rapidly grow its resource inventory and advance the Ferké Gold Project towards development readiness, building on the maiden 1.3Moz resource announcement and subsequent drilling campaigns.