Highlights

  • Many Peaks Minerals has announced an updated Interim Mineral Resource Estimate at the Ouarigue prospect of its Ferké Gold Project in Côte d'Ivoire, representing a 57 per cent increase to 34.6 million tonnes at 1.87 grams per tonne gold for 2,077,000 ounces of contained gold.
  • The updated resource incorporates 754,000 additional ounces added in approximately six months, with the open pit constrained resource 97 per cent in the Measured and Indicated categories, and over 63 per cent of in-pit ounces in the Measured category.
  • Mineralisation at Ouarigue thickens with depth, with ounces per vertical metre beneath the pit averaging over 3,000, and mineralisation remaining open at depth — suggesting the in-pit resource may underrepresent the deposit's total scale.
  • A Scoping Study for an integrated open pit and underground development is nearing completion for later in Q4 2026, with a full Feasibility Study planned for 2027, and the company is fully funded with A$20 million in cash as at 30 September 2026.

Many Peaks Minerals Limited (ASX:MPK) is an ASX-listed gold developer focused on the Ferké Gold Project in Côte d'Ivoire, West Africa. The project's primary deposit, the Ouarigue prospect, has been the subject of an active resource growth drilling campaign that has approximately doubled the size of the declared mineral resource in the period since the company's most recent estimate. On 5 November 2026, Many Peaks announced an updated Interim Mineral Resource Estimate at Ouarigue and invited shareholders and investors to a webinar to discuss the resource, ongoing study work, and the company's planned development pathway.

Updated Resource and Its Key Characteristics

The updated Interim MRE at Ouarigue totals 34.6 million tonnes at an average grade of 1.87 grams per tonne gold for 2,077,000 ounces of contained gold — a 57 per cent increase on the prior estimate. The resource has grown by approximately 754,000 ounces in approximately six months of active drilling, reflecting the effectiveness of the ongoing exploration program in converting inferred and new mineralisation into higher confidence categories. Notably, the open pit constrained resource is 97 per cent in the Measured and Indicated categories, with more than 63 per cent of the in-pit ounces classified in the Measured category. This level of geological confidence is at the higher end of what might be expected for a resource at this stage of development and provides a solid foundation for the Scoping Study work underway.

The deposit also exhibits a characteristic that the company highlighted as a key driver of further growth potential: mineralisation thickens with depth, with the ounces per vertical metre beneath the existing pit boundary averaging over 3,000. This suggests that the in-pit resource may underrepresent the deposit's total gold endowment, with meaningful additional mineralisation accessible through underground Mining methods. The mineralisation remains open at depth, providing scope for further resource additions through deeper drilling.

Development Pathway and Study Progress

Many Peaks is advancing towards a Scoping Study for an integrated open pit and underground development at the Ferké Gold Project, with this study expected to be completed later in the fourth quarter of 2026. The Scoping Study is designed to assess the technical and economic parameters of a development scenario that combines conventional open-pit mining of the oxide-dominant near-surface resource with underground mining of the deeper, higher-grade mineralisation that the resource characterisation is beginning to reveal. Following the Scoping Study, the company intends to progress to a full Feasibility Study in 2027. Many Peaks noted that it is fully funded for the Scoping Study and ongoing drilling, with approximately A$20 million in cash as at 30 September 2026. The project benefits from a 37-kilometre mineralised shear corridor, the vast majority of which remains unexplored, indicating material exploration upside beyond the current resource footprint.

Key Takeaways

Many Peaks Minerals' updated Ferké Interim MRE reflects a rapid growth trajectory, with the resource increasing by more than half in six months through active drilling. The high proportion of Measured and Indicated classification within the open-pit constrained resource provides a credible foundation for the Scoping Study nearing completion, while the thickening mineralisation at depth and the largely unexplored 37-kilometre shear corridor suggest that the deposit's ultimate scale is not yet determined. With a funded Balance Sheet and a clear development milestone schedule, the company is at a stage where the Scoping Study and subsequent Feasibility Study will be the key analytical events that convert the resource base into a development Economics framework.