Key Highlights

  • The interim resource totals 34.6 million tonnes at 1.87g/t gold for about 2.08 million ounces.
  • The estimate is a 57% increase on the maiden resource, adding 754,000 ounces.
  • The underground component adds 970,000 ounces, mostly in the inferred category.
  • Initial metallurgical tests returned gold extraction of 74.1% to 91.5% across eight domains.

Many Peaks Minerals (ASX:MPK) announced an interim mineral resource estimate for the Ouarigue prospect at its Ferké Gold Project in northern Côte d'Ivoire on 5 November 2026. The estimate totals 34.6 million tonnes at 1.87 grams per tonne gold for about 2.08 million ounces.

That is a 57% increase on the maiden estimate of about 1.32 million ounces at 1.54g/t declared on 20 April, adding 754,000 ounces.

Separately, Many Peaks requested a Trading halt on the morning of 12 November.

Open pit and underground

The open-pit portion totals 24.32 million tonnes at 1.42g/t for 1,108,000 ounces, with 97% in the measured and indicated categories. The underground portion adds 10.31 million tonnes at 2.93g/t for 970,000 ounces, mostly inferred.

Many Peaks notes that the pit-constrained resource fell 16% overall, as material shifted into the underground estimate and the pit floor rose. Measured ounces increased by more than 77%, driven by conversion of indicated ounces, so more than 63% of in-pit ounces are now measured. The open pit averages 2,434 ounces per vertical metre.

Changed assumptions

For the update, the company raised its gold price assumption from US$2,400 to US$3,500 an ounce and lowered its recovery assumption from 90% to 85%. A higher price assumption generally allows a resource to include lower-grade material and deeper pit shells, so part of the increase reflects changed Economics rather than only new drilling.

The estimate is based on 286 drill holes totalling 63,866 metres, with Mining One Consultants providing an independent review.

Metallurgy

Initial metallurgical tests returned gold extraction of 74.1% to 91.5% across eight domains within the pit-constrained resource. A single lead nitrate test increased recovery by 11.6 percentage points in the lowest-recovery sulphide sample, with confirmatory testing pending. The range indicates that some ore types may be more challenging to process than others.

Management view

Managing Director Travis Schwertfeger said the rapid expansion confirmed Ouarigue as a high-grade gold resource, with drilling continuing to extend mineralisation at depth. He compared the deposit's geometry with intrusion-hosted operations such as Bonikro in Côte d'Ivoire and Okvau in Cambodia, and said the combination of geometry and grade supported a favourable setting for converting resources to reserves.

Exploration and studies

Many Peaks sees further growth potential along 37 kilometres of mineralised shear corridor, most of which is unexplored. Two diamond rigs are operating, an RC rig is expected shortly and more than 60,000 metres of drilling is planned for the year. RC drilling at Ferké South awaits regulatory approval.

The company held $20 million in cash at 30 September. A Ferké scoping study is targeted before the end of the year, feasibility work is planned for 2027, and a development decision is expected in early 2028.

Qualifications

The underground component is mostly inferred, which carries lower confidence and cannot be converted directly into reserves. Recovery variability and the higher price assumption should be considered when comparing the new estimate with the maiden one.

Côte d'Ivoire has become one of the fastest-growing gold jurisdictions in West Africa, and resource growth at Ferké has drawn attention because it is moving quickly. A deposit of more than 2 million ounces would place Ouarigue among the larger undeveloped gold resources held by ASX juniors in the country. Larger resources tend to attract interest from mid-tier producers, although Many Peaks has not indicated any corporate intentions. The scoping study will provide the first indication of potential mine scale, Capital cost and production rate, which will help investors assess the project's development case.

What comes next

The outcome of the trading halt, the scoping study and continued drilling at depth are the next milestones for Many Peaks.