Key Highlights

  • Diamond drilling extended gold mineralisation at Ouarigue from ~540m to more than 900m below surface, with intercepts remaining open at depth
  • Post-quarter hole FNDC166 returned 188.9m at 3.58g/t gold from 633m, including 46.75m at 7.02g/t gold
  • Over 55,400m of the 60,000m CY2026 drilling program completed as of 30 September 2026
  • Company closed the quarter with cash of approximately $20.1 million and appointed Jamie Byrde as CFO

A System Larger Than First Thought

Many Peaks Minerals Limited (ASX:MPK) has delivered a quarter that fundamentally reframes the scale potential of its flagship Ferké Gold Project in northern Côte d'Ivoire. Diamond drilling has now extended high-grade gold mineralisation in the Ouarigue mineralised intrusion from approximately 540 metres to more than 900 metres below surface — a roughly 70% increase in vertical extent — and the system remains open at depth.

The September 2026 Quarterly Report confirms that more than 55,400 metres of the company's 60,000-metre CY2026 drilling program had been completed at the end of the period, across both the Ferké and Odienné projects. Three rigs were active from late July, maintaining a pace that Managing Director Travis Schwertfeger described as evidence that Ouarigue is "a much larger system than our maiden resource captured."

The most significant intercepts from the period came from deep diamond core holes at the Ouarigue prospect. Hole FNDC162 returned 116.0 metres at 2.78 grams per tonne gold from 524 metres depth, including 42.0 metres at 5.01g/t from 598 metres. Hole FNDC161, among the deepest drilled at Ferké to date, intersected 116.5 metres at 1.76g/t gold from 969.5 metres, including 40.3 metres at 3.89g/t gold with a high-grade interval of 7.25 metres at 20.0g/t. These results, combined with the post-quarter announcement of FNDC166 — 188.9 metres at 3.58g/t gold from 633 metres — suggest the system has not yet been constrained by the drilling program.

RC Drilling Confirms Continuity

Alongside the diamond program, reverse circulation results for 54 holes totalling 5,988 metres confirmed strike continuity over more than 800 metres within the Inferred portion of the Ouarigue Mineral Resource Estimate (MRE). Standout results included 12 metres at 5.50g/t gold from 109 metres in hole FNRC268, and 44 metres at 1.51g/t gold from 22 metres in FNRC275. The RC program was designed to infill and validate the existing resource shape rather than push the boundaries, and it has achieved its purpose by demonstrating grade coherence across the shallower portions of the system.

At the Odienné Gold Project, an Air Core drilling campaign of 11,200 metres from 543 drill holes was completed during the quarter, with assays pending. Follow-up RC drilling is planned for the December quarter. The Baga Gold Project Acquisition also closed during the period, adding a 644 square kilometre tenure position with over 14,800 metres of auger drilling completed and assays pending.

Development Planning Accelerates

The scale of results from deep diamond drilling has prompted the company to widen its economic study scope. Following the upcoming MRE update — which is expected this quarter now that the data cut-off has been reached — a Scoping Study will integrate underground development scenarios with the pre-feasibility-level open-pit work already underway.

Schwertfeger noted that the decision to evaluate underground optionality was a direct consequence of the drilling. With high-grade mineralisation extending nearly a kilometre below surface and remaining open, the Economics of open-pit extraction alone may not capture the full value of the system.

On the corporate front, Jamie Byrde joined as Chief Financial Officer and Company Secretary during the quarter, strengthening the finance function as Ferké advances toward development-stage decision points.

Risks

The primary development risk at this stage is geological: high-grade intercepts in diamond core do not always translate uniformly into resource tonnage once full geological modelling is applied. Depth also adds to Capital intensity; underground development at 900-plus metres requires significant engineering study before it can be assessed as economically viable. Geopolitical exposure in Côte d'Ivoire, while the country has maintained relative stability, remains a consideration for investors, as does the dependency on gold price levels to justify project progression.

What to Watch Next

The imminent Ouarigue MRE update will be a key catalyst. It will incorporate the deep diamond results and is expected to show material growth relative to the maiden resource. The subsequent Scoping Study, integrating both open-pit and underground scenarios, will give the first integrated economic picture of the project. RC drilling results from Odienné and assays from the Baga auger program also remain outstanding and could add further optionality to the portfolio.

Sector Context

West African gold exploration has attracted significant capital in recent years, driven by a combination of large-scale geological endowment and relatively low discovery costs compared to more mature jurisdictions. The Leraba corridor in northern Côte d'Ivoire, where Ferké sits, is part of a broader Birimian greenstone belt system that has hosted multiple major deposits across the region. With gold trading above US$2,600 per ounce in late 2026, the economics for advancing large-scale projects remain supportive.