Peako Uncovers High-Grade Gold at Wadi Jarir and Sukhaybarat South

Peako Strikes High-Grade Gold Targets Across Saudi Arabia Portfolio Ahead of October Drilling

Peako Limited (ASX: PKO) has reported high-grade gold rock chip results from multiple prospects across its Kingdom of Saudi Arabia portfolio, including assays up to 41.5 g/t gold at Wadi Jarir, 22.9 g/t gold at Matar, and 11.4 g/t gold at Ad Dirabi. According to the ASX announcement, the results come from reconnaissance mapping and sampling completed soon after the company acquired project interests in June 2026, and they materially expand the target inventory ahead of a maiden drilling program planned for early October 2026.

The announcement matters because the reported mineralisation is not confined to a single isolated prospect. Peako outlined new or expanded gold systems across Wadi Jarir, Sukhaybarat South and Ad Dirabi, within a broader KSA portfolio covering approximately 862 km² in the Central Arabian Gold Region. For investors, the near-term focus is clear: can these surface discoveries translate into coherent drill targets and, ultimately, mineralisation at depth?

"This is an outstanding start to our exploration in Saudi Arabia. In our first mapping and sampling campaign we've discovered two new gold systems at Sukhaybarat South and defined an 8km high-grade vein corridor at Wadi Jarir that was missed by historical exploration drilling. High-grade mineralisation has also been discovered south of the ancient Ad Dirabi Mine," said Gernot Abl, Chairman of Peako.

A First-Pass Field Program Has Expanded the Scale of the Portfolio

According to the announcement, reconnaissance work identified multiple gold-bearing vein systems that either had not been recognised previously or had not been properly tested by historical drilling. That is a material outcome for a first campaign, which is usually designed to confirm geology and refine targets rather than immediately produce multiple high-grade results.

The key reported outcomes are summarised below.

What stands out is the combination of grade and mapped extent. High-grade grab samples on their own can attract attention, but when they are associated with kilometre-scale vein corridors, they can improve confidence that a larger mineralised system may be present.

Furthermore, Peako stated that assay results are still pending from additional project areas including Jabal Jumaymah, Wadi Ash Shuwayla and Bulghah East. That gives the company further near-term news flow before drilling begins.

Wadi Jarir Has Emerged as the Main Early Drilling Target

The most prominent result in the announcement comes from Wadi Jarir, where mapping identified an 8 km long by 2 km wide corridor of quartz and quartz-carbonate veins. Rock chip sampling returned several high-grade assays, including:

• 41.5 g/t gold from sample L156056
• 23.6 g/t gold from sample L156054
• 10.6 g/t gold from sample L156090
• 5.9 g/t gold from sample L156073
• 5.2 g/t gold from sample L156047
• 4.0 g/t gold from sample L156037

The 10.6 g/t gold sample is particularly relevant because Peako reported that visible gold was observed. Visible gold does not establish economic potential by itself, but it can support the interpretation that a higher-grade part of the system has been located.

According to the update, veins at Wadi Jarir are typically 1 m to 4 m wide and can reach 7 m in places, with larger veins exposed continuously for up to 700 m. The company also described a late set of narrow quartz veins cutting across the main vein system, with these later veins hosting the visible gold.

Why Does the Historical Drilling Interpretation Matter?

Peako's interpretation of historical drilling may be one of the more important investor takeaways from the report. Historical reverse circulation drilling had returned broader but lower-grade intervals such as:

• 26 m at 0.70 g/t gold from 13 m
• 15 m at 0.55 g/t gold from 5 m
• 2 m at 13.53 g/t gold from 38 m, including 1 m at 25.8 g/t gold

According to the company, these historical holes were largely not oriented or positioned to properly test the newly mapped high-grade vein system. Instead, they appear to have intersected surrounding altered rock — sometimes called a mineralised halo — rather than the veins themselves.

If that interpretation is supported by new drilling, Wadi Jarir could shift from being seen as a modest low-grade target to a structurally controlled high-grade vein target. That represents a meaningful change in exploration model.

Sukhaybarat South Has Delivered Two New Gold Systems

The Sukhaybarat South project area produced two new gold-bearing systems at Karak and Matar. In the report, Peako placed these targets in the context of a district that already hosts the Sukhaybarat Gold Mine and the Bulghah deposit, both multi-million-ounce systems.

Karak Prospect

At Karak, Peako reported a vein system mapped over at least 2 km of strike and 1.5 km of width. Significant rock chip results include:

• 9.1 g/t gold
• 5.8 g/t gold
• 5.6 g/t gold
• Several supporting samples in the 1.1 g/t to 1.8 g/t gold range

The company said the system has a similar structural and host rock setting to the Sukhaybarat Gold Mine, located about 10 km to the north. It consists of a swarm of quartz veins with iron oxides after pyrite and lesser chalcopyrite, indicating that sulphide minerals were once present — a characteristic that can be associated with gold-bearing hydrothermal systems.

Matar Prospect

At Matar, the reported top rock chip grades were notably higher, with:

• 22.9 g/t gold
• 8.6 g/t gold
• Supporting values of 2.2 g/t gold and 1.6 g/t gold

Peako stated that the veins have continuity of up to 400 m and are located just 2.5 km south of the operating Sukhaybarat Gold Mine. In addition, the company noted that Matar lies 3 km north-east of its Redhill Prospect, where historical drilling had returned 4 m at 11.32 g/t gold and 5 m at 5.6 g/t gold on widely spaced lines.

That local context matters. Proximity to known mineralised systems does not guarantee repetition, but it can strengthen the geological case for follow-up drilling.

Intrusion-Related Gold Indicators Add District Context

Peako also outlined a broader geological interpretation for Karak and Matar, describing them as part of a possible intrusion-related gold (IRG) system. This interpretation is based on the identification of what the company described as a highly fractionated, fluid-rich intrusive plug in the centre of the Sukhaybarat licence area.

The intrusive body reportedly contains unidirectional solidification textures (UST) — layered igneous textures that geologists use as indicators of evolved magma systems that may have released mineralising fluids. That does not prove a major deposit is present. However, it does provide a geological framework for why multiple vein systems may occur in the same district and why those systems merit systematic drilling.

Ad Dirabi Confirms Mineralisation and Adds a New Conceptual Target

At Ad Dirabi, mapping and sampling confirmed high-grade gold in ancient workings over an 800 m corridor. Reported assays include:

• 11.4 g/t gold
• 5.2 g/t gold
• 1.9 g/t gold

The report also highlighted a separate southern conceptual target where a 300 m long comb-textured quartz vein returned 8.4 g/t gold from a single grab sample. This part of the update is relevant because it combines confirmation of known mineralisation with evidence that Peako's own field targeting may be identifying fresh opportunities beyond historical workings.

What Do Rock Chip Results Mean for Gold Investors?

Rock chip results are often misunderstood, particularly in the early stages of mineral exploration. The key educational point is straightforward: rock chip samples are selective surface samples, not resource estimates.

Geologists collect these samples from exposed outcrops, veins or altered rock that appears mineralised. Because the sampling targets the most prospective-looking material, results such as 41.5 g/t gold or 22.9 g/t gold show that gold is present and can occur at high concentrations in parts of the system. They do not, however, establish average grade, tonnage or continuity.

What Can Rock Chip Sampling Tell Investors?

Rock chip sampling is useful for:

• Confirming that a prospect hosts gold mineralisation
• Identifying which veins or structures contain the strongest grades
• Mapping the extent of mineralised systems at surface
• Prioritising targets for drilling

What Cannot Rock Chip Sampling Confirm?

Rock chip sampling does not confirm:

• The average grade of a deposit
• The width of mineralisation at depth
• Mineral continuity between sample points
• A JORC-compliant resource

That is precisely why Peako's next phase matters more than the headline assays alone. The company now needs to test whether these mapped vein systems persist below surface and whether they can be intersected consistently by drilling.

Key technical terms: g/t gold means grams of gold per tonne of rock. IRG, or intrusion-related gold, refers to gold mineralisation associated with cooling igneous intrusions. Visible gold means gold can be seen in the sample, but this alone does not define a resource.

Next Steps Are Focused on Refining Drill Targets

According to the ASX announcement, Peako is moving directly into follow-up work. The reported next steps include high-resolution magnetic surveys, detailed geological mapping and preparation for a maiden KSA drilling program in early October 2026.

The near-term programme is summarised below.

The acquisition of the KSA project interests remains subject to conditions precedent, including shareholder approval at the meeting scheduled for 17 August 2026. Peako stated that legal transfer of title would follow in accordance with KSA mining legislation requirements.

Why Does This Announcement Matter for ASX Gold Investors?

For investors following ASX gold explorers, the appeal of this update lies in the breadth of targets rather than any single result. Peako has reported mineralised systems across multiple project areas, identified a reinterpretation opportunity at Wadi Jarir, and outlined a short timeline to first-pass drilling.

Several factors are likely to remain central to the market's assessment:

1. Multiple shots on target — Peako is advancing several prospects simultaneously, with further assays pending.
2. Scale at surface — Wadi Jarir's 8 km corridor and Karak's 2 km x 1.5 km footprint suggest sizeable systems may be present.
3. Clear drill pipeline — The maiden drilling program is scheduled for early October 2026, creating a defined near-term catalyst.
4. Comparison with nearby deposits — Sukhaybarat and Bulghah provide useful geological context, even if they are not direct analogues.
5. Historical under-testing — At Wadi Jarir, the company's interpretation suggests previous drilling may have missed the main vein targets entirely.

The next market-moving step is likely to be the transition from surface data to drill testing. If drilling supports the structural model outlined in the report, Peako's Saudi Arabian portfolio could move into a more advanced stage of market interest. Until then, the current announcement establishes a stronger geological case and a fuller pipeline of near-term catalysts across the company's KSA ground.

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