Many Peaks Minerals Reports Strong RC Drilling Results at Ouarigue

Many Peaks Minerals Delivers Standout RC Results, Advancing Ouarigue Towards a Major Resource Upgrade

Many Peaks Minerals (ASX:MPK) has reported assay results from 54 reverse circulation (RC) drill holes totalling 5,988 metres at the Ouarigue prospect, part of its Ferké Gold Project in Côte d'Ivoire. The Many Peaks Minerals Ouarigue RC drilling results at Ferke Gold Project reinforce continuity of gold mineralisation over more than 800 metres of strike and arrive as the company drives towards a planned Mineral Resource Estimate (MRE) update in the December quarter, targeting both a resource classification upgrade and expansion of the current ounce base.

The existing Ouarigue MRE stands at 26.7 million tonnes at 1.54 g/t gold for 1,323,000 ounces. The newly reported drilling, spanning delineation work within the current resource boundary and step-out holes to the north, provides additional data supporting the case for growing that figure both along strike and at depth.

Headline Numbers That Command Attention

The results cover delineation drilling within the existing MRE boundary as well as step-out drilling north of it, with several intercepts standing out for grade and width.

The intercept from FNRC268 of 12m at 5.50 g/t gold, including 2m at 26.9 g/t, is particularly notable, pointing to high-grade shoots within the broader mineralised corridor and providing a useful reference point for targeting deeper diamond core holes.

Understanding Resource Classification: Inferred Versus Indicated

For investors less familiar with resource reporting terminology, it is worth explaining one concept central to this announcement: resource classification under the JORC Code 2012, the industry standard governing how ASX-listed companies report mineral resources.

Resources are classified into three categories reflecting the level of geological confidence:

• Inferred: The lowest confidence category. Mineralisation is interpreted from drilling, but data spacing is not yet tight enough to be highly confident in the continuity of grade and geology.
• Indicated: A step up in confidence, underpinned by closer-spaced drilling that demonstrates sufficient continuity of grade and geology for more reliable estimates.
• Measured: The highest confidence level, typically requiring very close drill spacing and detailed geological understanding.

Resource classification has a direct bearing on project economics. Indicated and Measured resources can be converted into Ore Reserves, which form the foundation for feasibility studies, mine planning and, ultimately, financing decisions. A project with a large Inferred resource carries promise, but one with a substantial Indicated resource is materially closer to potential development.

The Ouarigue MRE is currently classified entirely as Inferred. The delineation drilling now underway, completed on nominal 25-metre line spacing across the northern corridor, is designed to provide the geological and grade-continuity data needed to support an assessment of upgrading this classification to Indicated. Any change to the MRE or its classification would, however, require a formal re-estimation by a Competent Person.

A Three-Front Drilling Campaign Building Towards Year-End Catalysts

Drilling activity at Ferké remains extensive. Beyond the 54 holes reported in this announcement, Many Peaks has disclosed a substantial pipeline of results still pending.

Three fronts are being advanced simultaneously:

Delineation drilling within the existing MRE is tightening drill spacing across the northern Inferred corridor to build the data needed for a potential upgrade to Indicated classification.

Step-out drilling north of the MRE boundary has tested approximately 400 metres of strike beyond the current resource boundary. Results reported in this announcement cover the southernmost 100 metres of that step-out zone, with assays pending on the remaining 300 metres. According to the company, mineralisation appears open both to the north and at depth in this area.

Deep diamond core drilling is testing high-grade depth extensions of the Ouarigue mineralised intrusion, which has previously returned 75m at 6.11 g/t gold from 427m downhole (reported August 2025), indicating grades increasing with depth. Diamond core drilling is now targeting depths from 500m to over 700m vertical to assess underground potential, with a third rig mobilised in late July to accelerate the programme.

Furthermore, an additional 39 RC holes totalling 4,459m of regional reconnaissance drilling are pending assay across multiple targets extending more than 4 kilometres south of Ouarigue, targeting new discoveries along the broader Ferké shear corridor.

The Ouarigue Deposit: Characteristics Relevant to Development Potential

The geological picture being assembled by Many Peaks points to a mineralised system with several attributes relevant to investors assessing development potential.

Does Continuity Strengthen the Case?

The latest results confirm gold mineralisation continuity over more than 800 metres of strike within the Inferred portion of the MRE. The branching shear corridor hosting the mineralisation, described by the company as anastomosing, is showing consistent results across both delineation and step-out drilling.

What Does Grade Improvement at Depth Mean for the Project?

The mineralised Ouarigue intrusion has demonstrated a pattern of increasing gold grades with depth, a characteristic that could support underground mining scenarios alongside the bulk tonnage open-pit development currently being assessed. The previously reported intercept of 75m at 6.11 g/t from 427m downhole provides a reference point for underground economics, though this remains subject to further study.

Shallow Mineralisation and Regional Upside

Management has noted that shallow extensions identified within and adjacent to the conceptual open-pit area may offer development benefits, including opportunities to reduce waste movement and improve mine scheduling flexibility. These potential benefits are to be assessed through future mining and economic studies.

In addition, the broader Ferké project sits on a greater than 30 kilometre Leraba gold corridor, and regional reconnaissance drilling targeting multiple prospects across 4 kilometres of strike south of Ouarigue has assays pending. The Ferké South permit, once formally granted following the required Ivorian presidential decree, would add a further avenue for exploration.

Travis Schwertfeger, Managing Director of Many Peaks Minerals, has overseen an aggressive drilling programme at Ferké designed to convert Inferred ounces to higher confidence categories while testing the deposit's extension potential. The company has stated that drilling is targeting increased resource confidence to underpin prefeasibility study level work on open-pit potential by the December quarter, positioning the company to advance a definitive feasibility study.

Upcoming Catalysts Through Year-End

The coming months represent a dense period of newsflow for Many Peaks Minerals, with multiple assay batches and study milestones converging.

Investment Considerations

The investment case for Many Peaks at this stage rests on several factors that warrant investor attention.

An existing 1.3 million ounce resource with upgrade potential. The current MRE of 26.7Mt at 1.54 g/t for 1,323,000 ounces provides a substantial base. The delineation drilling underway targets conversion of Inferred ounces to the Indicated category, a step that would strengthen the project's economic credibility if achieved.

A system reported as open in multiple directions. Gold mineralisation at Ouarigue remains open at depth, to the north, and potentially to the south across the broader corridor, according to the company. Consequently, with both RC and diamond core programmes testing these extensions, the resource base could see further data supporting expansion before year-end.

Pace of drilling activity. With three diamond core rigs operating and a year-to-date RC programme exceeding 13,900 metres across 119 holes, Many Peaks is generating results at a rate that should deliver a substantial dataset ahead of the planned December quarter MRE update.

Location within the Birimian gold terrane. The Ferké project sits within the Birimian greenstone belt of West Africa, a geological province recognised for hosting gold deposits regionally. Côte d'Ivoire has become an established gold jurisdiction, and the orogenic lode gold style of mineralisation at Ouarigue is consistent with deposit types found elsewhere across the region.

Dual development pathway under consideration. The presence of shallow, bulk-tonnage mineralisation suited to open-pit extraction alongside high-grade, depth-persistent intrusive mineralisation gives the project optionality across potential mine development scenarios, subject to the outcome of future feasibility-level studies.

Glossary of Key Terms

• RC Drilling (Reverse Circulation): A drilling method where rock chips are returned to the surface through the drill rods by compressed air, commonly used for shallow to moderate depth drilling.
• Diamond Core Drilling (DC): Drilling that retrieves a solid cylinder of rock, providing detailed geological information and preferred for deeper targets and resource estimation.
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of mineralisation, reported in compliance with the JORC Code by a qualified Competent Person.
• Inferred Resource: The lowest confidence JORC resource category, based on sufficient data to estimate tonnage and grade but not enough to confirm geological continuity with high confidence.
• Indicated Resource: A higher confidence JORC category, underpinned by closer-spaced drilling demonstrating grade and geological continuity.
• g/t (grams per tonne): The standard unit for expressing gold grade, being the number of grams of gold contained within each tonne of rock.
• JORC Code: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the standard governing resource reporting for ASX-listed companies.
• Birimian Terrane: A Precambrian geological province across West Africa recognised for hosting gold deposits.
• Orogenic Gold: Gold deposits formed through large-scale crustal deformation, typically associated with shear zones and fault systems.
• Strike: The horizontal direction of a geological feature, such as a mineralised zone, measured along its length.
• Down-dip: The direction of maximum slope of a geological surface, extending deeper into the earth along the plane of the mineralised zone.

Want to Learn More About Many Peaks Minerals and the Ferké Gold Project?

With a 1.3 million ounce resource base, a dense pipeline of upcoming catalysts, and drilling results continuing to demonstrate the scale and grade potential of the Ouarigue deposit, Many Peaks Minerals (ASX:MPK) is positioning itself for a significant period of newsflow heading into year-end. Investors looking to understand the full scope of the Ferké Gold Project, the company's strategy, and its progress towards a December quarter MRE update can find further information by visiting the Many Peaks Minerals website.