Quarterly Activities & Cash Flow Report – March 2024

Many Peaks Minerals Limited (Many Peaks or the Company) (ASX: MPK) is pleased to provide the Quarterly Activities Report for the period ending 31 March 2024.

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HIGHLIGHTS

Acquisition of Advanced Gold Projects In Cote D’Ivoire

• Agreement with Turaco Gold Limited (Turaco) executed to acquire 100% ownership of Turaco’s and Predictive Discovery Ltd.’s joint venture, which holds the right to acquire an 85% interest in four mineral permits in Cote d’Ivoire, with recent gold discoveries and over US$4 million in prior exploration expenditure
• Acquisition encompasses a vast 1,275km2 land package including advanced stage exploration projects;

Odienne Project

• Adjoining recent discovery drilling by Awalé Resources/Newmont joint venture associated with the same high-strain corridor as Predictive’s 5.4Moz Au Bankan and Centamin’s 2.16Moz ABC Projects
• Recent first pass, wide-spaced A/C drilling, reveals gold mineralisation zone extending over 1,200 meters, with notable results including 12m @ 1.18g/t gold from 4m, 12m @ 1.06g/t gold from 16m, and 8m @ 1.30g/t gold from 28m

Ferke Gold Project

• Featuring the recent Ouarigue South discovery with open mineralisation for follow-up, and reported drill intercepts including;
  • 35.95m @ 3.88 g/t gold within
  • 77.6m @ 2.33 g/t gold from 45.9m (FNDC001) and
  • 91.1m @ 2.02 g/t gold from surface (FNDC008).
• Covers an area of 300km2 and features a 16km mineralised trend in soils with minimal exploration follow-up in 12.5km gold anomaly along trend of the Ouarigue South discovery

Queensland Gold & Copper

• RC drilling results at Mt Steadman Gold Project returned 8m @ 2.63g/t gold identifying significant extension to previously drilled shallow gold mineralisation
• Diamond drilling results at the Yarrol Gold Project confirm additional gold mineralisation associated with geophysical anomalies on margins of partially drilled 4km long mineralised diorite body

Corporate

• Completion of Bookbuild for non-Brokered, two tranche placement of A$2 Million in support of activities at the Company’s newly-acquired Cote d’Ivoire Gold Projects.
• Mr Ben Phillips appointed as a Non-Executive Director, effective 1 February 2024

During the quarter, the Company announced the acquisition of advanced gold projects in Cote d’Ivoire. (Refer to ASX Announcement 26 March 2024.) The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks with a solid foundation of exploration success, offering the potential for significant high-grade ounces in the near term. Both projects benefit from systematic geochemical coverage and high-resolution geophysics, which have confirmed gold mineralisation through drilling. Leveraging over US$4 million of previous expenditure has identified multiple ready-for-follow-up targets, including extension targets, presenting Many Peaks with a transformative acquisition opportunity with viable near-term resource potential. Many Peaks’ team boasts extensive West African operating experience tied to multiple discovery and development projects over the past 15 years and looks forward to operating in Cote d'Ivoire, an emerging premier jurisdiction within West Africa known for recent exploration and development successes.

Many Peaks entered into a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.

CDI Holdings is the holding company for two wholly-owned Ivorian entities, including the Ivorian subsidiary party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which it has earned a 65% interest and retains an exclusive right to earn-in to an 85% interest by sole funding any project within four mineral licences in Cote d’Ivoire to feasibility study.

The consideration for the purchase of 100% of CDI Holdings will be an aggregate 5,617,978 fully paid ordinary shares in Many Peaks, subject to a 12-month voluntary escrow, to be issued under the Company’s capacity under ASX listing rule 7.1. Upon completion, Many Peaks will also assume a royalty deed for a 1% net smelter return royalty payable to Resolute (Treasury) Pty Ltd (Resolute)—further information on terms and conditions precedent outlined below.

Click here for the full ASX Release

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