This article is a sponsored feature from Mining.com.au partner Many Peaks Minerals. It is not financial advice. Talk to a registered financial expert before making investment decisions.
Over the past year, the share price of gold explorer Many Peaks Minerals (ASX:MPK) has risen from around $0.20 to about $0.90. At the current share price, Many Peaks’ market capitalisation is about $115 million.
Between March and November, Many Peaks published seven sets of diamond drill results from the first 20,000m of drilling at its Ferké project on the northern border of Côte d’Ivoire in West Africa. These results included 75m at 6.11 grams per tonne gold, 45m at 8.58g/t gold, and 201m at 1.12g/t gold.
The optimists in this story include people who are well placed to know what is happening. On five occasions between March and September last year, Many Peaks directors disclosed that they had bought many shares in the company.
The Ferké project includes an exploration permit over 300km2 at the eastern edge of the Daloa greenstone belt. The company itself notes that it is “earning into an 85% interest in the Ferké exploration permit in a joint venture with a local partner by sole funding exploration through a Definitive Feasibility Study (‘GIV Joint Venture’)”.
Under the joint venture, Many Peaks currently holds a 65% interest in the Ferké project and two others, Odienné and Oumé, elsewhere in Côte d’Ivoire.
Encouraging results
Exploration efforts at Ferké have focused on the Ouarigue prospect, a 1.5km segment of an anomalous gold trend of about 37km that runs through both the existing permit and another (which has been applied for) of about 220km2. Reverse circulation (RC) drilling is underway, following up on priority targets that have already been identified on extensional targets outside the Ouarigue Prospect area.
In discussing the exploration potential, Managing Director Travis Schwertfeger notes that: “Preliminary metallurgy results have found that the gold at Ouarigue can be extracted efficiently using cyanide leach processing methods, with 94% recovery from initial leach tests. Additional study work is being initiated to refine processing options”.
So, what is next for Ferké in the coming year? The aforementioned follow-up drilling and additional metallurgical study will continue through H1 2026. Crucially, the maiden mineral resource estimate (MRE) for Ferké should be published around the middle of the year.
In the meantime, the Prefeasibility Study for further development of Ferké is underway. Matt Scully was hired as company COO and Executive Director at the beginning of November 2025. He has long experience in feasibility studies, project development, and mine operations. Most recently, he commissioned the 8.4 million tonnes per ounces (Mtpa) Kiaka Gold Project in Burkina Faso ahead of schedule and under budget for West African Resources (ASX:WAF), yielding a significant advantage over peers in the sector, with the in-house technical capability to advance project development.
Beyond Ferké
Aside from Ferké, Many Peaks has interests in three other gold projects in Côte d’Ivoire.
In the northwest of the country, Odienné is an extensive gold anomaly situated along trend from the Newmont–Awalé joint venture (TSX:ARIC), which has had hits such as 45.7g/t gold over 32m. Many Peaks’ initial RC drilling at its Odienné project area has intersected mineralisation of up to 21m at 1.21g/t gold from early reconnaissance exploration announced in August 2025. A further geophysical survey, along with follow-up drilling, is scheduled for H1 2026.
The Baga Gold Project is in the centre of Côte d’Ivoire, some 21km west of the 4.5 million ounce Assafou gold discovery of Endeavour Mining (LSE:EDV). Exploration is at an early stage. Systematic soil geochemistry will continue through H1 2026, as will reconnaissance mapping and rock chip sampling.
Mineral exploration in emerging markets carries risks. In the case of Many Peaks, these risks are known and under control.
Schwertfeger says to think about security: “Unrest in Burkina Faso has spread across the border into Côte d’Ivoire in the past. However, these events have prompted swift responses from the Ivorian government, and it maintains a strong presence on the ground along its northern borders in order to ensure stability”.
“Mineral projects — whether they involve exploration or production — require engagement with local communities”
“Or, consider human resources. Côte d’Ivoire has a growing mineral sector, including major gold and manganese operations, and we have no difficulty in finding skilled Ivorians to advance both exploration and project development.
“Mineral projects — whether they involve exploration or production — require engagement with local communities. We are very pleased with the support we receive from local people at our projects across Côte d’Ivoire.”
Infrastructure is not a material constraint on the further development of the Ferké Gold Project, located 40km from the nearest paved road and 12km from the nearest maintained roads. The project is only 15km from the nearest point of the national power grid. Given the Ferké project’s potential for processing options that can generate gold doré bars at the project site, no material investment to transport saleable product is required.
Cash and investments, which amounted to $15.8 million at the end of September 2025, more than cover the planned exploration and Prefeasibility Studies in 2026.
Taking the long-term view
Many of Many Peaks’ investors understand the need for a long-term view. The top 20 shareholders account for over half of the outstanding shares. The board and management, who were buying stock through 2025, speak for nearly 14% of the shares. Institutional investors speak for over 9%: they include 1832 Asset Management, the asset management arm of Canada’s Scotiabank.
Notes Schwertfeger says: “Our board and managers have long experience of West Africa. We are pleased to have an expanding project pipeline in Côte d’Ivoire, a stable and attractive jurisdiction. The country stands out for gold discoveries over the last decade and is still underexplored”.
Write to Andrew Hutchings at Mining.com.au
Images: Many Peaks & Mining.com.au
