Many Peaks Minerals (ASX:MPK) has completed a $27.5 million placement to fund the completion of a Prefeasibility Study (PFS) at the Ouarigue prospect in Q4, as well as an extensive drilling campaign for resource expansion.
The company will issue 30.6 million shares at $0.90 each, representing a 3.2% discount to the last trading price on 19 May and a 10.7% discount to the 15-day volume weighted average price.
Tranche one will comprise the issue of 28.43 million shares to raise the initial $25.59 million, followed by the issuance of the remaining 2.12 million shares for $1.91 million.
Tranche two comprises director subscriptions for up to $800,000 in this placement, subject to shareholder approval at an upcoming general meeting expected to be held in July 2026.
Canaccord Genuity and SCP Resource Finance acted as joint lead managers for this placement, along with Blackwood Capital as co-manager.
Funds will be deployed to an ongoing expansion and delineation resource drilling campaign — extending over 15,000m — to improve confidence in the existing resource estimate for Ouarigue of 1.32 million ounces, as well as the completion of a PFS.
The Ouarigue prospect is located within the Ferké Project in Côte d’Ivoire.
Many Peaks will also use the funds for a 20,000m planned drilling campaign across multiple ‘high-priority’ targets, as well as continued exploration across the company’s portfolio, including drilling, geochemistry, and geophysical surveys at the Odienné and Baga projects.
Write to Maddison Elliott at Mining.com.au
Images: Many Peaks Minerals
