Many Peaks Minerals (ASX: MPK) Lifts Gold Resource 57% to 2.08 Million Ounces. Could Ferké Become a Larger Mining Operation?

A 57% increase in contained gold has significantly expanded the development potential of Many Peaks Minerals (ASX: MPK) at its Ferké Gold Project in Côte d’Ivoire.

The company's latest resource estimate identifies 2.08 million ounces of gold, including a substantial higher-grade underground component. The challenge now is establishing whether that additional gold can be converted into an economically attractive mining operation.

Key Numbers Behind the Resource Upgrade

• 2.077 million ounces: Updated Mineral Resource Estimate, an increase of 754,000 ounces from April 2026.
• 34.6 million tonnes at 1.87g/t gold: Total resource at the Ouarigue prospect.
• 970,000 ounces at 2.93g/t gold: Underground resource, including 912,000 Inferred ounces.
• 1.108 million ounces: Open-pit resource, including 706,000 ounces classified as Measured.
• $20.1 million: Cash held at 30 September 2026, with approximately 2.8 quarters of funding at the reported expenditure rate.

Ferké's Resource Expansion Changes the Development Picture

The 5 November 2026 announcement marks a significant step in Many Peaks' progression from exploration towards potential mine development.

The interim resource incorporates 286 drill holes covering approximately 63,866 metres and builds on the maiden estimate of 1.323 million ounces reported in April.

Importantly, the underground component now accounts for approximately 47% of contained gold, creating the potential for an integrated open-pit and underground operation.

The higher underground grade could improve recovered gold per tonne processed, although underground mining generally requires greater technical complexity and higher extraction costs.

Geological confidence also remains a consideration. Approximately 94% of the underground ounces are classified as Inferred, requiring additional drilling before they can support more detailed mine planning.

What Stands Out to Us

The resource increase is substantial, but the assumptions underpinning the estimate deserve equal attention.

The updated open-pit resource of 1.108 million ounces is approximately 16% below the April total resource estimate, reflecting the revised separation between open-pit and underground material.

The new estimate uses a US$3,500-per-ounce gold price for pit optimisation, while provisional metallurgical recovery is assumed at 85%.

Leach testing across eight mineralisation domains returned gold extraction ranging from 74% to 91.5%, indicating that further metallurgical optimisation remains important.

These factors directly influence potential mining economics.

A larger resource does not necessarily deliver proportionately greater project value, particularly when additional ounces require underground development.

Without published capital cost estimates, operating costs or forecast production cash flows, a reliable project-based valuation remains premature.

What Many Peaks Minerals Is Doing Now

Many Peaks is advancing development studies at Ferké while continuing exploration across its Côte d’Ivoire portfolio.

Recent drilling has extended mineralisation beyond 900 metres vertically, including an October intercept of 46.75 metres grading 7.02g/t gold beneath the existing resource.

The company is also progressing exploration at Odienné and Baga, providing opportunities to identify additional mineralisation beyond Ouarigue.

At Ferké, work is focused on an integrated Scoping Study expected during the December 2026 quarter, alongside ongoing technical assessments supporting planned pre-feasibility work in 2027.

However, funding remains important.

September-quarter expenditure included approximately $6.6 million on exploration, while cash declined from $26.7 million to $20.1 million.

Although the balance sheet supports near-term activities, progressing towards mine construction would likely require substantially more capital.

Insight: Is Ferké's Larger Gold Resource Enough to Justify Development?

We think Many Peaks has strengthened Ferké's geological appeal, particularly through the emergence of a sizeable higher-grade underground resource. However, the commercial opportunity remains less certain than the resource growth suggests. The high proportion of Inferred underground ounces, variable metallurgical results and undefined development costs are meaningful risks. The company's cash position provides flexibility to advance studies, but not an established pathway to production. Our assessment would improve if upcoming technical work demonstrates competitive operating costs, manageable capital requirements and stronger resource confidence.

What Happens Next?

The planned December-quarter Scoping Study is the most important near-term catalyst.

It should provide an initial assessment of the combined mining concept, helping establish whether the expanded resource supports a credible development pathway.

Further drilling, metallurgical optimisation and pre-feasibility work will be critical throughout 2027.

For Many Peaks, the central question is no longer simply how much gold Ferké contains.

It is whether the company can turn its rapidly expanding resource into a financially viable project capable of generating sustainable cash flow.