Peako Acquires Saudi Gold Portfolio
Key points
- Acquisition of a gold exploration portfolio in Saudi Arabia
- Portfolio includes multiple high-priority drill targets
- Strategic team and funding secured for immediate exploration
- Saudi Arabia emerging as a major gold mining jurisdiction
- Share placement of $5.17 million committed
Full summary
Peako Ltd has announced the acquisition of a portfolio of gold exploration projects in the Kingdom of Saudi Arabia, covering 862 square kilometers across six projects. The acquisition includes immediate drill-ready targets with high-grade historical intercepts, such as 4m @ 11.32 g/t Au at Sukhaybarat South, 7m @ 10.12 g/t Au at Jabal Jumaymah, and 2m @ 13.53 g/t Au at Wadi Jarir. The portfolio is located within 65km of operating gold mines, Sukhaybarat (~2Moz Au) and Bulghah (~3.4Moz Au). Peako has secured firm commitments for a $5.17 million placement to fund the acquisition and exploration. The company will also appoint Marcus Harden as a Non-Executive Director and Oliver Jones as Exploration Manager KSA. Exploration is set to commence immediately following the acquisition, with priority drilling expected in Q3 2026.
Guidance
Peako has secured firm commitments for a $5.17 million placement.
Outlook
Peako aims to deliver multiple large-scale, open-pittable gold discoveries in Saudi Arabia, leveraging a systematic exploration approach.
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