Peako Limited (ASX: PKO), an Australian mineral exploration company focused on discovering and developing economic mineral deposits, has announced a significant expansion of its gold exploration footprint. The company has entered into binding agreements to acquire a 100% interest in a portfolio of drill-ready gold exploration projects spanning 862 square kilometres across six projects in the Kingdom of Saudi Arabia’s highly prospective Central Arabian Gold Region. This strategic move positions Peako in an emerging ‘tier 1’ gold frontier, with the acquisition supported by firm commitments for a A$5.17 million share placement to fund initial exploration and growth initiatives.
The newly acquired portfolio boasts immediate drill-ready priority targets, featuring high-grade historical intercepts. These include 4 metres at 11.32 grams per tonne gold at Sukhaybarat South, 7 metres at 10.12 grams per tonne gold at Jabal Jumaymah, and 2 metres at 13.53 grams per tonne gold at Wadi Jarir, all noted as open along strike and at depth. All projects are strategically located within 65 kilometres of operating gold mines, with key prospects neighbouring the Sukhaybarat (~2Moz Au) and Bulghah (~3.4Moz Au) mines. Saudi Arabia’s geology is considered comparable to highly productive gold regions like Western Australia and West Africa.
Further bolstering its Saudi Arabian operations, Peako will see the appointment of Marcus Harden as Non-Executive Director and Oliver Jones as Exploration Manager KSA, bringing extensive in-country experience. The company plans to commence exploration immediately following the acquisition’s completion, with first drill programs anticipated in the coming months targeting the high-priority prospects. Saudi Arabia is rapidly gaining recognition as a global mining destination, offering attractive fiscal terms and government incentives that have already drawn major players like Barrick Gold and Hancock Prospecting. The acquisition consideration includes A$100,000 cash, shares, performance rights tied to discovery milestones, and a 1% net smelter returns royalty.
