Peako Limited (ASX: PKO) announced on 24 September 2026 the successful completion of its 100% acquisition of a high-grade gold portfolio in the Kingdom of Saudi Arabia. Peako Limited is an Australian-based minerals exploration company focused on identifying and developing high-value mineral deposits. The acquisition encompasses six highly prospective gold exploration projects spanning 862 square kilometres within Saudi Arabia’s Tier-1 Central Arabian Gold Region. Following shareholder approval and the fulfilment of all conditions precedent, the company is now poised to commence its maiden drilling program in October.
The company’s exploration geologists have significantly upgraded the prospects, delineating two new major high-grade vein systems at Sukhaybarat South. These include the Matar discovery, returning surface rock chips up to 22.9 grams per tonne gold, and the Karak system, mapped over two square kilometres, yielding grab samples up to 9.1 grams per tonne gold. Additionally, an extensive eight-kilometre high-grade vein corridor has been defined at Wadi Jarir, with rock chips assaying as high as 41.5 grams per tonne gold. These early results underscore the portfolio’s prospectivity ahead of initial drilling.
With a drill rig secured and geophysics nearing completion, Peako is set to initiate its maiden drilling program across five targets in October. This campaign will focus on Sukhaybarat South, adjacent to the ~2-million-ounce Sukhaybarat deposit, testing new discoveries and open intercepts. Drilling will also target the multi-kilometre high-grade vein corridor at Wadi Jarir, largely untested historically, and the 1.1-kilometre outcropping vein system at Jabal Jumaymah, where past scout drilling identified high-grade intercepts. The company also strengthened its leadership team with the appointment of Marcus Harden as Non-Executive Director.
