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2026-11-06
◂ Monitor MPK ASX

Many Peaks Minerals Limited

PFS Developer · Gold · Côte d'Ivoire · Canada Rating locked: sign in to view v6.2
Last 2026-11-06
A$1.06
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$181M
EV
A$154.3M
Cash
A$26.7M
Debt
A$0
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$26.7M Finite
Debt A$0 Net cash A$26.7M
Basic shares 170.8M 2026-09-14
Runway 3.8 quarters Issuer Appendix 5B calculation using A$26.705m available funding divided by A$6.989m June-quarter operating plus exploration outgoings.

Liquidity

Financial position

Audited June cash was A$26.705m. Approximately A$2.07m of placement and option proceeds was issued after June, but interim outflows are undisclosed. The June-quarter 3.8-quarter Appendix 5B runway is therefore a historical snapshot. Construction financing remains unaddressed.

Capital structure

Ownership and dilution

Ordinary shares
170.8M
Fully diluted
192.1M

The 14 September Appendix 2A reports 170,783,562 quoted ordinary shares, including 2,122,224 completed Tranche 2 placement shares, 1.5m Baga consideration shares, 66,666 supplier shares and 400,000 shares from August option exercise since the 30 June count of 166,694,672. Add 12,085,000 outstanding options and 9,250,000 performance rights for 192,118,562 fully diluted shares. Shares already issued for Baga and options exercised are counted only once.

Security classes6
ClassTypeQuantityStrikeExpiry
Unlisted options expiring 30 June 2027 at A$0.33Option5MA$0.332027-06-30
Unlisted options expiring 31 January 2028 at A$0.25Option1.4MA$0.252028-01-31
Unlisted options expiring 31 January 2028 at A$0.30Option1.4MA$0.32028-01-31
Unlisted options expiring 30 June 2027 at A$0.25Option1.3MA$0.252027-06-30
Unlisted options expiring 31 December 2029 at A$1.00Option3MA$12029-12-31
Performance rights with multiple vesting conditions and datesPerformance Right9.2M——

KPI history

Operating metrics

Source values by period
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
RecoveryFerkePreliminary bottle-roll metallurgical testPoint In Time94 percentReported
OtherCompanyJune 2026 quarterQuarter39,000 metres drilled across portfolioReported
OtherFerkeJune 2026 quarterQuarter11,639 diamond metres drilledReported
OtherOdienneJune 2026 quarterQuarter7,164 air-core metres drilledReported
OtherFerkeCY2026 through 22 SeptemberPoint In Time51,340 metres drilledReported
Company guidance2
MetricProjectPeriodLowHighStatus
Combined Diamond, Reverse Circulation And Air Core DrillingCompanyCY202660,000— metresCurrent
Updated Ouarigue Mre And Integrated Open Pit/Underground AssessmentferkeQ4 CY2026—— milestoneCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-03RaisingMpk Ordinary Fully PaidA$148.5K743.9K—CompletedConversion increased ordinary shares and reduced the outstanding derivative classes.Max 743.9K · Period 2026-06-01 to 2026-06-03 · 593,907 options exercised at A$0.25 plus 150,000 performance rights converted for non-cash consideration
2026-05-29Ann. 2026-05-22RaisingMpk Ordinary Fully PaidA$25.6M28.4MA$0.9CompletedTranche 1 issued under existing placement capacity to fund the PFS, drilling and working capital.Max 28.4M · Period 2026-05-22 to 2026-05-29 · Canaccord Genuity (Australia) Ltd and SCP Resource Finance LP
2026-09-14Ann. 2026-05-22RaisingMpk Ordinary Fully PaidA$1.9M2.1MA$0.9CompletedApproved and fully issued in late August and September 2026.Max 2.1M · Period 2026-05-22 to 2026-09-14 · Canaccord Genuity (Australia) Ltd and SCP Resource Finance LP · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Annual report, initial Baga agreement and post-balance-date share quotation reviewed for material live royalty, joint-venture, earn-in and acquisition terms.

MPK currently holds 65% of GIV joint-venture permits and can earn up to 85% by sole funding the definitive feasibility stage; only current ownership is valued.

Joint Venture · Active
Counterparties
GIV
Applies to
Ferké Gold Project · Odienné Gold Project · Oumé (Beriaboukro) Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Current MPK interest: 65 percent
Potential MPK interest: 85 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

A 1% NSR applies to MPK’s share of minerals on GIV permits; the resource calibration is discounted to allow for this burden.

Royalty · Active
Counterparties
GIV
Applies to
Ferké Gold Project · Odienné Gold Project · Oumé (Beriaboukro) Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 1 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Ferké South is an ungranted permit application; MPK has 0% present ownership and a conditional earn-in to 80%, with further funding and milestone obligations.

Earn In · Conditional
Counterparties
MMS · Original tenement owners
Applies to
Ferké Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Earned interest after expenditure: 80 percent
Exploration expenditure threshold: 2,000,000 USD
Post-BFS conversion royalty: 1.5 percent
Reserve milestone cap: 4,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

MPK exercised Baga option and issued 1.5m shares; the model reserves cash and risked future milestone consideration separately while counting issued shares only in dilution.

Other · Active
Counterparties
Atlantic Resources CI SARL vendors
Applies to
Baga Gold Project · Gold
Economic direction
Mixed
Period
From 2026-07-01; no end date stated
Key terms
Share consideration issued: 1,500,000 MPK shares
Remaining cash consideration: 1,000,000 USD
Resource milestone: 1.25 USD per M&I resource oz
How it affects our valuation

No valuation treatment is available for this arrangement.