Peako Limited (ASX: PKO)

Sector: Gold Exploration, Saudi Arabia and Multi-Commodity Exploration

Snapshot: (As of 24 July 2026)

What Does Peako Do?

Peako Limited is an ASX-listed mineral exploration company repositioning around the discovery and development of high-quality gold assets in Saudi Arabia.

The company is advancing the planned acquisition of a 100%-owned portfolio of 10 exploration licences across six gold projects covering 862 km² in the Central Arabian Gold Region. The portfolio is positioned within one of Saudi Arabia’s most prospective and rapidly emerging gold provinces, with all six projects located within 65 km of operating gold mines.

Peako’s Saudi portfolio includes multiple drill-ready prospects supported by historical high-grade drilling, gold-bearing outcrops, extensive soil anomalies, artisanal workings and large areas that have received limited modern exploration.

The company’s immediate discovery focus is centred on Sukhaybarat South, Jabal Jumaymah and Wadi Jarir. These three prospects already host high-grade historical results and are expected to form the core of Peako’s first Saudi drilling campaign. A broader pipeline at Bulghah East, Ad Dirabi and Wadi Ash Shuwayla provides additional district-scale discovery potential beyond the initial targets.

Peako also retains its East Kimberley exploration portfolio in Western Australia, providing exposure to structural and shear-hosted gold, intrusion-related gold and base metals, and ultramafic-hosted nickel-PGE mineralisation.

Recent Developments

• 6 July 2026: Peako appointed Johan van Vuuren as Strategic Adviser, adding senior experience across Saudi Arabia’s mining, industrial and investment sectors. His background includes roles at Maaden, MEPCO, the Public Investment Fund and a ruling-family-owned private investment company, together with experience in M&A, joint ventures and strategic investments across the Middle East.
• 10 June 2026: Peako announced binding agreements to acquire a 100% interest in a drill-ready Saudi Arabian gold portfolio covering 862 km² across six project areas in the Central Arabian Gold Region.
• June 2026: The company secured firm commitments for an A$5.175 million placement at A$0.004 per share to fund the acquisition, initial drilling, geophysics, mapping, sampling and broader exploration across the Saudi portfolio.
• 19 January 2026: Tony Manini joined Peako as Strategic Adviser, bringing more than three decades of international exploration, mine development, investment and corporate leadership experience.

Portfolio Highlights

• District-scale position: 10 exploration licences across six project areas covering 862 km².
• Near-mine setting: All projects are positioned within 65 km of operating gold mines, including Sukhaybarat and Bulghah.
• Immediate discovery leverage: Multiple prospects are ready for follow-up drilling, supported by historical high-grade results.
• Exploration runway: The portfolio includes drilling targets, outcropping mineralisation, gold-in-soil anomalies, artisanal workings and undrilled intrusive systems.
• Funded advancement: The 2026 work program is funded to support first drilling and broader target generation.

Central Prospect

The Central Prospect contains approximately 600 metres of outcropping quartz-vein mineralisation with historical rock chip results reaching 4.84 g/t Au. Artisanal workings occur along the outcrop, with additional large workings approximately one kilometre to the north. The prospect represents an immediate RC drilling target.

Eastern Prospect

The Eastern Prospect hosts gold-in-soil anomalism extending for approximately 7 km within the same broad geological and structural setting as the Sukhaybarat mine. The anomaly remains largely untested and is accompanied by artisanal workings along the interpreted mineralised trend. Mapping and magnetic surveys are planned to define priority drill targets.

Jabal Jumaymah – High-Grade Outcrop and Historical Drilling

Jabal Jumaymah contains more than one kilometre of outcropping mineralisation, with historical rock chip results reaching 41 g/t Au. Sparse historical drilling at the northern end of the outcrop returned significant intersections including 7m @ 10.12 g/t Au from 18m, 10.9m @ 2.06 g/t Au from 16.1m and 7m @ 5.44 g/t Au from 10m.

The outcropping system extends well beyond the historically drilled area, providing scope for systematic exploration. Peako plans RC drilling to test the outcropping mineralisation and extend the known high-grade intersections, supported by mapping and magnetic surveys across a broader anomalous zone.

Wadi Jarir – Broad Gold Intersections Open for Expansion

Wadi Jarir provides a strong combination of broad mineralised widths and high-grade gold. Historical first-pass RC drilling returned 26m @ 0.70 g/t Au from 13m, 15m @ 0.55 g/t Au and 2m @ 13.53 g/t Au from 38m, including 1m @ 25.88 g/t Au in the final metre of the drill hole.

The best historical hole was positioned at the end of a drill fence and finished in high-grade mineralisation. Peako plans follow-up drilling to extend the mineralised system and evaluate previously untested anomalies.

Ad Dirabi – High-Grade Gold Within an Untested Intrusive System

Ad Dirabi is interpreted as a gold-bearing diorite intrusion positioned along a dilational faulted contact. The project contains evidence of ancient gold mining and at least five parallel quartz veins extending for up to 300 metres. Historical rock chip results reported by the US Geological Survey include 33.6 g/t Au, 4.3 g/t Au and 3.4 g/t Au.

Magnetic data also indicate the possible presence of another major intrusion in the southern project area, associated with historically recorded copper occurrences. Mapping and systematic sampling are planned to advance the intrusive and quartz-vein targets.

Bulghah East – A 10 km Gold-in-Soil Target

Bulghah East lies approximately 14 km east of the Bulghah Gold Mine. The project hosts a gold-in-soil anomaly extending for more than 10 km along a major regional structural trend parallel to the structure that hosts the Bulghah operation. Mapping, magnetic surveys and infill soil sampling are planned to refine the anomaly and define priority drill targets.

2026 Saudi Exploration Program

Peako’s 2026 exploration strategy is designed to advance existing high-grade targets while developing the next generation of drilling opportunities across the broader portfolio.

Drilling to Extend Known Gold Intercepts

• Sukhaybarat South Western Prospect: Follow-up drilling around historical high-grade intersections and testing along strike and at depth.
• Jabal Jumaymah: Drilling to extend shallow historical gold intersections and test the broader outcropping mineralised system.
• Wadi Jarir: Follow-up drilling around broad gold intersections and the high-grade end-of-hole result.

Drilling of New Targets

• Sukhaybarat South Central Prospect: Initial RC testing of the outcropping quartz-vein system and artisanal workings.
• Jabal Jumaymah extensions: Additional drilling along the broader outcrop and structural trend beyond the historical drill area.

Surface Exploration and Target Generation

Mapping, magnetics, soil geochemistry and systematic sampling are planned across Sukhaybarat South Eastern Prospect, Jabal Jumaymah, Wadi Jarir, Bulghah East, Ad Dirabi and the wider Saudi portfolio. This combination gives Peako several potential sources of sustained exploration news flow rather than relying on a single target or drilling campaign.

Why Saudi Arabia?

Saudi Arabia is rapidly building a globally significant mining industry as part of its economic diversification strategy. The Kingdom has introduced a modern mining framework that supports international participation and the rapid advancement of exploration projects.

• International participation: The mining framework permits 100% foreign ownership.
• Long tenure: Exploration licences can provide tenure of up to 15 years.
• Competitive fiscal setting: The jurisdiction offers a 20% corporate tax rate and a 1.5% government royalty on gold, with an initial royalty holiday described in company materials.
• Exploration support: Cash exploration incentives, digitised geological data and historical exploration information support early-stage work.
• Development pathway: Potential government-backed funding and an expanding mining ecosystem support future project advancement.

The combination of proven gold endowment, limited historical competition, government backing and increasing international investment makes Saudi Arabia an increasingly important destination for global exploration capital.

Retained East Kimberley Portfolio

Alongside the Saudi Arabian portfolio, Peako retains its East Kimberley tenement package in Western Australia. The project area lies within the Halls Creek Orogen, an endowed but comparatively under-explored mineral province hosting several important deposits and discoveries, including Panton, Savannah, Copernicus, Nicolsons and the broader Lamboo mineralised corridor.

Peako’s East Kimberley portfolio provides exposure to structural and shear-hosted gold, intrusion-related gold and base metals, copper-lead-zinc systems and ultramafic-hosted nickel-PGE mineralisation. The retained Australian portfolio gives Peako an additional platform for exploration growth outside Saudi Arabia and complements the company’s new gold-focused strategy.

Why the Peako Story Has Strengthened

Peako’s position has changed materially during 2026. The company has moved from being primarily associated with its East Kimberley PGE assets into a broader gold-focused exploration company with a district-scale Saudi Arabian portfolio, multiple high-grade historical results, three immediate drill-ready prospects, a funded exploration program and an expanded in-country execution platform.

• Scale: A portfolio of six project areas covering 862 km² in the Central Arabian Gold Region.
• Quality of targets: Historical drilling and surface results support immediate follow-up at multiple prospects.
• Catalyst depth: The company has several drill-ready projects and a second wave of target-generation opportunities.
• Execution capability: Technical, strategic and Saudi relationship capability has been strengthened through recent appointments.
• Funding: The capital raising supports the first phase of drilling and broader portfolio advancement.
• Optionality: The East Kimberley portfolio remains available as an additional source of exploration value.

Peer Comparison

Peako’s most relevant Saudi-focused ASX comparisons include Sierra Nevada Gold and Resource Minerals International, both of which demonstrate the growing market interest in companies establishing exploration positions in Saudi Arabia.

Peako currently has a substantially lower market capitalisation than these Saudi-exposed peers despite controlling a district-scale 862 km² portfolio, having multiple drill-ready prospects and being fully funded for its 2026 work program. The comparison is particularly relevant because Peako remains at the beginning of its Saudi drilling cycle.

Successful execution across Sukhaybarat South, Jabal Jumaymah and Wadi Jarir could progressively strengthen the market’s recognition of the company’s portfolio and narrow the current valuation gap to more established Saudi-focused explorers.

Leadership and Technical Capability

Gernot Abl – Chairman

Gernot Abl has more than 20 years of experience across law, corporate finance, strategic consulting and the commercialisation of early-stage companies. He also serves as Chairman of Nelson Resources and dorsaVi.

Dr Paul Kitto – Director

Dr Paul Kitto has more than 30 years of mining and exploration experience and has led or participated in teams responsible for discovering multiple multi-million-ounce gold deposits across Africa, Australia and Papua New Guinea. He was previously Exploration Manager, Africa for Newcrest and Chief Executive Officer of Ampella Mining before its acquisition by Centamin.

Tony Manini – Strategic Adviser

Tony Manini brings more than three decades of international mining, discovery, development and investment experience. His career includes senior positions with CRA-Rio Tinto and Oxiana-OZ Minerals, co-founding EMR Capital and involvement in the discovery or advancement of major gold and copper-gold projects.

Oliver Jones – Exploration Manager, Saudi Arabia

Oliver Jones brings more than 14 years of Saudi Arabian and Middle Eastern gold exploration experience, including work across several of Saudi Arabia’s operating gold mines. He will lead Peako’s in-country exploration team and implementation of the initial drilling and target-generation programs.

Johan van Vuuren – Strategic Adviser

Johan van Vuuren brings senior Saudi Arabian mining, industrial, investment and corporate development experience through previous roles at Maaden, MEPCO, the Public Investment Fund and a ruling-family-owned investment company. His networks and transaction experience support Peako’s longer-term Saudi growth and partnership strategy.

Upcoming Catalysts

• Completion of the Saudi Arabian portfolio acquisition.
• Shareholder approval of the remaining transaction and placement components.
• Commencement of first Saudi drilling in Q3 2026.
• Follow-up drilling at Sukhaybarat South Western Prospect.
• Initial drilling of the Sukhaybarat South Central Prospect.
• Drilling extensions at Jabal Jumaymah.
• Follow-up drilling at Wadi Jarir.
• Mapping and magnetic surveys across the Saudi portfolio.
• Infill soil sampling at Bulghah East.
• Systematic mapping and sampling at Ad Dirabi.
• Continued fieldwork within the retained East Kimberley portfolio.

Investment View

Peako offers early-stage exposure to one of the most important new gold exploration themes emerging on the ASX. The proposed Saudi Arabian portfolio combines scale, near-mine positioning, high-grade historical results, multiple immediate drill targets and a deep pipeline of additional prospects.

Importantly, Peako has supported the strategic reset with a funded 2026 work program and a leadership team that combines global discovery experience, in-country exploration capability and direct Saudi Arabian mining and investment relationships.

The company’s current market valuation remains small relative to the scale of the portfolio and the number of upcoming catalysts. This gives Peako meaningful leverage to exploration success as it moves toward first drilling across Sukhaybarat South, Jabal Jumaymah and Wadi Jarir.

For Phoenix readers, the attraction is the combination of a large position in an emerging gold jurisdiction, high-grade drill-ready targets, a broad discovery pipeline, strengthening Saudi execution capability, a funded exploration program, retained Australian optionality and a market valuation that leaves room for greater recognition as the strategy advances.