Peako targets Saudi Arabian gold rush with proposed acquisition of six-project portfolio

Peako (ASX: PKO) is seeking to transform into a Middle East-focused gold explorer through the proposed acquisition of a portfolio of six advanced gold projects in Saudi Arabia, positioning the company in one of the world’s fastest-growing mining regions.

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The transaction would give Peako exposure to 862 square kilometres of exploration ground across the Central Arabian Gold Region, with multiple drill-ready prospects and several projects located ~65 kilometres from operating mines.

Saudi Arabia has emerged as a major destination for mining investment as part of its economic diversification strategy, attracting global miners including Barrick, Zijin Mining, Ivanhoe Electric, Hancock Prospecting and Perseus Mining. The country offers exploration incentives, low royalties and extensive geological datasets that have opened up large areas to modern mineral exploration.

Peako said the portfolio contains six projects with immediate discovery potential and a pipeline of targets across a region that hosts more than a dozen known gold deposits exceeding one million ounces.

The flagship Sukhaybarat South borders the 2Moz Sukhaybarat mine and has three priority areas. Historical drilling at Western Prospect returned intersections including four metres at 11.32 grams per tonne gold and five metres at 5.6g/t gold.

At Jabal Jumaymah, historical drilling intersected seven metres at 10.12g/t gold from 18 metres, alongside several additional high-grade results.

Other projects within the proposed portfolio include Ad Dirabi, a historically mined gold system with high-grade rock chip results.

Peako plans an aggressive CY26 exploration campaign focused on drilling known mineralised zones, testing new targets and expanding geochemical and geophysical programs across the portfolio.

PKO will open at 0.5cps today after dropping -17%.

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