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Highlights
Many Peaks revises Baga option agreement to maintain exploration momentum
Escrowed share settlement and cash payments to support exclusive acquisition rights
Surface geochemistry surveys underway following initial fieldwork in Côte d’Ivoire
Many Peaks Minerals Ltd (ASX:MPK), listed on the ASX 300, has taken steps to expand its footprint in West Africa’s gold-rich Birimian greenstone belts. The company has revised its option agreement with Atlantic Resources to progress toward acquiring full ownership of the Baga Gold Project, strengthening its presence in Côte d’Ivoire.
The revised terms enable Many Peaks to secure exclusive rights under an extended 24-month option period, while retaining a structured path to acquisition.
Revised Terms and Escrow-Based Agreement
Under the adjusted agreement, Many Peaks will reduce its option fee shares while applying a 12-month escrow on the revised allocation. A supporting cash component remains part of the deal structure, offering flexibility in how settlement obligations are met.
The company has retained the right to substitute cash payments with equity equivalents based on a pricing mechanism tied to historical trading averages. This arrangement is expected to provide capital management flexibility while progressing the project toward further milestones.
Pathway to Commercial Milestone and Deferred Consideration
Should Many Peaks move ahead with exercising the option, additional shares and a milestone-based cash payment structure are planned. These obligations are subject to conversion based on value metrics leading up to the completion of a compliant resource estimate.
A deferred payment component will apply based on incremental increases in resource ounces, continuing until a minimum production threshold is achieved within a quarterly period. Upon meeting this operational benchmark, the obligation for ongoing deferred payments will cease.
Early-Stage Work Enhances Geological Understanding
Field activities across the Baga Gold Project have already commenced, with Many Peaks identifying key geological structures within the tenure. Managing Director Travis Schwertfeger noted that maintaining the current option arrangement enables the company to align its operations with its strategic gold exploration initiatives in the region.
Initial mapping and structural interpretation have laid the groundwork for more targeted programs. The company is awaiting the results from surface soil geochemistry campaigns, which are expected to shape upcoming exploration phases.
Focus on West Africa’s Gold Corridor
With a growing portfolio across Côte d’Ivoire, Many Peaks Minerals continues to prioritise projects within high-prospect corridors. The revised terms around the Baga Gold Project offer a framework for continued work across the site, underpinning the company’s strategy within one of West Africa’s prolific gold provinces.
