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Peako Limited (ASX:PKO)

ALERT: Price-sensitive ASX Announcement for PKO
Current share price for PKO : $0.011 0.005 (83.33%)+
Announcement
Release
10 Jun 2026 10:42AM
Price at Release
$0.006
Full Release
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Summary
Peako Limited has agreed to acquire a portfolio of gold exploration projects in Saudi Arabia, aiming to capitalize on the emerging Central Arabian Gold Region. The projects, covering 862 km², include drill-ready targets near operating mines with historical high-grade intercepts. Exploration will begin immediately at key sites like Sukhaybarat South, supported by a $5.17 million share placement. The acquisition involves the issuance of 200 million shares and a cash payment, with leadership roles set for Marcus Harden and Oliver Jones. The Saudi mining sector's favorable conditions further enhance Peako's strategic expansion.
Key Points
  • Peako Limited has entered into a binding agreement to acquire a portfolio of gold exploration projects in Saudi Arabia, covering 862 km² across six projects.
  • The acquisition positions Peako in a newly accessible major gold province known as the Central Arabian Gold Region, close to operating mines.
  • The projects include drill-ready targets and potential for district-scale discoveries, with historical high-grade gold intercepts.
  • Peako plans to commence exploration immediately, focusing initially on Sukhaybarat South, Jabal Jumaymah, and Wadi Jarir.
  • The acquisition includes issuing 200 million shares and a cash payment of A$100,000 as part of the consideration.
  • Peako has received commitments for a $5.17 million share placement to fund exploration activities.
  • Key personnel changes include appointing Marcus Harden as Non-Executive Director and Oliver Jones as Exploration Manager.
  • The Saudi Arabian mining sector offers favorable terms such as 100% foreign ownership and a 1.5% government royalty on gold.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.