Peako Ltd. will acquire a 100 per cent interest in a 862-square-kilometre gold exploration portfolio across six projects in the Kingdom of Saudi Arabia.
The transaction marks a major entry into the highly prospective Central Arabian Gold Region, an under-explored tier 1 frontier boasting a geological profile highly comparable to the rich goldfields of Western Australia and West Africa.
All six projects are positioned within 65 kilometres of operating gold mines, directly neighbouring the two-million-ounce Sukhaybarat and 3.4-million-ounce Bulghah mines.
The portfolio contains multiple drill-ready targets featuring high-grade historical intercepts, including four metres at 11.32 grams per tonne of gold at Sukhaybarat South, seven metres at 10.12 grams per tonne at Jabal Jumaymah, and two metres at 13.53 grams per tonne at Wadi Jarir—all of which remain open along strike and at depth.
Peako agreed to pay DesertEx Pty Ltd. and Desert Ex a cash payment of AU$100,000 and 200 million shares, as well as a grant of 1 per cent of net smelter royalties on all minerals extracted from project.
To fund its fully-backed 2026 exploration program, Peako has secured firm commitments for a AU$5.17 million share placement. The company will issue 1,293,750,000 fully paid ordinary shares at 0.40 cents per share.
Peako Chairman Gernot Abl said: “This acquisition is a major step for Peako. It gives the company exposure to a large and underexplored gold district with multiple historical gold intercepts, several immediate drill-ready targets and genuine district-scale discovery potential.
“The portfolio represents a compelling entry into one of the world’s most prospective emerging gold provinces.
“With a low upfront acquisition cost, milestone-based consideration and a funded 2026 work program, we believe this transaction gives shareholders strong discovery leverage in a newly evolving major gold frontier.”
As part of the expansion, experienced corporate geologist Marcus Harden will join the board as a Non-Executive Director, while Saudi-based geologist Oliver Jones has been appointed as Exploration Manager to lead the in-country team alongside Strategic Adviser Tony Manini.
The move comes as Saudi Arabia rapidly accelerates its mining sector under its Vision 2030 program, offering highly attractive fiscal terms, 100 per cent foreign ownership, and cash rebates for exploration.
