Peak Minerals Reports Up to 5% Heavy Minerals in Minta Drilling, Raises $2M

Exploration Milestones at Minta Rutile Project

Peak Minerals Limited (ASX: PUA) has reported significant progress in its March 2025 quarter activities, notably completing a systematic residual soil rutile reconnaissance drilling program at the Minta Rutile Project in Cameroon. The program encompassed 185 hand auger drill holes reaching depths up to 7 meters, revealing visual heavy mineral (HM) concentrations estimated up to 5% in residual soils. Rutile nuggets were frequently observed across the project area, reinforcing the prospectivity of the deposit.

Complementing this, an alluvial reconnaissance drilling program commenced, targeting 106 planned holes to further delineate mineralisation. Early assay results from 10 samples collected in December 2024 have confirmed the presence of high-value mineral assemblages, with valuable heavy minerals (VHM) such as rutile, zircon, and monazite identified. Notably, some samples showed enrichment of rutile up to 69% of the VHM assemblage, underscoring the project's potential.

Operational and Corporate Developments

In a strategic leadership move, Peak Minerals appointed Mr Casper Adson as Chief Executive Officer effective February 2025. Mr Adson brings over two decades of experience in mining operations and project development across multiple commodities, including titanium and mineral sands. His prior roles at Neometals Ltd and Iluka Resources Ltd involved overseeing complex processing plants and advancing projects from study phases to production, positioning him well to guide Peak’s growth trajectory.

To support ongoing exploration and development, the company successfully raised approximately $2 million (before costs) through a non-renounceable entitlement offer to existing shareholders. This capital injection is timely, given the company’s active drilling programs and preparatory work for future phases.

Broader Exploration Portfolio and Challenges

Beyond the Minta Rutile Project, Peak Minerals continues to advance its uranium exploration interests at the Kitongo and Lolo Projects in Cameroon. While historical drilling results indicate promising uranium mineralisation, the company notes the need for confirmation drilling due to incomplete historical data verification. Desktop studies are underway to design forthcoming exploration programs pending tenure grants.

In Australia, preliminary soil sampling at the Green Rocks Project in Western Australia and ongoing desktop activities at the Yendon Kaolin Project in Victoria reflect Peak’s diversified exploration approach. These projects remain in early stages but contribute to the company’s broader resource base ambitions.

Operationally, the company faced delays in assay results from a second laboratory due to shipping and QA/QC issues, with expectations to receive results in early May 2025. These delays introduce some uncertainty but do not affect previously announced positive assay outcomes.

Financial Position and Outlook

Peak Minerals reported exploration expenditure of approximately AUD 496,000 during the quarter, primarily directed at the Minta Rutile Project’s maiden drilling program. The company ended the quarter with a healthy cash balance of AUD 1.955 million, supported by the recent capital raise. This financial footing provides a runway for continued exploration and development activities through 2025.

Looking ahead, Peak’s focus will be on receiving and interpreting pending assay results, advancing infrastructure assessments for the Minta Project, and progressing uranium exploration plans. The appointment of Mr Adson signals a commitment to operational excellence and strategic growth, which investors will watch closely as the company moves from exploration towards potential development milestones.