Many Peaks Minerals (ASX:MPK) Up 350% in 2025: Is This Explorer Still a Buy?

What the Market Is Pricing In for Many Peaks

Many Peaks Minerals (ASX:MPK) has delivered one of the most impressive performances on the ASX this year, with shares surging 350 per cent from AUD 0.20 at the start of 2025 to around AUD 0.90 today. For comparison, the All Ordinaries Index is only up 5.5 per cent over the same time. The company has now started a major 15,000-metre drilling program at its main Ferké gold project in Côte d’Ivoire, and investors are clearly expecting strong results. But after such an extraordinary run, the question on every investor’s mind is whether there’s still upside left or whether the easy money has already been made.

What are the Best ASX Mining stocks to invest in right now?

Check our buy/sell tips

Why Many Peaks Has Captured Investor Attention

The strong share price momentum comes from outstanding drilling results at the Ouarigue prospect. Earlier this year, diamond drilling found gold intercepts such as 84.8 metres at 3.01 grams per tonne and 45 metres at 8.58 g/t. To put that in context, anything above 2 g/t is usually considered high-grade for open-pit mining, while grades above 5 g/t are excellent. Many Peaks is showing both wide and high-grade results, which is the mix needed to build large, profitable deposits

What makes this even more exciting is the consistency of the gold. Drilling has tracked mineralisation from the surface down to more than 300 metres deep, with grades actually improving at depth. This points to a system with real scale, not just small pockets of high-grade ore. Since acquiring the Côte d’Ivoire projects in mid-2024, the company has drilled more than 59,000 metres, and the results so far show that management’s aggressive exploration strategy is working.

Many Peaks Targets Maiden Resource in H1 2026

The company commenced its 2025-26 field season last week with a 15,000-metre drilling program. The key milestone investors should watch is a maiden resource estimate targeted for the first half of 2026. This is where the story gets interesting. If management can define a resource above one million ounces at grades exceeding 2 g/t, we believe it would trigger a meaningful re-rating, potentially attracting institutional investors who currently can’t invest in pure explorers without defined resources.

Initial drill results are expected in January 2026, creating an obvious near-term catalyst. For momentum investors, this timeline is attractive. For more conservative investors, it represents a binary risk event that could go either way.

The Investor’s Takeaway

Many Peaks is currently valued at around AUD 80 million despite not yet having a defined resource, meaning its share price is built on drilling results and geological potential rather than proven ounces. The company strengthened its balance sheet by raising AUD 13.5 million in July at AUD 0.72 per share, which reduces near-term dilution risk.

The main risks are clear: without a resource, valuation depends entirely on exploration success, and while Côte d’Ivoire is relatively stable compared to other West African nations, it still carries more political and permitting risk than Australian projects. On the positive side, drilling results have been consistent, suggesting moderate geological risk. After a 350 per cent share price rise, timing is crucial.

For existing investors, holding through the January results could be worthwhile given the strong exploration progress. For new buyers, the current AUD 0.90 level already assumes significant success, so a pullback closer to the AUD 0.72 placement price would offer a better entry point. Overall, this is a high-risk, high-reward discovery story, and anyone buying now should keep positions small and be prepared for sharp price swings when results are released.