23 Holes, 3,764 Meters Drilled in Saudi Arabi by Sun Peak

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Sun Peak Metals Corp. (PEAK:TSX.V; SUNPF:OTCQB) is drilling areas of Saudi Arabia with significant polymetallic potential, grabbing the attention of precious metals investors.

Key Takeaways

• Sun Peak Metals completed maiden diamond drilling at Safra Main and Halahila Main, its first two Saudi Arabian projects, with 23 holes totaling 3,764m (meters).
• A combined 961 drill core samples were submitted for analysis, with initial assay results expected in late August 2026.
• At Halahila, 13 holes tested a mineralized gossan extending over 650m along strike, where surface samples previously returned up to 16.35 g/t gold (Au) and 180 g/t silver (Ag).
• At Safra, 10 holes tested a zone where prior sampling returned up to 3.34 g/t gold, 6.72% copper, and 19.05% zinc (Zn).
• Airborne EM surveying and gravity surveys advanced the Al Miyah project, with drilling scheduled for Q4 2026.
• At the newly acquired Jabal Al Asad property, mapping identified a 1.5-km (kilometer) VMS-style gossan at the Washaq target, with follow-up EM surveys currently underway.

A Large Drill Campaign Ongoing

On July 30, 2026, Sun Peak announced an exploration update for its 100% owned expansive Saudi Arabian portfolio in the highly-prospective Arabian-Nubia shield. The company spent the first half of the year advancing projects through exploration programs, including: geological mapping, rock and soil geochemistry, ground and airborne geophysics, target generation, and maiden diamond drilling. So far, the Safra Main and Halahila Main were completed on schedule and under budget, which the company considers a significant milestone in exploring the Arabian-Nubian shield, which hosts numerous volcanogenic massive sulphide (VMS), intrusion-related, and orogenic gold systems."

The press release listed highlights of recent exploration as follows:

• Completed maiden diamond drilling at Safra Main and Halahila Main, with 23 holes totaling 3,764m drilled across both targets. Drill holes in both programs intersected sulphide mineralization on structures or key horizons within typical VMS-style volcanic and sedimentary rock packages.
• Submitted 961 drill core samples for laboratory analysis, with initial assay results expected in late August 2026.
• Completed 1,345 line kilometers of fixed-wing time-domain airborne electromagnetic (FTEM) surveying at the Al Miyah project, along with gravity surveys at Hishashat (728 stations) and Al Miyah Main (117 stations) gold and copper VMS targets.
• Advance the Washaq target at the recently acquired Jabal Al Asad project through a 637-station gravity survey, geological sampling (44 rock samples and 45 soil samples), and follow-up ground electromagnetic (EM) surveying currently underway. Exploration work identified a large VMS-style gossan extending approximately 1.5 kilometers along a northeast-southwest trend, with a broad hydrothermal footwall alteration zone containing gossanous stringer mineralization that was mapped.

Greg Davis, President and CEO of Sun Peak, said in the release: "We are continuing to build a significant exploration platform in Saudi Arabia, advancing multiple projects through a disciplined discovery process. The completion of our maiden drilling programs at Safra Main and Halahila Main represents an important milestone, and we look forward to receiving the first assay results in late August while continuing to advance our broader portfolio of high-priority targets."

Sun Peak is dedicated to exploring the highly prospective Precambrian mineral belt within the Arabian-Nubian shield of Saudi Arabia. The company also holds six exploration licenses at its Shire project in Ethiopia.

Fed Holds Rates, Metal Prices Diverge

Junior miners and exploration companies hit the ground running this year after gold rallied at a high of US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, rates are still up 24% compared to July 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

On July 30, 2026, Trading Economics reported that ". . . gold fell below US$4,050 an ounce on Thursday, giving back the previous session's gains as traders reassessed the Federal Reserve's policy outlook after the central bank left interest rates unchanged." The article went on to argue that "Markets are now pricing in roughly a 67% chance of a 25-basis-point Fed rate hike in September, up from 56% a day earlier, while expectations for a larger 50-basis-point increase have largely disappeared." Higher interest rates are a response to inflation, and combined with a stronger dollar, raise the opportunity cost of holding a non-yielding metal. 

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Demand for copper is expected to rise due to continued use in electronics, especially with the widespread construction of new data centers and defense needs America is experiencing. A report from Businessworld claimed that "global copper demand is gradually shifting towards strategic and less price-sensitive sectors such as AI infrastructure, defense, power grids, and clean energy systems. By 2040, these categories are expected to account for nearly 45% of total copper demand, up from 32% in 2024."

Last year, the looming potential of President Donald Trump's tariffs surged copper prices in the U.S. as American investors stockpiled the metal. This hype created an overstocking of copper, widening the gap between futures and physical worth. "Collectively, inventories at the world's main exchanges have risen by more than 500,000 tons since the start of the year," stated a March 6 article by Bloomberg News. Trump's July 30, 2025 proclamation imposed a 50% Section 232 tariff on the copper input value of semi-finished copper and copper-intensive derivative products, effective August 1, 2025. Effective April 6, 2026, a 50% tariff was applied to the full value of semi-finished copper products, which collapsed the COMEX premium. This proclamation set a phased universal duty on refined copper, which will start at 15% on January 1, 2027, and will rise to 30% in 2028. 

Now, according to Trading Economics on July 31, 2026, "Copper futures climbed above US$6.45 per pound on Friday and were on track to finish the week and the month about 2% and 4% higher, respectively. The gains followed the US Federal Reserve's decision to leave interest rates unchanged this week, easing concerns over the demand outlook for industrial metals."

Paydirt Prospector Issues "Strong Buy"

Jeff Clark and Daniel Flynn of The Paydirt Prospector discussed Sun Peak's updates on July 30, 2026, saying that the update shows "useful pipeline progress" and that the completion of maiden drilling at Safra Main and Halahila Main makes up the biggest takeaway from the release.

Flynn gave the company a "Strong Buy" rating, explaining that both he and Clark hold an overweight position. Flynn wrote: "Today's update reaffirms exactly why we like Sun Peak: compelling assets, the accelerated pace, and the first-mover advantage . . . There are no guarantees of success, of course. But with assays now pending at both Safra and Halahila, and more drilling planned across the wider portfolio later this year, the window to position ahead of this critical news inflection point is closing."

Al Miyah Drilling Starts in Q4

According to Sun Peak's investor presentation, the upcoming 2026 catalysts include the commencement of drilling at Al Miyah in Q4 2026, anticipated exploration results from Round 9 Licenses, and continued research and project investigation. Initial assay results from sampling are expected by the end of August.

Ownership & Share Information¹

Sun Peak Metals Corp. has a market cap of CA$72.90 million, with 164.22 million shares outstanding. The company's 52-week range is CA$0.15-CA$0.55. Management & Insiders own 23.28% of shares, while the remaining 76.72% of shares are held by Retail.

Frequently Asked Questions

Q: What is maiden drilling?
A: Maiden drilling is the first drill program ever completed on a particular exploration target or mineral property. Its purpose is to test whether geological, geophysical, or geochemical evidence points to significant mineralization below the surface.

Q: What is a polymetallic deposit?
A: A polymetallic deposit contains economically significant amounts of more than one metal, such as gold, silver, copper, zinc, or lead. These deposits can provide multiple potential revenue streams if developed into a mine.

Q: What is a volcanogenic massive sulphide (VMS) deposit?
A: A volcanogenic massive sulphide (VMS) deposit is a type of mineral deposit formed on or near the ancient seafloor by hydrothermal fluids associated with volcanic activity. VMS deposits commonly contain copper, zinc, lead, silver, and gold.

Q: What is a gossan?
A: A gossan is a weathered, iron-rich rock that forms above sulphide mineral deposits as they are exposed to air and water. Because gossans can indicate valuable mineralization below the surface, they are important exploration targets.

Q: What is hydrothermal alteration?
A: Hydrothermal alteration occurs when hot, mineral-rich fluids chemically change surrounding rocks. These altered rocks often serve as indicators that mineralizing fluids were present and can help geologists locate nearby ore deposits.