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Sun Peak is shifting active exploration to Saudi Arabia while keeping its Ethiopia projects in good standing (but paused). This interview covered the rationale for the pivot, how Saudi exploration licenses and auctions work, what work is happening now, and what the funding and near-term plan look like.

TL;DR

Management said it has about $6.5 million cash after a $6.7 million raise and completing the Saudi Discovery Company transaction around December 16. They said this should fund planned work for the year, including drilling, and they expect a base burn rate near $200,000 per month. They are doing mapping and ground EM now, expected to run about six more weeks. They are targeting first drilling around late Q2 2026, while also saying H2 2026 is a safer way to frame it.

1. What have they done for shareholders lately?
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   Sun Peak recently completed the Saudi Discovery Company acquisition/merger and closed a $6.7 million financing, with insider participation at $0.35 (including the CEO). They set up operations in Saudi Arabia, including an office in Riyadh, and field bases near Medina and Bisha. Greg told me the team is verifying and remapping projects and running ground EM right now. He also said they will put out more frequent updates as work progresses rather than waiting for one large drill-results release.
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2. How much money do they have and what are they spending it on?
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   CEO Davies said they have about $6.5 million in the bank, which he expects is enough to complete planned exploration work for the year, including drilling. Greg added that if they simply follow the current plan they expect to finish the year with over $1 million remaining, while also hoping success creates a reason to drill more. Spending is described as mapping/verification, geophysics (EM, with gravity work referenced from the SDC side), and preparing to drill. He said they are budgeting for reliability in drilling contractors, with drilling “as low as $120 a meter”.
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3. Upcoming catalysts
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   Near-term milestones include the completion of the current ground EM and modelling of conductors beneath surface mineralization, lining up drill contractors and mobilizing for an initial drill program, and starting drilling targeted around late Q2 2026. Greg also said they expect a steady flow of news updates and plan to host site/property tours.
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4. Risks
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   The main risk we talked about was technical. Targets may not deliver the size/grade they want, and conductors could be explained by conductive rocks like graphite rather than massive sulphides. CEO Davies also said trench results are not necessarily representative until drilling tests depth continuity. Execution risks include securing reliable drilling on the desired schedule and rising burn as activity ramps. All of the above are about Saudi, but Ethiopia remains a separate risk as well. Work there is suspended due to conflict aftermath, illegal mining issues, and an exploration pause by the local administration. Still, Greg insisted that the licenses remain in good standing and they want to return when conditions allow.

Sun Peak Metals CEO Interview With Greg Davis

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