| Element List | Explanation |
|---|---|
| Introduction | Almasane Alkobra Mining Company (AMAK) announces the signing of an agreement with Saudi Arabian Mining Company (Maaden) to exchange several exploration licenses, as part of a strategic partnership aimed at maximizing value creation in the sector and enhancing the alignment of exploration sites with the development plans of both companies. |
| Memorandum Signing Date | 2025-12-08 Corresponding to 1447-06-17 |
| Counterparty | Saudi Arabian Mining Company (Maaden) |
| Memorandum Subject | Under this agreement, AMAK and Maaden will exchange a number of exploration licenses in a manner that aligns with the operational efficiency and investment objectives suited to the scale and development stages targeted by both companies. This exchange contributes to enhancing resource management efficiency and optimizing the utilization of mineral wealth in the Kingdom, reflecting the complementary capabilities of the two companies and supporting sustainable development in the sector while opening new pathways for growth. The agreement also represents a value-added milestone for the sector, serving as one of the most notable models of collaboration between two national companies aimed at expanding the Kingdom’s exploration portfolio in a more integrated and sustainable manner. This comes within the framework of supporting national mining objectives aligned with Vision 2030. AMAK affirms that this agreement marks only the beginning of a future cooperation pathway with the Saudi Arabian Mining Company (Maaden), including upcoming initiatives that will strengthen national capabilities in exploration and development, skills development and knowledge sharing, and contribute to reinforcing the Kingdom’s position as a global hub for the mining industry. The transfer of ownership of the exploration licenses is subject to a statutory withholding period and obtaining the final approvals from the Ministry of Industry and Mineral Resources and the relevant authorities. |
| Memorandum Duration | This agreement shall remain in effect until all regulatory procedures related to the transfer of the exploration licenses are fully completed in accordance with the applicable laws and regulations. |
| Related Parties | N/A |
| Financial Impact | The financial impact will be limited to exploration activities, which is in line with AMAK’s overall funding strategy for exploration and will not represent a material change to AMAK’s overall planned exploration expenditure. |
| Additional Information | It is worth noting that the licenses to be transferred to AMAK are for the exploration of precious and base metals, and the company will announce any material developments in due course. |
