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Element List	Explanation
Introduction	Saudi Arabian Mining Company (Maaden) and Midana Exploration Pty Ltd (Hancock) have entered into a Shareholders’ Agreement to accelerate exploration efforts in the Kingdom of Saudi Arabia (the Joint Venture). Maaden will own 50.1% of the capital of the Joint Venture, whilst Hancock will own 49.9% of its share capital. The objects of the Joint Venture will include exploration, development, mining, sales and marketing of minerals in licensed areas in the Kingdom. The Joint Venture will conduct its initial exploration activities in the Nabita Ad-Duwayhi Gold-Belt, following the recent successful bid for exploration licenses by the Ministry of Industry and Mineral Resources across three new mineral belts in the Nabita Ad-Duwayhi Gold-Belt pf the Kingdom of Saudi Arabia, covering a total area of over 24,000 sq km.
Memorandum Signing Date	2025-12-29 Corresponding to 1447-07-09
Counterparty	Midana Exploration Pty Ltd (Hancock)
Memorandum Subject	Shareholders’ Agreement to establish a joint venture to conduct mineral exploration, development and mining in licensed areas in the Kingdom of Saudi Arabia.
Memorandum Duration	Not applicable
Related Parties	None
Financial Impact	The initial share capital of the Joint Venture will be Five million (5,000,000) US dollars. The Joint Venture will approve applicable budgets and business plans for its operations (including exploration, development and mining activities) on an ongoing basis.
Additional Information	The effectiveness of the Shareholders’ Agreements and the incorporation of the JV is conditional upon the satisfaction or waiver of certain condition precedent including but not limited to obtaining all the required corporate, regulatory approvals and antitrust clearance.

Saudi Arabian Mining Co. announces entering into a Shareholders’ Agreement with Midana Exploration Pty Ltd (Hancock)