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>75Moz²

Defined gold equivalent of the Nubian Shield, a near geological mirror of the Arabian Shield, despite limited and mostly artisanal exploration and extraction.

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>25Moz²

Defined gold equivalent of the Arabian Shield. With modern exploration now enabled by political will, the potential for major new gold and copper discoveries is evident.

Background

SAUDI VISION 2030

In 2016, Mohammed bin Salman, now Saudi Arabia’s Crown Prince, unveiled Vision 2030 ¹. 

The plan represents not just an economic strategy, but a comprehensive reimagining of the country’s future, making its success crucial for the country's long-term stability and prosperity.

A key pillar of Vision 2030 ¹ is the diversification and growth of the Saudi Arabian economy. Recognising the significant value locked in their subterranean ore bodies, the government set about transforming its mining sector, creating an attractive environment for foreign exploration and investment.

Projects
Copper and gold landscape

SAUDI VISION 2030

2017
2018
2021
2022
2023
2024
2025
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Saudi government announces plans to attract $18 billion in mining investments by 2020

Background

FISCAL REGIME & INCENTIVES

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Attractive fiscal regime

  • 100% foreign ownership
  • 1-4.5% royalty with 1-5 year holiday
  • 20% corporate, 5% div. withholding tax
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Incentivised exploration

  • US$182m explo. incentive budget
  • Up to US$2m ~40% net back per permit
  • Wage subsidies for KSA nationals
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Access to geological data

  • Large areas of unstaked ground
  • Geophys, geochm, mapping
  • >3,750 digitised legacy reports
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Feasible permitting

  • Competitive auctions (no setup)
  • Low staking / holding greenfield cost
  • Options for JV and acquisition
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Low-friction logistics

  • Limited vegetation and population
  • Expansive sealed road network
  • Low cost diesel and electricity
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Unique geology

  • ~45%: VMS (Cu-Au Zn)
  • ~40%: Orogenic (Au)
  • ~15%: Porphyry-epithermal (Cu-Au)
Since Professor David Groves, an advisor to Almasar, first classified orogenic gold deposits (OGDs) in 1998, they have come to represent most of the world's gold endowment, with major production in Australia, Canada, and West Africa.
The East-African Nubian Shield has shown significant OGD potential. Egypt has the Sukari deposit with 23 Moz. Sudan produced 2.5 Moz in 2025 alone, mostly from informal mining. Estimates suggest >100 Moz of ancient output from the Nubian Shield.
While gold mining in the Kingdom has only become a focus in recent years, world-class deposits like the 10 Moz Mansourah Massarah are already expanding toward production of 500koz pa.
Current OGD discoveries in the Arabian shield

10 Moz

Arc

Mansourah Massarah

5Moz

Arc

Ar Rjum

3Moz

Arc

Bulgah

3Moz

Arc

Ad Duwayhi

The Nubian Shield hosts over 50 known VMS deposits, formed by the magmatism and volcanism related to the assembly of the Gondwana supercontinent. Particularly striking is the high gold content of those deposits.
The Hadal Awatib VMS in Sudan (1.8Mt CuEq metal ²) is not only close to 50% gold, but its giant sulphide lens continues for more than 3km, making it the most extensive VMS globally after Kidd Creek (Ontario) and Neves Corvo (Portugal).
Similar geology exists in the Arabian Shield, yet VMS exploration in Saudi Arabia remains early stage, despite the world-class precedent of Jabal Sayid.
Current VMS discoveries in ANS ²

8.4Moz AuEq

Arc

Hassai (Sudan)

2.5Mt CuEq metal

Arc

Bisha (Sudan)

1.3Mt CuEq metal

Arc

Jabal Sayed (KSA)

Porphyry copper deposits (PCDs) and related magmatic-hydrothermal systems (skarn, manto, epithermal) typically occur in young continental arcs such as the Andes and SW Pacific.
In the Arabian-Nubian Shield, however, multiple porphyry systems have been identified, comparable to older belts like Australia's Macquarie Arc (~450–500 Ma), host to the world-class Cadia deposit (>30 Moz Au, >5 Mt Cu).
The standout ANS discovery is Sudan's 730Ma Jebel Ohier deposit (2.3Mt CuEq metal). Multiple porphyries have been identified in KSA, alongside potential skarn and IOCG Cu-Au systems, but remain at pre-resource stage.

¹ Source: Investsaudi (https://investsaudi.sa/sectors/mining-metals); Vision2030 (https://www.vision2030.gov.sa/en/explore/strategies/strategy-for-the-mining-sector).

² All deposit sizes given in AuEq for those with >50% by value of gold, and CuEq for those with >50% Cu, based on 100% of contained metal, using spot prices as of April 22nd 2026 (US$4,754/oz Au, US$77.93/oz Ag, US$13,534/t Cu, US$1,968/t Pb, US$3,471/t Zn). Stated endowments are a combination of published Measured, Indicated and Inferred resources and published historic production. Given the resources are third party resources, the Company is not able nor is it required to make assumptions concerning the likely recoveries of metal equivalents in the resource estimates. Readers should be aware that the exclusion of recovery factors in the metal equivalent conclusions may lead to an immaterial overstating of the mineral resources and ore reserves disclosed herein.

Disclaimers

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