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Almasane Alkobra Mining Co. (AMAK) has announced a major mineral discovery at its Jabal Qaran project located in Najran, Saudi Arabia. Based on an independent Mineral Resource Estimate report prepared by Cube Consulting and compliant with the JORC Code, the company identified approximately 14 million tons of mineralized material. This total includes 11.3 million tons of classified mineral resources alongside 2.7 million tons of unclassified material. The classified portion features 9.7 million tons of polymetallic mineralization grading 1.38% copper equivalent and 1.5 million tons of gold mineralization averaging 1.10 grams per ton.
This resource estimation marks a crucial milestone for AMAK as it progresses toward commercial development. The presence of high-grade copper equivalent and gold resources provides a solid foundation for future production capacity. The company plans to undertake further exploration drilling to evaluate resource extensions at greater depths and in surrounding areas, aiming to expand its resource base while advancing studies to convert its exploration license into a full mining license.
For investors in the Saudi market and the broader GCC mining sector, this update reinforces the growth potential of local mineral exploration under Saudi Vision 2030. The expansion of proven reserves could enhance AMAK's long-term enterprise value and revenue stability. Market participants will be closely watching future updates regarding the conversion of the exploration license to a commercial mining permit and subsequent feasibility studies.
