Saudi Arabia

MBK is pursuing a three-tier strategy in Saudi Arabia with:

• An established Joint Venture Company, Consolidated Mining Company (CMC) held by MBK (60%) and Central Mining Holding Company (CMH) (40%). CMH is member of the Al Qahtani Group and was Citadel’s JV partner during the exploration and development of the Jabal Sayid Project;
• Identification of areas of significant interest for copper and other critical minerals, including participation in 2024 Licensing Rounds in Saudi Arabia, with the Wadi Al Junah project awarded to CMC during the previous Quarter; and
• Further engagement with industry participants with existing exploration licenses regarding potential co-operation and joint venture opportunities.

CMC was awarded the Wadi al Junah Copper-Zinc-Gold-Silver project in November 2024 as part of the Saudi Government’s Exploration Licensing Round 6.  Since award, MBK has conducted surface evaluation and sampling field programs, with results awaited.

Metal Bank also continues to generate targets prospective for copper, other critical minerals and gold while assessing opportunities for JV and acquisition. Several additional tenement applications based on this targeting work are currently in progress, and discussions continue regarding potential co-operation with a number of interested third party industry participants holding granted exploration licenses.

Figure 1: MBK Middle East Projects Summary

Wadi al Junah Copper-Zinc-Gold-Silver Summary

The Wadi al Junah project area covers an area of 427sq km within the Asir province of the Arabian Shield, southwest Saudi Arabia (Figures 1 and 2). It is approximately 375km south-east of Jeddah, 150km east-northeast of the port of Al Quinfidhad and around 35km east of the Al Hajar Au-Ag-(Cu-Zn) deposit previously mined by Ma’aden. It is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The majority of the project area is accessed by local tracks and wadi valleys in moderate topography.

Figure 2: Wadi al Junah location map showing major geological provinces and mines (modified from KSA Ministry of Industry and Minerals publication after Nehlig et al, 2002)

Geology
Wadi al Junah is situated within the central Asir terrane of the Archaean Arabian Shield (Figure 2) within the ~80km long north-trending Wadi Shwas Gold Belt. The Shwas VMS belt on the western margin of the Wadi Shwas Gold Belt is host to the Al Hajar Au-Ag-Cu-Zn deposit, and numerous other VMS base metal and Au mineral occurrences of Proterozoic age are present in the region (Figure 3).

Figure 3: Wadi al Junah project geology overview showing existing mineral occurrences and major structural features (modified after Saudi NGD and Najran GM-078A 1:250k map sheet, KSA GS)

Three known mineral occurrences occur in the tenement area (Figure 3) – Haniyat (Ag-Cu-+/-Au+/-Zn), Wadi al Maytha (Ag-Cu) and Wadi Umm Rahka (Ag-Cu). Very limited rock chip sampling as part of regional scale mapping work in the 1960’s and 1970’s includes results up to 1.53% Cu, 0.44g/t Au and 160g/t Ag from these prospects, which were never followed up.

Further information is available by clicking the following MBK ASX releases:

• 20/11/2024 – Wadi al Junah VMS Style Cu-Zn-Au-Ag Project in Saudi Arabia
• 06/11/2024 – MBK’s Saudi JV Wins Exploration License in Saudi Arabia
• 19/08/2024 – Saudi Arabia Joint Venture Company Established