This has been driven by drilling activities defining more than 9 million ounces of additions prior to adjustments for annual resource reporting factors such as increased cost and increased commodity price assumptions.
Targeted drilling across four locations delivered robust Mineral Resource growth: Mansourah Massarah delivered a 3.0 million oz net increase year-on-year, Uruq 20/21 and Umm As Salam added 1.67 million oz, and Wadi Al Jaww contributed a maiden 3.08 million oz Mineral Resource.
These results underscore Maaden’s speed and discipline in building a leading gold growth pipeline in the Kingdom of Saudi Arabia.
Advanced drilling in the Central Arabian Gold Region ‘CAGR’ identified new mineralised zones, while near mine drilling at the historic Mahd gold mine has extended the potential resource envelope which will be evaluated for mine life extension.
In addition, early-stage exploration drilling across base metals has identified promising exploration targets. Initial drilling at Jabal Shayban and Jabal Al Wakil has highlighted copper, nickel, and platinum group element mineralisation consistent with large mineral systems.
Bob Wilt, CEO of Maaden said: “The results leave no doubt that the company’s long-term strategy is working on the ground. This is exactly why we continue to invest heavily in Saudi Arabia’s gold endowment.
“The addition of more than seven million ounces through drilling across the four areas demonstrates the scale and ongoing potential of Maaden’s gold portfolio, and it continues to deliver as we advance exploration and mine development. Our assets are growing, and that growth directly supports future cash generation. From operating mines to new discoveries, the depth of our pipeline shows we are still in the early stages of unlocking the Arabian Shield’s gold potential.
“The results underline the strength of the company’s broader pipeline. These early copper and nickel results show the same signals we saw first in gold and that the Arabian Shield has real scale to continue developing. What we’re seeing at Shayban and Jabal Al Wakil points to a much bigger opportunity across the Kingdom and reinforces our ambition to build a strong multi-commodity portfolio alongside our growing gold business.”