Saudi Arabia

The company’s projects in the Kingdom of Saudi Arabia consist of six exploration licenses covering 340 km2 over four projects: Safra, Afif 1, Al Miyah and Al Halahila. In addition to three pending licenses covering an additional ~700 km2: Massa SW, Massa SE and Afif South.

All licenses are located within highly prospective Volcanogenic Massive Sulfide (VMS) trend of the Arabian-Nubian Shield and future exploration will focus on both gold-copper VMS and orogenic gold targets.

The VMS copper-gold target covers a focused area within nearly 93 km² and hosts two parallel gossan VMS trends identified at surface, extending approximately 600m by 40m and 200m by 20m. The license for this project was awarded in Q3 2024, and since then, exploration has advanced with surface sampling, trench sampling, and an initial gravity survey completed in December 2024. The gravity survey results are coincident with the surface gossans, highlighting the strong potential of this emerging VMS trend.

The VMS copper-gold target covers nearly 235 km², with the license awarded in an auction in Autumn 2024. Surface samples have been tested, initial gravity work completed, and trench sampling is planned. The project comprises three sub-parallel prospects trending NNW–SSE and is associated with extensive evidence of ancient mining activities, including pits, trenches, and slag. The Al Miyah Main prospect extends 400 m along strike and contains trenches, pits, and graphitic mudstone. Hishashat, located 6 km to the west, measures 400 m by 70 m and hosts ancient slags at a rhyolite-mafic contact. Western Exhalite, 13 km to the west, features silica-rich gossanous exhalite outcrops.

The VMS target, with a license awarded in an auction in Summer 2024, covers a focused area of nearly 35 km². VMS mineralization consists of several discontinuous gossan outcrops trending north–south over 9 km, with an average thickness ranging from 5 m up to 30 m. A historical mineral resource was estimated based on seven diamond drill holes totaling 785 m, covering 750 m of strike and reaching down to 100 m depth, with results of 1.04 Mt @ 0.44% Cu, 2.99% Zn, 0.45 g/t Au, and 25.2 g/t Ag. Surface samples have been collected, with additional results pending. Initial gravity work has been completed, and follow-up surveys are planned.

The VMS target was identified during a third field visit in December 2023, where a massive zone of gossan material was observed at surface, extending approximately 2 km along strike and up to 250 m in width. A license covering nearly 76 km² was awarded in Q3 2024. Since then, initial gravity work has been carried out, and trench samples have been collected to further evaluate the area.

The license applications for Massa SW, Massa SE and Afif South have been accepted, awaiting grant (Sun Peak is currently participating in Ministry of Minerals Round 9 Auction).

Further information on these exploration licenses can be found in our company presentation.