Saudi Arabia’s mining sector witnessed parallel developments this week across the government, exploration, and investment fronts. At the forefront was the strengthening of economic relations between Saudi Arabia and Canada, opening the door to greater participation by Canadian companies in mining, critical minerals, and energy projects across the Kingdom.

On the exploration front, Sierra Nevada Gold announced strong initial results from its As Safra Copper–Gold Project, confirming the presence of a vertically extensive copper mineralised system along a corridor that has so far been only partially tested.

International mining companies also continued to strengthen their presence in the Kingdom. Peako appointed a strategic adviser with extensive experience in the Saudi market, while Almasar Minerals is preparing for an Australian Securities Exchange listing to finance a two-year exploration programme. At the same time, SKRR Exploration’s proposed acquisition of Kenz Global Resources, which holds interests in several Saudi exploration licences, moved forward.

Together, these developments reflect the continued transition of Saudi Arabia’s mining sector from licence awards and portfolio building to drilling, capital raising, partnerships, and the development of the institutional capabilities required to execute field programmes.

1. Saudi Arabia and Canada Expand Cooperation in Mining and Critical Minerals

Canadian Prime Minister Mark Carney visited Jeddah in the first visit to Saudi Arabia by a Canadian prime minister in 26 years, where he met with Crown Prince and Prime Minister Mohammed bin Salman.

The two sides announced a series of commitments aimed at deepening cooperation across trade, technology, mining, natural resources, energy, education, and defence.

During the visit, companies and institutions from both countries signed 13 commercial agreements and memorandums of understanding worth more than $1 billion, covering mining, health technology, infrastructure, and defence.

According to the Canadian statement, the agreements will enable Canadian companies to participate in:

• Mining, critical minerals, and clean energy projects in Saudi Arabia.
• Infrastructure projects associated with Saudi Vision 2030.
• Skills development and technical training in construction, technology, and specialised trades.
• Renewable energy, hydrogen, and carbon capture and storage projects.

The two countries also agreed to conclude negotiations on a Foreign Investment Promotion and Protection Agreement by early 2027 and launched negotiations for a new double-taxation agreement.

Expanded cooperation with Canada creates an opportunity to attract companies with expertise in geological exploration, mining technologies, critical mineral processing, project finance, and infrastructure development.

Investment protection and taxation agreements could also reduce barriers for Canadian companies entering the Saudi market, particularly small and medium-sized businesses specialising in mining technology and services.

2. Strong Initial Results from the As Safra Copper–Gold Project

Sierra Nevada Gold Inc. announced initial drilling results from its As Safra Copper–Gold Project in Saudi Arabia on 6 July 2026.

Results from the first four drill holes confirmed the presence of a continuous copper mineralised system extending from near surface to a vertical depth of more than 200 metres. The mineralisation remains open along strike and down dip.

Key Results

• Drill hole ASDD0002 returned 17 metres at 1.26% copper from a depth of 25 metres, including 3 metres at 4.59% copper.
• Drill hole ASDD0003 returned 16 metres at 1.20% copper from a depth of 75 metres, including 4.6 metres at 3.19% copper.
• Drill hole ASDD0001 returned 13 metres at 0.93% copper from a depth of 211 metres.
• Drill hole ASRCD0001 returned 16 metres at 0.90% copper from a depth of 41 metres.

The project also recorded associated silver mineralisation, including an interval of 3 metres at 27.34 grams per tonne of silver.

The results confirmed continuous mineralisation over 400 metres within a mineralised corridor approximately 5.5 kilometres long. Less than 25% of the corridor has been tested to date.

Sierra Nevada Gold has completed the first phase of drilling, comprising 28 holes for a total of 5,400 metres. Additional assay results are expected in the coming weeks, while the company has begun planning a larger Phase 2 drilling programme.

3. Peako Strengthens Its Team Ahead of Saudi Gold Exploration

Peako Limited, an Australian Securities Exchange-listed company, appointed Johan van Vuuren as a strategic adviser to support its gold exploration strategy in Saudi Arabia.

Van Vuuren brings direct experience in Saudi Arabia’s mining and investment sectors through previous senior roles at Saudi Arabian Mining Company Ma’aden, MEPCO, the Public Investment Fund, and a private investment company owned by a Saudi ruling family.

Peako is preparing to commence drilling across its Saudi portfolio, which includes projects and licences covering approximately 862 square kilometres.

The new adviser will support the company in strategic planning, business development, mergers and acquisitions, and engagement with Saudi Arabia’s investment and natural resources ecosystem.

4. Almasar Minerals Prepares for Australian Listing and Saudi Exploration Programme

Almasar Minerals is preparing to list its shares on the Australian Securities Exchange, targeting a trading debut in mid-August 2026.

The company has assembled a portfolio of five exploration licences in Saudi Arabia covering approximately 420 square kilometres. These licences target geological settings that the company believes are comparable with major mineral belts across Egypt, Sudan, and Eritrea.

Its exploration strategy combines regional geological analysis, government datasets, and field reconnaissance to identify gold and copper targets across the licence areas.

Almasar plans to use the proceeds from the proposed capital raising to fund a two-year exploration programme. The programme will begin with cost-effective and rapidly deployable techniques, including:

• Ground magnetic surveys.
• Auger drilling.
• Soil sampling.
• Rapid reverse circulation drilling.
• Increased expenditure on targets that generate promising results.

The company’s portfolio includes a southern licence cluster and a northern licence. Management has already started an investor roadshow ahead of the proposed listing.

5. SKRR Acquisition of Kenz and the Miskah Portfolio Advances

SKRR Exploration Inc. and Kenz Global Resources Ltd. entered into a third amending agreement relating to their proposed transaction, extending the deadline for completion to 30 August 2026.

Through its Saudi subsidiaries, Kenz holds interests in several exploration areas, including a current 45% interest in the Miskah Project, which comprises 12 exploration licences.

Saudi Arabia’s Ministry of Industry and Mineral Resources has also designated Kenz as the exclusive operator and manager of the project, giving the company responsibility for managing the exploration programmes and associated operations.

Kenz is negotiating to increase its interest in the project by an additional 6%, with an option to acquire a further 4% over 36 months. This could raise its total ownership in Miskah to 55%.

The company also holds a 63% interest in one issued exploration licence and three additional pending licences within the AM ARTI property.

The proposed transaction remains subject to definitive agreements, regulatory review, and the required approvals. Trading in SKRR shares will also remain halted while documentation relating to the reverse takeover transaction is reviewed.

Key Figures

• The value of the new Saudi–Canadian agreements exceeded $1 billion, covering 13 commercial agreements and memorandums of understanding.
• The mineralised corridor at As Safra extends for 5.5 kilometres, with less than 25% tested to date.
• Phase 1 drilling at As Safra comprised 28 holes totalling 5,400 metres.
• Peako’s Saudi exploration portfolio covers approximately 862 square kilometres.
• Almasar Minerals’ Saudi licences cover approximately 420 square kilometres.
• The Miskah Project comprises 12 exploration licences.
• Kenz currently holds a 45% interest in Miskah, which could increase to 55% following completion of the proposed agreement and available options.

This week’s developments point to a Saudi mining market entering a more advanced phase, where drilling results are emerging alongside capital raising, management appointments, acquisition activity, and stronger international government partnerships.

The projects remain at different stages of exploration. However, the growing number of companies moving into active drilling, rising international investor interest, and promising initial copper results provide clear evidence of accelerating activity across Saudi Arabia’s mining ecosystem.

The next challenge will be to convert these exploration portfolios and early-stage results into defined mineral resources, followed by technical studies and commercially financeable development projects.