Auking Mining's Participation in Saudi Arabia's 5th Licensing Round

Auking Mining Limited (ASX: $AKN) has been invited to participate in the 5th Licensing Round for certain prospective exploration projects in Saudi Arabia. Together with its local partner, Barg Alsaman Mining Company (BSMC), Auking Mining will explore project areas covering approximately 750km2, which are very prospective for gold, copper, silver, and other base metals in the Arabian Shield geological region of western Saudi Arabia.

Executive Commentary on Participation in 5th Licensing Round

AuKing recently announced the details of its significant Memorandum of Understanding with BSMC. The Saudi Government has now established its 5th Licensing Round whereby six (6) project licence areas, covering a total of approximately 750km2 will be made available to qualified bidders for tender. These project areas are very prospective for gold, copper, silver, and other base metals and situated in the Arabian Shield geological region of western Saudi Arabia. AuKing is very pleased to have this early opportunity to work with BSMC with the proposed tenders, which close in early May and with final awards by the Government on 23 May 2024.

Summary of Auking Mining's Participation and Outlook

Auking Mining's participation in Saudi Arabia's 5th Licensing Round, in collaboration with BSMC, signifies its strategic move to explore prospective areas for gold, copper, silver, and other base metals in the Arabian Shield geological region. This aligns with Saudi Arabia's Vision 2030 reform agenda, aiming to diversify the economy and increase non-oil revenue. The company's commitment to developing its existing uranium and copper projects in Tanzania and Australia remains unchanged, with a focus on securing funding for further exploration and development activities. Auking Mining's ambitions to become a success in the mining sector in Saudi Arabia reflect its dedication to expanding its global presence and contributing to the Kingdom's mining sector expansion.