Metal Bank gains new project license

Metal Bank Limited (ASX: MBK), through its joint venture Consolidated Mining Company, has secured the Wadi al Junah Project in Saudi Arabia. This license is part of Exploration Licensing Round 6, marking a strategic expansion into the underexplored Arabian Shield. The project covers 427 square kilometers in the Wadi Shwas Gold Belt, near Bisha, with good access to major routes.

Strategic outlook for Metal Bank in Saudi Arabia

Metal Bank Limited, through its joint venture with Consolidated Mining Company, is set to explore the Wadi al Junah Project, emphasizing its potential for copper, zinc, gold, and silver deposits. With a two-year work program, MBK aims to identify drill targets and advance to pre-feasibility studies. This move aligns with Saudi Arabia's Vision 2030 and the country's incentives for mining exploration. MBK is also exploring additional opportunities in the region, while maintaining a diverse project portfolio in Australia and the Middle East.

Executive insights on strategic expansion

The Wadi al Junah project offers significant exploration potential in a region known for its VMS-style mineralization. Our plan is to be drill-ready within six months, utilizing our expertise in the region, particularly through the leadership of Inés Scotland, who has a proven track record with projects like Jabal Sayid.