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Almasane Alkobra Mining Co. Announces an update on In a previous announcement dated 2024/06/26, Almasane Alkobra Mining Co. (AMAK) announced winning the mining competition held by the Ministry of Industry and Mineral Resources for two exploration licenses to explore base and precious metals at the Al-Hijrah and Jabal Qarn sites.
| Element List | Explanation |
|---|---|
| Previous Announcement | In a previous announcement dated 2024/06/26, Almasane Alkobra Mining Co. (AMAK) announced winning the mining competition held by the Ministry of Industry and Mineral Resources for two exploration licenses to explore base and precious metals at the Al-Hijrah and Jabal Qarn sites. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-06-26 Corresponding to 1445-12-20 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Almasane Alkobra Mining Company (AMAK) is pleased to announce to its valuable shareholders that the Exploration licenses have been issued for the Al-Hijrah and Jabal Qarn sites as per the following details: 1-The Mining Bid for for Al-Hijrah site, which includes three licenses: Licenses Location: Aseer Region - Najran Region. Licenses No:1446214 - 1446217 - 1446215. Licenses Issuance date: 03-04/09/2024 AD. Licenses Expiry date: 02-03/09/2029 AD. Licenses Total Area: 274 km2 Ore Type: Gold, Silver, Copper, Zinc, and Lead. 2- The Mining Bid for the exploration license of Jabal Qaran Licenses Location: Najran Region. Licenses No:1446216 Licenses Issuance date: 04/09/2024 AD. Licenses Expiry date: 03/09/2029 AD. Licenses Total Area: 57.71 km2 Ore Type: Gold, Copper, Lead, Silver, and Zinc. These licenses were issued in accordance with the Mining Investment Law issued by Royal Decree No. M/140 dated 19/10/1441 AH and its executive regulations. The company will carry out the necessary exploration studies during the statutory period to ensure the availability of the required raw materials. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | N/A |
| Additional Information | It is worth noting that the location of Al-Hijra exploration license is located immediately to the west of AMAK's Al Masane West exploration license and within 10 km of the current mining license (Al Masane Mine) from which base metals (zinc, copper) and precious metals (gold, silver) are extracted. The location of Jabal Qarn exploration license is near the (Kutam) exploration license owned by the company. The financial impact, value, and timing of these licenses will become clear after the completion of exploration work and studies within the legal period. The company will announce any major developments regarding these licenses. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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