Power Metallic Secures Largest Exploration License in Saudi Arabia's Jabal Sayid Belt

Power Metallic Mines Inc. has secured the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt, becoming one of the few foreign companies with mining concessions in the Kingdom. The Jabal Baudan property, spanning over 200 square kilometers south of Jeddah, is known for its significant copper, gold, and zinc mineral potential, linked to volcanic sulfide deposits similar to the nearby Jabal Sayid Mine. This acquisition aligns with Saudi Arabia's Vision 2030 and its $182 million Exploration Enablement Program, which supports mining ventures with up to $2 million per license to diversify the economy beyond oil. Power Metallic plans to utilize historical geological data to guide exploration activities in this highly prospective region. The company’s move has been positively received by investors, reflecting increased interest in global mining expansion amid rising demand for key minerals essential to technology and energy sectors. This development highlights Saudi Arabia's strategic efforts to become a leading player in the global mineral market by attracting foreign investment and fostering exploration.