Power Metal Resources plc has invested US$1.5 million (£1.2m) for an initial 4.6% shareholding in Greyridge Exploration Corp, focused on copper and gold deposits in Saudi Arabia.
PROJECTS
The $1.5m investment is part of an up to £10m financing with “leading global investors”.
Power Metal also signed a memorandum of understanding with the Canadian company for its subsidiary, Power Arabia Ltd, and Greyridge to work together across Greyridge’s current and future projects, to create a project pipeline.
The company said that the agreement includes the exchange of “technical, geological, commercial and strategic information, joint desktop studies, and preliminary discussions with Saudi governmental authorities, regulators and potential local partners”.
Greyridge, as “one of the largest foreign holders” of exploration licences in Saudi Arabia, holds a 100% interest in 25 licences covering 1,817 km2 of “highly prospective terrain”.
Power Metal’s investment will fund exploration, involving sampling and drilling, on Greyridge’s Ad Dawadimi copper-gold project and the Al Amar gold-enriched volcanogenic massive sulphide project.
Ad Dawadimi, comprising 14 licences over 1,048 km2, is located approximately three hours west of Riyadh.
Al Amar comprises nine licences over 609 km2, and lies approximately two hours southwest of Riyadh.
The Wadi Wassat copper-gold project contains two licences over 160km2, and is north of Najran in the southwest of Saudi Arabia.
AI
Chief executive officer Sean Wade added that, in 2024, Saudi Arabia ranked 23rd in the Fraser Institute’s Attractiveness Index, and was higher than Chile, Kazakhstan and Zambia.
“Power Metal, through Power Arabia, has established itself in the region with one MoU already signed and ongoing discussions for further licence options, as well as ongoing exploration activities in the Arabian Shield.
“Now, with this strategic investment and MoU with Greyridge, we can draw on our in-country expertise to further strengthen our position in this rapidly advancing market.”
Greyridge CEO Brendan Cahill, who is also president of Energold Minerals Inc and on the board of Anglesey Mining plc, added that Greyridge had identifed “numerous high-priority targets” for copper-gold porphyry, epithermal gold, orogenic gold and VMS systems.
“We have a full team in-country, we are leveraging some of the leading porphyry minds globally and we are integrating cutting-edge AI innovation into our discovery process.”
Power Metal additionally noted that the Arabian-Nubian shield held “world-class” gold, silver, and copper deposits and was “one of the most underexplored geological regions globally”.