Metals & Minerals News

Power Metal rules out Qatan earn-in

Posted on Author editorial Comment(0)

Power Metal Resources plc has decided against a binding agreement for a 49% earn-in with a US$3 million spend on the Qatan exploration licence in southern Saudi Arabia.

Continue: to explore future partnership opportunities with AMAK (Pixabay)

MUTUAL

The company signed a letter of intent in September 2024 with Saudi Arabian explorer and miner Al Masane Al Kobra Mining Company (AMAK) for the volcanogenic massive sulphide property.

The deadline to formalising a binding agreement was extended in December 2024 and March 2025.

Power Metal today said that both parties were unable to “reach mutually acceptable terms”.

The company added it continued to explore partnership opportunities with AMAK in the near future.

AMAK has two copper, zinc, gold and silver producing mines as well as 21 exploration tenements covering base and precious metals and industrial minerals.

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