Maaden invests SAR 750M annually in gold, copper explorations: Exec

This comes as part of a strategy focused on discovering Tier-1 assets with long production life and high investment returns, Clark told Argaam.

He added that Saudi Arabia is strategically located within the Arabian Shield, one of the world’s richest geological regions, and holds significant reserves of gold, phosphate, copper, bauxite, lithium, and high-purity silica, while vast areas remain largely unexplored.

Maaden holds exploration licenses covering more than 20,000 square kilometers as of the end of 2024, Clark said, noting that the company drilled over 400 kilometers in a single year, which reflects the scale and expansion of its exploration program.

He added that Maaden leverages a combination of field expertise and modern technologies, including artificial intelligence (AI) and geophysical data analytics, to accelerate discoveries and improve resource evaluation efficiency.

As for recent key discoveries, Clark revealed that the Wadi Al Jaww project in Al Kamil Governorate is among the most notable breakthroughs, with a gold anomaly stretching 27 kilometers.

Drilling results indicated a highly promising mineral system, as the exploration of a well showed 203 meters of gold-bearing rocks, with an average grade of 1.7 grams per ton — results considered world-class.

Clark stressed that copper has become a strategic priority for the company, given its critical role in energy transition and the expansion of AI technologies. He noted that Maaden seeks to discover large-scale, low-cost copper mines with long operational lives.

He further pointed out that Maaden has already begun exploring copper systems at promising sites such as Shayban and Wadi Al Jaww, highlighting that the Kingdom may host world-class mineral systems.

The mining services provider's strategy is not focused on marginal opportunities but on identifying large-scale assets capable of making a material impact on the company’s market value while meeting economic and technical feasibility criteria.

The key factors driving the investment returns from exploration projects include the speed of moving from discovery to development, strengthening industrial partnerships, and attracting the right talent.

While technology is a key enabler, human capital remains the decisive factor in delivering returns.

Clark also highlighted the pivotal role of the Ministry of Industry and Mineral Resources in enabling the sector through regulatory development, infrastructure improvements, and faster licensing processes.

This allowed Maaden to progress from license acquisition to drilling in less than a year — a milestone he described as exceptional by global industry standards.