Maaden unveils 7.8M oz of new gold resources, more incoming

Logo of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co. (Maaden) announced the addition of 7.8 million ounces (oz) of gold resources across four key sites, ranging from operational mines to early-stage discoveries.

In a statement to Tadawul today, Jan. 12, the company said this milestone was driven by drilling activities that initially identified more than nine million ounces before annual technical adjustments — such as cost and price assumptions — were applied.

These updated mineral resource estimates were conducted by external competent persons, in compliance with the JORC Code (2012) (the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves).

Maaden highlighted robust growth across four key locations: 

Mansourah-Massarah Mine, which delivered a 3.0 million oz net increase on an annual basis; Uruq 20/21 and Umm As Salam, both adding 1.67 million oz; and Wadi Al Jaww, which contributed an initial maiden resource of 3.08 million oz.

Advanced drilling in the Central Arabian Gold Region has identified new mineralized zones, while exploration near the Mahd Ad Dahab mine has expanded its potential resources, currently being evaluated to extend the mine’s lifespan.

In addition, early-stage exploration projects for base metals have shown promising indicators. Initial drilling at Jabal Shayban and Jabal Al Wakil confirmed the presence of copper, nickel and platinum group elements, suggesting the existence of large-scale mineral systems.

The financial impact of this discovery has not yet been determined, Maaden stated, affirming its commitment to disclose any material developments as they arise.

In a press statement, Maaden provided further details on the new discoveries, noting that the latest mineral resources at its Mansourah–Massarah mine are currently estimated at 116 million tons with an average grade of 2.8 grams of gold per ton, equivalent to 10.4 million oz of gold.

The company added that expansion and conversion drilling programs at the mine helped identify additions estimated at 4.2 million oz of gold, resulting in a net annual increase of 3 million ounces after accounting for annual changes in other resource-related factors.

Maaden said the mine and the new resource additions demonstrate the scale and ore quality required to support long-term operations, whether through open-pit or underground mining. Current drilling also indicates that mineralization remains open at depth at both Mansourah and Massarah mines. The company expects drilling activities to continue through 2026, with further growth anticipated as a clearer picture of the extensions and distribution of mineralization in the area emerges.

Additionally, Maaden noted that advanced projects within the Central Arabian Gold Province also recorded notable growth. Uruq 20/21 and Umm As Salam areas currently contain 50.6 million tons at an average grade of 2.1 grams of gold per ton, equivalent to around 3.4 million oz of gold.

The company said expansion and conversion drilling identified additions estimated at 1.9 million oz of gold, resulting in a net annual increase of 1.67 million oz after taking into account annual adjustments to other reporting factors. It added that both areas are located a short distance from the processing facility at the Mansourah–Massarah mine, noting that studies are under way to accelerate the development of these resources to support potential expansion and increased production capacity.

In Wadi Al Jaww area, Maaden pointed to an initial mineral resource estimate of 3.08 million oz of gold from a total of 76.8 million tons at an average grade of 1.25 grams per ton. The company said these resources were identified in just over one year following drilling campaigns covering an area of 100 square kilometers, reflecting Maaden’s ability to move rapidly from target definition to expansion, and adding another growth pathway to its business portfolio.

Maaden confirmed it will continue drilling to test further growth potential in Wadi Al-Jaw and surrounding areas, including Jabal Wa’alah, where early results indicate a target range of between 87,000 and 256,000 oz of gold.

Bob Wilt, Chief Executive Officer of Maaden, said the addition of more than 7 million oz of gold through drilling across the four key areas confirms the company’s continued growth and strong results as it advances exploration and resource development.

Commenting on the announcement, he added that the company’s sites continue to grow and directly support the enhancement of future cash flows. He noted that the depth and breadth of Maaden’s resource portfolio, from operating mines to new discoveries, show that the company is still at an early stage in unlocking the gold potential of the Arabian Shield.

Wilt also indicated that the results highlight the strength of Maaden’s portfolio, noting that early indicators for minerals such as copper and nickel show characteristics similar to those seen in gold at its early stages. He added that this confirms the Arabian Shield has genuine scale and potential to support continued exploration and development.

He pointed to areas such as Jabal Shayban and Jabal Al-Wakil as indications of broader opportunities across the Kingdom, supporting Maaden’s ambitions to build a strong, diversified multi-mineral portfolio alongside its growing gold exploration business.

Maaden adds more than 7 million