AMAK sees stronger Q2 2026 on robust mineral demand: CEO

Al Masane Al Kobra Mining Co. (AMAK) expects strong demand for minerals to continue in the coming period, CEO Geoffrey Day told Argaam, forecasting improved performance in Q2 2026.

Day said the rise in net profit was mainly driven by higher prices for gold, copper, zinc, and silver compared with the year-earlier period, in addition to lower variable costs associated with the temporary shutdown of the processing plant.

He added that gold accounted for nearly 55% of total revenue, followed by copper at 24%, zinc at 20%, and silver at around 1%.

On operations and supply chains, Day said the company faced no disruptions to shipping arrangements during Q1 2026. Copper and zinc shipments were transported through the Red Sea, while gold and silver were shipped by air via Jeddah Airport.

He noted that maritime shipping costs increased slightly, while the company experienced limited delays in the supply of consumable materials. However, shipments were rerouted through Jeddah without any material impact on operations.

Regarding the planned use of IPO proceeds, Day said full details will be disclosed in the prospectus. He expects the funds to be used to accelerate exploration activities, develop new mines, and establish a wholly owned subsidiary for drilling and exploration operations.

He added that the proceeds are intended to fund growth initiatives and support AMAK’s long-term strategy, rather than boost general liquidity.

According to Argaam data, AMAK reported a 9% increase in net profit to SAR 60.1 million in Q1 2026, compared with SAR 55.2 million a year earlier.