u/JGaliathus

Power Metallic Mines signed a 50/50 joint venture agreement with Amaar United Mining Company to pursue mining license opportunities in Saudi Arabia, with Power Metallic leading technical and geological work while Amaar handles local regulatory and strategic support. The financing structure favors Power Metallic initially, requiring it to contribute only US$2.5 million of the first US$10 million in approved funding while still keeping equal ownership and economics with Amaar. The partnership expands on Power Metallic’s earlier foothold in Saudi Arabia through its Jabal Baudan exploration license, as the company aims to build a larger long-term exploration platform in the Kingdom.