Power Metal Resources plc has agreed a three-month extension to signing the 49% earn-in agreement for the Qatan copper-nickel exploration licence in southern Saudi Arabia.
AGREEMENT
The December 2024 letter of intent for a binding agreement with Al Masane Al Kobra (AMAK) Mining Company was for Power Metal to spend US$3 million for the earn-in.
Power Metal said that the parties had held a detailed discussion regarding the outstanding legal processes awaiting completion before agreeing to extend the deadline.
“It is currently expected that formal agreement will be reached well within that timeframe,” added the company.
“Although there can be no certainty at this stage given the non-binding nature of the LoI, the parties remain confident that the proposed agreement will become binding.”
The Qatan licence, covering 72km2, is 70km east of the AMAK mines and 32km to the south of the town of Yadamah, in the Najran Province.
The property is targeting volcanogenic massive sulphide mineralisation associated with metasedimentary rocks.