Riyadh, Saudi Arabia – In a significant stride towards realizing its ambitious Vision 2030, Saudi Arabia's mining sector has received a substantial boost with Almasane Alkobra Mining Company (AMAK) (Tadawul: 1322) announcing a major multi-metal discovery in the Najran region. The preliminary internal assessment, revealed in late November 2025, indicates an estimated 11 million tonnes of gold, copper, zinc, and silver resources, signaling a powerful acceleration in the Kingdom's strategic pivot from a hydrocarbon-dependent economy to a diversified industrial powerhouse.
This discovery is not merely a geological find; it is a tangible validation of Saudi Arabia's aggressive efforts to unlock its vast untapped mineral wealth, estimated at $2.5 trillion. For AMAK, a leading national mining company, the revelation promises a significant expansion of its resource base and operational footprint, while for the nation, it underscores the growing success of its economic diversification agenda and its aspiration to become a global hub for critical minerals.
Detailed Coverage of the Event
The significant discovery by AMAK (Tadawul: 1322) comprises a valuable mix of base and precious metals: copper, zinc, gold, and silver. These resources were identified within one of AMAK's exploration licenses situated in the southern Najran region of Saudi Arabia. The find follows an accelerated and intensive exploration program initiated by the company.
The timeline leading up to this pivotal announcement has been swift and focused. AMAK secured the exploration license for the Najran area in September 2024. By February 2025, the company had launched an intensive drilling program, which, by late November 2025, had seen over 27,000 meters drilled. It was this extensive drilling that led to the preliminary internal assessments, indicating the 11 million tonnes of mineral resources. Crucially, the drilling conducted so far covers less than 10% of the total licensed area, suggesting considerable potential for further growth in the resource base. Looking ahead, AMAK plans to continue its geophysical surveys and additional drilling campaigns throughout 2026, with the aim of releasing a maiden JORC-compliant Mineral Resource report in the second half of 2026. Concurrently, concept development studies have been initiated to transition the exploration license into a full mining license, with results also expected during 2026.
Key players in this development include Almasane Alkobra Mining Company (AMAK) (Tadawul: 1322) itself, whose CEO, Jeffrey MacDonald-Day, has been instrumental in steering the company's exploration efforts. The announcement was made through official channels, including the Saudi Stock Exchange (Tadawul) and AMAK's corporate communications, adhering to regulatory requirements. The Saudi government, particularly the Ministry of Industry and Mineral Resources, plays a crucial enabling role by granting exploration and mining licenses and fostering an attractive investment environment through its Vision 2030 initiatives.
Initial market and industry reactions have been overwhelmingly positive. The discovery reinforces Saudi Arabia's Vision 2030 goal of building a world-class, sustainable mining sector to diversify its economy away from oil and gas. Analysts view the find as positioning Saudi Arabia as a significant growth story in the global mining sector, especially at a time when other markets face rising costs and commodity price volatility. AMAK's CEO has hinted that the current 11 million tonnes could potentially increase to around 20 million tonnes as exploration continues, leading to increased company investment and expansion of AMAK's facilities. An added strategic advantage is the exploration site's proximity, approximately 100 kilometers, to AMAK's existing processing hub, promising potential infrastructure and operational synergies. This discovery also complements other recent successes for AMAK, such as securing a 10-year mining exploitation license for the Khutainah gold mine in Najran, further solidifying the company's growth strategy.
Companies That Might Win or Lose
AMAK's significant multi-metal discovery in Najran is poised to create substantial ripple effects across the Saudi Arabian financial and industrial landscape, particularly for publicly traded companies aligned with the Kingdom's Vision 2030.
The most direct and immediate beneficiary is Almasane Alkobra Mining Co. (AMAK) (Tadawul: 1322) itself. As the discoverer, AMAK stands to gain significantly from the increased valuation of its resource base. The announcement has already generated positive investor sentiment, and continued exploration success, leading to a JORC-compliant report, is likely to further boost its stock valuation. The strategic advantage of the discovery site's proximity to AMAK's existing processing hub in Najran promises operational efficiencies and reduced development costs, strengthening its competitive edge and market position in base and precious metals.
Another major winner is likely to be Saudi Arabian Mining Company (Ma'aden) (Tadawul: 1211). As the national mining champion and a publicly listed, state-owned entity with extensive operations across various minerals, Ma'aden stands to benefit from the overall surge in investor confidence and interest in Saudi Arabia's mining sector. While AMAK's discovery is distinct, it reinforces the Kingdom's vast mineral potential, attracting more capital and talent to the industry, which benefits all major players. Ma'aden could also explore future collaborations or even acquisitions as the sector expands, and its ongoing and planned infrastructure projects may find synergies with new developments like the Najran discovery.
Saudi financial institutions, such as Saudi Awwal Bank (SAB) and the Saudi Industrial Development Fund (SIDF), are also set to win. Developing a major mining project from exploration to full-scale production requires substantial financing. These institutions will see increased demand for project finance, lending, and advisory services. The SIDF, which has already committed SAR 10 billion to the mining sector since Vision 2030, is expected to further increase its support, covering a significant portion of eligible project costs.
Furthermore, Saudi infrastructure and logistics companies are poised for growth. Extracting and processing 11 million tonnes of minerals will necessitate robust infrastructure development. This includes companies involved in logistics and shipping, such as Bahri (National Shipping Company of Saudi Arabia) (Tadawul: 4030) and Saudi Railways Company (SAR), for transporting raw materials and refined products. Construction firms will see increased demand for building roads, railways, and processing facilities. Utilities and energy providers will also benefit from the significant energy and water requirements of new mines and processing plants.
While direct "losers" from a major mineral discovery are less common, especially when it contributes to a strategic national goal like economic diversification. However, some indirect pressures could emerge. Smaller, less efficient local mining companies might face increased competition for licenses, skilled labor, and capital as the sector grows and attracts larger domestic and international players. Additionally, companies heavily reliant on imports of copper, zinc, gold, and silver might experience shifts in their supply chains if the new discovery eventually leads to increased domestic production and potentially alters local pricing dynamics, though this is a long-term and indirect effect. Overall, the AMAK discovery serves as a powerful catalyst for Saudi Arabia's economic diversification under Vision 2030, attracting investment, developing downstream industries, and strengthening local supply chains.
Wider Significance
AMAK's discovery of 11 million tonnes of multi-metal resources in Najran carries profound wider significance, aligning seamlessly with prevailing global industry trends and Saudi Arabia's ambitious national agenda. The find comes at a critical juncture when global demand for essential minerals, particularly those vital for the ongoing energy transition, is surging.
Copper and zinc, key components of the Najran discovery, are indispensable for renewable energy technologies and electric vehicles (EVs). Copper is fundamental for electrical infrastructure, motors, and grid development, while zinc plays a crucial role in batteries, solar cells, and protective coatings. International Energy Agency (IEA) projections indicate a potential 250% increase in demand for critical minerals within five years under a Net Zero Emissions scenario, with some materials seeing up to a thirtyfold rise by 2040. The AMAK discovery, therefore, represents a significant potential contribution to global supply chains, which are currently grappling with bottlenecks and geographic concentration. The inclusion of gold and silver further enhances the economic value, with gold maintaining its role as a strategic asset and in high-tech applications, and silver being vital for solar panels and electronics.
This discovery is a tangible manifestation of Saudi Arabia's Vision 2030, which seeks to drastically reduce the Kingdom's reliance on oil. The mining sector has been strategically identified as the "third pillar" of the national economy, with the government aiming to increase its contribution to GDP from $17 billion in 2015 to $75 billion by 2030. The Najran find directly supports this objective by adding substantial, strategically important mineral reserves. It also reinforces Saudi Arabia's ambition to become a critical player in global mineral supply chains, underscored by its commitment to invest $100 billion in mining by 2035 to support clean energy systems and EV manufacturing.
The ripple effects of this discovery are expected to be far-reaching. For AMAK (Tadawul: 1322), it significantly strengthens its market position and operational outlook, particularly with the strategic proximity of the new site to its existing processing hub, promising enhanced operational synergies. More broadly, the success of AMAK's exploration is likely to bolster investor confidence in Saudi Arabia's mining sector, attracting increased foreign direct investment (FDI) for further exploration, extraction, and downstream processing. On a global scale, if the Najran resources prove economically viable, they could contribute to alleviating anticipated supply deficits for copper and zinc, potentially easing price pressures and offering an alternative source to regions with highly concentrated production. This could intensify competition among global mining players and encourage further exploration worldwide. The discovery also enhances Saudi Arabia's appeal as a strategic partner in critical mineral supply chains, reinforcing existing agreements such as the critical minerals partnership formalized with the United States in 2025.
From a regulatory and policy perspective, the AMAK discovery validates the effectiveness of Saudi Arabia's proactive approach. The 2020 Mining Investment Law, enacted in 2021, was designed to streamline licensing, offer financial incentives, and attract foreign investment. This discovery underscores the success of these reforms, potentially encouraging further policy refinements to target specific critical minerals or projects demonstrating advanced environmental, social, and governance (ESG) practices, an area AMAK has publicly committed to. The find could also stimulate policies aimed at developing in-country processing capabilities, moving beyond raw material extraction to higher-value products.
Historically, major mineral discoveries have been transformative. Comparisons can be drawn to historical resource booms, such as the California Gold Rush, which fueled significant economic development and migration. While the Najran discovery occurs in a modern context with stringent environmental and social expectations, it similarly holds the potential to reshape regional economic trajectories and contribute to global resource shifts. Unlike past eras, however, the current environment demands significant capital investment and a sustained, responsible approach to development, highlighting the long-term commitment required for such a venture.
What Comes Next
AMAK's 11 million-tonne discovery in Najran marks a pivotal moment, with a clear trajectory of activities planned for the short and long term, influencing both the company's future and Saudi Arabia's strategic mining ambitions.
In the short term (Q4 2025 and into 2026), the immediate focus for AMAK (Tadawul: 1322) is on comprehensive evaluation and preliminary development planning. The company is committed to continuing intensive geophysical surveys and additional drilling programs throughout 2026, building on the 27,000 meters already drilled since February 2025. A critical milestone will be the release of a maiden JORC-compliant mineral resource report in the second half of 2026, which will provide an internationally recognized, detailed assessment of the deposit's size and quality. Concurrently, AMAK has initiated concept development studies to advance the exploration license towards a full mining license, with results also anticipated in 2026. The strategic proximity of the exploration site to AMAK's existing processing hub (approximately 100 km) offers immediate potential for operational synergies and cost efficiencies.
The long-term possibilities are geared towards establishing a new, significant mining front for AMAK. This project has the potential to generate substantial additional production streams, boosting AMAK's revenue, EBITDA, and long-term cash generation, and extending its operational lifespan. The anticipated growth in resources, potentially reaching up to 20 million tonnes, will necessitate increased company investment and expansion of AMAK's existing factories to significantly boost production capacity. Strategically, this multi-metal discovery strengthens AMAK's resource base and supports its ambition to expand its multi-metal portfolio, further contributing to Saudi Arabia's Vision 2030 by diversifying the national economy.
Strategic pivots and adaptations will be crucial for both AMAK and the Saudi government. For AMAK, developing a project of this scale will require substantial capital investment and financing, potentially through debt, equity, or strategic partnerships with international mining majors to leverage advanced technologies and global market access. Scaling up from exploration to full-scale mining will demand significant operational expansion, including infrastructure development, procurement of heavy machinery, and specialized expertise in multi-metal extraction and processing. Furthermore, rigorous adherence to international best practices in Environmental, Social, and Governance (ESG) stewardship will be paramount for sustainable development and maintaining a social license to operate.
For the Saudi government, the success of this discovery may encourage further refinement of its mining investment law and regulatory frameworks to ensure efficiency and continued attractiveness for large-scale domestic and international investments. While AMAK's existing hub offers synergies, the development of a major mine may necessitate further government investment in regional infrastructure, including improved roads, power supply, and water resources. The government will also need to continue investing in workforce development and training programs to cultivate local Saudi talent for the burgeoning mining sector, aligning with Vision 2030's national development and localization goals.
Market opportunities are significant, as the discovery comes at a time of high global demand for critical metals like copper, zinc, gold, and silver, positioning Saudi Arabia to become a more significant player in global supply chains. The availability of these raw materials could also spur the development of local downstream industries, creating further economic value and job opportunities. However, challenges include commodity price volatility, which can impact project profitability, and the inherent environmental and social impacts of large-scale mining, requiring robust management. The capital-intensive nature of mining and the operational complexities of multi-metal extraction also pose considerable hurdles.
Potential scenarios range from a best-case, where a significantly larger resource base is defined, optimal financing is secured, and the mine is brought into production ahead of schedule, benefiting from sustained high metal prices. A more likely scenario involves steady development over several years, with initial production commencing in the late 2020s or early 2030s, contributing meaningfully to AMAK's growth and Vision 2030, albeit with typical project development challenges and market fluctuations. A worst-case scenario could see lower-than-anticipated reserves, a prolonged downturn in metal prices, or significant unforeseen challenges, leading to scaled-back plans or delays.
Comprehensive Wrap-up
AMAK's discovery of an estimated 11 million tonnes of gold, copper, zinc, and silver resources in Najran represents a monumental achievement for the company and a significant milestone for Saudi Arabia's economic diversification under Vision 2030. This multi-metal find not only bolsters AMAK's (Tadawul: 1322) future growth prospects but also solidifies the Kingdom's position as an emerging global force in the critical minerals sector.
The key takeaways from this event, announced in late November 2025, highlight the substantial potential for resource expansion, given that less than 10% of the licensed area has been explored. The strategic location near AMAK's existing processing hub promises operational efficiencies, underscoring a well-planned approach to resource development. This discovery is a direct outcome of Saudi Arabia's proactive mining investment law and its commitment to attracting and supporting both domestic and international players in the sector.
Moving forward, the market outlook for AMAK and the broader Saudi Arabian mining industry appears exceptionally robust. Global demand for the discovered metals, driven by the energy transition and technological advancements, provides a strong tailwind. Saudi Arabia's aggressive push to increase the mining sector's GDP contribution to $75 billion by 2030, supported by transparent regulations and substantial government investment, creates a fertile ground for growth.
The lasting impact of this discovery extends beyond mere economic figures. It validates Saudi Arabia's geological potential, reinforces its strategic pivot away from hydrocarbon dependency, and positions the Kingdom as a reliable supplier of critical minerals essential for the global green economy. This is a testament to Vision 2030's effectiveness in transforming national aspirations into tangible assets.
Investors should closely monitor several key developments in the coming months. The highly anticipated maiden JORC-compliant mineral resource report, expected in the second half of 2026, will provide a more precise and independently verified assessment of the Najran deposit. Concurrently, the results of development concept studies in 2026 will shed light on the project's technical and economic feasibility. Ongoing exploration results throughout 2026 could further enhance resource estimates, significantly impacting the project's overall value. Furthermore, investors should keep a keen eye on global commodity price trends for copper, zinc, gold, and silver, as well as the broader progress of Saudi Vision 2030 mining initiatives, including new licensing rounds and infrastructure development, which will shape the overall investment climate and support ecosystem for AMAK's operations. AMAK's stock performance has already seen a positive reaction, and sustained positive updates will likely maintain this momentum.
This content is intended for informational purposes only and is not financial advice