PERTH: Resource Minerals International Ltd. (ASX:RMI) has acquired a 50% interest in a Saudi Arabian joint venture following the granting of the Shaib Marqan exploration licence, marking a significant expansion of its global mineral exploration portfolio.
The licence, covering 91.8 square kilometers in the mineral-rich Ar Rayn Terrane, was granted on August 17 and is prospective for gold, silver, copper, tin, and lead. RMI exercised its option to acquire AuKing Mining Ltd.’s (ASX:AKN) stake in the JV, assuming all obligations and partnering with Barg Alsaman Mining Company to advance exploration activities.
Initial rock chip sampling in late 2024 returned high-grade gold results, including assays of 13.72 g/t, 2.97 g/t, and 1.31 g/t. A follow-up reconnaissance program in March 2025 collected 87 additional samples, with assay results pending.
“We are one of the few ASX-listed companies with a granted exploration licence in Saudi Arabia,” said RMI Executive Chairman Asimwe Kabunga. “This acquisition strengthens our position in a region receiving substantial government support for mining under Vision 2030.”
The Shaib Marqan licence is valid for five years and aligns with Saudi Arabia’s push to diversify its economy and develop its mining sector as a third economic pillar. RMI plans to commence detailed exploration in Q4 2025, leveraging geological data from the Saudi Geological Survey.
RMI also holds exploration assets in Tanzania and Finland, targeting copper, nickel, and lithium.