Power Metal Resources PLC (AIM:POW) has signed a non-binding Memorandum of Understanding (MoU) with the Ministry of Investment of the Kingdom of Saudi Arabia (MISA).
"The purpose of the MoU is to explore the possibility of joint collaboration efforts toward the identification and realisation of high-value-added investment opportunities utilising the Kingdom's natural resources," said the statement.
POW will offer technical support to potential exploration projects and MISA will provide project opportunities and potential support for such projects as applicable.
Sean Wade, Power Metal chief executive, said: "We are honoured to partner with the Ministry of Investment of Saudi Arabia.
“This MoU is indicative of our commitment to exploration in the Kingdom, and it paves the way for us to explore exciting opportunities in one of the world's most resource-rich countries."