Resource Mining Corporation Ltd (ASX:RMI) will acquire AuKing Mining Ltd (ASX:AKN)’s stake in a Saudi Arabian joint venture, securing a 50% interest in Segia al Haditha Mining Co. LLC. The move follows the granting of the Shaib Marqan exploration licence, which spans 91.8 square kilometres and is prospective for gold and base metals.
The company has already reported high-grade gold from initial sampling and completed further reconnaissance work earlier this year, with assays pending.
The acquisition positions RMI among the few ASX-listed explorers with a strong foothold in Saudi Arabia’s expanding minerals sector, with nearby operations including Ma’aden’s Al Amar mine, which produced 27,443 ounces of gold in 2022 alongside copper and zinc concentrates.
Shaib Marqan project location.
“We are delighted to have completed the acquisition of this JV interest, and we are one of the few ASX-listed companies to have a foothold in the Saudi exploration sector with an outstanding granted exploration project such as Shaib Marqan. The company continues to expand its portfolio of prospective gold and critical minerals assets. We are now very well funded and in a strong position to progress our exploration programmes in Saudi Arabia, Tanzania and Finland,” RMI executive chairman Asimwe Kabunga said.
“Assay results from recent rock chip sampling at Shaib Marqan will be available in the coming weeks and this will assist the development of the detailed first-phase exploration programme at the Shaib Marqan and Wadi Salamah projects. RMI is looking forward to further announcements as the Saudi Arabian exploration activities continue.”
Details of the acquisition and licence
Under the agreement, RMI assumes all obligations previously held by AuKing Mining within the Saudi Arabian joint venture. This includes supporting partner Barg Alsaman Mining Company in advancing the Shaib Marqan licence and exploration at the nearby Wadi Salamah project. No cash consideration was required, other than RMI’s commitment to JV obligations.
The licence, granted on August 17, 2025, provides exploration rights over five years for gold, silver, copper, tin and lead. The arrangement grants RMI a 50% equity stake in the JV vehicle, Segia al Haditha Mining Co. LLC.
The company’s immediate focus will be on collating Saudi Geological Survey datasets, followed by geophysics, mapping, sampling and targeted drilling to define mineralisation potential.
Geological setting and exploration potential
Shaib Marqan lies 240 kilometres south-west of Riyadh within the Ar Rayn Terrane, part of the Arabian-Nubian Shield. The region is known to host a variety of mineral systems, including volcanogenic massive sulphide copper-zinc deposits, epithermal and orogenic gold, and iron oxide copper-gold systems.
Simplified geological map of the Arabian Shield, with the locations of key mines within the KSA. Major tectonostratigraphic terranes are delineated by sutures and major fault zones. The Shaib Marqan project is located within the Ar Rayn Terrane, toward the eastern edge of the map (modified after Nehlig et al., 2002).
RMI’s geologists have confirmed the presence of quartz veins, stockworks, sulphide mineralisation, and evidence of both ancient and recent alluvial workings across the project. Initial rock chip sampling in November 2024 delivered assays of up to 13.72 grams per tonne gold. A follow-up reconnaissance program in March 2025 collected 87 samples, with results due shortly. These data will inform the first phase exploration program, scheduled to commence in the fourth quarter of 2025.
Saudi Arabia’s mining sector and Vision 2030
The Kingdom of Saudi Arabia is seeking to position mining as its third economic pillar under the Vision 2030 reform agenda. The sector has been targeted to drive diversification away from oil dependency, with a focus on localising manufacturing and increasing non-oil revenues.
The 2021 mining law aims to accelerate resource development and reduce mineral imports by approximately US$10 billion by 2030, while creating more than 200,000 jobs.
Minerals such as gold, copper, rare earths and base metals are considered critical to the country’s goals of a green transition, digital economy, nuclear energy generation and advanced industrial capability.
RMI’s entry into the market aligns with these objectives and positions the company to capitalise on government support for exploration and foreign investment.