Almasane Alkobra Mining Company (AMAK) said its board of directors has recommended increasing the company's capital through a 680 million Saudi riyal ($181.32 million) rights issue.

The funds will be used to drive expansion and continue investing in its growth portfolio, the miner said in a statement to the Saudi stock exchange.

The rights issue, however, will require the approval of the competent authorities and the extraordinary general assembly.

Al Rajhi Capital has been appointed as a financial advisor for the offering.

AMAK will make an announcement once the capital increase request file has been submitted to the Capital Market Authority for approval, the statement said.

In December 2025, the company had signed an agreement with the Saudi Arabian Mining Company (Maaden) to exchange several exploration licenses.

Under the agreement, the two mining companies will swap exploration licenses to align with their operational efficiencies and investment objectives. 

AMAK had also announced the discovery of potentially economic copper, zinc, gold, and silver resources within one of its exploration licenses in the Najran region.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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