Saudi Arabian Mining Company (Maaden) has added 7.8 million ounces of new gold reserves across four key sites, including operational mines and early-stage discoveries.

Drilling activities identified more than 9 million ounces, which were adjusted for annual factors such as costs and price assumptions, the company said in a statement to the Saudi stock exchange.
 
External experts conducted these updated mineral resource estimates.
 
Targeted drilling across the four locations delivered strong growth, with Mansourah and Masarah mines recording a net year-on-year increase of 3 million ounces.

Uruq 20/21 and Umm Salam sites added 1.67 million ounces, while Wadi Al Jaww added 3.08 million ounces, its maiden estimate.

Advanced drilling of 221 km in the Central Arabian Gold Region identified new mineralised zones, while near-mine drilling at the Mahd gold mine extended the potential resource envelope.

A new gold occurrence was also discovered at Ar Rjum North, the company said.
 
In addition, early-stage exploration drilling across base metals identified promising exploration sites. Initial drilling at Jabal Shayban and Jabal Al Wakil identified copper, nickel and platinum.

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

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