Saudi Award Poses New Challenges and Opportunities for Sierra Nevada Gold

Strategic Entry into Saudi Arabia’s Mineral Sector

Sierra Nevada Gold (ASX, SNX) has officially secured the As Safra Copper-Gold Project in the Kingdom of Saudi Arabia, following a competitive tender process conducted by the Saudi Ministry of Industry and Mineral Resources. The award was announced at the Future Minerals Forum in Riyadh, an event that drew over 21,000 attendees, underscoring the growing global interest in Saudi Arabia’s mineral potential under its Vision 2030 initiative.

The As Safra project represents a significant milestone for SNX, marking its entry into one of the world’s most underexplored but highly prospective copper-gold provinces. The project spans a substantial 375 square kilometres and hosts a large-scale skarn system with demonstrated high-grade mineralisation over a 5.5-kilometre strike length.

Historic Data Highlights High-Grade Potential

Historic exploration by the French Geological Survey (BRGM) revealed exceptional copper and gold grades, including rock chip assays up to 244 grams per tonne gold and 11% copper. Limited drilling from the late 1960s returned promising sulphide intercepts, such as 5 metres at 4.07% copper and 24.55 metres at 1.69% copper, confirming the system’s robust mineralisation.

Despite these encouraging results, much of the district remains underexplored, with multiple untested geophysical anomalies and polymetallic prospects indicating broader potential beyond the central copper-gold corridor. The project’s geology features well-defined metal zonation, transitioning from a copper-gold core to silver, lead, and zinc systems, offering a diversified exploration opportunity.

Next Steps, Sampling, Geophysics, and Drilling

SNX has already completed a recent rock chip sampling program to validate historic data, with assay results expected in the first quarter of 2026. The company has secured drilling rigs and plans to commence a systematic drilling campaign in April 2026, pending the formal grant of the exploration licence, anticipated imminently.

Complementary geophysical surveys are also planned to refine drill targets, aiming to unlock the full potential of the largely untested mineralised footprint. This disciplined approach reflects SNX’s commitment to methodical exploration and value creation.

Complementing Nevada Assets and Building Local Networks

The As Safra project complements SNX’s existing portfolio of five 100%-owned projects in Nevada, providing a geographically diversified pipeline of discovery opportunities. The Saudi project also allows SNX to maintain active field operations year-round, mitigating seasonal constraints faced in Nevada.

Executive Director Peter Moore emphasised the strategic significance of the award, highlighting the company’s intent to leverage existing relationships and build new partnerships within Saudi Arabia’s mining sector. Engagement with government representatives and potential investors at the Future Minerals Forum is expected to accelerate project development and funding opportunities.