Almasar Minerals ended its first post-listing quarter with A$10.24 million in cash and a pipeline of geophysical surveys and auger drilling across its Saudi Arabian licences. The company has yet to report new exploration results, leaving execution and target quality as the next tests for the newly listed explorer.
- A$12 million IPO completed before costs and ASX trading began on 31 August
- A$10.24 million cash balance at 30 September, equivalent to 9.8 quarters of reported funding
- Ground geophysics planned across four Southern Cluster targets in the December quarter
- Auger rigs, magnetic equipment and in-house gold-analysis capability being commissioned
- Five granted Saudi licences cover 419.84 square kilometres; further applications remain subject to approval
Post-IPO cash funds Saudi field programme
Almasar Minerals Limited (ASX:AMK) has emerged from its first quarter as an ASX-listed company with A$10.24 million in cash and a clear shift from preparation towards field execution. The Saudi Arabian gold and copper explorer raised A$12 million before costs in its IPO, began trading on 31 August and plans to deploy geophysics, auger sampling and in-house analytical tools across its portfolio.
The balance sheet gives Almasar reported funding of 9.8 quarters based on the quarter’s relevant outgoings of A$1.046 million. That measure is mechanical rather than a forecast: it uses the September-quarter burn rate, while the company is planning to increase exploration activity and has warned that spending allocations may change with exploration results, approvals and market conditions. Cash payments for exploration and evaluation totalled A$318,000 during the quarter.
Geophysics and auger drilling set for December quarter
Almasar’s immediate exploration focus is the Southern Cluster, where licences ND28, ND31 and ND36 cover several areas prospective for orogenic gold. Four target areas, led by Wadi Halibi along strike from active artisanal workings, are scheduled for ground geophysics in the December quarter, followed by auger sampling beneath shallow cover.
The company also plans to review three priority areas within NS142, including Mawiyah NE and Jabal Jumaymah West, where it is assessing volcanogenic massive sulphide, skarn and intrusion-related mineralisation. Follow-up mapping is planned at ND41 to refine targets linked to magmatic-hydrothermal potential, subject to access approvals. The portfolio comprises five wholly owned granted licences covering 419.84 square kilometres.
The operational build-out is designed to support that work. Magnetic equipment has arrived in Saudi Arabia, operator training and a high-speed deployment system are scheduled for October, and auger rigs are due in the December quarter. Almasar is also working towards in-house gold analysis alongside its existing XRF facilities, which it says could provide rapid gold analysis and same-day multi-element screening once equipment is commissioned.
Licence pipeline adds scale but also approval risk
The company is establishing a central warehouse and office hub in Jeddah, with fit-out targeted for completion in the December quarter. It has appointed Gökhan Yildiz, formerly First Quantum Minerals’ regional exploration lead for Europe and the Middle East, as Head of Exploration and is recruiting four additional geologists.
Almasar is also progressing seven Auction 10 exploration licence applications covering about 659 square kilometres. It was notified in June that it was the sole bidder, but the filing stresses that an uncontested bid does not guarantee a grant, with approval currently anticipated in early 2027. Eleven other exploration applications remain pending, while reconnaissance work across the Auction 10 areas depends on permissions and access.
There are no new exploration results or assay results in this report. The next meaningful evidence will therefore come from whether equipment arrives and is commissioned on schedule, whether planned surveys identify targets worth advancing, and how quickly the company converts its sizeable licence pipeline into permitted exploration ground.
Bottom Line?
Almasar has the cash to fund its stated programme for now, but the investment case is moving towards field results, approvals and execution rather than balance-sheet strength alone.
Questions in the middle?
- Will the December-quarter geophysical surveys generate targets strong enough to justify auger or RC drilling?
- Can Almasar commission its Jeddah hub, magnetic equipment, auger rigs and in-house analysis capability on schedule?
- How many of the Auction 10 and other pending applications will ultimately become granted licences, and when?