By: Zawya

Saudi Arabian Mining Company (Maaden) said the second phase of exploration at Wadi Al Jaww, a new gold-copper exploration prospect within the Arabian Shield in the Makkah region, is underway.

The potential economic assessment was targeted for completion in the first quarter of 2026, the miner said in its 2025 annual report.

In January 2026, Zawya Projects reported that Wadi Al Jaww contributed 3.08 million ounces to its 7.8 million ounces of new gold reserves across four key sites.

Maaden said it has expanded its exploration footprint across precious and energy transition metals, advancing targets in the Central Arabian Gold Region and building on momentum established in 2024. 

Across priority licenses in Nabitah, Shayban, Musaynah, Ridaniyah and Jabal Al Wakil, the team completed almost 580,000 metres of drilling, generating new geological insights and supporting future resource development.

Looking ahead, fundamentals for the Saudi mining sector and Maaden remain robust.

Demand for phosphate, aluminium and gold is expected to remain strong, with diammonium phosphate  (DAP) output forecast at the high end of guidance and gold prices supported by macroeconomic and geopolitical dynamics.

Phosphate 3 Phase 1 is on track for completion in 2026, with production ramp-up expected in 2027. 

The Ar Rjum gold project and Mansourah-Massarah Deeps will further enhance gold production, while continued exploration success across the Arabian Shield, supported by new joint ventures, will underpin long-term resource growth.

The momentum will be complemented by the continued scaling of Maaden’s aluminum recycling platform, which is building a circular domestic supply chain to convert local scrap into low-carbon metal and strengthen the Kingdom’s sustainable industrial base.

Last month, Maaden provided full-year capital expenditure (CAPEX) guidance of 15.5 billion Saudi riyals ($4.13 billion) for 2026. It includes SAR 12.6 billion ($3.4 billion) for growth projects.

“Our capital investment process will continue to remain disciplined as we pursue growth opportunities across our entire portfolio,” the annual report said.

Maaden is well-positioned to fund growth, manage volatility and continue executing its strategy thanks to a strong balance sheet, strong cash flow generation and disciplined capital allocation, the report added.