08:08 AM EDT, 06/16/2025 (MT Newswires) -- Power Metallic Mines ( PNPNF ) said Monday it secured an exploration license for the Jabal Baudan project in Saudi Arabia.

The project is known for its high prospectivity for copper, gold, and zinc mineralization, the company said.

The license makes Power Metallic one of the few foreign companies with mining concessions in Saudi Arabia, the company added.

"We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts," CEO Terry Lynch said. "This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions."

According to Power Metallic, the project benefits from the kingdom's Exploration Enablement Program, a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia.

The program provides up to $2 million per exploration license, capped at 15 licenses per company, Power Metallic said.

Power Metallic said it will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones.