Sun Peak acquires exploration licences in Saudi Arabia

The most recent news (March 31, 2026) announces that Sun Peak Metals has been awarded seven new exploration licenses in Saudi Arabia covering 632 km². This follows the company's successful bid in the Ministry of Industry and Mineral Resources (MIMR) Round 9 auction. This acquisition nearly doubles the company’s Saudi landholding to 1,072 km² across 13 licenses. The new areas are strategically located near the Bulghah and Sukhaybarat gold mines and the Nuqrah VMS deposit. Fieldwork, including mapping and geochemical sampling, has already commenced.

The impact is Routine - Positive. While the land acquisition is significant in scale (632 km²), it is a direct execution of the strategy signaled in late 2025 during the Saudi Discovery Company (SDC) acquisition. - Strategic Pivot: The news confirms the company has successfully shifted its operational focus to Saudi Arabia, mitigating the total work stoppage at its Shire Project in Ethiopia (currently under force majeure). - Execution: Winning the Round 9 auction demonstrates management's ability to navigate the Saudi regulatory environment and secure competitive bids. - Incremental Value: While the acreage is large, these are early-stage exploration licenses. The material value will only be realized once drill targets are defined and tested, which is still months away.

Sun Peak Metals is a junior explorer focused on Volcanogenic Massive Sulphide (VMS) and gold deposits in the Arabian-Nubian Shield. - Flagship (Active): The Saudi Arabian portfolio (13 licenses), specifically the Halahila Project, where surface samples have returned up to 16.35 g/t gold and 180 g/t silver. - Flagship (Suspended): The Shire Project in Tigray, Ethiopia. This was the primary asset until March 2025, when force majeure was declared due to regional instability and government suspension of mining activities. It remains a "core asset" but is currently inactive.