Business
Power Metallic Announces Expansion In the Kingdom of Saudi Arabia via Joint Venture With Amaar Mining
Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that it has entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company ("Amaar Mining"), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia.
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Strategic partnership establishes a framework for Power Metallic and Amaar Mining to jointly pursue future Saudi mining license auction rounds, with 50/50 ownership economics and an initial approved post-award work-program funding framework of up to US$10 million","length":263,"tagName":"p"},{"type":"text","content":"TORONTO, May 19, 2026 /CNW/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that it has entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company ("Amaar Mining"), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia.","length":459,"tagName":"p"},{"type":"image","alt":"Power Metallic Mines Inc. Logo (CNW Group/Power Metallic Mines Inc.)","displaySize":"","headline":null,"caption":"Power Metallic Mines Inc. Logo (CNW Group/Power Metallic Mines Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":258,"height":151,"url":"https://media.zenfs.com/en/prnewswire.com/eb23279caf56621aefd5f6e073c165f2"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/8ryfOZ1pnGKy828CzkxQ1Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI0Ng--/https://media.zenfs.com/en/prnewswire.com/eb23279caf56621aefd5f6e073c165f2","width":258,"height":151},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/8ryfOZ1pnGKy828CzkxQ1Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI0Ng--/https://media.zenfs.com/en/prnewswire.com/eb23279caf56621aefd5f6e073c165f2","width":258,"height":151}},"href":"https://mma.prnewswire.com/media/2982737/Power_Metallic_Mines_Inc__Power_Metallic_Announces_Expansion_In.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The agreement marks the next step in Power Metallic's expansion strategy in Saudi Arabia following the Company's award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. Under the agreement, Power Metallic and Amaar Mining intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities, combining Power Metallic's technical, geological, and exploration capabilities with Amaar Mining's local strategic presence, coordination capacity, and regulatory interface experience i...