Almasar Minerals (ASX:AMK) has made a strong ASX debut, with shares trading 25% above the 20c IPO price.
The company raised $12M through the float, giving it funding for an exploration push across its Saudi Arabian copper-gold portfolio through to the third quarter of 2028.
Five licences. Plenty of ground.
Almasar enters the market with five granted exploration licences covering around 420km², split between a southern cluster and the NS142 licence to the north.
The portfolio is targeting copper and gold across the Arabian-Nubian Shield, with porphyry, VMS and orogenic gold styles all in play.
Its southern licences sit within the same broader geological architecture as major Saudi gold systems including Ad Duwayhi and Mansourah-Massarah, although Almasar itself remains at the exploration stage.
Figure 1: Almasar’s five granted exploration licenses.
The attraction is the blank space
Much of Almasar’s ground has seen little or no modern drilling. That is the appeal.
Saudi Arabia is opening up more ground, releasing new geophysical and geochemical datasets and actively pushing mining as part of Vision 2030.
Almasar wants to use that data to move quickly from regional targeting into geophysics, soils, auger work and ultimately drilling.
What’s next
The IPO money is now in the bank, the licences are granted and exploration is the next test.
Almasar has won the first day, now it has to build on the momentum.
