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Highlights:
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Royal Road Arabia, a 50%-owned joint venture, qualifies for Saudi Arabia’s Exploration Enablement Program (EEP), allowing for reimbursements up to $2 million per exploration license.
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The EEP supports early-stage exploration within the Arabian Shield region, focusing on Jabal Sahabiyah, a project spanning three contiguous licenses.
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The initiative is designed to stimulate investment in mineral exploration amidst global resource depletion concerns.
Royal Road Minerals Ltd {OTC:RRDMF} has announced that its joint venture, Royal Road Arabia (RRA), has successfully qualified for Saudi Arabia’s Exploration Enablement Program (EEP). This program enables RRA to receive up to $2 million in exploration cost reimbursements for each exploration license, significantly enhancing its operational capacity.
The EEP qualification pertains to the Jabal Sahabiyah project, which encompasses three contiguous exploration licenses. This initiative is a collaborative effort between Royal Road and MIDU Company Limited, a Saudi investment holding firm. The program, launched by the Saudi government, aims to foster exploration activities in the first five years of tenure for Greenfields sites, covering costs such as drilling, labor, and geochemical analysis, subject to specific limits.
Tim Coughlin, CEO of Royal Road, expressed appreciation for the support offered by the EEP. He noted, “The Exploration Enablement Program is an appreciable measure of Saudi Arabia's unrivaled approach to encouraging exploration investment. In our view, the Arabian Shield is one of the few pure grassroots environments that remain entirely open to the discovery of new and previously unconsidered styles of base and precious metals mineralization.”
Coughlin further emphasized the program's timely arrival as the global mining industry grapples with resource depletion and increasing interest in mineral exploration.
The Arabian Shield region is recognized for its untapped mineralization potential, positioning Royal Road to capitalize on this favorable environment for future discoveries.
