Maaden shares jump 5% after new gold reserve estimates

Saudi mining firm Maaden said it added nearly 8 million ounces of gold resources across four areas in the kingdom following new discoveries and additional finds in existing mines, sending the company’s shares up 5 percent.

Mansourah Massarah, one of the largest gold mines in Saudi Arabia, delivered a net increase of 3 million ounces year on year, the company said in a statement to the local stock exchange.

The Uruq 20/21 and Umm As Salam mining areas added 1.7 million ounces, while Wadi Al Jaww contributed its initial 3 million ounces.

Drilling in the Central Arabian Gold Region led to new mineralised zones, while work at the existing Mahd gold mine increased potential resources.

Early-stage exploration drilling at Jabal Shayban and Jabal Al Wakil has identified copper, nickel and platinum, the statement said.

Shares in the company, which trades on the Saudi stock exchange, rose nearly 5 percent to close at SAR67.50 on Monday, with traded value reaching SAR258 million ($69 million). The stock has surged 11 percent year-to-date.

“The results leave no doubt that the company’s long-term strategy is working on the ground. This is exactly why we continue to invest heavily in Saudi Arabia’s gold endowment,” CEO Bob Wilt said.

He added that growth in Maaden’s assets directly supports future cash generation. 

“From operating mines to new discoveries, the depth of our pipeline shows we are still in the early stages of unlocking the Arabian Shield’s gold potential.”

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Maaden completed an additional 221km of drilling focused on growing existing resources and identifying new opportunities across the Central Arabian Gold Region, leading to a new gold discovery at Ar Rjum North.

Drilling will continue through 2026, the statement said.

In November, Maaden said net profit rose 127 percent to SAR2.2 billion in the quarter ending September 2025. Revenue jumped 24 percent year on year to SAR10 billion.

The company maintained full-year capex guidance for 2025 at $7.55 billion to $9.55 billion.

Saudi Arabia’s Public Investment Fund owns 63.78 percent of Maaden.