Arabian-Nubian Shield · Saudi Arabia
Saudi Arabia’s leading copper & gold explorer
Greyridge Exploration is focused on discovering copper and gold deposits on underexplored, highly prospective ground in Saudi Arabia.
Saudi Arabia
Built for explorers
Saudi Arabia has converted its geological endowment into a working mining jurisdiction, rewriting the mining law in 2020, opening ground to competitive tender in 2022 and publishing the national geological archive. Saudi Arabia now ranks 10th globally on the Fraser Institute Investment Attractiveness Index, a rise of 94 positions from 104th in 2013, and 4th globally on policy perception.
What that means for an explorer
What Saudi Arabia offers that most jurisdictions do not
Public geoscience data. The Regional Geosciences Program has acquired more than two million line-kilometres of airborne magnetics and radiometrics, a national geochemical survey at one sample per 6.25 km² across 76 elements, and new 1:100,000 mapping. The data is published through the National Geological Database and available to any licence holder.
Rebates on exploration spend. The Exploration Enablement Program rebates a share of eligible expenditure on drilling, laboratory work, geoscientific studies and personnel costs. We are enrolled on fifteen licences, the maximum any one company may hold. The terms are set out under Backing.
Permitting timelines. The Ministry publishes service levels of 90 days for an exploration licence and 60 days for a mining licence, excluding approvals required from other agencies.
Royalties and tax. Copper and gold carry a royalty of 1.5%, charged on the value of the metal at the mine gate rather than on gross revenue, and nothing for the first five years of an exploitation licence. Corporate income tax of 20%, and 100% foreign ownership.
What we hold
Twenty-five licences, 100%-owned
Greyridge is the largest foreign holder of exploration licences in Saudi Arabia, with 25 licences covering 1,817 km².
We built the position through our 2024 acquisition of Eurasian Resources Group’s Saudi exploration platform. ERG was one of the first major foreign mining groups to enter Saudi Arabia, in 2022, and had invested approximately US$8M securing the ground, establishing the team and running grassroots exploration. We acquired the licences, the in-country team, the operating entity and the underlying datasets together.
Today, Greyridge’s market position is almost impossible to replicate. Competitive tender rounds began in 2022. In Round 9, awarded in January 2026, winning bidders committed more than SAR 671 million of exploration spend over two years across 172 sites. Round 10, covering some 13,000 km², drew 24 qualified bidders, and a further seventeen belts of about 35,000 km² are scheduled for tender through 2027. New entrants since our October 2024 acquisition have had access to less prospective ground and have paid a premium for it.
Backing
Funded for the program ahead
Placement completed
Demand was strong: we upsized the raise from US$7.5M and attracted support from leading global mining entrepreneurs, high-net-worth investors and institutions in North and South America, Europe, Australia and the Middle East. Proceeds primarily fund the exploration program.
Exploration Enablement Program
Greyridge qualified on fifteen of its twenty-five licences, the maximum any single company may hold. Rebates on eligible exploration expenditure run to SAR 75 million, approximately US$20 million, across exploration and labour costs, on a declining schedule by spend band.
The rebate materially increases the impact of every dollar we spend on exploration. Under the Ministry’s program guidelines, the first five applications carry no clawback; the remainder are repayable only if a licence reaches production.
Rebate amounts are maxima available under the program, subject to eligible expenditure being incurred, verified and claimed. They are not receivables, and no rebate has yet been received.
Who is behind us
Our shareholders
One of the sector’s leading strategic investors, with positions in more than 25 small-cap mining companies and seats on six boards. Co-founder of Bastion Asset Management. Previously a keystone investor in Northern Superior Gold, Northisle Copper and Group Eleven Resources.
One of the first major foreign mining groups to enter Saudi Arabia, in 2022. ERG built the licence position, the in-country team and the datasets that Greyridge acquired in October 2024, and took shares in the Company on acquisition.
A London-listed explorer and project incubator (AIM: POW) with a global portfolio and extensive Middle East experience. Greyridge and Power Metal have a memorandum of understanding to collaborate on opportunities across the region.
- Financing and Exploration Enablement Program participation as reported in the Company’s shareholder update of March 2026; clawback terms from the Ministry of Industry and Mineral Resources Exploration Enablement Program guidelines.
Who we are
Board and in-country team
Our board combines expertise in geology, capital markets and securities law. We have taken projects from early-stage exploration through discovery, financing, operation and sale, and several of us have served as CEO of listed companies.
We operate from inside Saudi Arabia. Greyridge Arabia is our registered Saudi subsidiary, led commercially by an Arabic speaker with diplomatic experience in the Middle East. Our exploration team, drawn from BHP, Rio Tinto, Anglo American, Lumina, ATEX and Roxgold, has generated targets in Saudi Arabia, Ethiopia and Zambia across sediment-hosted copper, IOCG, VMS and porphyry systems. Targeting across the portfolio utilises AI through VRIFY’s DORA platform.
Board of directors
Ian Colterjohn
- Former Principal, Private Equity and Head of Canada for Resource Capital Funds
- Mining investment banker at Cormark Securities
Brendan Cahill
- Former President & CEO of Excellon Resources, a Mexican silver producer
- President of Energold Minerals, a family office focused on natural resources
- Formerly a lawyer at Davies Ward Phillips & Vineberg LLP
Ben Pullinger
- Former President & CEO of ATEX Resources, a Chilean copper-gold group backed by Pierre Lassonde and Agnico Eagle
- Former VP Exploration of Roxgold
Leo Hathaway
- Pivotal role in the acquisition, advancement and sale of the ten original Lumina Copper assets, sold for an aggregate US$1.65 billion on US$170 million invested
Dan Yungblut
- Head of Research for an asset manager owned by a major Canadian bank, with over US$200 billion under management
- Chairs the firm’s ESG Investment Committee
Luke Alexander
- President & CEO of Newcore Gold, a Ghanaian gold developer
- Former Managing Director, Institutional Equity Sales at GMP Securities (now Stifel), covering Canadian equities from the United Kingdom
Management
Michael Bradley
- 16 years’ diplomatic and commercial experience across the Middle East, Asia and Europe
- Former UK Foreign Service; senior commercial and political roles in the Middle East, including Commercial Attaché
- Arabic-speaking, with deep experience working alongside Middle Eastern governments
Darren Lefort
- Exploration geologist with 15 years across North and South America, focused on porphyry copper and orogenic and low-sulfidation gold-silver systems
- Manages programs from early-stage target generation through drilling and project advancement
William Mumba
- 20 years of project generation and evaluation
- Led early-stage generation in Saudi Arabia, Ethiopia and Zambia, including with BHP, Rio Tinto, Anglo American and ERG
- Sediment-hosted copper, IOCG, VMS, porphyry and industrial minerals
Wider team
Press releases & shareholder updates
From the field
Drill results, program news and corporate developments.
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October 2026Shareholder update
Bahila Drill Program
RC drilling is underway at Bahila, the first phase of a program of more than 5,000 m of reverse circulation and diamond drilling testing the four targets defined by magnetics, IP and surface work.
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September 2026Shareholder update
Bahila IP Program
Completion and analysis of the induced polarisation survey at Bahila: 175 chargeability anomalies along three structurally controlled trends, coincident with the surface molybdenum-copper anomaly.
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June 2026Shareholder update
Q2 2026 Exploration Update
Bahila ready for drilling, three further prospects advanced to target delineation, and foundational datasets established across the earlier-stage prospects.
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Greyridge Arabia Limited
6723 Prince Sultan
2049 Ar Rawdah District
Jeddah 23431
Saudi Arabia
181 University Avenue, Suite 1413
Toronto, Ontario
Canada M5H 3M7