Logo of Almasane Alkobra Mining Company (AMAK)
Almasane Alkobra Mining Company (AMAK) extended a letter of intent (LoI) with Power Metal Resources Plc for an additional three months until June 9, 2025, according to a statement to Tadawul.
The extension will allow for the completion of drafting binding terms agreed upon by both the parties.
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The LoI will automatically expire upon the conclusion of the agreement or at the end of the additional three-month period — or any extension thereof, the statement added.
AMAK will announce any developments.
This LoI does not result in any financial or legal obligations for either party, but the resulting agreements will be formulated later in detailed legal agreements and contracts, the company noted.
In September 2024, AMAK signed a LoI with Power Metal seeking a joint venture (JV) agreement to explore, develop, and extract nickel ore and related minerals under AMAK Qatan Exploration License in southwest Saudi Arabia, Argaam reported.
The LoI was extended once before until March 9, 2025.
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