Analysts cite Saudi partnership as a scalable platform for exploration with disciplined capital deployment.
Noble Capital Research maintained its ‘Outperform’ rating on Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) with a $2.65 price target, citing the company’s expansion into Saudi Arabia through a new joint venture. The stock traded near $1 at the time of the update.
The 50/50 partnership with Amaar United Mining Company focuses on securing exploration licenses in Saudi Arabia. Noble Capital highlighted the deal’s funding structure, where Power Metallic contributes $2.5 million of the initial $10 million work program, while Amaar provides $7.5 million, shifting to equal funding later.
Analysts framed the agreement as a scalable regional platform, combining technical expertise with local execution strength. Power Metallic is expected to serve as technical lead and potential operator, pending final agreements.