Hamilton Locke is delighted to have assisted Almasar Minerals as it becomes the first ASX entity to successfully complete an IPO and ASX listing on exploration assets based within Saudi Arabia since the Kingdom of Saudi Arabia updated its mining laws as part of its Vision 2030 reforms.
Commenting on the IPO, Partner Jeremy Newman said: “While the Vision 2030 framework is designed to stimulate foreign capital and expertise into Saudi Arabia, no ASX IPO applicant prior to Almasar Minerals has successfully managed to secure assets in the KSA and list them via the front-door on ASX. The Company’s successful raising of $12 million (being the maximum subscription) demonstrates the market appetite for first movers in this new and exciting frontier.”
The Hamilton Locke team leveraged the firm’s expertise in bringing foreign mining assets into the ASX environment, being the firm’s fourth offshore IPO of calendar year 2026, following on from Lux Copper (Alaska, USA), Kaoko Metals (Namibia) and Bison Resources (Nevada USA).
The Hamilton Locke team included Partner Jeremy Newman and Lawyers Chris Simpson and Tom Lewsey.
