Building GMCO’s project pipeline
KEFI has been active in Saudi Arabia since 2008, building a strong foothold through Gold and Minerals Company (GMCO), its joint venture with Saudi industrial group ARTAR.
GMCO now holds a JORC-compliant resource base of 3.8 million ounces gold-equivalent across two discoveries, Jibal Qutman and Hawiah, and has secured 16 gold and base metal exploration licences to date.
KEFI holds a 13% interest in GMCO, which now operates as a standalone entity with its own dedicated management team and an enlarged board.
Jibal Qutman Gold Project
GMCO identified more than 700,000 ounces of gold in Mineral Resources at Jibal Qutman by 2015, following the grant of the licence in 2012. Exploration and feasibility studies recommenced in 2022, and GMCO now holds three exploration licences covering 270km² at the project. In February 2025, KEFI published an updated Mineral Resource Estimate of 37.0Mt at 0.76g/t gold, containing 902,000 ounces of gold.
Jibal Qutman is now finalising a Definitive Feasibility Study for staged development of its resource, similar in physical scale to Tulu Kapi. A Mining Licence Application has been lodged, and the DFS is under third-party review ahead of GMCO Board consideration. Jibal Qutman is targeted to be GMCO’s first project to reach a Final Investment Decision, hoped for in 2026.
902koz
Updated gold resource
Hawiah Copper-Zinc Project
Drilling at Hawiah began in September 2019 and quickly identified a VMS copper-gold-zinc deposit. Extensive drilling since has defined a Mineral Resource of 36.2Mt, containing 297,000 tonnes of copper, 310,000 tonnes of zinc, 745,000 ounces of gold and 11.6 million ounces of silver.
The award of the Umm Hijlan Exploration Licence has since doubled the strike length of the Hawiah mineralised system under development study [is this complete copy?]
36.2Mt
Copper-zinc-gold-silver resource
Our partner: ARTAR
GMCO is majority-owned by Abdul Rahman Saad Al Rashid and Sons Company Limited (ARTAR), a leading Saudi industrial group with interests spanning construction, real estate, agriculture and healthcare.
ARTAR plays a vital role in GMCO’s dealings with the Saudi Ministry of Industry and Mineral Resources and other government bodies, reflecting the Kingdom’s policies to encourage growth in its minerals sector. KEFI is GMCO’s technical partner, with a 13% shareholding, alongside Jeff Rayner’s return to KEFI as Head of Exploration to support the joint venture and lead KEFI’s own exploration initiatives as they’re prioritised.
13%
KEFI interest in GMCO