Riyadh, Saudi Arabia. 19 November 2025: Saudi Arabian Mining Company (“Maaden”, 1211 on the Saudi Exchange) has signed a binding term sheet with MP Materials Corp. (“MP Materials”) (NYSE: MP) backed by the United States Department of War (DoW) to build and operate a rare earth refining and separation facility in the Kingdom.

This comes following the signing of the strategic framework for cooperation on securing uranium, metals, permanent magnets, and critical minerals supply chains signed between the United States and the Kingdom of Saudi Arabia this week in Washington D.C.

The agreement follows initial discussions between Maaden and MP Materials, announced earlier this year, to explore a potential rare-earth supply chain partnership. The facility, to be operated by Maaden with MP Materials’ industry-leading technical expertise, is being designed as a central hub forprocessing, refining, and separation of rare earth elements. 

It will leverage Saudi and global feedstock to become an international anchor for value-added downstream processing and an important contributor to the development of a secure and globally integrated critical minerals ecosystem. Under the agreement, MP Materials and the DoW (through a joint venture) will hold an equity position targeted at 49% in the joint venture, with Maaden holding position of no less than 51%.

Bob Wilt, CEO, Maaden, said: “This JV is a significant step forward in the development of this important global sector, underpinned by the support of Saudi Arabia’s Ministry of Energy and the Ministry of Industry and Mineral Resources. I am proud of the role that Maaden plays as SaudiArabia’s national mining champion, and through our significant growth ambitions we will continue to develop this strategic sector as an integral pillar of the Kingdom’s economy.”

“We are honored that the U.S. government asked MP to partner on a project of this magnitude and importance for America and its allies,” said James Litinsky, Founder, Chairman & CEO of MP Materials. “By combining MP’s technical expertise with the strategic vision of the U.S. Department of War and Maaden’s capabilities and scale, the pieces are in place to fundamentally strengthen and diversify the supply chain.” 

Riyadh, Saudi Arabia – 23 October 2025: Maaden (Saudi Arabian Mining Company), one of the world’s fastest-growing mining companies, has awarded a major Engineering, Procurement and Construction Management (EPCM) contract to Bechtel for its Ar Rjum gold mine. The announcement follows Maaden’s Final Investment Decision (FID) on Ar Rjum in August 2025 as part of its plans to double gold production by 2030

Under the SAR 391.1 million (USD 104.3 million) agreement, Bechtel, a trusted global leader in engineering, construction and project management, will provide EPCM services for the construction of mine and processing facilities. 

The multi-year agreement will support the development of Saudi Arabia’s newest gold mine at Ar Rjum, located in the Makkah Region, approximately 200 kilometers northeast of Ta’if, Ar Rjum, is projected to produce 3.6 million ounces of gold over a 12-year life of mine period. The project will include an open-pit operation and a state-of-the-art processing facility capable of handling a throughput of eight million tons per annum (Mtpa) of ore.

Bob Wilt, CEO of Maaden, said: “The Ar Rjum Project is a major milestone in Maaden’s journey to strengthen our portfolio. We have ambitious targets for our gold business and Ar Rjum will be a major component of our ability to double production, as well as to grow at pace and continue to build our pipeline of talent to deliver our strategy. We maintain our confidence in the significant opportunity offered by the Kingdom’s mineral endowment and gold will play a key role in unearthing that potential.”

Ailie MacAdam, President, Bechtel Mining & Metals said: “For more than 80 years, Bechtel has helped shape the region’s infrastructure — from landmark projects like Jubail Industrial City to the recent completion of the Riyadh Metro. Our legacy of delivering complex, world-class projects, together with deep mining expertise, positions us to deliver this critical project. In partnership with Maaden — and leveraging Bechtel’s global supply chain of more than 7,000 suppliers along with our strong local partnerships — we’re proud to support a project that advances long-term regional growth and prosperity.”

Maaden’s partnership with Bechtel extends its track record of working with world-class global engineering and mining firms to deliver projects that transform the Kingdom’s resource landscape. Over its expected 12 years of operation, the Ar Rjum project will create lasting economic value, open new opportunities for local suppliers, support nearby communities and help fuel the rapid growth of Saudi Arabia’s mining sector.