Saudi Arabian Mining Company “Maaden”, the largest multi-commodity mining and metals company in the Middle East, today reported its financial results for the second quarter of 2023. Maaden’s focus on transformation has underpinned an expansion in fertilizer production, helped secure new strategic partnerships, and supported an increase in the Company’s financial flexibility to deliver transformational growth projects, as part of Maaden’s 2040 growth strategy.

QUARTER HIGHLIGHTS

Continued focus on driving production growth and building capabilities through partnerships:

• Record quarter of Phosphate production as Maaden extends its leading position in the global fertilizer market and pursues production growth.

• Launched Ivanhoe Electric exploration JV, giving access to groundbreaking technology that will help transform exploration capabilities in Saudi Arabia.

• Manara Minerals, a joint venture between Maaden and PIF, acquired 10% stake in Vale Base Metals, boosting Maaden’s international strategic minerals footprint and creating opportunities to diversify the Company’s product mix.

• Exported 25,000 tons of low-carbon blue ammonia to China, as Maaden continues to support the decarbonization of value chains.

• Implemented the next phase of the Company’s new operating model to improve productivity, increase production volumes and optimize costs.

• Assigned inaugural Investment Grade Credit Ratings from Moody’s and Fitch.

• Commissioning activities ongoing at Mansourah-Massarah, Maaden’s largest gold project expected to produce an average of 250,000 ounces per annum, with initial commercial production on track for H2-FY23.

• Revenue of SAR 6.97 Billion and Net Profit of SAR 351 Million, reflecting lower commodity prices versus a record year in FY22.

• Financial position further strengthened – long-term borrowings and net debt down by 11% and 9% respectively from December 2022, including the early debt repayment of SAR 3 Billion by Maaden Wa’ad Al Shamal Phosphate Company (MWSPC).

Robert Wilt, Maaden CEO, said, “Maaden achieved a record quarter of Phosphate production as we strengthened our leading position in the global fertilizer market. This is a reflection of our current focus on growth, which is being driven by our transformation program and 2040 strategic objectives.

We will continue to focus on improving our business to support our next phase of growth. This means we need to be more agile and responsive into a lean and agile organization that can deliver our next phase of growth. We are making good progress in scaling the Company’s operations, implementing a more efficient operating model and positioning Maaden to transform the mining sector into the third pillar of the Saudi economy. The steps we are taking are ensuring we are becoming a company fit to meet the challenges of our industry and realize the value of Saudi Arabia’s mineral endowment.”