Sun Peak Metals Provides Overview of New Projects in Saudi Arabia as Part of SDC Transaction
Sun Peak Metals Provides Overview of New Projects in Saudi Arabia as Part of SDC Transaction
Vancouver, BC – October 15, 2025 – Sun Peak Metals Corp. (TSXV: PEAK | OTCQB: SUNPF) (“Sun Peak” or
the “Company”) is pleased to provide an update on its new projects in the Kingdom of Saudi Arabia as it
proceeds towards a definitive agreement to combine with Saudi Discovery Company SPV Limited (“SDC”),
as announced on September 18, 2025. The proposed combination will create a leading exploration and
development company focused on copper and gold projects within the Arabian-Nubian Shield, one of the
world’s most prospective and underexplored mineral belts.
“We have long looked forward to the opportunity to operate in Saudi Arabia” said Greg Davis, President
and CEO of Sun Peak Metals. “The geological terrane that led to the discovery of world-class VMS targets
in our past work is even more pronounced in Saudi Arabia. Coupled with a progressive, mining- friendly
government, the country presents an exceptional environment for exploration and development.”
Strategic Highlights
Premier Access to Saudi Arabia’s Mining Boom:
• Saudi Arabia is positioning mining as the third pillar of its economy under Vision 2030 (see further
details below) , supported by an estimated $2.5 trillion in untapped mineral wealth. With a
modern regulatory framework, full foreign ownership, and fast-track licensing, Saudi Arabia ranks
among the world’s most attractive jurisdictions for mining investment.
Robust Government Incentive:
Under the Mining Investment Law, companies can benefit from:
• Exploration grants of up to SAR 7 million (US$1.85M) per license for the first five (5) licenses.
• Co-funding of up to 75% of capital costs for advanced exploration and development through the
Saudi Industrial Development Fund (SIDF).
• Access to long -term project financing and participation in the Mining Exploration Enablement
Program, which mitigates early-stage risk and accelerates development timelines.
Sun Peak’s Proven Track Record in the Arabian-Nubian Shield
• Sun Peak’s leadership team brings over 20 years of experience in the Arabian-Nubian Shield, with
a history of multiple VMS discoveries and successful mine developments. This expertise,
PRESS RELEASE
NR 2025-05
For Immediate Release
October 15, 2025
Vancouver, British Columbia
combined with SDC’s strategic land position, establishes a powerful platform for continued
discovery, development, and growth across this highly prospective mineral belt.
Vision 2030 Alignment
The proposed transaction aligns with Saudi Arabia’s Vision 2030 , which aims to diversify the economy,
attract $100 billion annually in mining investment, and create a globally competitive mining sector. The
combined company will contribute to these objectives by deploying advanced exploration technologies,
fostering local partnerships, and adhering to world-class ESG standards.
SDC’s Projects in Saudi Arabia
SDC is the first foreign -owned junior explorer to secure 100% ownership of six (6) exploration licenses
covering approximately 438 km² located within the highly prospective Volcanic Massive Sulfide (VMS)
trend of the Arabian-Nubian Shield in Saudi Arabia. These licenses , which were acquired after extensive
research and field investigation work, have direct geological similarities to gold and base metal deposits
previously explored and developed by the Sun Peak leadership team. Projects with granted licenses
include (Figure 1):
o Safra (93 km²) – Two parallel gossan trends identified at surface (Figure 2).
o Al Miyah (234 km²) – Three licenses covering several sub-parallel VMS prospects with
evidence of ancient mining (Figure 3).
o Al Halahila (35 km²) – 9 km of discontinuous gossan outcrops (Figure 4).
o Afif 1 (76 km²) – Discontinuous 2 km long by up to 250 m wide, north-northwest oriented
VMS gossan and associated hydrothermal alteration (Figure 5).
Pipeline Projects
SDC has been actively adding to its project portfolio. The license applications for Massa SW and Massa SE
have been accepted by the Saudi Arabian Ministry of Industry and Minerals (“ MIM”) and are awaiting
grant. SDC has also been participating in the MIM Round 9 Auction and results of the auction will be
forthcoming. SDC expects to add approximately 700 km² along proven VMS trends through these efforts.
Figure 1. Location map of SDC’s Exploration Licenses.
Figure 2. Safra license location map.
Safra Exploration Highlights
• The VMS copper-gold target covers a focused area with two parallel gossan VMS trends identified
at surface, extending approximately 600m by 40m and 200m by 20m. The license for this project
was awarded in Q3 2024, and since then, exploration has advanced with surface sampling, trench
sampling, and an initial gravity survey completed in December 2024. The gravity survey results
are coincident with the surface gossans, highlighting the strong potential of this emerging VMS
trend.
Figure 3. Al Miyah license location map.
Al Miyah Exploration Highlights
• The VMS copper -gold target covers nearly 235 km², with the license awarded in an auction in
Autumn 2024. Surface samples have been tested, initial gravity work completed, and trench
sampling is planned. The project comprises of three sub-parallel prospects trending NNW –SSE
and is associated with extensive evidence of ancient mining activities, including pits, trenches,
and slag. The Al Miyah Main prospect extends 400 m along strike and contains trenches, pits, and
graphitic mudstone. Hishashat, located 6 km to the west, measures 400 m by 70 m and hosts
ancient slags at a rhyolite-mafic contact. Western Exhalite, 13 km to the west, features silica-rich
gossanous exhalite outcrops.
Figure 4. Al Halahila license location map.
Al Halahila Exploration Highlights
• The VMS target, with a license awarded in an auction in Summer 2024, covers a focused area of
nearly 35 km². VMS mineralization consists of several discontinuous gossan outcrops trending
north–south over 9 km, with an average thickness ranging from 5 m up to 30 m. Surface samples
have been collected, with additional results pending. Initial gravity work has been completed, and
follow-up surveys are planned.
Figure 5. Afif 1 license location map.
Afif 1 Exploration Highlights
• The VMS target was identified during a field visit in December 2023, where a massive zone of
gossan material was observed at surface, extending approximately 2 km along strike and up to
250 m in width. A license covering nearly 76 km² was awarded in Q3 2024.
The Shire Project
The Shire Project will remain the material property of the combined company following the Transaction.
The Company anticipates resuming exploration activities on the Shire Project in Tigray, Ethiopia, including
drilling to test the high priority copper-gold VMS and gold targets developed over the past several years.
About Saudi Discovery Corporation
Saudi Discovery Corporation is a pioneering exploration company advancing high -potential mineral
projects in Saudi Arabia, aligned with Vision 2030.
Qualified Person
The Sun Peak scientific and technical information contained in this news release was approved by Charles
Greig, MSc, P.Geo. Mr Greig is a “Qualified Person” under National Instrument 43 -101 and independent
of Sun Peak.
Quality assurance and quality control protocols for rock samples disclosed herein follow industry standard
practices. The rock samples were delivered directly to ALS Global Lab in Jeddah, KSA for analysis.
Note 1: From Saudi Arabia’s Ministry of Industry & Mineral Resources ’ presentation dated September
2024. Please also see: https://www.reuters.com/world/middle-east/saudi-arabia-ups-mineral-resource-
estimates-25-trillion-minister-2024-01-09/
ABOUT SUN PEAK METALS CORP.
Sun Peak is advancing the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The
project covers six exploration licenses totaling approximately 1,450 square kilometers within the highly
prospective Arabian-Nubian Shield, the same geological environment as the Bisha Mine and the Asmara
Projects in Eritrea. Two licenses ( Meli and Terer) held in j oint-venture with Ezana Mining, a private
Ethiopian Company, while the remaining four are 100% owned by Sun Peak.
ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis,
President, CEO & Director