Power Metal Resources PLC on Friday said it signed a memorandum of understanding with the Ministry of Investment of Saudi Arabia.

The metals exploration company focused on North America, Africa, and Australia said the MoU will explore possible joint efforts to identify and realise high value-added investment opportunities to exploit the kingdom’s natural resources.

Power Metal said it will offer ‘highly experienced technical support’ to potential exploration projects, while the ministry will provide project opportunities and potential support for such projects.

‘This MoU is indicative of our commitment to exploration in the kingdom, and it paves the way for us to explore exciting opportunities in one of the world’s most resource-rich countries,’ Chief Executive Officer Sean Wade said.

Power Metal shares rose 11% to 0.75 pence each on Friday morning in London.

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