How has Golden Compass evolved since its early days as a consulting firm?

Golden Compass, founded in 2015 as a small consultancy firm. By 2016, we expanded into drilling operations with one diamond rig. Over the past decade, we have grown into Saudi Arabia’s largest drilling, and mining services company, with operations in Saudi Arabia, Morocco, Jordan and Oman. Golden Compass is targeting to operate 40 rigs by 2026 and 106 rigs by 2035. Golden Compass has successfully facilitated the production of over 5 million t of raw material and 500,000 m of drilling through our contracting services.

Beyond mining operations, Golden Compass provides extensive data analysis, reporting and geological surveys, having helped shape government tenders. We have been the driving force behind the recent acceleration of exploration activities and have built data packages for the Saudi Geological Survey (SGS).

Early in 2024 we partnered with SGS, a top global laboratory and testing firm, to build a 4,000 m² state-of-the-art facility in Jeddah, setting up KSA as a regional hub for mining services. How does your planned listing on Tadawul fit into Golden Compass’ long-term strategy?

We have set the goal of listing the company on Tadawul (TASSI), Saudi Arabia’s stock exchange, by the second half of 2026. This move aligns with our belief that public listing strengthens our company’s sustainability and reinforces trust among partners and stakeholders.

Our path to going public includes several routes, from direct listing to potential mergers or swaps, with all options under consideration.

Why is Saudi Arabia considered unique for mining investments in the Middle East?

KSA stands out with its unique political and economic stability, presenting a golden opportunity for investing in mining. Only around 30% of KSA’s mining resources have been explored, and the government has passionately committed to the sector. The public sector has become highly competitive, efficient and professional, more so than many private companies.

Can you share some projects in which Golden Compass has recently worked?

The Accelerated Exploration program we are working on with the Saudi Geological Survey is exciting, not just because of the contract size but due to the unique challenges it brings. On other hand, last year we drilled over 30,000 m for a REE project for consultant companies using 15 rigs within just three to four months.

How do you think this mining boom will reshape KSA’s market?

In the next two years, the arrival of new companies will spark competition: Before 2022, we only had four registered companies specialized in services; today, there are over 22 companies in the market. This competitive environment also presents challenges for global firms, particularly with unexpected pricing variations in KSA that could deter investment.

On the positive side, this push for quality and healthy competition will foster a culture of continuous improvement across the sector.

What specific challenges do you see in the KSA exploration segment?

Many Saudi investors do not understand that exploration carries risk and that there is no reward without risk. However, the government is now working to address this by supporting the junior environment through the Exploration Enablement Program (EEP). While 49 applications have been approved, details on how these companies will be supported remain unclear. The idea is to offer up to US$2 million in grants, but disbursement will occur gradually, and companies must show tangible progress to qualify for further funding.

On the regulatory front, the government is collaborating with the Toronto Stock Exchange to create a new mining exchange, un named yet, dedicated to junior mining companies. Currently, companies need at least US$100 million in revenue to get listed in TASI, making it harder for smaller ones to secure the funding they need.

What do you think makes Golden Compass stand out from other companies?

A key part of our approach is integrating local involvement into every project by including communities in our Request for Proposals (RFPs) and quotations. As the first end to end integrated company in Saudi Arabia to adopt this practice, we ensure that CSR is embedded in our business processes. Additionally, we are pioneers in sustainability by implementing advanced ventilation systems on all our rigs, eliminating dust, and creating a clean and safe work environment, and focusing all the time to build strong strong local experiences capabilities.