"Ankh Resources is a junior exploration company that specializes in gold exploration in the Arab Nubian Shield (ANS)."

Mostafa Talaat

CEO, ANKH RESOURCES

October 06, 2023

Ankh Resources is the latest exploration company awarded a gold concession in Egypt. Can you tell us more about Ankh Resources?

Ankh’s current gold concession, Dara, presents strong geological indicators, pointing to the presence of significant mineral deposits of a highly potential gold-copper porphyry. The prime location, renowned for its mineral-rich reserves, adds further allure to the project and makes it a compelling choice for investment.

What was the motive behind establishing Ankh Resources?

In 2020, the Egyptian government introduced a new mining code. This code implemented a rent royalty and tax system that proved to be highly competitive with other mining jurisdictions. The 2020 mining code marked a significant turning point for the mining sector in Egypt. It was widely accepted by investors, stock exchanges, and miners alike.

The licenses awarded in the first bid round in Egypt showcased a remarkable diversity, ranging from major producers to junior explorers. This diversity served as a strong motivation for us to establish Ankh Resources and actively participate in the second bid round.

Our success in securing exploration rights was made possible by our profound geological knowledge of the key areas we targeted in our bid submissions. By leveraging our expertise, we were able to identify promising blocks and present compelling cases to potential investors.

Can you tell us more about the geological prospects of Egypt, especially in the Arabian Nubian Shield?

Egypt's abundant gold endowment is indisputable, with a rich history of gold mining spanning over 6,000 years since the era of the Pharaohs. The Arabian Nubian Shield, traversing Egypt, Saudi Arabia, and five other countries, presents a remarkable opportunity due to its extensive untapped potential and the prevailing market conditions of rising commodity prices and heightened mineral demand.

Considering the situation across the Red Sea, Saudi Arabia is actively promoting a diverse portfolio of 21 commodities. Their substantial investments in identifying commercially viable minerals reflects a comprehensive approach.

Egypt, sharing similar geological characteristics, possesses equivalent, if not superior, potential. Once the government conducts thorough investigations into the potential for critical minerals associated with the green transition, such as lithium, nickel, copper and cobalt, and offers them for investment, Egypt's mining sector will become an even more compelling investment frontier.

As a mining entrepreneur, Gold Pyramid Group of which you are a founder was your first successful mining services company. Talk to us about your experience and the transition to CEO of Ankh Resources.

In 2016, I established Gold Pyramid Group with the support of seven trusted partners. Each of us began our careers at Cent amin’s Sukari mine, the sole gold mine in Egypt, and subsequently gained extensive experience in various facets of the mining industry worldwide, including mining operations, engineering, geology, finance, supply chain, and mineral processing.

When Egypt commenced the development of its minerals resources sector 7 years ago, we recognized an opportunity to leverage our collective expertise and assist international investors in navigating the country's unique environment.

We collaborated with reputable mining companies such as Resolute Mining in its first bidding round for gold exploration in 2017, offering a comprehensive range of services encompassing early-stage exploration, supply chain development, project financing, and close cooperation with the Minerals Resource Authority.

The publication of Egypt's mining code in 2020 marked a significant milestone for the country's mining sector. Prior to this, the sector was limited to approximately five projects. However, today there are around 20 active projects, fueling our growth and market presence.

To maintain our position as industry leaders, we have consistently prioritized the acquisition of top talent, ensuring that we attract the most skilled individuals, both locally and internationally, ranging from recent graduates to seasoned professionals with over three decades of experience.

Given the positive transformations occurring within Egypt's mining sector and our identification of high-priority concessions during exploration activities in the Eastern Desert, I assembled a competent team of technical founders. This led to the establishment of Ankh Resources, which is backed by prestigious investors, and is now dedicated to pursuing exploration endeavors in the Arab Nubian Shield of Egypt.

My appointment as CEO of Ankh Resources is simply a testament to the shareholders' trust in my expertise and proven track record for delivering success in the industry.

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