Could you provide an overview of the latest developments at Ankh Resources?

In the past year, Ankh Resources has made significant strides in the exploration of our Dara gold-copper concession in Egypt. Our first year of exploration has proven to be exceptionally productive. We have engaged in continuous, systematic sampling to lay the groundwork for future drilling activities.

Throughout 2023-2024, we successfully identified key target areas, allowing us to focus on delineating the mineralization of gold and copper within a defined two-dimensional framework. The positive outcomes from our exploration program have strengthened our confidence which is guiding our strategic planning for securing additional funding over the next two years. Our objective is to define a resource by 2026. 

Egypt has a small number of junior mining companies active in the country. What can be done to encourage more investment?

While the number of companies in Egypt's mining sector may be few, the landscape is promising. The Government is revising the exploitation terms to be attractive and effective to encourage more investment inflow into the mining sector. 

Additionally, a growing base of junior exploration companies from Canada and the UK are driving FDI into Egypt's junior exploration market. We are confident that as more results emerge, Egypt’s market reputation will continue to strengthen.

The new administration, including the recently appointed Minister, is committed to advancing the positive initiatives of their predecessors, providing a more favorable environment for investors. The Mineral Resource Authority is currently developing a digital portal to streamline the licensing process, which we anticipate will significantly enhance investment opportunities in the country. 
We look forward to witnessing these developments unfold.

Does Ankh have any further expansion plans in the Arab Nubian Shield (ANS)?

As we continue to develop our project in Egypt, Ankh is actively exploring expansion opportunities in neighboring countries, particularly Saudi Arabia. 

Our long-term vision is to establish ourselves as a leading explorer in the ANS, leveraging the favorable conditions in both Egypt and Saudi Arabia, where new mining codes and promotional initiatives are opening the sector to investment 

We are also considering Sudan as a future exploration target, recognizing its potential once the political climate stabilizes. The geographical proximity, cultural similarities, including minimal language barriers, make this region particularly appealing.

In terms of the operational environment in Egypt, what is a key advantage and a key disadvantage?

A significant advantage of operating in Egypt, particularly in the eastern desert, is the logistical access. The recently upgraded infrastructure network in this region facilitates efficient operational activities. Improved roads and transport links ensure that essential supplies and equipment can be moved quickly and easily to mining sites.

This connectivity notably reduces the upfront costs that often burden junior explorers in other regions. Additionally, Egypt boasts a wide base of skillful workers, supported by a network of service providers, despite the relatively small size of the mining community. This combination of logistical ease and quality human resources enhances operational efficiency. 

Conversely, a notable challenge lies in managing expectations versus reality, particularly for companies familiar with the more streamlined processes in other jurisdictions. 

In Egypt, the legacy of a 75-year governmental history has resulted in a bureaucratic regulatory environment. While this can be viewed as an advantage, due to established frameworks, it often translates into cumbersome administrative processes. The government is actively working to digitize many of these procedures to improve efficiency.

As such, foreign investors should remain prepared for potential extended timeframes and approach the situation with patience, recognizing that while progress may take time, the commitment to modernization is a positive step forward.

Do you have a final message?

As we pursue our goal of establishing Egypt's first gold-copper mine, we are working tirelessly towards a more sustainable and prosperous future, in which mining plays a crucial role to address global challenges.

Dara’s potential, being rich in both gold and copper, represents the right balance needed to supply the global mining pipeline with essential reserves, powering economic growth and fueling the green energy transition.

Ankh Resources is dedicated to talent acquisition within the local market to enhance and professionalize our operations.  In our plan to expand into the Kingdom of Saudi Arabia, we aim to maximize the potential of our workforce, leveraging their skills and expertise to drive efficiency and productivity.

I believe that the benefits of our endeavors could extend far beyond our operations into the communities we serve.