Under this agreement, will transfer to Greyridge its entire shareholding in ERG Middle East S.à r.l, which is the sole owner of ERG’s exploration undertakings in the Kingdom of Saudi Arabia.

ERG’s business has continued to demonstrate resilience against a challenging macro environment and lower commodity prices. At the same time it has been necessary to proactively adapt to new market realities. In this context, ERG has taken a strategic decision to focus in the first instance on its core operations in Africa and Kazakhstan, where the Group’s presence has been established for a very long time.

By directing investment on ERG's core, well-established operations, the Group continues to champion the sustainable and responsible production of the minerals needed for the green energy transition and support the related value chain assurance.

ERG’s spokesperson added: “The Kingdom of Saudi Arabia (‘KSA’) presents an attractive business environment and excellent mineral exploration opportunities for investors. Our portfolio of exploration undertakings in the KSA is highly prospective one. Greyridge has assembled a remarkable and dedicated exploration team and we believe it is well placed to accelerate the development of this portfolio.”