Alara Resources Limited announced the formation of a joint venture with Al Tasnim Enterprises LLC to lodge a bid for the award of an exploration license (License) over a 353 km2 area (License Area), which includes the Company's former Khnaiguiyah zinc-copper project. In March 2022, Alara Saudi Ventures Pty. Ltd, a fully owned subsidiary of Alara, qualified along with seven other bidders from 24 applicants to participate in the final round of an auction process for the Licence award, being conducted by the KSA Ministry of Industry and Mineral Resources (MIMR).

Based on Alara's previous knowledge and experience of the area, the JV is preparing a competitive bid with a team of experienced mining and exploration professionals. The bid involves submitting a program for development of mining and processing infrastructure at the previously explored Khnaiguiyah zinc-copper deposit, and a proposal for the efficient exploration and development of the remainder of the License Area. The award of the License is expected to be announced in mid-August 2022.