NSX Limited, announced that Ajlan & Bros Mining Co. Ltd. and NSX Limited signed a Term Sheet for a Joint Venture Agreement for the purpose of establishing the Kingdom of Saudi Arabia Metal and Mining Exchange (hereinafter referred to as the Mining Exchange). Once a license to commence operations has been granted by KSA's securities regulator, the Capital Market Authority (CMA), the Mining Exchange will offer a platform for trading both securities and commodities, and while located in the Kingdom of Saudi Arabia (KSA), will aim to service a wider region. Once a license to commence operations has been granted by KSA's securities regulator, the Capital Market Authority (CMA), the Mining Exchange will offer a platform for trading both securities and commodities, and while located in the Kingdom of Saudi Arabia (KSA), will aim to service a wider region. The Term Sheet states that: The parties will co-invest into an incorporated vehicle and will apply to CMA for a Securities
Exchange License under new regulations introduced in September 2022. ABM will subscribe for 80% and NSX for 20% of the capital of the Exchange, which is expected to
have an issued share capital of SAR 100 million (approx. USD 26.6 million or AUD 40.9 million). The subscription will be due following successful license grant by CMA and any other necessary KSA Government approvals. NSX will be entitled to appoint one Board Member to ABM's four Board Members, and with three members to be appointed by the CMA. On behalf of the new exchange, ABM will issue a USD 2.5 million purchase order to NSX, for NSX to provide documentary support and assistance regarding market rules, policies, procedures, operations, and the technology roadmap. A definitive longform Joint Venture Agreement is targeted for execution in the first week of
November 2022.