Chagai: Mari Energies Limited has reported a copper-gold discovery at the East Siah Diq (ESD-1) target in District Chagai, Balochistan. The mineralized zone is located 50 kilometers east of the Reko Diq project and covers an area of 1.4 square kilometers. The company's subsidiary, Mari Minerals (Pvt) Limited, has completed 25,000 meters of vertical drilling across Phases 1A and 1B.

According to AKD Securities Limited, the results from Phase 1A have been verified, while Phase 1B is currently underway and expected to conclude by the first quarter of 2027. This phase will provide crucial data for the initial resource estimate. The discovery has not yet been factored into the valuation for Mari Energies due to its early exploration stage. Comparisons with the Reko Diq project, which hosts a reserve grade of 0.48% copper and 0.26 grams per ton of gold, are anticipated after the completion of Phase 1B.

Mari Energies has been given a 'BUY' recommendation with a December 2026 target price of PkR935 per share. This outlook is based on the company's strong self-operated production growth, reduced reliance on oil prices due to its gas-heavy portfolio, involvement in ADNOC Abu Dhabi Block-5, and diversification into minerals, artificial intelligence, and data center segments.