Mari Energies copper discovery near Reko Diq runs 400 metres deep in its best holes. It is a find, not yet a mine.

The Mari Energies copper discovery in Balochistan’s Chagai district gives Pakistan’s mining push a new, locally drilled prospect. On Friday, 13 November, Mari Energies told the Pakistan Stock Exchange that drilling at East Siah Diq (ESD-1), about 50 km east of Reko Diq, found copper-gold mineralisation across roughly 400 metres in its best holes. It is a promising start, but the company is clear that it is not yet a resource or a reserve. For investors, suppliers and Balochistan’s economy, the question is how quickly it can become one.

The short version

• Mari Minerals, a wholly owned unit of Mari Energies, drilled about 25,000 metres at ESD-1 near Nokkundi, Chagai.
• The best hole returned 400.25 m at 0.50% copper and 0.11 g/t gold, Profit reported.
• No mineral resource exists yet; Phase 1B assays are due in the first quarter of 2027.
• The KSE-100 closed 500 points higher at 177,874 on Friday, with oil and gas explorers among the gainers.

What happened

In its PSX notice, Mari Energies said its subsidiary Mari Minerals (Private) Limited had completed about 25,000 metres of drilling in two phases, 1A and 1B, at East Siah Diq. The site lies about 25 km northwest of Nokkundi in the Koh-i-Sultan area. The holes reached about 500 metres, and the mineralisation sits beneath about 100 metres of loose sediment across roughly 1.4 square kilometres. “Based on the results of drilling completed to date, ESD-1 is a new porphyry copper discovery,” the company said, according to The Express Tribune.

Across 20 Phase 1A intercepts, copper ranged from 0.04% to 0.50% and gold from 0.02 to 0.19 grams a tonne, measured over the whole bedrock length with no cut-off grade, Profit reported. Assays were done by SGS Pakistan and reviewed by an independent competent person, Dr John Mortimer of JM Geoscience.

Mari’s best Chagai holes match a rival find on grade, over longer runs

Copper grade, %, over the drilled length shown, results disclosed 13 Nov 2026

Mari ESD-1-DD-017 (400.25 m)

0.50%

Mari ESD-1-DD-011 (392.7 m)

0.45%

Mari ESD-1-DD-016 (404.2 m)

0.43%

NRL best reported hole at Darigwan (295 m)

0.43%

Why it matters

Chagai is already Pakistan’s biggest mining bet through Reko Diq, whose timeline and cost have been under pressure, as Knock-On reported in a possible Reko Diq delay to 2030. The Mari Energies copper discovery shows that the belt holds more than one prospect, and that Pakistani companies are now drilling it themselves. On the same day, NRL chairman Muhammad Ali Tabba told the Pakistan Minerals Investment Forum that his group’s joint venture with Fatima Fertilisers, Liberty Mills and Lucky Cement had made at least eight porphyry discoveries at Darigwan, Business Recorder reported. NRL has preliminary resource estimates but is withholding them until they meet international reporting standards.

The knock-on effects

First order: a new story for Mari shareholders

Mari is mainly a gas producer, so minerals add a second line of possible value. The KSE-100 rose 500.11 points (0.28%) to 177,873.88 on Friday, APP reported, recovering part of Thursday’s 1,710-point fall. Express Tribune said MARI stood out among the gainers at the midday break. Without a resource estimate, though, the find cannot yet be valued with any precision.

Second order: work for drillers, labs and services

Mari plans deeper drilling to about 1,000 metres, step-out holes and a first geological model and resource estimate. That means more contracts for drilling crews, assay labs, logistics and camp services in western Balochistan.

Third order: a stronger pitch to foreign miners

Several independent finds in one belt make it easier to argue for shared roads, power and export routes. They could also make Chagai acreage more attractive to joint-venture partners. Converting discoveries into exports will still take years of studies, permits and security spending.

Who could benefit

• Mari Energies: a second business beyond gas, if the find proves economic.
• Exploration service firms: drilling, assays and logistics for the next phases.
• Balochistan suppliers and workers: local contracts around Nokkundi.

Who may face pressure

• Investors who price in a mine before a resource estimate exists.
• Mari’s capital budget, which must fund deeper drilling alongside gas projects.
• Provincial and federal authorities, who face more demand for roads, water and security in Chagai.

What to watch

• Q1 2027: Phase 1B assay results from ESD-1.
• Deeper drilling to about 1,000 m, since mineralisation remains open below 500 m.
• A first resource estimate and metallurgical test work (no date given).
• Further PSX disclosures on partners or financing.

Sources

• Profit (Pakistan Today), Mari Energies announces major copper-gold discovery in Balochistan’s Chagai district, 13 Nov 2026
• The Express Tribune, New copper-gold deposits discovered in Balochistan’s Chagai, 13 Nov 2026
• Business Recorder, Mari Energies discovers significant copper-gold reserves near Reko Diq, 13 Nov 2026
• Business Recorder, NRL identifies copper-gold mineralisation across eight discoveries in Chagai: Tabba, 13 Nov 2026
• APP, PSX gains over 500 points, 13 Nov 2026
• The Express Tribune, PSX climbs over 1,000 points by Friday midday break, 13 Nov 2026

This is analysis, not investment advice. Figures are as of 13 November 2026.