AKD Securities has termed Mari Energies Limited (MARI)’s latest copper-gold discovery in Balochistan as a positive development, while maintaining its “Buy” recommendation on the company with a December 2026 target price of Rs935 per share.

In a research note, AKD Securities said Mari, through its wholly owned subsidiary Mari Minerals (Pvt) Ltd, announced a copper-gold discovery at the East Siah Diq (ESD-1) target in Chagai district, located about 50 kilometres east of the Reko Diq project. The mineralised zone reportedly covers 1.4 square kilometres, and the company has completed around 25,000 metres of vertical drilling across Phase 1A and Phase 1B. This is based on information in the research report image supplied by the user.

The brokerage noted that Phase 1A results have been verified, while Phase 1B drilling is underway and expected to be completed by the first quarter of CY27. It said the results would support an initial resource estimate, although the discovery has not yet been incorporated into Mari’s valuation, as the project remains at an early exploration stage.

According to the research house, comparisons with the nearby Reko Diq deposit, which hosts significant copper and gold resources, indicate encouraging exploration potential. However, it said a better assessment would only be possible after completion of Phase 1B and the release of additional drilling results.

AKD Securities reiterated that its positive view on Mari is supported by the company’s strong self-operated production growth, reduced dependence on oil prices because of its gas-heavy portfolio, participation in ADNOC Abu Dhabi Block-5, and ongoing diversification into minerals, artificial intelligence and data-centre-related businesses.