EV Metals Group reports successful completion of initial exploration programme at Balthaga Lithium Project in Saudi Arabia

EV Metals Group plc (“EVM” or “the Company”) a global battery chemicals and technology company, is pleased to announce the successful completion of an initial exploration programme at the Balthaga Lithium Project (“Balthaga Project” or “Project”) in the Kingdom of Saudi Arabia. The programme, led by UK listed Power Metal Resources plc (“Power Metal”) in conjunction with EVM’s special purpose subsidiary, Riwaq Al Mawarid for Mining (“RIWAQ”) marks an important milestone in unlocking value from the Balthaga Project’s tenement package.

The Project, located 450km east of Jeddah in the South-East of the Arabian Shield comprises 13 tenements, covering a total area of approximately 1,200km2. All 13 tenements already have exploration licenses granted with the final 2 having recently being granted in April. Previous work conducted to date indicate the prospects of lithium and rare earths. RIWAQ also holds 2 separate tenements, which are prospective for nickel and copper/molybdenum porphyry systems respectively. These are both pending final grant.

The exploration programme follows the signing of an earn-in joint venture between RIWAQ and Power Metal announced on 26 March 2024 whereby Power Metals has the right to earn a 20% ownership interest in the 15 tenements by funding US $350,000 in expenditure within the first 12 months.

A comprehensive desktop study was carried out by Power Metal, identifying 44 initial priority targets within the Balthaga Project area. The targets were defined by a combination of historic sampling and associated results, historic geological reports discussing target lithologies, geological features such as dykes, veins and structural traps, and a suite of eight Mineral Occurrence Documentation System (MODS) extracted from various papers on the area.

The field programme was designed to locate the majority of these targets, visit all priority targets and, where appropriate, take initial rock chip samples for analysis. A field team subsequently visited all defined targets within the 13 licensed tenements, covering 1,200 km² over seven days. Despite challenging conditions due to extreme weather, a total of 43 in-situ rock chip samples were collected from identified targets. Each sample was given a unique number, the outcrop sampled was photographed, as was the sample itself, with a description of the sample taken to ensure maximum data was captured at each location.

The samples have been submitted to ALS Jeddah for analysis, with results expected in Q3 2024. An additional 23 rock samples collected by EVM in 2022 were also submitted for analysis. Following the receipt and interpretation of analytical results, Power Metal and RIWAQ will plan the next stage of exploration to further advance the project.

Luke Fitzgerald, CEO of EV Metals Group plc, commented: “The completion of this initial field exploration programme is an important step in understanding the mineral potential at Balthaga to support the EVM strategy of developing a critical raw materials supply chain in the Kingdom of Saudi Arabia. We are encouraged by the thorough and systematic approach undertaken by the team, which identified multiple targets and will generate data to define the next stages of the exploration work. We look forward to the continued collaboration with Power Metal as we advance the project.”