EV Metals Group plc (“EVM” or “the Company”), a global battery chemicals and technology company, is pleased to announce the commencement of a drill target definition programme at its Balthaga Exploration Project (“Balthaga” or “the Project”) in the Kingdom of Saudi Arabia. The programme is being undertaken through its Saudi-based subsidiary, Riwaq Al-Mawarid for Mining (“RIWAQ”), in partnership with EVM’s earn-in joint venture partner, Power Metal Resources plc (“Power Metals”).
The drill target definition programme represents the next stage of systematic exploration at Balthaga and follows the completion of earlier reconnaissance mapping, sampling and geological review work across the licence area. The programme will comprise an initial ground mapping and rock sampling phase targeting priority areas of interest, followed by a detailed soil geochemistry sampling campaign designed to refine and prioritise drill targets ahead of future drilling activities. The work will focus on areas of anomalous rare metal signatures and key structural corridors identified through historical data and recent exploration activity.
A multi-disciplinary exploration team has been mobilised to site to undertake the programme, including specialist consultants with experience in rare metal granitic systems, supported by regional geological and operational expertise. EVM and Power Metals will continue to work closely to ensure the programme is delivered safely in accordance with agreed technical objectives, timelines and best-practice exploration standards.
Balthaga comprises 13 contiguous exploration licences covering approximately 1,290 km² in north-western Saudi Arabia. The Project is considered prospective for granite-related rare metal mineralisation including lithium, tin, tungsten, tantalum, niobium, beryllium, molybdenum and rare earth elements, and remains an important component of EVM’s strategic footprint in the Kingdom as the Company advances its broader mine-to-refine strategy.
Commenting on the commencement of the programme, EVM’s General Manager – Geology & Mining, Chris Counsell, said: “We are pleased to be progressing the next stage of exploration at the Balthaga Project alongside our joint venture partner, Power Metals, as part of our planned and collaborative work programme. The commencement of the drill target definition programme reflects the strong technical alignment between our teams and builds on the growing geological understanding of this highly prospective area. We look forward to the outcomes of this work as the Project continues to advance and support EV Metals Group’s long-term growth strategy in the Kingdom.”
Sean Wade, Chief Executive Officer of Power Metal Resources plc, added: “Through our previous exploration work and historical reports, multiple prospective targets have been identified across the Balthaga licence area. The mobilisation of our exploration team on site is focused on defining these targets for future drilling programmes and further confirming the prospectivity of the Project. As we move into the next stage of our earn-in commitments, we look forward to strengthening our strategic position within Balthaga while working closely with our partners at EV Metals Group and RIWAQ.”
Under the terms of the earn-in agreement, Power Metals has satisfied its initial expenditure requirement to earn a 20% interest in Balthaga and is now progressing additional exploration expenditure aimed at increasing its interest in the Project to 30%. RIWAQ remains the Project operator.
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EV Metals Group plc
Luke Fitzgerald,
Chief Executive Officer
luke.fitzgerald@evmetalsgroup.com
Garreth Young,
Marketing Manager
marcomms@evmetalsgroup.com
Figure 1: Location of the Balthaga Project, Saudi Arabia
Figure 2: Typical terrain at the Balthaga Project, Saudi Arabia
About EV Metals Group plc
EV Metals Group plc (EVM) is a global battery chemicals and technology business committed to a clean energy future.
EVM is focused on the production of high purity chemicals required in rechargeable batteries for electric vehicles and renewable energy storage. Our business model is based on the integration of upstream (mining) and midstream (chemical refining) supply chains for critical minerals from geopolitically aligned sources to produce high purity battery chemicals vital to the global energy transition.
Through our mine to refine value proposition, we will offer transparent and stable supplies of high purity battery chemicals to growth markets including the Middle East, Europe and North America. This will involve upstream mining and production of intermediate products via participation and ownership of mining mineral resources, facilitated by joint ventures and long-term offtake agreements for midstream processing at our planned chemical refining plant in the Kingdom of Saudi Arabia (KSA).
Our flagship Lithium Chemicals Plant (LCP) in Yanbu Industrial City, KSA, is being developed as a midstream hub for diversification and geopolitical alignment of supply chains for electric vehicle and battery cell manufacturers. During its first stage, the LCP will produce 25,000 tonnes per annum (TPA) of battery grade Lithium Hydroxide Monohydrate, followed by an additional 22,000 TPA of high purity Lithium Carbonate (Stage 1B). The LCP will contribute towards addressing expected global supply deficits while supporting Saudi Arabia’s Vision 2030 industrialisation goals.
Incorporated in 2014, EVM is a private company with operations in Western Australia and the Kingdom of Saudi Arabia.
For further information on EVM please visit www.evmetalsgroup.com.
About Riwaq Al Mawarid for Mining
Riwaq Al Mawarid for Mining (RIWAQ) is a special purpose subsidiary of EV Metals Group plc (EVM) focused on developing the Saudi supply chain through the production of critical raw materials from exploration, mining, and processing of minerals and metals in the Kingdom of Saudi Arabia.
RIWAQ is actively engaged in exploring for lithium, nickel sulphides, and other battery metals in the Arabian Shield, with a focus on the Balthaga Exploration Project located in an area prospective for lithium pegmatites. With a well-developed strategy and in conjunction with its joint venture partners, RIWAQ is seeking to execute field programs for the rapid development of critical upstream raw materials.
RIWAQ’s exploration activities complement EVM’s midstream strategy to develop its flagship Lithium Chemicals Plant in Yanbu Industrial City, which will produce high-purity lithium chemicals from spodumene concentrate. These specialty chemicals are essential for manufacturing rechargeable batteries used in electric vehicles (EVs) and renewable energy storage systems, and play a vital role in supporting the global energy transition.