EV Metals Group plc (“EVM” or “the Company”), a global battery chemicals and technology company, today announces that its wholly owned subsidiary, EV Metals Arabia Company for Industry (“EV Metals Arabia”), has signed a Strategic Investment Letter of Intent (“LoI”) with Riyadh Cement Company (“Riyadh Cement”), a company publicly listed on the Saudi Stock Exchange (Tadawul).
Signed during the fifth edition of the Future Minerals Forum in Riyadh, the LoI establishes a framework for Riyadh Cement to make a strategic investment in EV Metals Arabia’s Lithium Chemical Plant Project (“LCP” or “Project”) in Yanbu Industrial City, Kingdom of Saudi Arabia. This framework includes consideration of various investment structures to support advancement of the Project, and will be confirmed following completion of due diligence and negotiation of definitive agreements between the parties.
The LoI outlines a pathway for cooperation across technical, operational and development workstreams, signalling the parties’ shared interest in advancing discussions to develop the LCP as a strategically significant asset for the Kingdom. The Project is being developed as the first lithium chemicals refining hub in the region, producing high‑purity lithium hydroxide and lithium carbonate for electric vehicle and renewable energy storage sectors. Stage 1 of the LCP comprises production capacity of 25,000 tonnes per annum of battery‑grade Lithium Hydroxide Monohydrate, followed by 22,000 tonnes per annum of high‑purity Lithium Carbonate, with optionality for expansion to six processing trains aligned to future demand.
Strategically located in Yanbu Industrial City, the LCP benefits from world‑class industrial infrastructure, competitive low‑cost energy and access to global logistics networks, positioning it to serve domestic demand as well as key growth markets in Europe, India and North America. The Project aligns closely with the Kingdom’s Vision 2030 objectives by supporting the localisation of advanced chemical processing, the development of globally competitive critical minerals supply chains and the attraction of downstream investment in battery materials manufacturing. With global supply deficits for lithium chemicals projected towards the end of the decade, the LCP is expected to play a key role in strengthening supply security for fast‑growing EV and energy storage markets.
Luke Fitzgerald, CEO of EV Metals Group plc, commented: “This Letter of Intent with Riyadh Cement represents another important milestone in the development of our Lithium Chemical Plant in Yanbu Industrial City. The LCP is central to our strategy to establish a secure, scalable and competitive supply chain for high‑purity lithium chemicals, supporting both the Kingdom’s Vision 2030 ambitions and the accelerating growth of global battery materials markets. We look forward to progressing discussions with Riyadh Cement as a strong and capable partner, along with other local and international investors who share our vision for building a world‑class lithium chemicals industry in Saudi Arabia.”
The Chief Executive Officer of Riyadh Cement, Engineer. Shoeil Jarallah Al-Ayed, stated: “This Letter of Intent represents an important strategic step that reflects Riyadh Cement’s approach to capturing high-quality investment opportunities that support the Kingdom’s industrial transformation and enhance long-term economic diversification. The Lithium Chemicals Plant Project constitutes a prominent strategic initiative aligned with Saudi Vision 2030 and the Global Supply Chain Resilience Initiative (GSCRI), particularly in advancing advanced manufacturing capabilities, strengthening critical minerals value chains, and supporting clean energy ecosystems. We consider EV Metals Arabia as a strong and trusted partner, and we look forward to continuing the evaluation process and exploring collaborative opportunities that deliver sustainable growth, technological advancement, and long-term value for all stakeholders.”
EVM and Riyadh Cement will now progress joint workstreams relating to due diligence, investment evaluation and project development. Both parties are focused on advancing the LCP towards final investment decision and supporting the establishment of a scalable, strategically aligned midstream battery chemicals industry in the Kingdom, delivering long‑term value through the localisation of advanced chemical processing capabilities.
– Ends –
EV Metals Group plc
Luke Fitzgerald,
Chief Executive Officer
luke.fitzgerald@evmetalsgroup.com
Mohammed Bajba,
Managing Director, EV Metals Arabia
mohammed.bajba@evmetalsgroup.com
Garreth Young,
Marketing Manager
marcomms@evmetalsgroup.com
Figure 1: Signing Ceremony at 2026 Future Minerals Forum, Riyadh
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.