Australia's EVM Finishes Preliminary Exploration at Saudi Arabia's Balthaga Lithium Site

EV Metals Group (EVM), a global battery chemicals and technology company based in Australia, announced on Monday the successful conclusion of its initial exploration program at the Balthaga Lithium Project in Saudi Arabia. This milestone marks a significant step forward for the project, led by UK-listed Power Metal Resources in collaboration with EVM's subsidiary, Riwaq Al Mawarid for Mining (RIWAQ), aimed at unlocking the project's potential.

Located 450 kilometers east of Jeddah in the South-East of the Arabian Shield, the Balthaga Project spans 13 tenements covering approximately 1,200 square kilometers. According to EVM's press statement, previous exploration efforts have indicated promising prospects for lithium and rare earths. Additionally, RIWAQ holds two separate tenements, pending final approval, which are prospective for nickel and copper/molybdenum porphyry systems.

The exploration program follows the establishment of an earn-in joint venture between RIWAQ and Power Metal, announced on March 26, 2024. Under this agreement, Power Metal has the opportunity to acquire a 20 percent ownership stake in 15 tenements by funding $350,000 in expenditures within the first 12 months.

Power Metal conducted a comprehensive desktop study that identified 44 initial priority targets within the Balthaga Project area's 13 tenements. Rock samples collected from these targets have been submitted to ALS Jeddah for analysis, with results anticipated in the third quarter of 2024. Additionally, EVM submitted 23 rock samples collected in 2022 for analysis.

Luke Fitzgerald, CEO of EVM, expressed optimism about the progress, stating, "The completion of this initial field exploration program is a crucial milestone in our efforts to understand the mineral potential at Balthaga. It supports EVM's strategy of developing a critical raw materials supply chain in Saudi Arabia." Fitzgerald praised the thorough and systematic approach taken by the exploration team, which has identified multiple targets and will provide essential data for planning the next phases of exploration. "We are eager to continue our collaboration with Power Metal as we advance the project," Fitzgerald added.

The next steps for Power Metal and RIWAQ involve interpreting the analytical results and planning further exploration activities to advance the Balthaga Project. The goal is to leverage the gathered data to refine their understanding of the project's mineral resources and move closer to establishing a robust supply chain for critical raw materials in the Kingdom of Saudi Arabia.

EV Metals Group plc (EVM) is a global company specializing in battery chemicals and technology, dedicated to advancing clean energy solutions. EVM focuses on manufacturing high-purity chemicals and materials essential for rechargeable batteries used in electric vehicles and renewable energy storage. The company's business model integrates upstream, midstream, and downstream activities, managing proprietary supply chains from raw materials extraction to the production of high-purity chemicals and cathode active materials (CAM). Established in 2014, EVM operates as a private entity with presence in Western Australia, the United Kingdom, and KSA (Kingdom of Saudi Arabia).