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EV Metals Group Plc Subsidiary, RIWAQ Al Mawarid for Mining, Signs Earn-in Joint Venture Agreement with UK Listed Power Metals Resources Plc - EV Metals Group plc is pleased to announce the signing of a binding Earn-in Joint Venture Agreement between RIWAQ Al Mawarid for Mining (RIWAQ) and Power Metals Resources plc (LON: POW) for exploration at EVM’s granted tenements in the highly prospective
EV Metals Group Plc Subsidiary, RIWAQ Al Mawarid for Mining, Signs Earn-in Joint Venture Agreement with UK Listed Power Metals Resources Plc

 

NewswireTODAY - /newswire/ - Perth, Western Australia, Australia, 2024/03/26 - EV Metals Group plc is pleased to announce the signing of a binding Earn-in Joint Venture Agreement between RIWAQ Al Mawarid for Mining (RIWAQ) and Power Metals Resources plc (LON: POW) for exploration at EVM’s granted tenements in the highly prospective .

   
 
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EV Metals Group plc (“EVM” or “the Company”) a global battery chemicals and technology company, is pleased to announce the signing of a binding Earn-in Joint Venture Agreement between RIWAQ Al Mawarid for Mining (RIWAQ), a special purpose EVM subsidiary, and Power Metals Resources plc (LON: POW) for exploration at EVM’s granted tenements in the highly prospective and underexplored Arabian Shield.

RIWAQ is 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. With a well-developed strategy, RIWAQ is actively engaged in exploring for lithium, nickel sulphides, and other battery metals in the Arabian Shield, with a focus on the Balthaga Lithium Project located in an area prospective for lithium pegmatites.

RIWAQ currently holds sole legal and beneficial ownership of 15 tenements, covering a total area of 1487KM2. Of these, 11 tenements already have exploration licenses granted, with the remaining 4 pending grant. Previous work conducted to date indicate the prospects of lithium, nickel, and copper/molybdenum porphyry systems.

POW has been granted the right to earn a 20% ownership interest in the tenements by funding US$350,000 in expenditure within 12 months from the date of execution of the binding agreement (first interest). Further, POW can earn an additional 10% ownership interest by funding US$150,000 within 6 months following the earning of the first interest (second interest). Following earning of the first or second interest, whichever occurs later, the parties will form a contributing joint venture in proportion to their tenement interests for ongoing exploration and project development.

Commenting on the agreement, Luke Fitzgerald, CEO of EV Metals Group plc, stated: “This Earn-in Joint Venture Agreement is an excellent strategic fit for both EVM and POW. By combining our know-how and experience, we aim to identify and realise the Kingdom’s mineral resource potential, particularly for battery metals critical to the clean energy transition. This partnership represents a significant step towards unlocking value from EVM’s tenement package in the Kingdom and underscores our commitment to developing a domestic supply of critical minerals.”

The agreement follows a systematic soil geochemistry sampling program conducted by RIWAQ during 2023 at its Balthaga tenements located 400KM east of Jeddah in the South-East of the Arabian Shield which comprises upper Proterozoic rock formations. The Balthaga exploration licenses were applied for based on previously recorded lithium occurrences and an assessment of remote sensing data. Following the grant of the licences, a reconnaissance field trip was undertaken during which a number of pegmatite dykes were mapped. Preliminary Portable XRF readings in the field on some soil samples to date have confirmed Lithium pathfinder elements such a Rubidium (Rb), Niobium (Nb), Tin (Sn), Phosphorous (P), Molybdenum (Mo), Cerium (Ce). These pathfinder elements are indicative of the potential for lithium bearing pegmatites and rare earth elements.

The exploration activities by RIWAQ complement EVM’s midstream plans to develop its flagship Lithium Chemicals Plant project at Yanbu Industrial City in the Kingdom of Saudi Arabia, which will produce high-purity lithium hydroxide monohydrate (LHM) from spodumene concentrate. LHM is a crucial chemical product expected to face significant deficits by 2030 due to overwhelming global demand for lithium-ion batteries.

EV Metals Group: Luke Fitzgerald, Chief Executive Officer (via Hudson Sandler)
Garreth Young / Hannah Newberry
T: +44 207 796 413 - E: marcomms[.]evmetalsgroup.com.

EV Metals Group Media Enquiries: Charlie Jack / Emily Dillon / Francis Kerrigan
T: +44 207 796 413 - E: EVM[.]hudsonsandler.com.

Power Metals Resources plc: Sean Wade, Chief Executive Officer
T: +44(0)20 3778 1396 - E: sean.wade[.]powermetalresources.com .

Power Metals Resources plc Media Enquiries: Tim Blythe / Megan Ray, BlytheRay (PR Advisors)
T: +44(0)20 7138 3204

About EV Metals Group plc (EVM)

EV Metals Group plc (evmetalsgroup.com) 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 raw 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 in KSA is being developed as a midstream hub for diversification and geopolitical alignment of supply chains for electric vehicle and battery cell manufacturers. The LCP is set to play a critical role in the Kingdom’s industrial diversification efforts, featuring an initial nameplate capacity to produce 50,000 TPA of high purity Lithium Hydroxide Monohydrate (LHM), a crucial chemical product expected to face significant deficits by 2030 due to overwhelming global demand.

Incorporated in 2014, EVM is a private company with operations in Western Australia, United Kingdom and KSA.

About Power Metals Resources plc

Power Metal Resources plc (powermetalresources.com) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie.

 
 
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EV Metals Group Plc Subsidiary, RIWAQ Al Mawarid for Mining, Signs Earn-in Joint Venture Agreement with UK Listed Power Metals Resources Plc

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EV Metals Group plc | Power Metals Resources
Contact: Press Office - EVMetalsGroup.com 
+61(8) 9218 8833 marcomms[.]evmetalsgroup.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any EV Metals Group securities in any jurisdiction including any other companies listed or named in this release.

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