| Work Detail |
EV Metals Group plc (“EVM”) a global battery chemicals and technology company, announces that its special purpose subsidiary, Riwaq Al Mawarid for Mining (“RIWAQ”) has successfully qualified for the Saudi Arabian Exploration Enablement Program (“EEP”). Jointly facilitated by the Ministry of Industry and Mineral Resources (“MIMR”) and the Ministry of Investment for Saudi Arabia (“MISA”), the Program supports eligible exploration licenses during the critical early stages of project development. This qualification, formally endorsed at the Future Minerals Forum in Riyadh, applies to RIWAQ’s Balthaga Exploration Project (“Balthaga Project” or “the Project”) located 450km east of Jeddah in the South-East of the Arabian Shield. The Project covers 13 licensed tenements spanning approximately 1,300km² prospective for lithium, nickel and other battery metals. The Government of Saudi Arabia developed the EEP to incentivise and support exploration efforts on licenses within their first five years by enhancing local skills and promoting innovative technologies. Designed to accelerate exploration and generate new geoscience knowledge, the Program attracted global interest. Following a thorough evaluation, RIWAQ was among six successful companies selected from 18 applicants, and had 13 proposals granted out of a total of 49 awarded by MIMR. Luke Fitzgerald, CEO of EV Metals Group plc, commented: “We are honoured to qualify for the Exploration Enablement Program and extend our gratitude to MIMR and MISA for their continued support of our Balthaga Project. This initiative is a testament to the Kingdom’s commitment to stimulating exploration activities, accelerating project development, and advancing Saudi Arabia’s Vision 2030 goal of becoming a leading global mining jurisdiction.” This milestone follows the successful completion of an initial exploration program at the Balthaga Project, led by RIWAQ’s earn-in joint venture partner, Power Metal Resources plc in June 2024. The fieldwork program involved the collection of 43 in-situ rock chip samples from identified targets, providing valuable geological data to further defined the region’s mineral potential. These findings have informed the next phase of exploration, scheduled to commence later this month in January 2025, and will guide the further development of the Project. |
