EV Metals Group plc, a global battery chemicals and technology company, has announced 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 (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 1487 km2. Of these, 11 tenements already have exploration licences 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.”
