EV Metals Group plc (“EVM” or “the Company”) a global battery chemicals and technology company, is pleased to announce that its special purpose subsidiary, Riwaq Al Mawarid for Mining (“RIWAQ”) has successfully qualified for the Saudi Arabian Exploration Enablement Program (“EEP” or “the Program”). 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.

-Ends-

EV Metals Group plc 
Luke Fitzgerald, Chief Executive Officer  
Garreth Young, Marketing Manager
Email: marcomms@evmetalsgroup.com

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 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 and KSA. For further information on EVM please visit www.evmetalsgroup.com. 

About Riwaq Al Mawarid for Mining (RIWAQ) 

Riwaq Al Mawarid for Mining (RIWAQ) is a special purpose subsidiary of EV Metals Group plc (EVM) 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.

RIWAQ is actively engaged in exploring for lithium, nickel sulphides, and other battery metals in the Arabian Shield, with a focus on the Balthaga Exploration Project located in an area prospective for lithium pegmatites. With a well-developed strategy and in conjunction with its joint venture partners, RIWAQ is seeking to execute field programs for the rapid development of critical upstream raw materials.

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 from spodumene concentrate. LHM is a crucial chemical essential to produce rechargeable batteries for electric vehicles (EVs) and renewable energy storage systems and is vital to the global energy transition.