Business
Potential RIWAQ Acquisition
Potential RIWAQ Acquisition.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n 13 December 2022\n \n \n \n \n Caerus Mineral Resources PLC\n \n \n \n \n ('Caerus' or the 'Company')\n \n \n \n \n Potential RIWAQ Acquisition\n \n \n \n Caerus Mineral Resources plc (LON:CMRS) the exploration and resource development company focused on developing mineral resources to support the global 'Clean Energy' initiative is pleased to announce it has entered into an exclusive option agreement with EV Metals Group Plc (\"EVM\") to acquire 90% of RIWAQ Al Mawarid for Mining (\"RIWAQ\").\n \n \n RIWAQ is a special purpose subsidiary of EVM focused on the development of the Saudi supply chain through the production of critical raw materials from the exploration, mining and processing of minerals and metals in the Kingdom of Saudi Arabia (\"KSA\"). This is a key strategic objective and undertaking of EVM in the agreement between EVM and the National Industrial Development Centre for the development of the Battery Chemicals Complex of EVM in KSA.\n \n \n This agreement is reflective of Caerus' evolved strategy to invest in larger-scale opportunities aligned with, and gained through, the EVM partnership. This reflects the Company's evolution from developing a single project into a company looking to be a part of the European critical minerals supply chain.\n \n \n Caerus will pay a fully refundable GBP 500,000 deposit in return for an extendable three-month due diligence period of RIWAQ's portfolio. The final transaction value is dependent on the Company's assessment of the RIWAQ Licenses and a final negotiation stage.\n \n \n RIWAQ is developing a strategically valuable portfolio of critical minerals projects comprising applications for and granted exploration licences covering areas with potential for minerals containing critical metals such as nickel, cobalt, copper, platinum group metals and rare earth elements. Caerus considers the KSA to be one of the best new frontiers for exploration of transition metals and RIWAQ's KSA portfolio to be one of significant and strategic value.\n \n \n \n Portfolio Background\n \n \n \n RIWAQ's portfolio consists of 11 granted exploration licenses alongside 142 licence applications which are under processing. The granted licenses encompass 1\n ,093 km2 in an area prospective for lithium pegmatites known as Balthaga. The remaining applications cover 11,350km2 and incl...