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Balthaga Project Saudi Arabia: Exploration Update
Power Metal Resources PLC has achieved a 20% stake in the Balthaga Project in Saudi Arabia after fulfilling an initial expenditure of US$350,000, with the potential to earn an additional 10% interest through a further US$150,000 expenditure. A comprehensive data review has identified new prospective targets for rare earth and critical elements, including technology and specialty metals associated with granite-hosted mineralisation, delineating 12 revised targets. Further exploration activities, including soil sampling and trenching, are planned, and a technical report has been independently reviewed by SRK Consulting. Disclaimer*
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n\n5th January 2026\nPower Metal Resources PLC\n(\"Power Metal\" or the \"Company\")\nBalthaga Project Saudi Arabia: Exploration Update\n \nPower Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed mineral exploration company and project incubator with a global project portfolio, and its majority held subsidiary Power Arabia Ltd (\"Power Arabia\"), are pleased to provide an exploration update on the Balthaga project (\"Balthaga\" or the \"Project\") in the Kingdom of Saudi Arabia (\"KSA\").\nBalthaga is the subject of a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining (\"RIWAQ\"), announced 26 March 2024.1 RIWAQ is a subsidiary of EV Metals Group plc (\"EVM\"), which is focused on the development of the supply chain for critical raw materials from the exploration, mining and processing of minerals and metals in KSA. Power Metal has fulfilled the initial expenditure requirement, to fund US$350,000 within 12 months and is now a 20% stakeholder in the Project.\nHighlights:\n· Power Metal Resources has achieved a 20% stakeholding in the Project.\n· Comprehensive data review and prospectivity re-assessment completed, following acquisition of new geological, geochemical and geophysical data.\n· Reassessment has identified new prospective targets for rare earth and critical elements 3, including technology and specialty metals associated with granite-hosted mineralisation.\n· Delineation of 12 revised targets associated with granitic intrusion related fractionated zones, greisens and veins and pegmatites.\n· Comprehensive technical report produced and independently reviewed by SRK Consulting (UK).\n· Further exploration activities, including soil sampling and trenching, are planned.\n \nSean Wade, Chief Executive Officer of Power Metal Resources PLC, commented: \n\"We have made further progress in our projects across the Arabian Shield. Over the past year Power Arabia has carried out exploration activities at the Balthaga Project, having now fulfilled the initial funding requirement in return for a 20% stake in the Project. We have the right to earn a further 10% interest through US$150,000 of expenditure within the next six months.\n\"The exploration work carried out so far has contin...