Business
Balthaga Project Update
Power Metal Resources PLC is commencing a drill target definition programme at its Balthaga Project in Saudi Arabia, aiming to increase its shareholding to 30% by fulfilling further exploration expenditure requirements. This programme, split into two phases, will involve mapping, rock sampling, and infill soil geochemistry over the Hugban intrusion corridor, building on previously identified anomalies and targets for granite-related rare metal and rare earth element mineralisation. The company has already secured a 20% stake in the 1,290 km² project. Disclaimer*
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n\n4 February 2026\nPower Metal Resources PLC\n(\"Power Metal\" or the \"Company\")\nBalthaga Project Update\n Drill target definition programme to commence\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 update on the exploration programme at the Balthaga project (\"Balthaga\" or the \"Project\") in the Kingdom of Saudi Arabia (\"KSA\").\nFollowing the fulfilment of the Company's initial expenditure requirement to obtain 20% shareholding in the Project1, Power Metal is now commencing the exploration expenditure required to increase its shareholding to 30%. As part of this, the Company is mobilising a team to carry out the next stage of exploration focused on defining drill targets, further to the anomalies and targets generated last year2.\nThis drill target definition programme will be split into two phases. The initial phase focusing on a mapping and rock sampling programme targeting both previously defined targets and new targets, and phase two focused on an infill soil geochemistry sampling programme over the anomalous Hugban intrusion corridor.\n \nSean Wade, Chief Executive Officer of Power Metal Resources PLC, commented: \n\"Through our previous exploration work and historical reports, we have identified multiple prospective targets across the Balthaga licence area. The mobilisation of our exploration team on site will look to define these targets for future drilling programmes and provide further confirmation of the prospectivity of the Project.\nAs we move into the next stage of our expenditure requirements, we look forward to enhancing our strategic position within the Project, whilst drawing on the technical expertise of the Power Arabia team to further expand our understanding of this exciting licence area.\"\nChris Counsell, General Manager Geology and Mining, EV Metals Group plc, commented:\n\"We are pleased to be progressing the next stage of exploration at the Balthaga Project alongside our joint venture partner, Power Metals Arabia, as part of our planned and collaborative work programme. The commencement of the drill target programme reflects the strong technical alignment between our teams...