Power Metal Resources PLC announced that an initial field exploration programme on the Balthaga Lithium Project, Saudi Arabia ("Balthaga") as per the agreement with RIWAQ Al-Mawarid for Mining ("RIWAQ"), the industrial and mining company based in Saudi Arabia and special purpose subsidiary of EV Metals Group plc ("EVM"), to earn a 30% ownership interest in 15 tenements, 13 of which comprise the Balthaga Project area (the "Agreement"), announcement dated 26 March 2024,has been successfully completed. The Balthaga project located 450km east of Jeddah in the South-East of the Arabian Shield area consists of 13 contiguous exploration licenses granted in succession over the last two years covering a total area of 1200km, with the most recent granted only a couple of months ago. A further two licenses comprise the total Agreement area however these are in different locations and focus on different commodities.

The project area being targeted is prospective for lithium, a key commodity for RIWAQ and EVM's larger strategy. The focus on the project area was, and continues to, be on lithium and any associated minerals including Rare Earth Elements ('REE'). Work completed to date: An initial comprehensive desktop study was carried out by Power Metal to enable targeting within the project area based on geological unites, features and structural targets.

A total of 44 targets were defined by a combination of historic sampling and associated results, historic geological reports discussing target lithologies, geological features such as dykes, veins and structural traps, and a suite of eight Mineral Occurrence Documentation System (MODS) extracted from various papers on the area. Figure 2 below shows a summary of the main target areas and an initial target map generated from this desktop work. The field programme was designed to locate the majority of these targets, visit all priority targets and, where appropriate, take initial rock chip samples for analysis.

A total of 43 in-situ rock chip samples were taken from the targets visited and new areas were identified during the seven days of field work possible in the conditions. The team managed to cover the entire project area, over 1,200km. Each sample was given a unique number, the outcrop sampled was photographed, as was the sample itself, with a description of the sample taken to ensure maximum data was captured at each location.

Several locations exhibited numerous units within an area however, due to the constraints on time, Power Metals ensured key units were sampled and the location clearly defined for more detailed follow up work. EVM General Manager Geology and Mining accompanied the field team for the first two days. Two Certified Reference Material samples (OREAS 752) for QA/QC purposes were also submitted as part of the samples submitted to the laboratory.

All samples were submitted to ALS Jeddah for analysis. The specified preparation method is to crush to 70% less than two millimetres, rotary split off 250 grammes, and pulverise the split to better than 85% passing 75 microns (ALS code PREP-31Y). The specified digest and analysis method is sodium peroxide fusion followed by an Inductively Coupled Plasma - Mass Spectrometry (ICP-MS) finish (ALS code ME-MS89L).

This is a multi-element package comprising of 52 elements. The preparation stage is to occur at the Jeddah laboratory and the analysis is likely to occur at the ALS laboratory in Loughrea, Ireland. Results are expected in third quarter 2024.

A further 23 rock samples taken by RIWAQ in 2022 but never submitted for analysis were also submitted to ALS. Once results are received and a more detailed interpretation of all the newly acquired data is processed, Power Metal will be in a position to plan the next stage of exploration to advance the project. The two remaining licenses that are included in the earn in agreement will be the subject of work once they become fully granted which is hoped to occur in the coming weeks.