Power Metal Resources Takes 20% Stake in Saudi Arabian Project Under Earn-in Deal

04:41 AM EST, 01/05/2026 (MT Newswires) -- Power Metal Resources (POW.L) secured a 20% stake in the Balthaga project in Saudi Arabia after meeting the initial expenditure requirement under its earn-in agreement with EV Metals Group's Riwaq Al-Mawarid for Mining. Under the deal, the London-listed mineral explorer funded $350,000 within 12 months to obtain the stake. It also has the right to earn an additional 10% interest by spending $150,000 within the next six months, according to a Monday release. Balthaga comprises 13 contiguous exploration licenses and is prospective for rare-metal granite-related mineralization, particularly tin, tungsten, lithium, beryllium, molybdenum, niobium, tantalum, and rare earth elements.