Anson Granted Approval for Western Strategy Resource Expansion Drilling Program

Highlights:

• Approval for re-entry of the Mineral Canyon Fed 1-3 and Sunburst 1 wells granted by the USA, Department of Interior Bureau of Land Management (BLM)
• Approval allows Anson to commence its Western Strategy Resource expansion program at the Paradox Lithium Project in Utah, USA
• Anson plans to deliver a further substantial JORC resource increase by converting existing Inferred Resources and large Exploration Target into Indicated and Inferred Resources
• Re-entry programs in the Western Strategy will target both the lithium-rich Mississippian brine aquifer and the clastic horizons
• Anson recently completed its resource expansion program at the Cane Creek well and results are expected to deliver a significant JORC Resource upgrade in the near-term

Under its ‘Western Strategy’, Anson plans to conduct a re-entry program to convert the existing Inferred Resource and Exploration Target to a combined Indicated and Inferred Resource, see ASX Announcements of 10 September 2020 and 26 July 2021.

In addition, it is proposed that some of the area located west of the targeted Sunburst and Mineral Canyon wells will be included in a further Resource update when the program at Sunburst and Mineral Canyon is completed. The additional Indicated Resource Area-of-Influence (AOI) which may be included is shown in Figure 1 by the magenta outline and the additional Inferred Resource is shown by the red outline.

As a result of this proposed program of work, Anson has upgraded the Exploration Target of both the Mississippian Units and Pennsylvanian Paradox Units for the Western Strategy to a combined range of 2.10 billion tons to 2.56 billion tons of brine.

The contained lithium and ultimately the amount of lithium carbonate and contained bromine in the supersaturated brine is shown in Table 1. The Exploration Target areas for the Mississippian units are shown in Figure 1.

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