Quarterly Activities and Cashflow Report

Diversified minerals development company Anson Resources Limited (ASX: ASN) (Anson, the Company) is pleased to provide the following update on its activities for the period ended 31 March 2023.

Paradox Lithium Project, Utah, USA

• Anson has signed a water rights agreement with Green River Companies LLC to meet the needs of the planned 13,000tpa LCE production plant of the Paradox. The agreement for the diversion of water from either the Colorado or Green rivers.
  
• The Application Permit to Drill (APD) to re-enter the Sunburst No.1 and Mineral Canyon Fed 1-3 wells has been approved by the Utah Division of Oil, Gas and Mining. Western Strategy re-entry program will target lithium rich-brine aquifers within the thick Mississippian units and Pennsylvanian clastic horizons and is expected to commence in Q1 2023.

Green River Lithium Project, Utah, USA

• Anson staked the new Green River Lithium Project comprising a total of 1,251 placer claims for an area of 10,620 hectares at Green River, Utah. Green River Lithium Project is located just 50 kilometres northwest of the Company’s flagship Paradox Lithium Project (Paradox), with similar geology as the Paradox.
  
• Anson will deploy the same highly successful strategy used at Paradox to time-and-cost effectively define new lithium-brine JORC Resources at Green River via re-entering existing oil wells to define new lithium-brine resources.

Yellow Cat Uranium Vanadium Project

• Anson included in the Global X Uranium ETF (NYSE: URA), the largest Exchange Trade Fund (STF) in the uranium and nuclear industry with net assets of approximately USD1.716 billion as of 25 January 2023.

Corporate

• The Company announced the appointment of COO, CFO and Project Director to strengthen its executive team as it continues development of its Paradox Lithium Project and advances its portfolio of projects.
  
• 1,085,009 ordinary shares were issued during the quarter following the exercise of unlisted options at various prices.
• 39,517,154 ordinary shares were issued during the quarter following conversion of a convertible note.
• Strong balance sheet with $42.6 million cash on hand at the end of the quarter.

Click here for the full ASX Release

This article includes content from Anson Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.