Anson Resources September 2022 Quarterly Activities Report

Diversified minerals company Anson Resources Limited (ASX: ASN) (Anson, the Company) is pleased to provide the following update on its activities for the period ending 30 September 2022.

Paradox Lithium Project, Utah, USA

• Definitive Feasibility Study confirms the Paradox Lithium Project’s (Project) advanced potential to become a major supplier of high purity battery grade Lithium Carbonate into the US Electric Vehicle market.
• Phase 1 delivers a robust, low-cost operation with revenues of US$5,080m forecast over 23 years of operations.
• Annual production of high purity Lithium Carbonate of up to 13,074 tonnes per annum.
• Compelling pre-tax NPV7 of US$1,306 million (Phase 1 only) with the project generating strong margins, with post-commissioning payback period of 2 years and pre-tax IRR of 47%.
• Major Mineral Resource upgrade confirmed at the Project:
  • 788,300t of Lithium Carbonate Equivalent (LCE) and 3.523Mt of Bromine, including;
    • Indicated Resource of 239,000t of LCE and 1.192Mt of Bromine; and
    • Inferred Resource of 549,300t of LCE and 2.331Mt of Bromine.
• A new Exploration Target for the Mississippian supersaturated brines solely for the Western Expansion Strategy consists of 2.10Bt – 2.56Bt of brine grading 108 – 200ppm Li and 2,000– 3,000ppm Br (ASX announcement, 5 October 2022).

_{The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on the Project to define a mineral resource for the Mississippian Units. It is uncertain that future exploration will result in a mineral resource.}

• Drilling completed at Cane Creek 32-1 well successfully targeted additional lithium-rich Clastic Zones 43, 45, 47 and 49, and the Mississippian units approximately 500m below the clastic zones. Anson plans further Resource upgrade incorporating results from Cane Creek 32-1well.
• Anson was granted approval for re-entry of the Mineral Canyon Fed 1-3 and Sunburst 1 wells, as part of the Western Strategy resource expansion drilling program.
• Anson has expanded the Project via the staking of 536 new claims on the western edge of the Project area. This strategic expansion increases the total Project area by 36% to 167km2 of contiguous tenure. The geological units, northwest trending structures and high pressures associated with the Project extend into the recently expanded western area of the Project.

Corporate

• Strong institutional and sophisticated investors support to a successful $50m placement completed to fund rapid development of Paradox Lithium Project to Final Investment Decision. A total of 138,888,889 shares were issued at $0.36 per share.
• 8,082,678 ordinary shares issued during the quarter following the exercise of unlisted options at various prices.
• Strong balance sheet with $47.1 million cash on hand at the end of the quarter.

Anson has a portfolio of minerals projects in demand-driven commodities, led by its core asset, the Paradox Lithium Project (Project) in Utah, USA. It is focused on developing the Project into a significant lithium producing operation.

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