Anson Resources Limited(ASX: ASN) (“Anson Resources” or the “Company”through its 100% owned subsidiary Blackstone Minerals NV LLC is delighted reveal the conclusion of a Front-End Planning Stage 1 (FEP-1) Scoping Study (the Study), likewise described as a Pre-feasibility Study (PFS) finished for its Green River Lithium Project in Utah, USA, prepared by internationally acknowledged engineering company Burns & & McDonnell based in Houston, Texas, USA. Secret presumptions and approximated monetary outcomes are supplied in Figure 1.
Supply of battery grade lithium carbonate, completely completed onsite, is targeted for 2029. The Project has a 20-year mine life with preliminary capital requirement of around $568 million with running expense of $3,837 per tonne, a base-case $1,373 million pre-tax NPV and 4.44 years repayment. Anson has a conclusive offtake contract with Korea’s LG Energy Solution for 40% of the yearly production, see ASX statement 24 September 2025.
Criteria Lithium Forecast Report Q1 2026 Base Case and Upside Case with representative projection costs for the years 2029 and 2040. The complete rates series remains in Figure 1. Standard projection cost for 2040, the in 2015 projection, is presumed to stay the same through to 2048 2. Post-tax money streams integrate U.S. Federal and Utah State taxes and the suitable SITLA royalty, determined on a variable moving scale connected to understood lithium rates. The monetary design and post-tax metrics leave out the possible advantage of Inflation Reduction Act production tax credits, grants and any other federal or state rewards presently readily available to vital minerals jobs in the United States.
The research study constructs on previous engineering research studies and supplies upgraded CAPEX and OPEX price quotes, procedure style, and advancement paths for a stage I 10,000 tpa lithium carbonate (LCE) operation based upon Direct Lithium Extraction (“DLE”innovation.
Market Conditions Forecast
The technical and financial evaluation (+/- 50%) was determined using the base and upside cases for lithium carbonate cost from Benchmark Minerals Lithium Forecast Q1 2026 as displayed in Figure 1. Standard’s projection the lithium rates approximately year 2040, this research study presumes that projection rate for 2040 stays fixed through to 2048.
Capital Investment Estimate
The capital expense price quote established as part of the research study shows a detailed evaluation of the core processing and supporting facilities needed for the Project. This consists of salt water pretreatment centers, the procedure plant including DLE, filtration and lithium carbonate refining circuits, along with energies and associated facilities. Website facilities such as structures, stormwater management systems and electrical setups have actually been integrated, together with offsite parts consisting of well pads, salt water pipelines, energy affiliations, raw water system and gain access to roadways. The price quote likewise consists of building and construction indirect expenses and a contingency allowance of 25%, suitable for a conceptual level evaluation, see Table 2.
Constant with a Scoping Study, particular components have actually been left out or just partly consisted of at this phase. These consist of complete wellfield advancement expenses, funding expenses consisting of interest throughout building and construction, and wider business expenses and insurance coverage. In addition, allowances for commissioning, start-up and training, downstream logistics beyond the job border, and suitable taxes and royalties have actually not been completely included. Owner’s expenses are left out, that includes initial allowances for procedure media and resin, specific engineering parts, and making it possible for facilities such as a gas connection and power system upgrades needed to support the Project.
Running Cost Estimate
Running expense price quotes have actually been established based upon the conceptual procedure style and a preliminary mass balance, including presumptions for reagent intake, energy and water use, and repaired expenses. These quotes are initial in nature and will be improved as the procedure style advances and supplier quotes are gotten, which might lead to variations to the present expense profile. A break down of the approximated operating expense from the Scoping Study is supplied in Figure 2.
Peer Comparison
OPEX and CAPEX The Green River Lithium Project C1 Opex is placed in the very first quartile of the expense curve making it the most cost competitive task in North America. Capex per tonne of set up capability is lower than any equivalent task in North America. The Scoping Study verifies that the Green River Lithium Project is placed within the most affordable expense quartile worldwide, underpinned by a mix of structural and technical benefits. These consist of access to developed facilities, the high quality of the underlying salt water resource, lower estraction expense due to the pressure that presses the salt water towards surface area and an optimised processing technique. In addition, the combination of Anson’s exclusive iron elimination innovation offers an additional one-upmanship, boosting total procedure effectiveness and decreasing operating expense, see Figures 3, 4 & & 5.
Level of sensitivity Analysis
A level of sensitivity analysis was carried out to examine the effect of crucial monetary and running variables on the Project’s Base Case pre-tax NPV. The analysis evaluated modifications of+/ -20 %to capital investment, running expense and lithium carbonate rate, see Figure 6. The outcomes show that the Project is most conscious lithium carbonate prices, showing the strong utilize of job go back to understood item costs. A+/ -20 %motion in lithium carbonate cost lead to an approximate+/-US$ 460 million motion in pre-tax NPV, representing roughly 34 %difference from the Base Case pre-tax NPV. The Project is relatively less conscious capital and operating expense. A +/ -20% motion in either capital investment or operating expense leads to an approximate +/-US$ 110 million motion in pretax NPV, representing around 8% difference from the Base Case. The level of sensitivity analysis shows that while disciplined capital and running expense control stay crucial, the Project’s monetary results are primarily driven by lithium carbonate rates. This follows the strong operating margin indicated by the Project’s low approximated C1 running expense of US$ 3,837/ t LCE and Base Case pre-tax NPV of US$ 1,373 million.
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Scoping Study Overview
The PFS was carried out to develop a clear and disciplined structure for the advancement of the Green River Lithium Project. The research study concentrated on the preparation of AACE Class 5 capital and running expense price quotes, together with optimisation of the procedure style and general flowsheet setup. In parallel, it determined the crucial expense motorists and advancement threats related to the Project, offering a robust technical and financial structure to support financial investment decision-making and development towards a Definitive Feasibility Study (DFS). The results of the research study verify that the Green River Project is underpinned by a number of fundamental benefits. These consist of access to developed facilities, such as power, gas and transportation networks, and a top quality lithium salt water resource. The Project style integrates a modular Direct Lithium Extraction (DLE) processing setup, permitting scalability and functional versatility. Burns & & McDonnell’s PFS consisted of website and plot strategy, provisionary mass balance and capital expenses quotes and energies, chemicals, media and repaired expenses for Anson to approximate Opex. ISBL expenses are based upon the initial engineering and expense details supplied by the licensors (+/ -30% precision). The resources price quote was prepared by Apex. Lithium prices information is sourced from Benchmark Minerals. Monetary analysis consisting of NPV and circumstance analysis was finished by the Company
Management Commentary
Bruce Richardson, CEO of Anson Resources, commented: “The completion of the Scoping Study marks a significant milestone for the Green River Lithium Project. The study confirms our strategy of developing a low-cost lithium operation with a capital profile that compares favourably with global peers. This supports the adage “Grade is King however in salt water Purity is Supreme!” As the lithium market evolves, investment decisions are increasingly driven by returns rather than sentiment. The Green River Lithium Project is strongly positioned in this environment, supported by competitive economics, advanced engineering, and a clear pathway to development. With the Definitive Feasibility Study now underway, we are progressing toward Final Investment Decision and remain focused on delivering a world-class lithium project in Utah.”
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For more info please contact:
Bruce Richardson
Executive Chairman and CEO
Will Maze
Head of Investor Relations
E: Info@AnsonResources.com E: Investors@AnsonResources.com
Ph: +61 7 3132 7990 Ph: +61 7 3132 7990
www.AnsonResources.com
SOURCE: Anson Resources
Subject: Press release summary
