Anson Resources Signs 4,000tpa Lithium Offtake, Boosts Utah Project Footprint by 10%

Strategic Offtake Agreement with LG Energy Solution

Anson Resources Limited (ASX – ASN) has taken a major step forward in its lithium ambitions by finalising a Definitive Offtake Agreement with LG Energy Solution. The agreement secures the supply of up to 4,000 dry metric tonnes per annum of battery-grade lithium carbonate from Anson’s 100% owned Green River Lithium Project in Utah’s Paradox Basin. This volume represents approximately 40% of the project’s planned initial production capacity of around 10,000 tonnes per annum.

While the agreement is contingent upon Anson commencing commercial production and product qualification with LG Energy Solution, it marks a critical milestone that underpins the company’s pathway to debt financing and final investment decisions.

Advancing Drilling and Resource Expansion

During the quarter, Anson commenced preparatory works to improve road access and level the drill pad at the Mt Fuel Skyline Geyser 1-25 well, enabling a re-entry drilling program aimed at deepening the well. This effort targets expanding the lithium-rich Leadville Limestone reservoir, potentially increasing the resource base significantly.

Complementing this, Anson discovered historic diamond core samples which will be tested to refine porosity and permeability estimates, key parameters for resource modeling and flow rate calculations essential for the planned demonstration and full-scale production plants.

Collaboration with POSCO and Demonstration Plant Progress

Anson is progressing due diligence with POSCO Holdings Inc., which is evaluating an investment in a demonstration plant at Green River. A bulk sample of over two tons of lithium-rich brine, processed through Anson’s proprietary chemical-free iron removal method, was shipped to South Korea for lithium extraction test work. The results will inform engineering designs and cost estimates for the demonstration facility.

Additionally, Anson has applied for permits to drill a production-scale disposal well on its private land, which will support both the demonstration and future full-scale operations with minimal environmental disruption.

Expanding Land Holdings and Resource Potential

The company expanded its Green River Lithium Project footprint by 10%, adding 100 strategic placer claims to bring the total land package to 88.61 square kilometers. Approximately 28% of these new claims fall within the Area of Influence and will be included in upcoming JORC Mineral Resource upgrades, potentially enhancing the project’s valuation and attractiveness to investors.

Capital Raising and Financial Position

To support these developments, Anson successfully completed a $5 million placement with existing and new sophisticated investors. The company ended the quarter with a strong cash position of $3.548 million and an unused $30 million equity placement facility, providing ample runway to advance its lithium and critical minerals projects.

Beyond Green River, Anson continues to progress exploration and development activities across its portfolio, including the Paradox Lithium Project, Ajana zinc-lead-silver project, Hooley Well cobalt-nickel laterite project, Yellow Cat uranium-vanadium project, and Bull nickel-copper-PGE project, reflecting a diversified approach to critical minerals.