The Albany Gazette - Anson Resources Engineering Study Confirms Green River as a Future Low-Cost Producer

NEWPORT BEACH, CA / ACCESS Newswire / May 18, 2026 / Anson Resources Limited (ASX:ASN) ("Anson Resources" or the "Company") through its 100% owned subsidiary Blackstone Minerals NV LLC is pleased announce the completion of a Front-End Planning Stage 1 (FEP-1) Scoping Study (the Study) , also referred to as a Pre-feasibility Study (PFS) completed for its Green River Lithium Project in Utah, USA, prepared by globally recognized engineering firm Burns & McDonnell based in Houston, Texas, USA. Key assumptions and estimated financial results are provided in Figure 1.

First supply of battery grade lithium carbonate, fully finished onsite, is targeted for 2029. The Project has a 20-year mine life with initial capital requirement of approximately $568 million with operating cost of $3,837 per tonne, a base-case $1,373 million pre-tax NPV and 4.44 years payback. Anson has a definitive offtake agreement with Korea's LG Energy Solution for 40% of the annual production, see ASX announcement 24 September 2025.

Benchmark Lithium Forecast Report Q1 2026 Base Case and Upside Case with representative forecast prices for the years 2029 and 2040. The full prices series is in Figure 1. Benchmark forecast price for 2040, the last year forecast, is assumed to remain unchanged through to 2048 2. Post-tax cash flows incorporate U.S. Federal and Utah State taxes and the applicable SITLA royalty, calculated on a variable sliding scale linked to realised lithium prices. The financial model and post-tax metrics exclude the potential benefit of Inflation Reduction Act production tax credits, grants and any other federal or state incentives currently available to critical minerals projects in the United States.

The study builds on prior engineering studies and provides updated CAPEX and OPEX estimates, process design, and development pathways for a phase I 10,000tpa lithium carbonate (LCE) operation based on Direct Lithium Extraction ("DLE") technology.

Market Conditions Forecast

The technical and economic assessment (+/- 50%) was calculated utilizing the base and upside cases for lithium carbonate price from Benchmark Minerals Lithium Forecast Q1 2026 as shown in Figure 1. Benchmark's forecast the lithium prices up to year 2040, this study assumes that forecast price for 2040 remains static through to 2048.

Capital Expenditure Estimate

The capital cost estimate developed as part of the study reflects a comprehensive assessment of the core processing and supporting infrastructure required for the Project. This includes brine pretreatment facilities, the process plant incorporating DLE, purification and lithium carbonate refining circuits, as well as utilities and associated infrastructure. Site infrastructure such as buildings, stormwater management systems and electrical installations have been incorporated, together with offsite components including well pads, brine pipelines, utility interconnections, raw water supply and access roads. The estimate also includes construction indirect costs and a contingency allowance of 25%, appropriate for a conceptual level assessment, see Table 2.

Consistent with a Scoping Study, certain elements have been excluded or only partially included at this stage. These include full wellfield development costs, financing costs including interest during construction, and broader corporate costs and insurance. In addition, allowances for commissioning, start-up and training, downstream logistics beyond the project boundary, and applicable taxes and royalties have not been fully incorporated. Owner's costs are excluded, which includes preliminary allowances for process media and resin, certain engineering components, and enabling infrastructure such as a natural gas connection and power system upgrades required to support the Project.

Operating Cost Estimate

Operating cost estimates have been developed based on the conceptual process design and an initial mass balance, incorporating assumptions for reagent consumption, energy and water usage, and fixed costs. These estimates are preliminary in nature and will be refined as the process design advances and vendor quotations are obtained, which may result in variations to the current cost profile. A break down of the estimated operating cost from the Scoping Study is provided in Figure 2.

Peer Comparison

OPEX and CAPEX The Green River Lithium Project C1 Opex is positioned in the first quartile of the cost curve making it the most cost competitive project in North America. Capex per tonne of installed capacity is lower than any comparable project in North America. The Scoping Study confirms that the Green River Lithium Project is positioned within the lowest cost quartile globally, underpinned by a combination of structural and technical advantages. These include access to established infrastructure, the high quality of the underlying brine resource, lower estraction cost due to the pressure that pushes the brine towards surface and an optimised processing approach. In addition, the integration of Anson's proprietary iron removal technology provides a further competitive edge, enhancing overall process efficiency and reducing operating costs, see Figures 3, 4 & 5.

Sensitivity Analysis

A sensitivity analysis was undertaken to assess the impact of key financial and operating variables on the Project's Base Case pre-tax NPV. The analysis tested changes of +/-20% to capital expenditure, operating expenditure and lithium carbonate price, see Figure 6. The results demonstrate that the Project is most sensitive to lithium carbonate pricing, reflecting the strong leverage of project returns to realised product prices. A +/-20% movement in lithium carbonate price results in an approximate +/-US$460 million movement in pre-tax NPV, representing approximately 34% variance from the Base Case pre-tax NPV. The Project is comparatively less sensitive to capital and operating costs. A +/-20% movement in either capital expenditure or operating expenditure results in an approximate +/-US$110 million movement in pretax NPV, representing approximately 8% variance from the Base Case. The sensitivity analysis indicates that while disciplined capital and operating cost control remain important, the Project's financial outcomes are principally driven by lithium carbonate pricing. This is consistent with the strong operating margin implied by the Project's low estimated C1 operating cost of US$3,837/t LCE and Base Case pre-tax NPV of US$1,373 million.

Scoping Study Overview

The PFS was undertaken to establish a clear and disciplined framework for the development of the Green River Lithium Project. The study focused on the preparation of AACE Class 5 capital and operating cost estimates, alongside optimisation of the process design and overall flowsheet configuration. In parallel, it identified the key cost drivers and development risks associated with the Project, providing a robust technical and economic foundation to support investment decision-making and progression toward a Definitive Feasibility Study (DFS). The outcomes of the study confirm that the Green River Project is underpinned by several inherent advantages. These include access to established infrastructure, such as power, gas and transport networks, and a high-quality lithium brine resource. The Project design incorporates a modular Direct Lithium Extraction (DLE) processing configuration, allowing for scalability and operational flexibility. Burns & McDonnell's PFS included site and plot plan, provisional mass balance and capital costs estimates and utilities, chemicals, media and fixed costs for Anson to estimate Opex. ISBL costs are based on the preliminary engineering and cost information provided by the licensors (+/-30% accuracy). The resources estimate was prepared by Apex. Lithium pricing data is sourced from Benchmark Minerals. Financial analysis including NPV and scenario analysis was completed 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 but in brine 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 further information please contact:

Bruce Richardson
Executive Chairman and CEO

Will Maze
Head of Investor Relations

E: [email protected] E: [email protected]
Ph: +61 7 3132 7990 Ph: +61 7 3132 7990
www.AnsonResources.com

SOURCE: Anson Resources

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(A.Johnson--TAG)