Announcement • Jun 16

Anson Resources Limited Completes Front-End Planning Stage 1 Scoping Study for Green River Lithium Project

Anson Resources Limited through its 100% owned subsidiary Blackstone Minerals NV LLC has completed a Front-End Planning Stage 1 (FEP-1) Scoping Study (the Study) for its Green River Lithium Project in Utah, USA, prepared by globally recognized engineering firm Burns & McDonnell based in Houston, Texas, USA. The Scoping Study referred to in this announcement is a preliminary technical and economic study of the potential viability of the Green River Lithium Project. It is based on low-level technical and economic assessments and is insufficient to support estimation of ore reserves or to provide assurance of an economic development case. The production target referred to in this announcement is based on the upgraded JORC Mineral Resource, see ASX Announcement 13 May 2026 and is a combination of JORC compliant Indicated (91.5%) and Inferred Mineral Resources (8.5%). The Mineral Resource underpinning the production target in the Study has been prepared by a Competent Person in accordance with the requirements of Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012)). The Study delivered low operating cost leadership, C1 OPEX estimate USD 3,837/t LCE. Capital Cost/ton comparatively low, installed capacity estimate USD 56,800/t LCE. The project is positioned in the lowest quartile of the global peer OPEX comparison. Brine reservoir pressure at 4,500 -5,500psi, reducing operating costs. Proprietary chemical-free iron removal, reducing operating cost. High-quality brine chemistry, low impurity levels, reducing operating costs. Existing nearby utility infrastructure, including power, water, rail, road and gas, reducing capital costs. Multiple DLE technologies evaluated on financial returns, recovery and scalability basis. Material Project De-Risking, permitting and approvals largely complete. Definitive Feasibility Study commenced, project advancing toward Final Investment Decision (FID). The Base Case and Upside Case economic assumptions include a lithium price (2029) of USD 16,465 and USD 29,743 per tonne, respectively, and a lithium price (2040) of USD 30,123 and USD 43,815 per tonne, respectively. The production target is 10,000 tonnes per annum of lithium carbonate over a 20-year mine life. The total revenue is USD 5,216 million (Base Case) and USD 7,919 million (Upside Case). Net cash flow pre-tax is USD 3,826 million (Base Case) and USD 6,448 million (Upside Case). Upfront capital costs are USD 569 million. Operating costs C1 are USD 3,837 per tonne. Pre-tax NPV (@8%) is USD 1,373 million (Base Case) and USD 2,690 million (Upside Case). Pre-tax IRR is 27.5% (Base Case) and 49.0% (Upside Case). Pre-tax payback period is 4.44 years (Base Case) and 2.19 years (Upside Case). Post-tax NPV (@8%) is USD 896 million (Base Case) and USD 1,888 million (Upside Case). Post-tax IRR is 21.7% (Base Case) and 37.8% (Upside Case). 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 USD 569 million with operating cost of USD 3,837 per tonne, a base-case USD 1,373 million pre-tax NPV and 4.44 years payback. 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. Direct costs – Inside Battery Limits (ISBL) are USD 218,900,000. Direct costs – Outside Battery Limits (OSBL) are USD 149,566,355. Indirect Costs are USD 86,300,000. Contingency @25% is USD 113,700,000. Project Total Costs are USD 568,466,355. 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. Capex per tonne of installed capacity is lower than comparable project in the USA. Standard Lithium’s South West Arkansas project and Lithium America’s Thacker Pass project are considered comparable projects under development as they are both based in the US and use direct lithium extraction to produce a battery ready lithium chemical. The Green River Lithium Project C1 Opex is positioned in the first quartile of the global lithium cost curve. Among US lithium projects under development with some more advanced and some less advanced than Green River, it is the most cost competitive project. 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 extraction 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. 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. 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 +/-USD 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 +/-USD 110 million movement in pre-tax NPV, representing approximately 8% variance from the Base Case.

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