Anson Resources (ASN) H2 2024 earnings summary

Executive summary

• Achieved significant progress in lithium projects, notably Paradox and Green River in Utah, USA, including a major resource upgrade and first lithium carbonate production from a demonstration plant.

• Secured a binding offtake term sheet with LG Energy Solution for up to 4,000 tpa of battery-grade lithium carbonate, representing 40% of initial production capacity, with supply expected to commence in 2027.

• Expanded project area by 8% through acquisition, resulting in a 45% increase in lithium mineral resource and 44% increase in bromine resource.

• Advanced exploration and drilling at Green River, confirming thicker brine zones and strong lithium and bromine assay results.

• Progressed Australian projects, including Ajana, with new high-grade critical mineral discoveries.

Financial highlights

• Net loss attributable to equity holders for FY2024 was $9,836,894, an improvement from $12,430,121 in FY2023.

• Loss per share was 0.77 cents (FY2023: 1.09 cents).

• Cash and cash equivalents at 30 June 2024 totaled $8,215,284 (FY2023: $38,645,427).

• Exploration and evaluation assets increased to $36,736,736 (FY2023: $15,277,933), reflecting significant investment in project development.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on advancing Green River and Paradox Lithium Projects, with ongoing negotiations for additional offtake agreements.

• Plans to commence drilling at Yellow Cat Project upon regulatory approval and further exploration at Ajana and Hooley Well in Australia.

• Post-year-end, received key permits and approvals for Green River, completed a $4.96 million equity raise, and received a non-binding LOI for up to US$330 million in debt financing for Paradox Basin plant construction.