Anson Resources (ASN) Investor update summary

Business and Operational Update

• Green River Lithium Project targets 10% of North American lithium demand by 2029, aiming for 10,000+ tpa production with scalable, low-cost DLE operations and potential for future expansion.

• POSCO partnership progressing, with non-dilutive funding received and engineering preparations underway for a demonstration plant.

• Additional mineral rights acquired, including a 5.4% expansion and new rights under state-administered lands, enhancing the resource base without significant new drilling.

• Successful completion of JordProxa's non-thermal downstream test work exceeded design expectations, de-risking the pathway to battery-grade lithium carbonate.

• Yellow Cat uranium and vanadium project advancing, with drilling completed in the Eastern Block and assays pending due to lab backlogs.

Financial Position and Funding Developments

• Strong cash position of over AUD 8 million, bolstered by POSCO payments, expected to support operations through 2027.

• No capital raise anticipated through 2026 and well into 2027, with focus on non-dilutive funding and cost reductions.

• Salary reductions of 20% for board and management, with balance to be converted to equity pending shareholder approval at the November 2026 AGM.

• Ongoing efforts to secure non-dilutive funding from government grants, tax incentives, and infrastructure loans, including US DOE grant applications and support from Utah and Export Finance Australia.

• Cash expenditure is expected to decline as major drilling and resource upgrade activities wind down.

Project Development and Strategy

• Green River permitting nearly complete, with final steps tied to plant design and flow sheet.

• DFS underway with Sedgman, targeting completion by end of 2027; construction could begin in Q3 2027, pending FID in Q2 2027.

• Second offtake agreement and strategic investor engagement targeted for completion by end of 2026.

• Yellow Cat project strategy leverages uranium market demand, government policy shifts, and new extraction technologies, with drilling to convert historical resources to JORC 2012 standards.

• Western Block drilling to commence in H2 2026, aiming to establish a JORC resource by Q1 2027.