Anson Resources (ASN) Q4 2024 TU earnings summary

Executive summary

• Executed a binding offtake term sheet with LG Energy Solution for up to 4,000 tpa battery-grade lithium carbonate from the Paradox Basin Project, representing 40% of planned start-up capacity, with production expected to commence in 2027.

• Produced first lithium carbonate at Green River Sample Demonstration Plant using brine from Paradox, with plans for continuous six-month operation and sample provision to potential OEM partners.

• Discovered critical minerals (gallium, indium, germanium, barium) at Ajana Project, with further high-grade mineralization at Mary Springs and strategic tenement expansion by 175%.

• Completed environmental and cultural surveys at Yellow Cat Uranium/Vanadium Project, preparing for drilling of high-grade mineralized zones.

• Appointed Tim Murray as Executive Director, strengthening leadership for offtake and capital raising.

Financial highlights

• Ended the quarter with $8.2 million cash on hand.

• Net cash used in operating activities was $8.8 million for the quarter, with $6.4 million spent on exploration and evaluation, mainly at Paradox Basin.

• Administration and corporate costs totaled $1.2 million for the quarter.

• Payments to related parties were $443,000, covering director fees, salaries, and superannuation.

Outlook and guidance

• Offtake strategy targets 80-90% of initial Paradox production under long-term agreements, with further negotiations ongoing.

• Green River pilot with Koch Technology Solutions aims to provide feasibility and cost data for full-scale lithium extraction deployment.

• Drilling programs planned at Mary Springs, Yellow Cat, and The Bull projects, pending regulatory and site access.