Anson Resources (ASN) Q4 2025 TU earnings summary

Executive summary

• Maiden JORC resource for Green River Lithium Project estimated at 103,000 tonnes LCE, with potential for expansion following re-entry of historic wells in Q3 2025.

• Approval received for re-entry of Mt Fuel-Skyline Geyser 1-25 well, with operations to commence upon rig availability.

• Signed non-binding MoU with POSCO Holdings to collaborate on a demonstration plant for Direct Lithium Extraction technology, pending due diligence.

• Added 100 strategic placer claims, increasing Green River land package by 10%, with 28% of new claims to be included in future resource upgrades.

• Community Benefits Agreement signed with Green River City Council, targeting 50-100 local jobs and infrastructure development.

Financial highlights

• Cash on hand at quarter end was $2.5 million.

• Net cash used in operating activities for the quarter was $1.86 million; year-to-date net cash used was $12.08 million.

• $257k spent on exploration and evaluation, mainly for Paradox Basin Projects.

• $534k in administration and corporate costs; $471k in related party payments for director fees and salaries.

• $7.21 million raised from equity securities during the year; no debt drawn from $30 million facility.

Outlook and guidance

• Re-entry of Mt Fuel-Skyline Geyser 1-25 well expected in Q3 2025, with potential to significantly increase JORC resource.

• Results from POSCO demonstration plant due diligence expected by December 2025.

• Paradox Lithium Project drilling program planned to expand existing 1.5Mt LCE and 7.6Mt bromine resource.

• Future JORC resource upgrades to include higher lithium grades from recent swabbing programs.