Anson Resources’ Green River Lithium Project Secures BLM Approval

Anson Resources' Green River Lithium Project: Strategic Expansion in Utah's Mineral Heartland

The lithium industry continues to evolve as demand for this critical battery metal soars worldwide. Among the emerging players, Anson Resources (ASX: ASN) has positioned itself strategically with its Green River Lithium Project in Utah. This promising venture represents a significant opportunity within America's growing domestic critical minerals sector, particularly as the United States aims to reduce dependency on foreign lithium supplies.

Overview of the Green River Lithium Asset

Located in the mineral-rich Green River region of Utah, USA, Anson Resources' project holds a prime position in America's emerging lithium landscape. The project's strategic location offers excellent infrastructure advantages, including proximity to major transportation networks and established energy facilities.

What makes this project particularly innovative is its approach to resource development. Rather than starting from scratch, Anson is repurposing historical oil exploration infrastructure—a practice that dramatically reduces both environmental impact and development costs. This brownfield approach allows the company to leverage decades of previous geological data and existing well infrastructure.

The Green River asset sits within a geologically advantageous region where historical oil exploration activities have already identified the presence of brines containing valuable minerals. These brines, found in underground reservoirs, can be accessed and processed to extract lithium—an increasingly vital component in electric vehicle batteries and renewable energy storage systems.

"The benefit of this strategic shift to Green River is demonstrated by the speed at which the project has developed over the past year and a half due to strong support from all levels of government." — Bruce Richardson, Executive Chairman, Anson Resources (Stockhead, May 12, 2025)

Who is Anson Resources (ASX: ASN)?

Anson Resources has established itself as an emerging player in the lithium market, with a strategic focus on developing brine-based lithium projects in North America. The company maintains a diversified portfolio of resource projects, with its flagship Paradox Lithium Project in Utah complemented by the Green River expansion.

Over recent years, Anson has steadily advanced its position through strategic acquisitions and project development milestones. The company has demonstrated a commitment to sustainable resource development practices while positioning itself to benefit from the global transition to renewable energy and electric vehicles.

From a financial perspective, Anson has been methodically progressing toward production capability, with each technical milestone enhancing its valuation potential. The company has maintained a focused approach to capital expenditure, preferring to develop existing assets rather than pursuing costly greenfield acquisitions.

Recent Key Developments:

Why is the Mt Fuel-Skyline Geyser Well Essential for the Green River Project?

Understanding the Mt Fuel-Skyline Geyser Well

The Mt Fuel-Skyline Geyser Well 1-25 represents a strategic asset within Anson's Green River lithium portfolio, located approximately 4 kilometers east of Green River. This existing well penetrates the geologically significant Mississippian formation—a stratum known for hosting mineral-rich brines throughout the region.

What makes this well particularly valuable is its historical context. Originally drilled for oil exploration, the well provides Anson with extensive pre-existing geological data that would otherwise require millions in exploration expenditure to obtain. Historical drilling logs, pressure tests, and formation analyses from oil exploration activities provide a wealth of information about subsurface conditions and mineral potential.

Key indicators supporting the well's lithium potential include:

• Historical Drill Stem Tests (DSTs) from nearby wells confirming high permeability in Mississippian formations
• Fractured limestone structures ideal for brine accumulation and extraction
• Geological continuity with Anson's successful Bosydaba#1 well, which previously confirmed lithium presence
• Location within the Ten Mile Graben—a fault-bounded subsurface structure enhancing brine reservoir potential
• Historic salt concentrations matching known lithium-bearing formations

The existing well infrastructure—including the drilling pad and access roads—significantly reduces both the environmental footprint and capital expenditure required for lithium exploration. This approach exemplifies Anson's strategic focus on maximizing efficiency while minimizing environmental impact.

Strategic Value of the Recent Re-entry Approval

The Bureau of Land Management's (BLM) approval in early May 2025 for Anson to re-enter the Mt Fuel-Skyline Geyser well represents a significant regulatory milestone. This approval streamlines Anson's exploration timeline and reduces one of the primary risk factors in mineral development projects—regulatory uncertainty.

With this approval secured, Anson can now advance toward establishing a JORC-compliant mineral resource estimate—a critical requirement for project financing and development. The JORC Code (Joint Ore Reserves Committee) provides internationally recognized standards for mineral resource reporting, essential for investor confidence and project financing.

"Securing BLM approval for well re-entry significantly reduces regulatory risk and accelerates Anson Resources' timeline toward establishing a JORC resource." – Bruce Richardson, Executive Chairman, Anson Resources (Stockhead, May 12, 2025)

This approval aligns with broader U.S. government initiatives to accelerate domestic critical minerals production. Recent executive orders under the Trump administration have prioritized streamlining permitting processes for strategic minerals, particularly those essential to energy storage and electric vehicle manufacturing. This favorable policy environment enhances the strategic value of Anson's Green River project within America's emerging lithium supply chain.

What are the Geological and Technical Highlights of the Project?

Why the Geological Conditions are Ideal for Lithium Brine Extraction

The Green River project benefits from uniquely advantageous geological characteristics that make it particularly suitable for lithium brine insights. At the heart of its geological advantage is the Ten Mile Graben—a subsurface fault-bounded structure that runs through Anson's Green River claims. This geological feature creates ideal conditions for brine accumulation and extraction.

The project targets the Mississippian formation, characterized by fractured limestone structures that form excellent reservoirs for mineral-rich brines. According to Anson's technical team, "The fractured rock of these units forms an excellent reservoir for supersaturated brines." This natural fracturing enhances permeability—a critical factor in commercial brine extraction operations.

Historical Drill Stem Tests (DSTs) from the region provide compelling evidence of high permeability in these Mississippian formations. Permeability, which measures how easily fluids can flow through rock, is crucial for maintaining economically viable brine extraction rates. High permeability allows for efficient pumping of brines to the surface for lithium extraction, reducing energy requirements and operational costs.

Comparative Geological Advantages:

Unlike some lithium brine operations that face pressure maintenance challenges over time, the fractured rock structures in the Mississippian formation at Green River may enable more consistent reservoir pressure. This geological advantage could translate to more sustainable long-term production rates compared to some competing projects.

The geological similarity to nearby successful wells, particularly the Bosydaba#1 well which previously confirmed lithium-rich brines, provides additional confidence in the project's lithium potential. This geological continuity reduces exploration risk and enhances the probability of establishing a commercially viable resource.

Methodology: How the Re-entry Drilling Program will Proceed

Anson's re-entry drilling program for the Mt Fuel-Skyline Geyser well follows a methodical approach designed to maximize data collection while minimizing environmental impact and capital expenditure. This technical program leverages existing infrastructure to efficiently assess the lithium potential of targeted formations.

The planned exploration program will proceed through these key steps:

1. Site Preparation and Well Integrity Assessment

   • Evaluation of existing wellbore conditions
   • Minimal surface preparation using existing drill pad
   • Environmental compliance verification and monitoring setup

2. Well Re-entry and Conditioning

   • Removal of any wellbore obstructions
   • Installation of appropriate casing and seals
   • Establishment of safe working conditions

3. Targeted Drill Stem Tests (DSTs)

   • Isolation of specific Mississippian formation zones
   • Collection of pressure data to confirm permeability
   • Extraction of brine samples for comprehensive analysis

4. Comprehensive Laboratory Analysis

   • Testing for lithium concentrations (expected similar to Bosydaba#1 results)
   • Full spectrum mineral composition analysis
   • Evaluation of brine chemistry for extraction process design

5. Data Integration and Resource Modeling

   • Incorporation of new data into existing geological models
   • Resource estimation following JORC guidelines
   • Preliminary economic assessment based on findings

The DST methodology represents a specialized testing approach that provides critical data on formation permeability, pressure, and fluid composition. During these tests, sections of the wellbore are isolated using packers, allowing for the controlled collection of fluid samples and pressure measurements from specific geological units. This targeted approach delivers precise data about the reservoir characteristics most relevant to lithium extraction operations.

Advantages of Targeting Existing Oil-Well Infrastructure:

• Economic Efficiency: Re-entry costs fraction of new drilling (estimated 70-80% savings)
• Accelerated Timeline: Months versus years for greenfield development
• Risk Reduction: Existing geological data decreases exploration uncertainty
• Minimized Surface Disruption: No need for new access roads or drilling pads
• Reduced Carbon Footprint: Lower energy requirements compared to new drilling
• Regulatory Streamlining: Simpler permitting process for existing wells
• Community Acceptance: Less impact on local communities and landscapes

This methodical approach to exploration exemplifies Anson's commitment to efficient resource development while maintaining environmental responsibility. By leveraging existing infrastructure and historical data, the company can accelerate its path to resource definition while minimizing both costs and environmental impact.

How does Anson's Green River Project Align with Sustainable Mining Practices?

Environmental Advantages of Brownfield Operations

Anson's strategy of repurposing existing oil well infrastructure for lithium exploration represents a significant environmental advantage compared to conventional greenfield mining operations. This brownfield approach delivers multiple sustainability benefits that align with evolving expectations for responsible resource development.

Central to this environmental advantage is the reuse of existing disturbed areas rather than creating new environmental impacts. The Mt Fuel-Skyline Geyser drilling program utilizes an existing well pad and access roads, eliminating the need for new land clearing, road construction, or habitat disruption. This approach significantly reduces the project's environmental footprint compared to traditional exploration projects.

"The use of areas where there has already been ground disturbance is consistent with Anson's aim of developing a sustainable project." – Bruce Richardson, Executive Chairman, Anson Resources (Stockhead, May 12, 2025)

Environmental Impact Comparison: Brownfield vs. Greenfield Development

Beyond the immediate environmental benefits, this approach also delivers significant sustainability advantages throughout the project lifecycle. The extensive historical data from oil exploration reduces the need for extensive new exploration drilling, further minimizing environmental disruption. Additionally, the potential to leverage existing infrastructure and right-of-ways for future production facilities could substantially reduce the project's overall environmental footprint.

Initiatives towards Environmental Stewardship and Social Responsibility

Anson's approach to lithium development extends beyond minimizing environmental impact to incorporate proactive environmental stewardship and social responsibility initiatives. The company's development strategy incorporates several key sustainability elements aligned with evolving ESG (Environmental, Social, and Governance) expectations.

On the technological front, Anson has demonstrated its commitment to responsible lithium extraction through its Direct Lithium Extraction (DLE) pilot program. This advanced process achieved 98% lithium recovery rates in testing while potentially reducing water consumption compared to traditional evaporation methods. Geothermal lithium extraction technologies represent a significant advancement in sustainable lithium production, offering reduced land footprint, lower water usage, and faster production timelines compared to conventional evaporation ponds.

Key Environmental and Social Responsibility Initiatives:

• Water Conservation: DLE technology significantly reduces water consumption compared to evaporation methods
• Land Use Minimization: Focused development of existing disturbed areas rather than pristine landscapes
• Local Employment: Commitment to hiring from surrounding communities where feasible
• Indigenous Engagement: Consultation processes with relevant Native American tribes
• Regulatory Compliance: Meeting or exceeding all environmental requirements and permitting conditions
• Transparent Reporting: Commitment to public disclosure of environmental performance metrics
• Environmental Monitoring: Comprehensive baseline and ongoing monitoring programs

These initiatives position Anson's Green River project as an example of responsible lithium development at a time when sustainability considerations are increasingly important for project financing, permitting, and community acceptance. By proactively addressing environmental and social factors, Anson is building the foundation for long-term operational success while maintaining its social license to operate.

What is the Market Context and Investment Outlook for Lithium in the US?

Current Lithium Market Outlook

The lithium market continues to experience fundamental long-term growth driven primarily by the accelerating adoption of electric vehicles (EVs) and expanding energy storage deployments worldwide. This structural demand shift has positioned lithium as a critical strategic mineral for the 21st century economy, particularly as nations race to secure reliable supply chains.

Within the United States, lithium has gained heightened strategic importance as the country seeks to reduce dependency on foreign mineral supplies. Recent policy initiatives under the Trump administration have specifically targeted accelerated development of domestic critical mineral resources, with lithium featuring prominently among the priority materials.

Executive orders have explicitly streamlined permitting processes for strategic mineral projects, reducing regulatory timelines and uncertainty for companies like Anson. This policy environment creates a favorable backdrop for the Green River project's development timeline.

Global Lithium Demand Forecasts:

The U.S. government's focus on securing domestic supply chains for critical minerals provides a supportive backdrop for American lithium projects. As automakers increasingly localize battery production to comply with domestic content requirements for EV tax credits, proximity to U.S. manufacturing becomes increasingly valuable for lithium producers.

"The USA is progressing to becoming self-reliant in critical minerals, including lithium." – Bruce Richardson, Executive Chairman, Anson Resources (Stockhead, May 12, 2025)

This evolving market dynamic creates strategic advantages for U.S.-based lithium projects that can demonstrate environmental responsibility, technical viability, and cost competitiveness. Anson's Green River Lithium project potentially addresses all three factors through its brownfield approach, favorable geology, and strategic location.

Investment Implications of Anson's Green River Project

Anson's Green River Lithium Project represents a strategic investment opportunity within the evolving U.S. critical minerals landscape. The project's advancement toward a JORC-compliant resource estimate following successful well re-entry could significantly enhance the company's valuation metrics and financing options.

A key financing pathway identified by Anson involves the U.S. Export-Import Bank (EXIM), which has expanded its mandate to support domestic critical minerals projects. EX

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