ANSON RESOURCES LIMITED — Capital/Financing Update 2023

Sep 12, 2023

ASX Announcement 13 September 2023

==> picture [190 x 44] intentionally omitted <==

Anson Completes Acquisition of Strategic Land Package at Green River Lithium Project

Site to host proposed future processing plant at Green River Project area

Highlights:

• Anson has successfully completed the acquisition of a strategic land package of privately owned, industrial use land at the Green River Lithium Project, in Utah, USA.

• The land package is a key addition to the Green River Project area and Anson plans to locate the Project’s proposed future lithium extraction and production facility at this site.

• The area is surrounded by existing infrastructure including national rail network, interstate road system, gas and power, and access to the Green River - potential for major time and cost savings for future project development.

• All conditions for the sale and purchase of the land package successfully met and Anson has paid USD$2.4m to vendor to complete the acquisition, and title for the property has been transferred to Anson.

• Anson plans to develop the Green River Project into a significant lithium producing operation in parallel with the nearby Paradox Lithium Project.

• Preliminary design and engineering studies for the location of the plant and the availability of supporting utilities including power and water supply are underway and ongoing.

• Applications for licences for the development of the plant have been submitted.

Anson Resources Limited (ASX: ASN, ASNOD) (Anson or the Company) is pleased to announce that it has completed the acquisition of a strategic land package of privately owned, industrial use land at its Green River Lithium Project in the Paradox Basin, in south-eastern Utah, USA.

Anson executed a letter of intent (LOI) to enter into a Purchase and Sale Agreement for the strategic acquisition of 0.568km[2 ] (56.8 hectares) of land at the Green River Project with US incorporated, family-owned entity Boysdaba Holdings LLC (Boysdaba) in the previous quarter (ASX announcement, 23 May 2023).

The Company now advises that all conditions for the sale and purchase in the LOI have been successfully met and payment of USD2.4 million to acquire the land package has been made to Boysdaba. The title for the property has been transferred to Anson, and the transaction recorded by both the Grand and Emery counties for the parcels of land. Land parcels 06-022-0063 and 05-00220052 (in two lots) are located in Grand County. Parcels 01-0156-005, 01-0156-0004, 01-01560007, 01153C-0004 are located in Emery County (Figure 1).

Anson Resources Ltd ABN: 46 136 636 005 ASX: ASN, ASNOC, ASNOD OTC: ANSNF

Australian Registered Office Level 3, 10 Eagle Street BRISBANE QLD 4000 T: + 61 7 3132 7990

E: info@ansonresources.com

www.ansonresources.com

==> picture [199 x 46] intentionally omitted <==

This represents a pivotal addition to the Green River Project area. Anson plans to utilise the new site as the location for the future lithium extraction and production facility for a proposed lithium producing operation at the Project.

Essential existing infrastructure surrounds the immediate area, which potentially offers substantial time and cost savings for the Project’s future development requirements.

==> picture [442 x 329] intentionally omitted <==

Figure 1: The privately owned, industrial use land acquired by Anson at Green River - showing the six individual land parcels

The new land package provides access to the national rail network, interstate road system, as well as gas and power infrastructure, and access to the Green River. It is also situated in close proximity to the town of Green River, providing ready access to other supporting infrastructure and potential workforce, see Figure 2.

The agreement also includes water rights, which will be added to those that have already been secured. This includes the extraction of water from either the Colorado or Green Rivers (ASX Announcement 23 January, 2023).

The new land package is located less than 1km from the Green River Lithium Project claims area, (see figure 2) which comprises 1,265 Bureau of Land Management (BLM) placer claims over an area of 106.2 km[2] (ASX Announcement 30 January, 2023).

2

www.ansonresources.com

==> picture [199 x 46] intentionally omitted <==

==> picture [517 x 384] intentionally omitted <==

Figure 2: Showing Emery county zoning of purchased land, proximity of utilities, infrastructure & north end of the Green River claims

Current and Ongoing Works

Design and engineering studies have commenced over the area. These include an electrical engineering study as well as a geotechnical survey generated drilling program for the foundation of buildings, potable water supply and the engineering design for the extraction of water from Green River - which abuts the land purchased under this agreement.

Other applications are being prepared by Anson including a Conditional Use Permit (CUP) for the development of infrastructure development and the construction of the processing plant. Work has also commenced on the preparation of application for other required licences, and these will be announced to the market as they are completed.

Anson Resources Chairman and CEO Bruce Richardson commented:

“We are excited about the potential to develop a lithium extraction and processing plant at the newly acquired site at Green River. Private, industrial use land is difficult to secure in eastern Utah, as the approval process for privately-owned land is significantly less onerous. We consider the existing infrastructure that surrounds this area to be world class, potentially reducing the work and costs required to develop the project into production.

3

www.ansonresources.com

==> picture [199 x 46] intentionally omitted <==

In addition, we have received strong government support for the development of the Green River Project from all levels of government including the local State representative, County representatives and Green River Council representative.

Anson has already commenced early stage design and engineering studies, and are evaluating initial financial forecasts generated by these studies, which will be released to the market when they have been finalised. We look forward to providing further details of our ongoing work at the Green River Project over the coming weeks.”

About the Green River Lithium Project

The Green River Project was staked in January and Anson proposes to explore and develop it in parallel with the development of the nearby Paradox Lithium Project. The Green River Project is a significant strategic addition to Anson’s US lithium asset portfolio. The Company plans to leverage its experience and expertise in the region to fast-track exploration and mineral delineation for the Green River Project, to be followed by planned project development.

Anson has confirmed an Exploration Target of; 2.0 billion tons to 2.6 billion tons of brine, grading 100 -150ppm Lithium and 2,000 – 3,000ppm Bromine at the Green River Project[1] (ASX Announcement 15 February, 2023). Applications have been lodged with the Bureau of Land Management (BLM) for the re-entry of three wells in a JORC Mineral Resource drilling program at the Green River Project area (ASX Announcement 13 March, 2023).

1 The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on the Project to define a mineral resource for the Leadville Formation. It is uncertain that future exploration will result in a mineral resource.

This announcement has been authorised for release by the Executive Chairman and CEO.

ENDS

For further information please contact: Bruce Richardson Media and Investor Relations Executive Chairman and CEO James Moses, Mandate Corporate E: info@ansonresources.com E: james@mandatecorporate.com.au Ph: +61 7 3132 7990 Ph: +61 420 991 574 www.ansonresources.com Follow us on Twitter @anson_ir

About Anson Resources Ltd

Anson Resources (ASX: ASN) is an ASX-listed junior mineral resources company with a portfolio of minerals projects in key demand-driven commodities. Its core asset is the Paradox Lithium Project in Utah, in the USA. Anson is focused on developing the Paradox Project into a significant lithium producing operation. The Company’s goal is to create long-term shareholder value through the discovery, acquisition and development of natural resources that meet the demand of tomorrow’s new energy and technology markets.

www.ansonresources.com

4

==> picture [199 x 46] intentionally omitted <==

Forward Looking Statements: Statements regarding plans with respect to Anson’s mineral projects are forward looking statements. There can be no assurance that Anson’s plans for development of its projects will proceed as expected and there can be no assurance that Anson will be able to confirm the presence of mineral deposits, that mineralisation may prove to be economic or that a project will be developed.

Competent Person’s Statement 1: The information in this announcement that relates to exploration results, exploration target, Mineral Resources and geology is based on information compiled and/or reviewed by Mr Greg Knox, a member in good standing of the Australasian Institute of Mining and Metallurgy. Mr Knox is a geologist who has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a “Competent Person”, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the matters based on information in the form and context in which they appear. Mr Knox is a director of Anson.

www.ansonresources.com

5

==> picture [190 x 44] intentionally omitted <==

JORC Code 2012 “Table 1” Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralization that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Historical oil wells (Gold Bar Unit #2, Cane Creek #32-1-25-20, Skyline Unit 1, and Long Canyon Unit 2) were utilized to access brine bearing horizons for sampling at the Paradox Project. Geophysical logging was completed to determine geologic relationships and guide casing perforation. Once perforated, a downhole packer system was utilized to isolate individual clastic zones and Mississippian Units (production intervals) for sampling. Perforation and packer isolated sampling moved from bottom to top to allow for the use of a single element packer. • Brine fluid samples were discharged from each sample interval to large 1,000 L plastic totes. Samples were drawn from these totes to provide representative samples of the complete volume sampled at each production interval. • The brine samples were collected in clean plastic bottles. Each bottle was marked with the location and sample interval. • The same drilling and sampling procedures will be used at Green River. • Sampling techniques for the one historical well assayed in the Mississippian units at the Paradox Project are not known.
Drilling Techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc.).	• Standard mud rotary drilling will be utilized to re-enter historical oil wells. The wells had been previously plugged and abandoned in some cases, requiring drill out of cement abandonment plugs. All drilling fluids were flushed from the well casing prior to perforation and sampling activities. • Historical drilling techniques into the Mississippian are not known but the wells were deep exploratory wells accessing oil and gas.
Drill Sample Recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• No new drill holes were completed. Therefore, no drill chips, cuttings, or core was available for review. • Drilling procedures for well re-entry will only produce cuttings from cement plugs. • Drilling of the new units resulted in cuttings being collected at the same time as the brine sampling was carried out.

==> picture [199 x 47] intentionally omitted <==

Criteria	JORC Code Explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• No new drill holes will be completed. • Cuttings and core samples can be retrieved from UGS and USGS core libraries • Not all wells were cored, but cuttings were collected. • Cuttings were recovered from mud returns. • Sampling of the targeted horizons will be carried out at the depths interpreted from the historical records and newly completed geophysical logs. • The Mississippian Units and Clastic Zones 17,19,29,31 and 33 will be sampled.
Sub-sampling Techniques and Preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Bulk brine samples will be collected for potential further analysis. • Core samples were collected in the Long Canyon No 1, Big Flat Unit 1, Big Flat Unit 2 and Big Flat Unit 3 wells from the Mississippian Units. • Cuttings have been saved for most of the wells drilled in the area.
	• For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Historic Wells • Sample size and quality were considered appropriate by operators/labs. Re-Entries • Sampling will follow the protocols produced by SRK for lithium brine sampling. • Samples will be collected in IBC containers and samples taken from them. • Duplicate samples kept Storage samples will also be collected and securely stored. • Bulk samples will also be collected for future use. • Sample sizes will be appropriate for the program being completed.
Quality of Assay Data and Laboratory Tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Analysis of brine fluids were completed at several laboratories including SGS (Applied Technology and Innovative Centre), Empact Laboratories and Enviro-Chem Analytical, Inc. All labs followed a standard QA/QC program that included duplicates, standards, and blind control samples. Future sampling will also be carried out at these laboratories. • The quality control and analytical procedures used by the three analytical laboratories are considered to be of high quality. • The assaying technique for the Big Flat No 2 well in the Mississippian is not known. The sample was assayed by the Ethyl Corporation. • Duplicate and standard analyses are considered to be of acceptable quality. Limited downhole geophysical tools were utilized for orientation within the cased oil wells prior to perforation. These are believed to be calibrated periodically to provide consistent results.

2

==> picture [199 x 47] intentionally omitted <==

Criteria	JORC Code Explanation	Commentary
Verification of Sampling and Assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Accuracy, the closeness of measurements to the “true” or accepted value, was monitored by the insertion of laboratory certified standards. • Duplicate samples in the analysis chain were submitted as part of the laboratory batch and results are considered acceptable. • Laboratory data reports were verified by theC P. • Historical assays are recorded in Concentrated Subsurface Brines, UGS Special Publication 13, printed in 1965.
Location of Data Points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• The location of historical oil wells within the Paradox Basin is well documented. • Coordinates of historical oil wells utilized for accessing clastic zones for sampling is provided in Table 9-1 of the report. • Re-entries re-surveyed by licensed surveyor.
Data Spacing and Distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Data spacing is considered acceptable for a brine sample but has not been used in any Resource calculations. • There has been no compositing of brine samples.
Orientation of Data in Relation to Geological Structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material. •	• The Paradox Basin hosts bromine and lithium bearing brines within a sub- horizontal sequence of salts, anhydrite, shale and dolomite. The historical oil wells are vertical (dip -90), perpendicular to the target brine hosting sedimentary rocks. • Sampling records do not indicate any form of sampling bias for brine samples.
Sample Security	• The measures taken to ensure sample security.	• Brine samples previously collected were moved from the drill pad as necessary and secured. • All samples were marked with unique identifiers upon collection.
Audits or Reviews	• The results of any audits or reviews of sampling techniques and data	• No audits or reviews have been conducted at this point in time.

3

==> picture [199 x 47] intentionally omitted <==

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Mineral Tenement and Land Tenure Status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	• The Paradox Basin Brine Project is located southeastern Utah, USA, and encompasses a land position of 21,450 hectares. • The land position is constructed from 2,434 Federal placer mineral claims, and three mineral leases from the State of Utah. • A1 Lithium has 50% ownership of 87 of the 2,434 mineral claims through a earn-in joint venture with Voyageur Mineral Ltd. All other claims and leases are held 100% by Anson’s U.S. based subsidiary, A1 Lithium Inc. • The claims/leases are in good standing, with payment current to the relevant governmental agencies.
Exploration Done by Other Parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical exploration for brines within the Paradox Basin includes only limited work in the 1960s. No brine resource estimates had been completed in the area, nor has there been any historical economic production of bromine or lithium from these fluids. • The historical data generated through oil and gas development in the Paradox Formation has supplied some information on brine chemistry.
Geology	• Deposit type, geological setting and style of mineralization.	• The geology of the Paradox Formation indicates a restricted marine basin, marked by 29 evaporite sequences. Brines that host bromine and lithium mineralization occur within the saline facies of the Paradox Formation and are generally hosted in the more permeable dolomite sediments. • Controls on the spatial distribution of certain salts (boron, bromine, lithium, magnesium, etc.) within the clastic aquifers of the Paradox Basin is poorly understood but believed to be in part dictated by the geochemistry of the surrounding depositional cycles, with each likely associated with a unique geochemical signature. • The source and age of the brine requires further investigation.
Drill Hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: -easting and northing of the drill hole collar -elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar -dip and azimuth of the hole -down hole length and interception depth -hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Four existing oil wells were re-entered and worked at the Paradox Project to collect brine samples. Although these wells may be directional, all wells are vertical (dip -90, azimuth 0 degrees) through the stratigraphy of interest. • Detailed historical files on these oil wells were reviewed to plan the re-entry, workover and sampling activities. • Following geophysical logging to confirm orientation within the cased well, potential production intervals were perforated, isolated and sampled. • The target horizons in the Paradox Formation are approximately 1,800 meters below ground surface. • Data on hundreds of historic wells is contained with a database published by the Utah Geological Survey. Open File Report 600 ‘WELL DATABASE AND MAPS OF SALT CYCLES AND POTASH ZONES OF THE PARADOX BASIN, UTAH’, published in 2012.

4

==> picture [199 x 47] intentionally omitted <==

Criteria	JORC Code Explanation	Commentary
Data Aggregation Methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade • Brine samples taken in holes were averaged (arithmetic average) without 14 Criteria JORC Code explanation Commentary truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No weighting or cut-off grades have been applied.
Relationship Between Mineralization Widths and Intercept Lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• The sediments hosting the brine aquifer are interpreted to be essentially perpendicular to the vertical oil wells. Therefore, all reported thicknesses are believed to be accurate. • Brines are collected and sampled over the entire perforated width of the zone. • The Mississippian Units are assumed to be porous and permeable over its entire vertical width based on drilling records.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• A diagram is presented in the text showing the location of the properties and re- entered oil wells.
Balanced Reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All data generated by A1 Lithium through re-entry, workover, and sampling of historical oil wells has been previously presented. No newly generated data has been withheld or summarized.
Other Substantive Exploration Data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All available current exploration data has been presented.
Further Work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The well re-entries and sampling planned will cover the Paradox Formation and Leadville Limestone. • Future well re-entries will focus on wells surrounding the proposed re-entry locations to upgrade future JORC resources.

5