ANSON RESOURCES LIMITED — Capital/Financing Update 2023

Mar 12, 2023

ASX Announcement 13 March 2023

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Resource Definition Drilling Program to Commence at Green River Lithium Project

Highlights:

• A Notice of Intent (NOI) to re-enter wells at the Green River Lithium Project has been submitted to facilitate the commencement of Resource definition drilling at the Project

• The Project exhibits a number of positive geological feature and drilling records show that brine flows to surface from porous Mississippian units without pumping in some wells

• Brines will be sampled and metallurgically tested using the environmentally friendly Direct Lithium Extraction process

• The Resource drilling program at Green River is planned to run in parallel with Resource drilling in the western region of the nearby flagship Paradox Lithium Project

• • Results from both programs are planned to contribute to an increase to Anson’s global lithium Resource in the Paradox Basin to meet increasing lithium demand

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that it has submitted a Notice of Intent (NOI) to the USA, Department of the Interior, Bureau of Land Management (BLM) to commence drilling at its Green River Lithium Project (Project) in the Paradox Basin in Utah, USA.

The drilling program is designed to deliver a maiden lithium JORC Mineral Resource at the Project, which would substantially increase the Company's exisiting JORC Mineral Resource inventory in the Paradox Basin; Anson’s flagship Paradox Lithium Project, located 50km to the south-east, has a current JORC Mineral Resources of 1.04Mt of Lithium Carbonate Equivalent (LCE) and 5.27Mt of Bromine, (ASX announcement, 2 November 2022).

Drill Program Details

The Green River Project comprises a total of 1,261 placer claims over an area of 106.2km[2 ] (10,620 hectares), see Figure 1. Anson plans to conduct a three-well re-entry program, with brine sampling and pump testing, on the targeted clastic zone horizons and the Mississippian units at the Green River Project. The program is designed to support the conversion of the Project’s Exploration Target to a JORC Mineral Resource (ASX announcement, 15 February 2023).

The Company aims to commence the drill program as soon as the NOI has been accepted by the BLM. Drill pads remain in place from previous drilling, see Figure 2 - and other drill pads only require to be re-established, see Figure 3. This will ensure minimal new ground disturbance.

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

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Figure 1: A plan showing the location of Anson’s two lithium brine projects in Utah.

In addition, the drill pads are located close to existing roads, which means no new access routes will need to be created. Both these factors will contrubite to minimal impact on the environment, social and recreational activities within the Project area. The use of areas where there has already been ground disturbance is consistent with Anson’s aim of developing a sustainable project and minimising environmental impact.

The program may be readily extended, as all equipment is either on-site at the Green River or Paradox Projects.

Drilling records indicate that the targeted geological units at Green River are continuous from the nearby Paradox Project and have similar properties, see Table 1. Drilling of the Mississippian units has resulted in brine flowing to the surface at Green River, which did not occur at the Paradox Project. This provides the potential for reduced operating costs at Green River, as no mechanical pumping may be needed to extract brines from depth.

Well ID	Depth (ft)	Width (ft)	Brine	Pressure (psi)	Porosity	Permeability	Temperature (oF)
Mt Fuel-Skyline Geyser 1-25
	7,635	20	Yes				120
	9,157	355*	Yes	>4,900	Good	Good	160
Govt Smoot 2
	7,442	23	NR
	8,446	235*	Yes	>4,000	Good		150
Greentown Fed 26-43H
	8,600	25	NR
	10,583	277*	Yes				165

Table 1: Recorded properties for Clastic Zone 31 and the Mississippi from the wells to be re-entered.

*Total Depth of Hole (TDH) – did not drill completely through the Mississippian units.

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Figure 2: Photo of the established Greentown Fed 26-43H drill pad.

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Figure 3: Photo of the Mt Fuel-Skyline Geyser drill pad showing only minor work would be necessary to re-establish the drill pad.

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The NOI submitted to the BLM is the for re-entry of three wells all located adjacent to regional geological structures with potential to assist in the future extraction of brines - as evidenced by the bubbling cold, saltwater springs and geysers at the Green River project (ASX Announcement, 6 March 2023).

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.

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 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.

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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 deepexploratorywells accessingoil andgas.
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.
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 andpercentage 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 newlycompletedgeophysical logs.

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Criteria	JORC Code Explanation	Commentary
		• 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. • Core from Green River can be collected for the Mississippian units from Salt Wash North 1 and Floy Unit 1 wells. • 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 periodicallytoprovide consistent results.
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.

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Criteria	JORC Code Explanation	Commentary
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.
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.

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 Green River Lithium Project is located approximately 2km southeast of Green River, Utah, USA. • The Green River Lithium Project consists of 1,251 Federal placer claims and covers an area of 10,620 hectares. • The claims for the Green River Project 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.

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Criteria	JORC Code Explanation	Commentary
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.
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	• 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 drillingrecords.

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Criteria	JORC Code Explanation	Commentary
	known’).
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 withhedd 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.

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