Exclusive Licence with Neometals

Entry into Binding Exclusive Access and Use Licence with Neometals over Ascent's Paradox Basin Critical Minerals

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, is pleased to announce that together with American Helium LLC ("AHL"), the Company's Joint Operating Agreement partner, it has entered into a binding exclusive access and use licence agreement with Utah Brine Corporation ("UBC"), a special purpose vehicle established by Neometals Ltd (ASX: NMT) and its US partner Omaha Value Inc. This follows the Option Agreement announced by the Company on 26 November 2025.

The licence, detailed in Neometals' announcement released to the ASX on 20 March 2026, grants UBC exclusive rights to access and utilise 26 existing inactive oil and gas wells, associated leases, infrastructure, transportation corridors, and related geological and operational data in the Paradox Basin, Utah. The primary focus is on brine sampling, technical test work, hydrogeological and metallurgical studies, and potential future extraction of lithium and potash (potassium) from brines hosted in the basin.

Key terms of the licence include:

• Exclusive rights for UBC to conduct brine-related activities, with ownership of any minerals extracted under relevant authorisations remaining with UBC.
• An initial term aligned with the project life, extending until the earlier of expiry of underlying permits/leases, cessation of commercial operations (including rehabilitation), or termination provisions, with an automatic termination if commercial extraction has not commenced by the seventh anniversary.
• UBC to pay an annual access fee of US$200,000, plus a permitting fee of up to US$1.9 million (funded by Omaha Value Inc on behalf of UBC) upon grant of material approvals for commercial brine extraction.
• A gross smelter return royalty of 2.5% to 3.5% (depending on timing of final investment decision) on sales of lithium and potassium products derived from brines extracted within the covered acreage being the subject of the licence.
• Security arrangements, including first-ranking security over certain infrastructure in favour of UBC, and pre-executed non oil and gas producing well transfer forms to protect rights under the licence, enabling UBC to assume direct ownership or operation of those wells if required under certain licence events or defaults.
• Ascent (via AHL) and its affiliates are restricted from granting overlapping rights to third parties during the term.

In connection with the transaction, Neometals Ltd will issue to Ascent 4,900,000 unlisted options, each exercisable at A$0.10 for one fully paid ordinary share in Neometals, on customary terms.

This definitive licence follows the 60-day exclusive option period granted under the November 2025 Option Agreement (and extended to 120 days on 13 January 2026 by mutual consent), during which Neometals and Omaha Value conducted due diligence. The transaction represents a non-dilutive monetisation pathway for Ascent's significant acreage position in the Paradox Basin, leveraging existing infrastructure with no upfront drilling or development costs to Ascent. It unlocks potential value from multi-commodity opportunities in the basin, including hydrocarbons, helium, and now critical minerals such as lithium and potash, in a highly prospective US jurisdiction.

No mineral resources or ore reserves have been estimated for the brine project at this stage, and any future development remains subject to successful exploration, test work, permitting, funding, and investment decisions.

Dave Patterson, Chief Executive Officer of Ascent Resources plc, commented:

"We are delighted to have concluded this strategic licence agreement with UBC, backed by Neometals and Omaha Value. This transaction addresses key US supply vulnerabilities for two designated critical minerals: the US remains >50% net import reliant for lithium and 92% net import reliant for potash. Both feature on the final 2025 List of Critical Minerals owing to their essential roles in electric vehicle batteries, energy storage, and agricultural food security. By leveraging existing wells, infrastructure, and data in the highly prospective Paradox Basin, this partnership provides a low-capital, low-risk pathway to evaluate and potentially contribute to enhanced domestic supply-chain resilience. It builds on our established asset base, unlocks multi-commodity value from lithium and potash brines without significant upfront costs, and aligns with our strategy of delivering shareholder value through innovative partnerships and diversified opportunities while preserving capital for core activities. We look forward to supporting UBC's evaluation work and tracking progress toward potential commercial outcomes."