JORC Exploration Target Defined by Neometals

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Ascent Resources plc has announced that Neometals Ltd has defined a substantial JORC Exploration Target for the Utah Brine Project, which holds potential for potash and lithium. Ascent holds a Gross Smelter Return royalty of 2.5% to 3.5% on future lithium and potassium product sales from brines extracted within the project's covered acreage, secured through a licence agreement for 24 inactive oil and gas wells. This royalty provides Ascent with low-risk, non-dilutive exposure to the project's potential commercial production without requiring further capital expenditure or assuming operating risk. Additionally, Ascent received 4,900,000 unlisted options in Neometals Ltd exercisable at 10 cents each.

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Utah Brine Project - Substantial JORC Exploration Target Defined by Neometals; Ascent Holds 2.5%-3.5% Gross Smelter Return Royalty

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, notes yesterday's announcement by Neometals Ltd (ASX: NMT) defining a maiden potash and lithium Exploration Target for Utah Brine Corporation ("UBC") which holds 100% of the Utah Brine Project located in the Paradox Basin, south-east Utah, USA. Neometals has a 51% shareholding interest in UBC.

In March 2026, Ascent (together with American Helium LLC and its affiliates) entered into a binding Access and Use Licence with UBC. This grants UBC exclusive rights to access and utilise 24 inactive oil and gas wells, associated leases, infrastructure and the "Covered Acreage" for brine sampling, test work, extraction, processing and related activities.

In consideration, Ascent is entitled to:

A Gross Smelter Return ("GSR") royalty of 2.5% to 3.5% (determined by the timing of final investment decision) of gross revenue from sales of lithium and potassium (potash) products produced from brines extracted within the Covered Acreage by UBC; and
4,900,000 unlisted options in Neometals Ltd exercisable at 10 cents each (3-year term).

Neometals' announcement can be found here.

The royalty provides Ascent with low-risk, non-dilutive exposure to any future commercial production from this key infrastructure area of the project without capital expenditure or operating risk.

Ascent will continue to monitor progress at the Utah Brine Project, including planned brine sampling, metallurgical testwork and resource definition activities, and will update the market on any material developments in due course.

Dave Patterson, CEO of Ascent Resources, commented:

"The definition of a substantial JORC Exploration Target by Neometals underscores the scale and potential of the Utah Brine Project in the Paradox Basin. Ascent's royalty entitlement positions us to benefit directly from any future lithium and potash production through existing well infrastructure, without the need for further capital outlay from Ascent. While the target remains conceptual at this early stage, it represents a meaningful development for the long-term value of our royalty interest in this strategically located US critical minerals project."

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.