ASX Announcement
www.ansonresources.com
1
Anson Resources Ltd
Australian Registered Office
ABN: 46 136 636 005
Level 3, 10 Eagle Street
ASX: ASN
BRISBANE QLD 4000
OTC: ANSNF
T: + 61 7 3132 7990
E: info@Ansonresources.com
www Ansonresources com
Release of Enhanced Annual Report for Financial
Year Ended 30 June 2025
Anson Resources Limited (ASX: ASN) (“Anson” or the “Company”) advises that following a routine post-release review and
in consultation with the ASX, it was identified that adding additional detail to a small number of disclosures may increase
the useability of the report. To ensure the report met industry best practices, was fully compliant with all disclosure
requirements, required ASX listing rules for mining and Exploration entities and regulatory guidance , the Company
incorporated the changes in the Enhanced Annual Report.
The changes that are included in the Enhanced Annual Report are in relation to;
1. A comparison of the Company’s mineral resources against that from the previous year, including an
explanation of material changes required under Listing Rule 5.21.4.
2. A summary of the governance arrangements and internal controls that the Company has put in place with
respect to its mineral resources estimates and the estimation process per Listing Rule 5.21.5.
3. The mineral resources statement for the Green River Lithium, Paradox Lithium and Surprise projects as
required under Listing Rule 5.24.
4. A Competent Person statement and additional commentary for the Green River Lithium exploration target per
JORC Clause 26.
5. Additional cross references to the relevant market announcements and streamline statements consistent with
Listing Rule 5.23 for the Yellow Cat, Ajana and Hooley Well projects.
6. The information for each class of unquoted securities required under Listing Rule 4.10.16.
The amendments are aimed at providing enhanced transparency and usability for all stakeholders and further don’t
materially change the content or form of the financial statements, audit opinion or overall conclusions presented. The
financials and information contained within is both True and Fair.
The Board and Anson’s Management emphasizes that the issuance of the enhanced Annual Report reflects Anson’s
continued commitment to transparency, robust Governance, and full regulatory Compliance. The enhancements were
undertaken in close consultation with the ASX to ensure Anson’s reporting remains steadfast, is anchored in industry best
practices and fully compliant with all disclosure requirements and regulatory guidance. This approach underscores Anson’s
commitment to mitigating risks, strengthening operational integrity and reinforcing investor confidence.
Anson values and acknowledges the ASX’s constructive engagement and reinforces its commitment to rigorous corporate
governance, robust risk management frameworks, and transparent reporting practices that safeguard shareholder interests and
ensure long-term stability.
This announcement has been authorized for release by the Executive Chairman and Managing Director.
ENDS
20 November 2025
ASX: ASN Announcement
ASX Announcement
www.ansonresources.com
2
Anson Resources (ASX: ASN) is an ASX-listed mineral resources company with a portfolio of
minerals projects in key demand-driven commodities. Its core assets are the Green River and
Paradox Lithium Project in Utah, in the USA. Anson is focused on developing these assets into a
significant lithium producing operations. 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.
For further information please contact:
Bruce Richardson
Will Maze
Executive Chairman and CEO
Head of Investor Relations
E: info@ansonresources.com
E: investors@ansonresources.com
Ph: +61 7 3132 7990
Ph: +61 7 3132 7990
www.AnsonResources.com Follow us on
Twitter @Anson_ir
Click here to subscribe to news from Anson Resources: https://www.AnsonResources.com/contact/
About Anson Resources Ltd
2025
Annual Report
for the Year Ended 30 June 2025
Directors
Bruce Richardson
Executive Chairman and CEO
Peter (Greg) Knox
Executive Director
Michael van Uffelen
Non-executive Director
Tim Murray
Executive Director
Company Secretary
Nicholas Ong
Registered and Principal Office
Level 3, 10 Eagle Street
Brisbane, QLD 4000, Australia
Telephone: +61 7 3132 7990
Email: info@ansonresources.com
www.ansonresources.com
Auditor
Ernst & Young
111 Eagle Street
Brisbane City QLD 4000
Changes from published financial report. Anson has included the following additions to the Annual report to further enhance its usability and clarity
• Included additional commentary consistent with Listing Rule 5.23.2 for the Yellow Cat, Ajana and Hooley Well projects
• Expanded on Competent persons statement for Green River Lithium Project
We believe this doesn't materially change the content or form of the financial statements and all information included herein is both True and Fair.
These changes are in relation to:
> A comparison of the Company’s mineral resources against that from the previous year, including an explanation of material changes required under Listing Rule 5.21.4
> A summary of the governance arrangements and internal controls that the Company has put in place with respect to its mineral resources estimates and the estimation process per Listing Rule 5.21.5.
> The mineral resources statement for the Green River Lithium, Paradox Lithium and Surprise projects as required under Listing Rule 5.24.
> A Competent Person statement and additional commentary for the Green River Lithium exploration target per JORC Clause 26.
> Additional cross references to the relevant market announcements and streamline statements consistent with Listing Rule 5.23 for the Yellow Cat, Ajana and Hooley Well projects.
> The information for each class of unquoted securities required under Listing Rule 4.10.16.
Corporate Information
Share Registry
Automic
Level 5, 126 Phillip Street
Sydney NSW 2000
GPO Box 5193 Sydney NSW 2001
Telephone: 1300 288 664
www.investor.automic.com.au
Securities Exchange Listings
Australian Securities Exchange: (ASX: ASN)
OTC Markets Group (OTCQB: ANSNF)
ABN
46 136 636 005
Contents
1.0 Company Profile
1.1
Chairman and Chief Executive Officer Letter
4
1.2
Review of Operations
6
2.0 Directors’ Report
2.1
Directors Report
22
2.2
Remuneration report (audited)
28
2.3
Auditor’s Independence Declaration
41
3.0 Financial Statements
3.1
Consolidated Statement of Profit or Loss and other
Comprehensive Income
44
3.2
Consolidated Statement of Financial Position
45
3.3
Consolidated Statement of Cash Flows
46
3.4
Consolidated Statement of Changes in Equity
47
3.5
Notes to the Consolidated Financial Statements
48
3.6
Consolidated entity disclosure statement
92
3.7
Directors’ Declaration
93
3.8
Independent Auditors Report
94
3.9
ASX Additional Information
100
A1 Lithium
Gold Sponsor
of Green River
Mellon Days
Festival
2
Annual Report 2025
Anson Resources Limited
1.0 Company Profile
3
Annual Report 2025
Anson Resources Limited
Dear Shareholders,
The 2025 financial year has been
transformative for Anson Resources. We
have advanced our flagship Green River
Lithium Project in Utah, USA, taking
major steps towards commercialisation
and positioning Anson as a future
supplier of 100% US-sourced lithium
into the key North American market.
Our strategy is clear: to deliver a
secure, domestic supply of critical
minerals at a time when demand for
lithium is accelerating, supported by
the US government’s strategic push
for local production and supply chain
independence.
Key milestones delivered in 2025:
•
Industry-leading DLE results – Our
partnership with Koch Technology
Solutions delivered breakthrough
results, achieving 98% lithium
recovery, a Li:TDS ratio of 0.129 and
producing 43,500 gallons of battery-
grade lithium chloride. These results
exceeded expectations and provide
the technical foundation, backed
by process guarantees, for scaling
production to 10,000 tpa.
•
Maiden JORC Resource – We
delivered an initial JORC Resource of
103,000 tonnes LCE at Green River.
While foundational, it marks the first
step toward building the resource
base to support a long-life operation.
Importantly, we see clear potential to
significantly and effectively scale the
resource, enhancing the long-term
value of the project.
•
Permitting progress – Regulatory
momentum continued, with permits
advanced and an Underground
Injection Control (UIC) approval
secured. These achievements bring
us closer to final approvals and
project execution readiness.
•
Financing pathway – We secured a
non-binding Letter of Interest from
the US EXIM Bank for up to US$330
million in long-term debt financing.
This is a critical step in de-risking
project funding and underlines the
strategic importance of Green River
to US supply chain security.
1.1
Chairman and Chief Executive Officer Letter
4
Annual Report 2025
Anson Resources Limited
Further strengthening Green River’s
strategic value, at the end of 2025, Anson
signed a Memorandum of Understanding
with POSCO Holdings (POSCO) to establish
and operate a DLE demonstration plant
on site. This partnership with a global
leader in battery materials validates
the project’s world-class potential and
positions Anson at the centre of a growing
North American–Asian supply chain.
Beyond Green River, we advanced our
broader US and Australian portfolio:
•
Paradox Lithium Project – Approved
for re-entry drilling under the Western
Strategy, targeting significant resource
growth.
•
Yellow Cat Project – Regulatory
approvals secured for exploration
drilling, with the aim of delivering a
maiden JORC Resource.
•
Ajana Project (WA) – A maiden JORC
Inferred Resource was announced,
highlighting upside optionality beyond
our US lithium focus.
“With lithium demand accelerating, and
our projects advancing toward production,
we believe the year ahead offers a major
opportunity to create long-term value for
all stakeholders”
Green River
Progress
and Project
Fast Facts:
Looking ahead
As we enter FY2026, Anson is strategically
positioned: we have a de-risked pathway
to production, growing government
engagement and support, and validation
from leading global industry partners. Our
focus will remain on progressing Green
River and Paradox toward development
decisions while unlocking further value at
Yellow Cat.
On behalf of the Board, I would like to
thank our employees, partners, and
shareholders. Your continued support
has allowed us to position Anson at the
forefront of the US lithium sector. With
lithium demand accelerating, and our
projects advancing toward production,
we believe the year ahead offers a major
opportunity to create long-term value for
all stakeholders.
Financing Indicated
by US EXIM Bank to
Support Green River
Development
$330M
Lithium Recovery
Achieved in DLE Pilot
with Koch Technology
Solutions
98%
LCE Maiden JORC
Resource Defined at
Green River Project
103,000t
Bruce Richardson
Chairman and
Chief Executive Officer
5
Annual Report 2025
Anson Resources Limited
1.2
Review of Operations
Green River Lithium Project
The 2025 financial year marked
significant progress at the Green
River Lithium Project, advancing the
project toward commercialisation
and reinforcing its position as a
cornerstone of Anson’s US lithium
growth strategy.
Resource Growth
•
Anson delivered a maiden JORC
Resource of 103,000 tonnes
LCE based on drilling at the
Bosydaba #1 well. (refer to ASX
announcement 13 June 2025)
•
Follow-up swabbing results
showed lithium concentrations
44% higher than the grades
used in the maiden estimate,
providing confidence in resource
upgrades.
•
To support further growth,
Anson expanded its landholding
by 10% through 100 new placer
claims, with assay results
averaging 135 mg/L lithium, well
above initial grades.
•
Planned re-entry of the historic
Mt Fuel-Skyline Geyser 1-25 well
(approved by BLM and UDOGM)
provides an immediate pathway
to scale up the JORC Resource
and underpin a Definitive
Feasibility Study.
•
Exploration Target – Anson
has internally estimated an
exploration target of 1.2–1.5
billion tonnes of brine grading
100–150 ppm lithium. This target
relates to the Mississippian
units within the project area and
excludes additional potential
from clastic zones, which may
be assayed during the upcoming
drilling program. (Refer to ASX
announcement 13 June 2025)
Strategic Partnerships
•
Anson entered into a non-
binding Memorandum of
Understanding with POSCO
Holdings to collaborate on the
construction of a Direct Lithium
Extraction (DLE) demonstration
plant at Green River.
•
Under the MoU, Anson will
provide land, brine, and
approvals, while POSCO will
fund, construct, and operate the
demonstration plant, subject to
due diligence.
•
Post-year end, Anson shipped
a two-ton bulk brine sample
(pre-treated at the Company’s
Lithium Innovation Center in
the US) to POSCO in South
Korea for testing. Results,
expected by December 2025,
will inform engineering design,
cost estimates, and POSCO’s
investment decision.
Figure 1: Plan showing the Indicated and Inferred Mineral Resource areas and the interpreted
Exploration Target at Green River.
Permitting & Community
Agreements
•
Anson finalised agreements
with the Government of
Utah, securing a new royalty
structure (1–5% sliding scale,
replacing a flat 5%), improving
project economics.
•
A Community Benefits
Agreement was signed with
the Green River City Council,
aimed at creating 50–100 well-
paid local jobs and ensuring
shared value for the host
community.
•
Taken together, these
achievements strengthen
the foundation of Green
River as a world-class lithium
project: resource growth
is underway, the project is
advancing through permitting
and community alignment,
and strategic partnerships
are in place to accelerate
commercialisation.
6
Annual Report 2025
Anson Resources Limited
The Exploration Target ranges are
based on the numerous historical
oil and gas wells in the area which
all exhibit the same geological
characteristics, and the recent
Anson drilled Bosydaba#1 well,
see ASX Announcement 20 May
2024. With all this data available,
a 3D Geological Model, see ASX
Announcement 19 July 2023, and
a Numerical Groundwater Flow
Model, see ASX Announcement 10
August 2023, have been created.
The tonnage ranges are based on
the volume of the brine, which
includes claim areas and formation
thickness, the specific yield and
the density of the brine. The main
variable is the formation thickness,
as data has been previously
collected in relation to specific yield
and density.
1 Clarification Statement Regarding the Exploration Target: An Exploration Target is not a Mineral Resource. The potential quantity and grade of an Exploration Target is conceptual in nature. A Mineral
Resource has been identified in the centre of the Exploration Target, but there has been insufficient exploration to estimate any extension to the Mineral Resource and it is uncertain if further exploration
will result in the estimation of an additional Mineral Resource. The range was determined based on previous assay results from the Bosydaba well, see ASX announcements 20 May 2024, 18 July 2024 and
this announcement regarding sampling and sub-sampling.
Table 1: The Green River Lithium Project’s maiden JORC Mineral Resource.
Category
Aquifer
Volume
Brine
Volume
Average Li
Porosity
Brine in
Pore Spaces
Lithium
Contained
LCE
(km3)
(km3)
(mg/l)
(%)
(%)
(t)
(t)
Indicated
0.645
0.039
93.5
6
100
4,000
19,000
Inferred
2.829
0.170
93.5
6
100
16,000
84,000
Total
3.474
0.209
93.5
6
100
20,000
103,000
Table 2: The calculated Exploration Target for the Mississippian units in the Green River Lithium Project area.
Category
Unit
Brine Tonnes (Mt)
Li (ppm)
Li2CO3 (t)
(Mt)
Min
Max
Min
Max
Min
Exploration
Target1
Mississippian
1,200
1,500
100
150
623,095
1,185,650
Figure 2: Proposed areas of interest on for the Green River Project after re-entering the Mt
Fuel-Skyline Geyser 1-25 well.
The grade ranges were determined
from the assay results from the
Bosydaba#1 well. The lowest lithium
value to date was 86ppm Li and the
highest was 171ppm Li. From these
results it was determined to have an
assay range of 100 -150ppm Li. A re-
entry of the Mt Fuel- Skyline Geyser
1-25 well, is designed to confirm this
information.
7
Annual Report 2025
Anson Resources Limited
Paradox Lithium Project
During the year, Anson advanced
preparations for the western
expansion drilling program at its
100% owned Paradox Lithium
Project in Utah. The program is
designed to significantly expand
the Project’s existing JORC Mineral
Resource of 1.5Mt LCE and 7.6Mt
bromine (ASX announcement 16
October 2023).
Key progress included
•
Planning the re-entry of the
Mineral Canyon Fed 1-3 well and
the clearance of the Sunburst 1
drill pad, both located ~1km from
historically assayed lithium-rich
brines in the Big Flat area.
•
Receipt of Plan of Operations
(POO) approval from the US
Bureau of Land Management
(BLM), clearing the way to
commence drilling.
•
Program design to target
the thick Mississippian units
and Pennsylvanian clastic
horizons, both considered
highly prospective for additional
lithium-bearing brines. Historic
data confirms the Mississippian
units host a very large reservoir,
supporting the strong potential
to materially increase the
Mineral Resource base.
Execution of this program is
expected to deliver a substantial
upgrade to the Paradox JORC
Mineral Resource, enhancing project
scale and strengthening Anson’s
multi-asset lithium portfolio in Utah.
Figure 3: Plan showing proposed Areas of Influence (AOI) for the Western Strategy drilling
program at Paradox Project.
Table 3: Paradox Lithium Project Total JORC Mineral Resource estimate. There is no change to
the Paradox Lithium Mineral Resource Estimate.
Category
Brine
Volume
Brine
Tonnes
Li
Br
Contained
(‘000t)1
(Ml3)
(Mt)
(ppm)
(ppm)
LCE
Br2
Indicated
4,550
562
123
3,398
367
1,910
Inferred
16,584
1,954
109
2,915
1,138
5,699
Resource
21,134
2,516
112
3,023
1,504
7,609
8
Annual Report 2025
Anson Resources Limited
Yellow Cat Uranium and
Vanadium Project
The Yellow Cat Project, located
30km north of Moab in the
Thompson District of Grand
County, Utah, consists of two claim
areas: Yellow Cat and Yellow Cat
West. The Project is held through
Anson’s wholly owned Utah-based
subsidiary, UV1 Minerals LLC.
Key developments during the year:
•
Regulatory Approvals – Approval
was secured from both the US
Bureau of Land Management
(BLM) and the Utah Division of
Oil, Gas and Mining (UDOGM),
Minerals Division, for a Notice
of Intent (NOI) to commence an
exploration drilling program.
•
Exploration Drilling Program
– The program is designed to
establish a JORC (2012) Mineral
Resource, leveraging new drilling
data together with extensive
historical datasets. Plans include:
•
24 exploration holes (to
depths of 12m–40m), totalling
~1,000m of RC and diamond
core drilling;
•
15 holes located on
the eastern side of the
mineralised zone adjacent to
the historic Windy Point Mine;
and
•
9 holes on the western side
surrounding the Mineral
Treasure Mine.2
Assaying will target both uranium
and vanadium, with U3O8 values
confirmed through calibrated
downhole gamma logging. The
program is expected to be
completed within 15 days of
commencement.
•
Site Preparation – Access
routes and drill pad locations
were finalised to minimise
environmental disturbance,
with quotations obtained for
clearance and drilling services.
•
Historical Data Review – A
comprehensive review of
historic drilling confirmed high-
grade uranium and vanadium
mineralisation, with intercepts
ranging from:
•
0.6m @ 0.127% U3O8 and 0.83%
V2O5;
•
2.1m @ 0.237% U3O8 and 1.07%
V2O5; and
•
0.1m @ 3.75% U3O8 and 3.34%
V2O5 (ASX announcement 22
June 2020).
Several of these historic drillholes
remain open at surface, and Anson
plans to re-enter selected holes to
validate historical data for potential
inclusion in a future Mineral
Resource estimate.
Collectively, these activities are
designed to establish a compliant
JORC (2012) Mineral Resource at
Yellow Cat, advancing the Project’s
uranium and vanadium potential
and adding diversification to
Anson’s broader portfolio of
energy-transition minerals.
Figure 4: Plan showing the Yellow Cat planned drillhole locations and the U&V
mineralization trend.
2 Previously Disclosed Exploration Results. The following information is provided in accordance with Listing Rule 5.23.2 as at 30 June 2025. Anson confirms that it is not aware of any new information or
data that materially affects the information included in the market announcements previously made. No additional JORC report has been completed. All material assumptions and technical parameters
underpinning the estimates in the relevant Market announcement continue to apply and have not materially changed
9
Annual Report 2025
Anson Resources Limited
Ajana Project –
Western Australia
The Ajana Project, located
in Northampton, Western
Australia, lies within a proven
and established mining province
for zinc, lead, and silver. The
Project benefits from excellent
infrastructure, being adjacent to
the Northwest Coastal Highway
and 130km north of Geraldton. The
area hosts several historic mines
dating back to the 1850s, with
widespread evidence of shallow
workings across the tenements.
Key developments during the year:
•
Maiden JORC Resource – Anson
announced a JORC (2012)
Mineral Resource Estimate for
the Surprise Deposit in October
2024, based on shallow drilling
undertaken in the September
2024 quarter. The mineralisation
remains open along strike
and at depth, providing clear
potential for expansion. (refer to
ASX announcement 8 October
2024)3
•
Exploration Planning – Future
drilling programs were designed
for the Ethel Maude, Geraldine,
and Surprise prospects, with the
objective of:
•
Expanding the Mineral
Resource at Surprise;
•
Defining a maiden Mineral
Resource at Ethel Maude; and
•
Testing zinc-lead-silver
mineralisation along key
structural corridors.
•
Critical Minerals Potential –
Assay results from upcoming
drilling are expected to allow
for the inclusion of critical
minerals such as gallium, indium,
germanium, and barium in
future resource upgrades.
•
High-Grade Prospects – At
the Geraldine Prospect, rock
chip sampling has returned
high-grade zinc, lead, copper,
and critical minerals, with
mineralisation interpreted to
correlate with that at Ethel
Maude.
•
Tenement Expansion –
Negotiations progressed on a
Heritage Agreement for new
tenement application ELA66/131,
which will further increase
Ajana’s prospective land
position.
Taken together, these activities
position Ajana as a highly
prospective zinc-lead-silver and
critical minerals project with near-
term growth opportunities through
targeted drilling and resource
expansion.
Figure 5: Plan showing historical critical mineral rock chip results and soil sampling programs.
Table 4: The Surprise Resource Estimate, JORC 2012, at a 1% Pb cut cutoff grade. There is no
change to the Surprise Mineral Resource Estimate.
Category
Tonnes
Grade
Metal
Pb
Zn
Ag
Pb
Zn
Ag
(%)
(%)
(g/t)
(t)
(t)
(oz)
+1% Pb
103,000
2.7
0.45
1.3
2,781
464
4,723
3 Mineral resources statement and Exploration Results. The following information is provided in accordance with Listing Rule 5.23.2 as at 30 June 2025. Anson confirms that it is not aware of any new
information or data that materially affects the information included in the market announcements previously made. All material assumptions and technical parameters underpinning the estimates in the
relevant Market announcement continue to apply and have not materially changed. Refer to announcement made by the company on 22 August 2024
10
Annual Report 2025
Anson Resources Limited
Hooley Well Cobalt-Nickel
Laterite Project
The Hooley Well Project is located
800km north of Perth and 300km
north-east of Geraldton in
Western Australia and comprises
three tenements (E9/2218,
E9/2219 and E9/2462). Historical
shallow drilling within the area
intersected nickel and cobalt
laterites, with geophysical data
also indicating the potential for
primary nickel sulphides at depth.
Key developments during the year:
•
First-Pass Sampling – Anson
completed its initial exploration
program, which included soil
sampling, rock chip sampling,
and scintillator readings
across the project area (ASX
announcement 26 February
2024). Results confirmed the
presence of nickel-cobalt
mineralisation and highlighted
additional targets for follow-up
work4
•
Exploration Planning – Based
on these outcomes, Anson has
commenced planning the next
phase of work, which will include:
•
Heritage and environmental
surveys over target areas;
•
Shallow RC drilling to test
priority targets identified
from surface assays and
aeromagnetic interpretation;
and
•
Reconnaissance air core (AC)
drilling to investigate near-
surface rare earth element
(REE) anomalies.
These activities will further define
the mineralisation potential at
Hooley Well, with the aim of
establishing a foundation for future
resource development across both
nickel-cobalt laterites and possible
primary nickel sulphides.
The Bull Nickel-Copper-PGE
Project – Western Australia
The Bull Project is located only
35km from Perth abutting Chalice
Gold Mines Limited’s (Chalice) (ASX:
CHN) tenements, and is 20km south
west along strike of Chalice’s high-
grade Julimar Ni-Cu-PGE discovery.
Anson is still awaiting the granting
of ELA0/5619 tenement that abuts
the Bull Project area to the south.
Negotiations continued with the
landowners during the year in
which drilling exploration programs
are planned with staff confirming
the location of the drill holes that
would result in the least amount of
disturbance possible.
4 Previously Disclosed Exploration Results. The following information is provided in accordance with Listing Rule 5.23.2 as at 30 June 2025. Anson confirms that it is not aware of any new information
or data that materially affects the information included in the market announcements previously made. No additional JORC report has been completed to date. All material assumptions and technical
parameters underpinning the estimates in the relevant Market announcement continue to apply and have not materially changed. Refer to announcement made by the company on 26 February 2024
11
Annual Report 2025
Anson Resources Limited
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.
Mineral Resources Statement
The following information is provided in accordance with Listing Rule 5.21 as at 30 June 2025.
Resource estimates are expressions of judgement based on knowledge, experience and industry practice. As further
information becomes available through additional fieldwork and analysis, the estimates are likely to change. This may
result in alterations and upgrades in the JORC resource.
The annual Mineral Resources statement is based on and fairly represents the information and supporting
documentation prepared by the below-mentioned Competent Persons. It is approved as a whole by Mr Roy Eccles, Mr
Richard Maddocks and Mr Grant Louw
Mineral Resource Estimation Governance Statement
Anson Resources Limited ensures that the Mineral Resource estimates are subject to appropriate levels of
governance and internal controls. The Mineral Resources have been generated by independent external consultants
who are experienced in best practices in modelling and estimation methods. Where applicable, the consultants have
also undertaken review of the quality and suitability of the underlying information used to generate the resource
estimations. The Mineral Resource estimates follow standard industry methodology using geological interpretation
and assay results from samples collected from exploration drilling programs.
Anson Resources Limited reports its Mineral Resources in accordance with the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code, 2012 Edition). The Competent Persons
named by the Company qualify as Competent Persons as defined in the JORC Code.
The Green River Lithium Project’s maiden resource as at 30 June 2025
The table below sets out the maiden Mineral Resources at 30 June 2025 for the Green River Lithium Project in
southeastern Utah, USA.
Anson delivered a maiden JORC Resource of 103,000 tonnes LCE based on drilling at the Bosydaba #1 well. Follow-up
sampling results showed lithium concentrations 44% higher than the grades used in the maiden resource estimate.
Category
Aquifer
Volume (km3)
Brine
Volume
(km3)
Average Li
(mg/l)
Porosity
(%)
Brine in Pore
Spaces (%)
Lithium
(t)
Contained
LCE (t)
Indicated
0.645
0.039
93.5
6
100
4,000
19,000
Inferred
2.829
0.170
93.5
6
100
16,000
84,000
TOTAL
3.474
0.209
93.5
6
100
20,000
103,000
Table 1: The Green River Lithium Project’s maiden JORC Mineral Resource.
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Anson Resources Limited
Competent Person’s Statement 1: The information in this report that relates to Mineral resource estimates is
based on information compiled by independent consulting Geologist D. Roy Eccles (P. Geol, P. Geo), Mr Eccles
has sufficient experience which is relevant to the type of deposit under consideration and to the activity which is
undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Eccles
consents to the inclusion in this report of the matters based on the information made available to him, in the form
and context in which it appears. I, D. Roy Eccles, P. Geol. P. Geo., do hereby certify that I am a Competent Person as
defined in 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. I have worked as a Professional Geologist for more than 35 years since my graduation from university
and have been involved in all aspects of mineral exploration, mineral research, and mineral resource estimations
for metallic, industrial, and critical mineral projects and deposits including lithium-brine projects in North America,
Europe, and other international destinations. I am independent of Blackstone Minerals NV LLC and the Green River
Lithium-Brine Project property. I have read, and approve, of the technical content in this News Release as it pertains
to the inferred and indicated mineral resource estimations.
The Company confirms that the material assumptions and technical parameters underpinning the Resource estimate
and exploration target, which were announced to the ASX on 10 June 2025, have not materially changed.
The Paradox Lithium Project’s resource as at 30 June 2025 and as at 30 June 2024.
The table below sets out the Mineral Resources at 30 June 2025 for the Paradox Lithium Project in southeastern Utah,
USA. There was no change from the Mineral Resources from the prior year.
Category
Brine Volume
(Ml3)
Brine Tonnes
(Mt)
Li
(ppm)
Br
(ppm)
Contained (‘000t)1
LCE
Br2
Indicated
4,550
562
123
3,398
367
1,910
Inferred
16,584
1,954
109
2,915
1,138
5,699
Resource
21,134
2,516
112
3,023
1,504
7,609
Table 2: Paradox Lithium Project Total JORC Mineral Resource estimate.
Competent Person’s Statement 2: The information contained in this ASX release relating to Exploration Results and
Mineral Resource Estimates has been prepared by Mr Richard Maddocks, MSc in Mineral Economics, BSc in Geology
and Grad Dip in Applied Finance. Mr Maddocks is a Fellow of the Australasian Institute of Mining and Metallurgy
(111714) with over 30 years of experience. Mr Maddocks has sufficient experience that is relevant to the style of
mineralisation and type of deposit 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.
Mr Maddocks is an independent consultant to Anson Resources Ltd. Mr Maddocks consents to the inclusion in this
announcement of this information in the form and context in which it appears. The information in this announcement
is an accurate representation of the available data from exploration at the Paradox Lithium Project.
The Company confirms that the material assumptions and technical parameters underpinning the Paradox Lithium
Project Resource estimate, which was announced to the ASX on 16 October 2023, have not materially changed.
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Anson Resources Limited
The Surprise Project’s resource estimate as at 30 June 2025 and as at 1 October 2024.
The table below sets out the Mineral Resources at 30 June 2025 for the Surprise Project in the Mid-West region of
Western Australia. There was no change from the Mineral Resource from the prior year.
Grade
Metal
Category
Tonnes
Pb
(%)
Zn
(%)
Ag
(g/t)
Pb
(t)
Zn
(t)
Ag
(oz)
+1% Pb
103,000
2.7
0.45
1.3
2,781
464
4,723
Table 3: The Surprise Resource Estimate, JORC 2012.
Competent Person’s Statement 3: The information in this Report that relates to in-situ Mineral Resources is
based on information compiled by Grant Louw of Auralia Mining Consulting. Grant Louw takes overall responsibility
for the Mineral Resource estimate. He is a Member of the Australian Institute of Geoscientists and has sufficient
experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity
he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition). Grant Louw consents to the inclusion of such
information in this Report in the form and context in which it appears.
The Company confirms that the material assumptions and technical parameters underpinning the Surprise Resource
estimate, which was announced to the ASX on 1 October 2024, have not materially changed.
The announcements regarding the mineral resources are available to view on the Company’s website: www.
ansonresources.com. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement and, in the case of estimates of these Mineral
Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The Company confirms that the form and context
in which the Competent Person’s findings are presented have not been materially modified from the original market
announcement.
Competent Person’s Statement 4: The information in this report that relates to Exploration Target 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 has reviewed and validated the metallurgical data and consents to the inclusion in
this Announcement of this information in the form and context in which it appears. Mr Knox is a director of Anson
Resources Limited and a consultant to Anson.
ASX Listing Rule 5.19.2 The Paradox Lithium Project DFS will continue to evolve and is part of the progressive
development. The DFS announced on 8 September 2022 utilised the updated Mineral Resource Estimate, forecast
financial information, including capital and operating costs for mining and processing continues to apply and have
not materially changed.
Engineering Accuracy: The Definitive Feasibility Study (DFS) has been prepared by Worley according to the
Association for the Advancement of Cost Engineering (AACE) Class III standard. The Board of Directors, Bruce
Richardson, Greg Knox and Michael van Uffelen, as well as Worley consider to this to be a DFS.
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Anson Resources Limited
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Anson Resources Limited
Risks
The Company’s Board identifies, monitors and manages material risks to the business. The Board is responsible for
overseeing the establishment of and approving Anson’s risk management framework including its strategy, policies,
procedures and systems.
A description of the nature of the material risks and how such risks are managed is set out below. This list is neither
exhaustive nor in order of importance.
Risk
Risk Description
How we are managing this risk
Exploration and
development risk
There can be no assurance that exploration or prospecting of
the Group’s existing tenements and claims, or any future mineral
licences that may be acquired, will result in the discovery of
an economic resource. Even if a potentially viable resource is
identified, there is no guarantee it can be economically extracted.
The Company’s future exploration and development activities may
be impacted by a range of factors beyond its control, including:
•
Geological conditions and unanticipated technical or
operational challenges;
•
Seasonal or adverse weather conditions restricting access or
activity;
•
Mechanical failure, plant breakdown or metallurgical issues
affecting extraction costs;
•
Industrial disputes, accidents or shortages of equipment,
consumables or skilled personnel;
•
Increases in operating costs or supply chain disruptions;
•
Native title or similar traditional owner considerations, land
access or heritage approvals; and
•
Changing government regulations, environmental
requirements or permitting conditions.
Each of these factors has the potential to delay or increase
the cost of planned activities, and could ultimately affect the
commercial viability of any resource discovered.
Anson recognises the inherent uncertainties
associated with mineral exploration and
development. To mitigate these risks, the
Company applies a disciplined approach to project
evaluation and management, including:
•
Rigorous internal and external assessment of
exploration prospects;
•
Strategic planning to prioritise high-potential
opportunities;
•
Detailed scoping, budgeting and forecasting to
manage financial exposure; and
•
Ongoing stakeholder engagement, including
with regulators, landholders and communities,
to support timely project advancement.
Through these processes, Anson seeks to identify,
evaluate and manage exploration risks in a
structured manner, while maintaining flexibility to
adapt to changing operating or market conditions.
Reserves and
resources risks
The estimation of reserves and resources involves significant
uncertainty, relying on geological interpretation, drilling results,
recovery assumptions, and economic factors such as commodity
prices, exchange rates, and operating costs. These estimates are
inherently imprecise and may change materially as new data, such
as further drilling or production performance, becomes available.
Revisions—particularly downward adjustments—can adversely
affect project economics, mine life assumptions, and the
Company’s operational and financial performance. Compliance
with reporting standards (e.g., JORC or NI 43-101) also requires
classification of resources by confidence level, and reclassification
may impact the Company’s ability to raise funding or progress
development plans.
Anson engages independent external experts
with significant industry experience to support
the estimation and reporting of its Reserves and
Resources.
This ensures compliance with recognised reporting
standards and provides a robust, transparent basis
for disclosure.
The use of third-party specialists enhances the
reliability of estimates and reduces the risk of
material misstatement, while also strengthening
investor and stakeholder confidence in the
Company’s resource base.
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Anson Resources Limited
Risk
Risk Description
How we are managing this risk
Financing risks and
Market Risks - Access
to and Dependence
on Capital Raisings
The Company’s future operations are dependent on its ability
to secure additional funding. Equity raisings may dilute existing
shareholders, while debt financing, if available, could impose
restrictions on financing and operating activities. There is no
assurance that the Company will be able to raise funds when
required, or on commercially acceptable terms. Failure to obtain
sufficient capital may result in reduced exploration activity, delays
in project development, or scaling back of operations.
The Company’s financial reporting is in Australian dollars, while
lithium prices are denominated in US dollars. This exposes the
Company to foreign exchange risk and commodity price volatility.
Lithium demand is linked to end-market adoption and broader
economic conditions, creating further uncertainty around revenue
generation and the Company’s ability to attract and secure
funding.
The Board regularly reviews the financial position
of the Company and actively assesses funding
alternatives to ensure the continuation of
exploration and evaluation activities. Potential
funding pathways include equity or debt raisings,
joint ventures, or other commercial arrangements.
Anson undertakes regular risk assessments
and scenario planning in relation to lithium
price volatility and foreign exchange exposure,
supported by detailed cash flow forecasting. As is
typical for exploration companies, Anson currently
has no operating revenue; however, internal
controls and commercial strategies are in place to
prudently manage cash flow and maintain access
to funding opportunities.
Operational Safety
The Company’s operations are subject to material safety risks.
Despite employing qualified personnel and consultants, human
error remains an inherent risk and could result in significant
operational, legal, or financial consequences. Such events may
include accidents, equipment failure, or procedural errors
leading to injury, damage to assets or environmental harm. Such
events have to risk to result in unanticipated legal claims, loss
of mineral claims or permits. Collectively, these risks have the
potential to adversely impact the Company’s reputation, financial
performance, and ability to achieve its strategic objectives.
The Company maintains a strong focus on training
an safety across all activities, both operational
and non-operational. Regular risk assessments,
training, and monitoring processes are undertaken
to identify and mitigate potential hazards at
exploration sites, during transport, and within
corporate functions.
Anson’s safety management systems are designed
to protect employees, contractors, communities,
and the environment, while robust governance and
compliance procedures address administrative and
non-operational risks such as taxation, reporting,
and legal obligations. Together, these measures
support safe, responsible, and sustainable
business practices across the Group.
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Anson Resources Limited
Risk
Risk Description
How we are managing this risk
Regulatory
Compliance
The Company’s operations are subject to extensive and multi-
jurisdictional laws and regulations governing matters including
resource licence consent, environmental compliance and
rehabilitation, taxation, royalties, employee relations, health
and safety, waste management, native title and heritage, and
the protection of endangered species. The Company requires
permits from regulatory authorities to authorise exploration,
development, production and rehabilitation activities.
Obtaining such permits can be a time-consuming process, and
there is a risk that approvals may not be granted on acceptable
terms, within expected timeframes, or at all. Compliance
with permits and applicable laws and regulations may also
result in increased costs and, in some cases, delays to project
development or operations.
Failure to comply with legal or regulatory obligations, even
inadvertently, could expose the Company to material fines,
penalties or other liabilities. In more severe circumstances, non-
compliance could result in suspension of activities or forfeiture
of tenements result in material fines, penalties or other liabilities.
In extreme cases, failure could result in suspension of Company’s
activities or forfeiture of one or more of the Tenements.
Anson has received or lodged the necessary
approvals for its current and planned exploration
activities. However, there can be no assurance
that all approvals and permits required for future
project development or construction will be
obtained on acceptable terms or within expected
timeframes.
The Company manages its tenure and permitting
processes through active monitoring of regulatory
requirements and compliance with conditions
attached to each approval, thereby reducing the
risk of tenure loss or regulatory breaches.
While Anson believes it remains in substantial
compliance with all material laws and regulations,
changes to regulatory frameworks, enforcement
practices or permit conditions may adversely
affect current operations or planned development
activities.
Staffing and Key
Management
Personnel
The Company operates across multiple locations, including
exploration sites situated in regions with limited access to skilled
labour. The ability to attract, train, and retain employees with the
expertise required to execute the Company’s business strategy is
critical to its success.
Failure to secure and maintain an adequately skilled workforce
in each operating region may result in delays to exploration
programs, increased costs, reduced operational efficiency, and an
adverse impact on the Company’s overall performance.
The management of talent is core to Anson success
and has been a key priority for management and
the board, while the availability and retention of
skilled personnel in the current market continues
to be highly competitive. The company provides
competitive and fair total remuneration packages,
a safe workplace, and a commitment to strong
corporate values.
Climate change
The Company may be exposed to changes in climate conditions.
These are primarily related to risks arising from changes in the
frequency, intensity, duration, and timing of weather events.
Potential impacts include snowfall, flooding, drought, fires,
erosion, and landslides, which may affect operational safety,
environmental performance, social outcomes, and financial
results. Adverse effects could manifest through water supply
constraints, changes in river flow, reduced geotechnical stability,
heat stress, delays to construction schedules, restricted site
access, challenges in reclamation, and disruptions to supply
chains and logistics.
Climate change also presents economic risks, including increased
input costs and potential reductions in global demand for
commodities.
Future climate scenarios are incorporated into
Anson’s project planning and operational decision-
making.
The Company actively monitors climate-related
risks and is developing, and progressively
implementing, climate change adaptation and
decarbonisation initiatives.
These measures form part of Anson’s broader
ESG framework and are designed to strengthen
resilience, reduce emissions, and ensure long-term
sustainability.
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Anson Resources Limited
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Anson Resources Limited
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Anson Resources Limited
2.0 Directors’ Report
Your Directors present their report, together with
the Consolidated Financial Statements of Anson
Resources Limited (the “Company” or “Anson”)
and its controlled entities (the “Group”) for the
year ended 30 June 2025.
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Annual Report 2025
Anson Resources Limited
2.1
Directors Report
The names of Directors who held office during or since the end of the
financial year and until the date of this report are as follows. Directors
were in office for this entire financial year unless otherwise stated.
Peter (Greg) Knox
Executive Director
(Director since 22 September 2011)
Greg is a qualified geologist and has more
than 30 years of experience in resource
evaluation, exploration, permitting, mine
development and mining operations
in Australia and internationally. Greg
has experience as both an exploration
geologist and a mining geologist for a range
of private and public companies. He has
significant experience in taking projects
from grass roots exploration through to
mine development and production.
Greg is a member of the Australasian
Institute of Mining and Metallurgy. He
is qualified as a “Competent Person”
as defined in the 2012 Edition of the
Australasian Code for Reporting of
Exploration Results, Mineral Resources and
Ore Reserves. Greg is well travelled and
has advised Anson on mining prospects in
a number of different countries including
Guatemala, Brazil, the Philippines, South
Africa and the USA.
Directorships in other listed entities in the
past 3 years: None.
Bruce Andrew Richardson
Executive Chairman and CEO
(Director since 30 April 2009)
Bruce has led Anson Resources as CEO
since 2018, navigating the business through
significant growth and transformation.
Before Bruce joined Anson, he spent
more than 30 years developing business
opportunities internationally. Bruce
has over 15 years’ experience in senior
management and director positions across
exploration, mining and production based
operations within private and public
companies. He has previously developed
exploration projects through to commercial
production and raised over $225 million for
the development of these projects.
Bruce has 10 years’ experience in the
public sector having worked as an
Australian Trade Commissioner in the
Australian Embassy in Beijing, with
responsibility for the resources portfolio,
and as Trade Development Director,
Australian Commerce & Industry Office
Taipei, Taiwan. In 2006/07, Bruce worked
for the Western Australian government as
Manager China, Department of Industry
and Resources developing business and
political relationships with China.
Directorships in other listed entities in the
past 3 years: None.
Annual Report 2025
22
Anson Resources Limited
Timothy (Tim) Murray
Executive Director
(Appointed 3 May 2024)
Tim is an experienced senior executive and
director of private international companies.
Prior to Anson Resources, he was the co-
founder and managing director of a U.S.
regulated financial services company which
focused on lithium and mining research
and analysis. Tim has a deep understanding
of the lithium industry including process
technologies and developing trends within
the industry. Tim has extensive experience
in general and operational management, is
an experienced negotiator of commercial
contracts and is fluent in Mandarin.
Directorships in other listed entities in the
past 3 years: None
Michael van Uffelen
Non-executive Director
(Director since 18 October 2018)
Michael is an experienced director,
CFO and company secretary actively
engaged in managing companies. He
holds a Bachelor of Commerce degree
from the University of Western Australia
and is a Chartered Accountant with
more than 30 years’ experience gained
with major accounting firms, investment
banks and public companies.
Michael was formerly the Company
Secretary and CFO of Anson and is
very familiar with Anson’s activities and
ambitions, particularly Anson’s Paradox
Lithium Project in Utah, USA.
Directorships in other listed entities in
the past 3 years:
•
Nanoveu Limited (14 February 2018
to 30 June 2024)
•
Tian Poh Resources Limited (31 May
2015 to 27 May 2022)
Annual Report 2025
23
Anson Resources Limited
Company Secretary
Nicholas Ong (Appointed on 30 November
2020)
Nicholas brings 20 years’ experience in
listing rules compliance and corporate
governance. He is experienced in mining
project finance, mining and milling
contract negotiations, mine CAPEX &
OPEX management, and toll treatment
reconciliation. Nicholas is a Fellow of the
Governance Institute of Australia and Fellow
of Institute of Chartered Secretaries and
Administrators. He previously worked as
Principal Advisor at the ASX overseeing
hundreds of corporate listings and has
worked as a Company Secretary and
Director to numerous listed companies.
Dividends
No dividends have been paid or declared
since the start of the financial year and the
Directors do not recommend the payment
of a dividend in respect of this financial year.
Principal Activities
The principal activities during the year of
the entities within the Group were:
•
Exploration for minerals in the United
States of America and the mid-west of
Western Australia; and
•
Exploration of the Paradox Lithium and
Green River Lithium Projects in Utah,
primarily for the extraction of lithium
and bromine from brine.
Operating results for the year
Net loss attributable to equity holders of
the parent for the year ended 30 June 2025
was $8,497,084 (2024: $9,836,894). The loss
per share was 0.62 cents (2024: 0.77 cents).
Cash and cash equivalents at 30 June 2025
totalled $2,446,516 (2024: $8,215,284).
Significant changes
in the state of affairs
There were no significant changes in the
state of affairs of the Group during the
financial year.
Fully paid
ordinary shares
No.
Performance
Rights
No.
Bruce Richardson
31,475,868
12,600,000
Peter (Greg) Knox
18,642,087
4,400,000
Michael van Uffelen
1,663,768
2,800,000
Tim Murray
795,663
3,100,000
Directors’ interests in securities of the Company
and related bodies corporate
The relevant interests of each Director in the securities of Anson Resources Limited
at the date of this Report are as follows:
Annual Report 2025
24
Anson Resources Limited
Significant events
after balance date
On 15 July 2025 the Company amended
its equity funding facility with Long State
Investment Limited to reduce the placement
amount in any period of 20 trading days from
$750,000 to $300,000 (the placement amount
with the prior consent of the subscriber
amount of and up to $4,500,000 remains
unchanged).
On 19 August, the Company completed an
equity raise of $5,000,000 (before costs) via a
share placement.
On 6 September, the Company agreed to
an extension of the maturity date of its
convertible note with Koch Technology
Solutions, LLC, extending the maturity date
from 30 June 2025 to 31 March 2026, all other
commercial terms remain unchanged.
On 24 September, the Company announced
the signing of a definitive offtake agreement
with LG Energy Solution. The commercial
terms are materially consistent with those
set out in the binding memorandum of
understanding executed on 1 May 2024, with
the only change being that the supply term
is expected to run for five years commencing
January 2028.
Other than the above there has not arisen in
the interval between the end of the financial
year and the date of this report any item,
transaction or event of a material and unusual
nature likely, in the opinion of the Directors
of the Company, to affect significantly the
operations of the Group and the results of
those operations.
Likely developments and expected
results
Likely developments, future prospects and
business strategies of the operations of the
Group and the expected results of those
operations have not been included in this
report as the Directors believe that the
inclusion of such information would likely to
result in unreasonable prejudice to the Group.
Environmental legislation
The Group’s projects are subject to the
respective laws and regulations regarding
environmental matters and the discharge
of hazardous wastes and materials in the
countries in which the projects are located. As
with all exploration, these projects would be
expected to have a variety of environmental
impacts should development proceed. The
Group intends to conduct its activities in an
environmentally responsible manner and in
accordance with applicable laws and industry
standards. Areas disturbed by the Group’s
activities will be rehabilitated as required by
the respective laws and regulations.
Indemnification and insurance of
Directors and Officers
The Company has agreed to indemnify
directors and executive officers against all
liabilities to another person (other than the
Company or related body corporate) that may
arise from their position as officers of the
Company and its controlled entities, except
where the liability arises out of conduct
involving a lack of good faith. The agreement
stipulates that the Company will meet the full
amount of any such liabilities, including costs
and expenses. The contract of insurance
prohibits disclosure of the nature of the
liability and the amount of the premium.
To the extent permitted by law, the Company
has agreed to indemnify its auditors, Ernst
& Young Australia, as part of the terms of its
audit engagement agreement against claims
by third parties arising from the audit (for an
unspecified amount). No payment has been
made to indemnify Ernst & Young Australia
during or since the financial year.
Annual Report 2025
25
Anson Resources Limited
Directors’ Meetings
The number of meetings of Directors
held during the financial year and the
number of meetings attended by each
Director was as follows:
Name
Number of meeting eligible
to attend
Number of meetings
attended
B Richardson
6
6
G Knox
6
6
M van Uffelen
6
6
T Murray
6
6
Auditor Independence
and Non-Audit Services
A copy of the auditor’s independence
declaration as required under section 307C
of the Corporations Act 2001 is set out
following the end of the Directors’ Report.
Non-Audit Services
The Company’s auditor, Ernst & Young, did
not provide any non-audit services to the
Company during the year.
Proceedings on Behalf
of the Company
There are no proceedings on behalf of
the Company under section 237 of the
Corporations Act 2001 in the financial year
or at the date of this report.
Annual Report 2025
26
Anson Resources Limited
Annual Report 2025
27
Anson Resources Limited
2.2
Remuneration report (audited)
This remuneration report for the
year ended 30 June 2025 outlines
remuneration arrangements of
the Group in accordance with the
requirements of the Corporations
Act 2001 (the Act) and its
regulations. This information has
been audited as required by section
308(3C) of the Act.
The report details the remuneration
arrangements for the Group’s key
management personnel (KMP). KMP
are those persons having authority and
responsibility for planning, directing and
controlling the activities of the entity,
directly or indirectly, including all Directors.
Details of remuneration
The following were KMP of the Group at
any time during the financial year and
unless otherwise indicated were KMP for
the entire year:
i. Directors
B Richardson
Executive Chairman and
Chief Executive Officer
G Knox
Executive Director
M van Uffelen
Non-executive Director
T Murray
Executive Director
ii. Other KMP
M Beattie
Chief Financial Officer
The Remuneration Report is set out under
the following main headings:
A. Principles used to determine the nature
and amount of remuneration
B. Details of remuneration for the year
ended 30 June 2025
C. Details of remuneration for the year
ended 30 June 2024
D. Service agreements
E. Share-based compensation
F. Option holdings of key management
personnel
G. Share holdings of key management
personnel
H. Loans to key management personnel
I. Other transactions and balances with
key management personnel
J. Use of remuneration consultants
K. Voting and comments made at the
Company’s 2024 Annual General Meeting
This report outlines the remuneration
arrangements in place for Directors and
executives of Anson Resources Ltd and its
controlled entities (the “Company” and the
“Group”).
Annual Report 2025
28
Anson Resources Limited
Remuneration philosophy
The performance of the Group depends
upon the quality of its Directors and
executives. To prosper, the Group must
attract, motivate and retain highly skilled
Directors and executives.
It is the Group’s objective to provide
maximum stakeholder benefit from the
retention of a high-quality board and
KMP by remunerating them fairly and
appropriately with reference to relevant
employment market conditions. The
Board links the nature and amount of
some Director and KMP emoluments to
the Group’s financial and operational
performance.
To this end, the Group embodies the
following principles in its compensation
framework:
•
Provide competitive rewards to attract
high calibre executives;
•
Link executive rewards to shareholder
value;
•
A portion of executive compensation
‘at risk’, dependent upon meeting pre-
determined performance benchmarks;
and
•
Establish appropriate, demanding
performance hurdles in relation to
variable executive compensation.
The Anson Directors or KMP compensation
strategy provides for fair, competitive
remuneration that aligns potential
rewards with the Group’s objectives while
being transparent to shareholders. Key
remuneration elements for the Directors
and KMP are reviewed annually by the
Board to determine appropriate awards
based upon factors such as individual
performance, Company results and
competitive benchmark survey data.
Remuneration structure
In accordance with best practice
Corporate Governance, the structure of
non-executive Director and executive
remuneration is separate and distinct.
Non-executive Director remuneration
The Board’s non-executive fee policy
seeks to set aggregate remuneration at a
level that provides the Company with the
ability to attract and retain Directors of
the highest calibre, whilst incurring a cost
that is acceptable to shareholders.
The maximum remuneration of Non-
Executive Directors is the subject of
shareholder resolution in accordance
with the Company’s Constitution, and
the Corporations Act 2001 as applicable.
The amount of aggregate remuneration
sought to be approved by shareholders
and the manner in which it is apportioned
amongst Directors is reviewed annually.
The Board considers advice from external
shareholders as well as the fees paid to
non-executive Directors of comparable
companies when undertaking the annual
review process.
A. Principles used to determine the nature and amount of remuneration
Annual Report 2025
29
Anson Resources Limited
The Board may recommend awarding
additional remuneration to Non-Executive
Directors called upon to perform extra
services or make special exertions on
behalf of the Group.
The remuneration of Non-executive
Directors is detailed in section B of the
remuneration report.
KMP and Executive Director remuneration
The entity aims to reward executives
with a level and mix of compensation
commensurate with their position and
responsibilities within the entity so as to:
•
Reward executives for company,
business unit and individual
performance against targets set to
appropriate benchmarks;
•
Align the interests of executives with
those of shareholders;
•
Link rewards with the strategic goals
and performance of the company; and
•
Ensure total compensation is
competitive by market standards.
Compensation consists of the following
key elements:
•
Base pay and non-monetary benefits;
•
Short-term performance incentives;
•
Share based payments split between
Equity settled shares which covers
director performance rights and
shares directly awarded to employees
as a bonus;
•
Interest on loan funded share plans;
and
•
Other remuneration such as
superannuation and long service leave.
The proportion of fixed compensation
and variable compensation (potential
short term and long term incentives) is
established for each KMP by the Board of
Directors with reference to comparable
roles in similar companies.
The following is a brief description of the
approach for each element:
•
Primary benefit – base salary is reviewed
annually by the Board of Directors
and adjusted based upon individual
performance, relevant comparative
compensation in the market and
internally and, where appropriate,
external advice on policies and
practices, to ensure competitiveness.
Executives are given the opportunity
to receive their fixed remuneration in
a variety of forms including cash and
fringe benefits such as motor vehicles
and expense payment plans.
•
Variable short term incentives –
bonuses are reviewed annually with
awards granted based upon individual
performance and Company results
using identified strategic objectives
and metrics. Bonus targets are
benchmarked from time to time to
ensure competitiveness. The Board
reserves the right to grant bonuses and
the quantum of the bonus dependent
on performance which may be paid in
cash or shares.
•
Variable long term incentives (LTI) - LTI
are granted to KMP and delivered in
the form of loan funded share plans,
options and performance rights. These
incentives are reviewed annually along
with the relevant long term performance
hurdle. The objective of the LTI plan is
to reward executives in a manner that
aligns this element of compensation
with the creation of shareholder wealth.
Annual Report 2025
30
Anson Resources Limited
Share-based payment plans
Equity-based remuneration paid to
Directors and executives is valued based on
the vesting conditions.
For non-market based vesting conditions,
equity-based remuneration is valued at the
share price on the day of grant (representing
the cost to the Group) with no discount
applied and amortised over the period
during which the respective performance
hurdle may be achieved. In the event the
performance hurdle is achieved before the
end of the vesting period, the remaining
unamortised value is immediately expensed.
For market based vesting conditions, the
fair value of the performance rights at grant
date is determined using a Monte Carlo
simulation model that takes into account the
term of the performance rights, the share
price at grant date and expected volatility of
the underlying share, the expected dividend
yield and the risk-free frate for the term of
the performance right.
All equity-based remuneration for Directors
must be approved by shareholders.
The rights expire on termination of an
executive’s employment prior to the vesting
date and or upon the failure of achievement
of performance hurdles.
Each performance right will convert to one
ordinary share once vesting conditions have
been satisfied. Shares issued on exercise
of the performance rights will rank equally
with the shares of the Company. The
performance rights are not transferable.
The Company will not apply to ASX for
quotation of the performance rights
however it will apply to ASX for quotation of
the shares issued upon the exercise of the
performance rights.
Total number of
Performance Rights1
Vesting
Condition
Expiry
Date
2,000,0002
Passing first stage battery/cathode manufacturer lithium chemical
acceptance testing
16/02/2027
2,000,0002
Securing funding for a full scale production plant
16/02/2027
2,200,0002
Securing an off-take agreement(s) for chemical products other than
lithium or bromine from the Paradox Brine project
16/02/2027
2,600,0002
Securing a strategic investor to finance boron, bromine and/or iodine
production in an on-site pilot plant program
16/02/2027
2,500,0002
Divestment, joint venture or financing of any project
16/02/2027
2,000,000
Market capitalisation of $600m
30/11/2029
2,000,000
Successful completion of binding off-take agreements for at least 80% of
planned phase one production of lithium from initial Utah Project
30/11/2029
2,000,000
Satisfactory completion of a final engineering study in relation to the
Green River Project
30/11/2029
2,000,000
Completion of the construction and commissioning of initial Utah
Lithium Project
30/11/2029
2,000,000
First commercial shipment of product
30/11/2029
1- Excludes 1,600,000 performance rights for Tranches J, which met its vesting conditions in March 2025; however, conversion of these rights did
not occur until September 2025.
2- Performance Rights Tranches L, N, P, Q and R, which were previously approved for issue to existing directors, were approved by resolution at
the 2024 AGM to be updated for the issue of Performance Rights to Tim Murray, with an expiry date for Mr. Murray’s rights of 16 Feb-2027.
Annual Report 2025
31
Anson Resources Limited
Post-employment
Share-based payments
Salary &
Fees (i)
Cash
bonus
Non-
cash
benefits
(ii)
Super-
annuation
STI
Bonus
Shares
Share
Based
Payments
Total
$
Percentage
Perform-
ance
Related
Directors
Non-executive
M van Uffelen
67,568
2,940
–
7,799
–
(6,182)
72,125
–
Executive
B Richardson (i)(iii)
1,144,146
41,143
96,896
–
–
57,929
1,340,115
7%
P G Knox (i)
425,990
41,143
(14,781)
–
–
23,999
476,351
14%
Tim Murray
317,568
30,189
15,066
36,653
–
49,100
448,575
18%
Other KMP
Matthew Beattie(iv)
290,000
–
19,707
33,471
50,000
–
393,178
13%
Total KMPs
2,245,273 115,414
116,889
77,922
50,000
124,846 2,730,344
B. Details of remuneration for the year ended 30 June 2025
(i)
Salary amount is gross of taxes and mandatory statutory deductions as applicable in Australia and the
United States. Salary derived in the United States includes deductions for Medicare and Social Security
which Mr Richardson and Mr Knox will not benefit from as they are not citizens of the United States. In
addition, short-term employee benefits for the Executive Directors are paid in USD and were converted at
the average rate of 0.6468.
(ii) Non-cash benefits include movements in annual leave provisions.
(iii) The Company maintains an office in Newport, USA and Mr Richardson is required to regularly visit the office.
The Company incurred $166,060 for the rental of a property in Newport for Mr Richardson and the amount
is expensed to ‘Corporate and Administrative’ costs within the consolidated statement of profit and loss or
other comprehensive income.
(iv) STI Bonus Shares were granted 3 February 2025, the payment represents 500,000 shares valued at the
share price on the day of grant (representing the cost to the Group) of $0.1.
Annual Report 2025
32
Anson Resources Limited
Short-term benefits
Post-
employment
Share-based
payments
Salary &
Fees (i)
Non-cash
benefits (iii)
Super-
annuation
Equity settled
shares
Total
$
Percentage
Performance
Related
Directors
Non-executive
M van Uffelen
59,428
–
6,537
20,964
86,929
24%
Executive
B Richardson (i)(v)
1,056,946
86,125
–
40,634
1,183,705
3%
P G Knox (i)
371,159
32,288
–
19,969
423,416
5%
Tim Murray (ii)
51,539
3,058
5,628
–
60,225
–
Other KMP
Matthew Beattie (iv)
72,500
5,503
7,975
–
85,978
–
Total KMPs
1,611,572
126,974
20,140
81,567
1,840,253
C. Details of remuneration for the year ended 30 June 2024
(i)
Salary amount is gross of taxes and mandatory statutory deductions as applicable in Australia and the
United States. Salary derived in the United States includes deductions for Medicare and Social Security
which Mr Richardson and Mr Knox will not benefit from as they are not citizens of the United States. In
addition, short-term employee benefits for the Executive Directors are paid in USD and were converted at
the average rate of 0.6580. There were no cash bonuses paid during FY24.
(ii)
Tim Murray was appointed to the Board on 3 May 2024. His remuneration is shown from this date.
(iii)
Non-cash benefits include movements in annual leave provisions.
(iv)
Matthew Beattie was determined to meet the criteria of KMP from 1 April 2024. His remuneration is shown
from this date.
(v)
During the prior year, the Company set up an office in Newport, USA and Mr Richardson is required to
regularly visit the office. The Company incurred $206,910 for the rental of a property in Newport for Mr
Richardson and the amount is expensed to ‘Corporate and Administrative’ costs within the consolidated
statement of profit and loss or other comprehensive income.
Annual Report 2025
33
Anson Resources Limited
Executive Directors
Bruce Richardson
Executive Chairman and CEO, Mr
Richardson, is employed under contract.
The current employment contract
commenced on 19 February 2019 and has
no fixed term.
The main terms of the employment contract
with Mr Richardson are as follows:
•
Fixed remuneration for an amount
reviewed and agreed by the Board
annually;
•
25 days of annual leave p.a;
•
6 months prior written notice for
termination of employment. No other
termination benefits applicable; and
•
Expatriate benefits to ensure the
employee is no worse off as a result of
relocation to USA.
Other benefits:
At 30 June 2025 and as of the reporting
date, Mr Richardson held 12,600,000
performance rights which were yet to
convert.
P. Gregory Knox
Mr Knox is an Executive Director and
Geologist and is employed under contract.
The employment contract commenced on
28 August 2020 and has no fixed term.
The main terms of the employment contract
with Mr Knox in USA are as follows:
•
Fixed remuneration for an amount
reviewed and agreed by the Board
annually;
•
20 days of annual leave p.a; and
•
Expatriate benefits to ensure the
employee is no worse off as a result of
relocation to USA.
Other benefits:
At 30 June 2025 and as of the reporting
date, Mr Knox held 4,400,000 performance
rights which were yet to convert.
Timothy Murray
Mr Murray is an Executive Director and is
employed under contract. The employment
contract commenced on 15 January 2024
and has no fixed term. Mr Murray became
a director on 3 May 2024, no new contract
was signed.
The main terms of the employment contract
with Mr Murray are as follows:
•
Fixed remuneration for an amount
reviewed and agreed by the Board
annually;
•
Board fees of $75,000 per annum
inclusive of super (from date of
appointment to the Board);
•
20 days of annual leave p.a.; and
•
1 months prior written notice for
termination of employment. No other
termination benefits applicable.
Other benefits:
•
At 30 June 2025 and as of the reporting
date, Mr Murray held 3,100,000
performance rights which were yet to
convert.
D. Service agreements
Annual Report 2025
34
Anson Resources Limited
Non-executive Directors’
remuneration
Michael van Uffelen
Mr van Uffelen receives a Non-executive
Director fee of $75,000 per annum, which
was increased from $51,288 in January 2024)
inclusive of superannuation.
Other benefits:
Performance rights of 2,800,000 at 30 June
2025 and reporting date.
Other KMP
Matthew Beattie
Mr Beattie is the Chief Financial Officer of
the Group and is employed under contract.
The employment contract commenced on
15 January 2024 and has no fixed term.
The main terms of the employment contract
with Mr Beattie are as follows:
•
Fixed remuneration for an amount
reviewed and agreed by the Board
annually;
•
20 days of annual leave p.a.;
•
Entitlement for inclusion in short-term
incentives such as cash, performance
rights, options; and
•
3 months prior written notice for
termination of employment. No other
termination benefits applicable.
Annual Report 2025
35
Anson Resources Limited
Interest on Loan Funded Share Plans
Interest and additional benefits of the director loan funded share plans has been
recorded as a share-based compensation. See note-H below for details.
STI Award - Bonus Shares
Eligible executive KMP are eligible to receive annual STI awards. The Board determines
the financial and personal performance objectives for each year and, at year-end,
assesses Executive KMP performance against these objectives. The value of any STI
award is determined by the extent to which objectives are achieved. Awards may be
delivered in cash and/or shares. Where STI awards are delivered in shares, the shares
are valued at the share price on the day of grant.
Performance rights issued to KMP
A total of 11,100,000 performance rights were granted as compensation during the year
to KMPs and 4,000,000 performance rights were vested during the year as a result of
vesting conditions being met.
The table below shows the number of Performance Rights granted, vested and
forfeited during the year.
E. Share-based compensation
30 June 2025
Balance at
start of year
Granted
Vested1
Forfeited1
Balance at
end of year
Directors
B Richardson
9,000,000
6,000,000
(2,400,000)
–
12,600,000
P G Knox
3,600,000
2,000,000
(1,200,000)
–
4,400,000
M van Uffelen
3,200,000
–
(400,000)
–
2,800,000
T Murray
–
3,100,000
–
–
3,100,000
Other KMP
M Beattie
–
–
–
–
–
15,800,000
11,100,000
(4,000,000)
–
22,900,000
1
The vesting conditions for Tranche J were satisfied and vested in March 2025, before expiry in April 2025.
However, conversion of these rights did not occur until September 2025. Accordingly, the movement will be
recognised in the remuneration report in 2026. In addition, 400,000 additional rights for P G Knox vested in
error that need to be offset against Tranche J to maintain compliance with plan parameters, noting that the
total number of shares that vested during the period is correct.
The shares to be issued in the event of vesting of the Performance Rights shall rank pari-
passu in all respects with other fully paid ordinary shares in the Company.
The terms and expiry are shown below.
Annual Report 2025
36
Anson Resources Limited
Balance at 1 July
Balance at 30 June
Grant Date
Expiry Date
Exercise
price $
B
Richardson
G
Knox
M van
Uffelen
Granted
Vested 1
Expired/
forfeited 2
B
Richardson
G
Knox
M van
Uffelen
30-Nov-18
29-Nov-23
–
1,000,000
400,000
–
–
–
–
–
–
–
20-Apr-18
18-Apr-25
–
1,200,000
400,000
–
–
(1,600,000)
–
1,200,000
400,000
–
20-Apr-18
18-Apr-25
–
1,200,000
400,000
–
–
–
–
1,200,000
400,000
–
20-Apr-18
18-Apr-25
–
1,200,000
400,000
–
–
–
(1,400,000)
–
–
–
12-Nov-19
16-Feb-27
–
1,000,000
400,000
400,000
–
–
–
1,000,000
400,000
400,000
12-Nov-19
16-Feb-27
–
1,000,000
800,000
400,000
–
(2,200,000)
–
–
–
–
12-Nov-19
16-Feb-27
–
1,000,000
400,000
400,000
–
–
–
1,000,000
400,000
400,000
12-Nov-19
16-Feb-27
–
1,200,000
400,000
400,000
–
–
–
1,200,000
400,000
400,000
12-Nov-19
16-Feb-27
–
1,200,000
400,000
800,000
–
–
–
1,200,000
400,000
400,000
12-Nov-19
16-Feb-27
–
1,000,000
400,000
800,000
–
–
–
1,000,000
800,000
800,000
12-Nov-19
16-Feb-27
–
1,200,000
800,000
400,000
–
–
–
1,200,000
400,000
800,000
–
12,200,000
5,200,000
3,600,000
–
(3,800,000)
(1,400,000)
9,000,000
3,600,000
3,200,000
Balance at 1 July
Balance at 30 June
Grant
Date
Expiry
Date
Exercise
price $
B
Richardson
G
Knox
M van
Uffelen
T
Murray
Granted 1
Vested 2
Expired/
forfeited
B
Richardson
G
Knox
M van
Uffelen
T
Murray
20-Apr-18
18-Apr-25
–
1,200,000
400,000
–
–
–
(1,600,000)
–
–
–
–
–
20-Apr-18
18-Apr-25
–
1,200,000
400,000
–
–
–
–
–
1,200,000
400,000
–
–
12-Nov-19
16-Feb-27
–
1,000,000
400,000
400,000
–
200,000
–
–
1,000,000
400,000
400,000
200,000
12-Nov-19
16-Feb-27
–
1,000,000
400,000
400,000
–
200,000
–
–
1,000,000
400,000
400,000
200,000
12-Nov-19
16-Feb-27
–
1,200,000
400,000
400,000
–
200,000
–
–
1,200,000
400,000
400,000
200,000
12-Nov-19
16-Feb-27
–
1,200,000
400,000
800,000
–
200,000
–
–
1,200,000
400,000
800,000
200,000
12-Nov-19
16-Feb-27
–
1,000,000
400,000
800,000
–
300,000
–
–
1,000,000
400,000
800,000
300,000
12-Nov-19
16-Feb-27
–
1,200,000
800,000
400,000
–
–
(2,400,000)
–
–
–
–
–
8-Nov-24
30-Nov-29
–
–
–
–
–
2,000,000
–
–
1,200,000
400,000
–
400,000
8-Nov-24
30-Nov-29
–
–
–
–
–
2,000,000
–
–
1,200,000
300,000
–
500,000
8-Nov-24
30-Nov-29
–
–
–
–
–
2,000,000
–
–
1,200,000
500,000
–
300,000
8-Nov-24
30-Nov-29
–
–
–
–
–
2,000,000
–
–
1,200,000
500,000
–
300,000
8-Nov-24
30-Nov-29
–
–
–
–
–
2,000,000
–
–
1,200,000
300,000
–
500,000
–
9,000,000
3,600,000
3,200,000
–
11,100,000
(4,000,000)
–
12,600,000
4,400,000
2,800,000
3,100,000
2024
2025
1
Performance Rights approved by shareholder vote to be granted at the November 2024 AGM.
2
During the year 1,600,000 rights converted for Securing a strategic investor to finance an on - site pilot plant program; and 2,400,000 for Establishing a JORC Resource for a mineral
exploration project other than the Paradox Brine project. The current year movement in performance rights has been adjusted for Tranche J, the vesting conditions for which were
satisfied in March 2025; however, conversion of these rights did not occur until September 2025 and as such, the vesting has been recorded in the subsequent financial year.
1
During the year 1,600,000 vested following commissioning of an in-field pilot plant (sample demonstration plant) and 2,200,000 following the Company securing an offtake agreement
for 4,000 tpa of lithium carbonate with LG Energy Solution.
2
Performance Rights expired on 29 November 2023.
Annual Report 2025
37
Anson Resources Limited
No options were granted as compensation during the current or prior years to KMPs.
F. Option holdings of KMP
30 June 2025
Balance at
start of year
Additions/
(disposals)1
Converted
Balance at
end of year
Directors
B Richardson
–
187,500
–
187,500
P G Knox
–
187,500
–
187,500
M van Uffelen
–
12,500
–
12,500
T Murray
–
93,750
–
93,750
Other KMP
M Beattie
–
12,500
–
12,500
The movement during the reporting period in the number of ordinary shares in the
Company held directly, indirectly or beneficially by each KMP, including their related
parties, is as follows:
G. Share holdings of key management personnel
30 June 2025
Balance at
start of the
year
Issued upon vesting of
performance rights
Additions/
(disposals)
Balance at
end of the
year
Directors
B Richardson
28,700,868
2,400,000
375,000
31,475,868
P G Knox
17,067,087
1,200,000
375,000
18,642,087
M van Uffelen
1,238,768
400,000
25,000
1,663,768
T Murray
508,163
–
287,500
795,663
Other KMP
M Beattie
373,182
–
525,000(i)
898,182
(i) Represents 500,000 shares granted 3 February 2025 and disclosed in the remuneration table and 25,000
shares from participation in the October 2024 Share Purchase Plan.
1
All options were acquired via participation in the September 2024 Share Purchase Plan (SPP), which included
attaching options. Refer to note 19 (b) for details.
Annual Report 2025
38
Anson Resources Limited
The Company has issued three tranches
of shares to KMP under a loan funded
share plan (ASNEMP01, ASNEMP02 and
ASNEMP03). The loan funded shares are
forfeited on termination of a Director’s
employment prior to the expiration date.
1. On 27 February 2014, the Company
issued 3,000,000 shares at 1.4 cents per
share to KMP under a loan funded share
plan approved at the Annual General
Meeting of the Company held on 28
November 2013 (ASNEMP01).
2. On 10 December 2014, the Company
issued 5,000,000 shares at 1.3 cents per
share to KMP under a loan funded share
plan approved at the Annual General
Meeting of the Company held on 26
November 2014 (ASNEMP02).
3. On 21 December 2015, the Company
issued 4,250,000 shares at 0.9 cents per
share to KMP under a loan funded share
plan approved at the Annual General
Meeting of the Company held on 27
November 2015 (ASNEMP03).
The cost of the loan funded share plan
is recognised as a share-based payment
expense. The terms of the loans are:
•
Term of loan: 10 years.
•
Interest rate: 8% per annum.
•
Lien: The Company shall have a lien over
the shares until the loan is repaid and
the Company shall be entitled to sell the
shares in accordance with the terms of
the Employee Share Plan if the loan is
not repaid when due.
•
Payments in relation to shares: Any
dividends or capital returns in relation
to the shares shall be applied against
repayment of the loan.
•
Proceeds of sale: In the event of sale of
the shares all sales proceeds shall be
applied against repayment of the loan.
The cost of the loan funded share plans has
been recorded as share based payments to
the receiving directors. Tranches ASNEMP01
and ASNEMP02 of the loan funded share
plan reached maturity during the prior
and current financial year respectively. The
Company will settle all loan funded share
plans in the year ending 30 June 2026 when
ASNEMP03, the final tranche of loan funded
shares mature. It is noted that the Company
is entitled to enforce the outstanding loans
but has determined not to do so at this
time as it believes it remains in the best
interests of the Company for the directors
to retain their current level of equity
exposure, and that as such, the Company
is proposing to seek shareholder approval
at the upcoming AGM to extend the loan
term of ASNEMP01 and ASNEMP02 to allow
repayment beyond the original term. If the
extension/amendment is not approved at
the AGM, the Company intends to consider
its rights under the loan terms with regards
to repayment of the loan (which may include
exercising its rights to sell the loan shares
and apply the proceeds of sale in repayment
of the loan as is set out in clause 9.2.2 of the
ESP rules).
H. Loans to KMP
Annual Report 2025
39
Anson Resources Limited
I. Other transactions and balances with Key Management Personnel
During the prior year, the Company set up a new USA head office in Newport Beach,
California, and Bruce Richardson, Executive Chairman and Chief Executive Officer, is required
to regularly visit the office. The Company incurs the costs of his rental property in Newport.
The transaction is on normal commercial terms. Refer to Note 21 (f) for further details.
No other transactions with KMP occurred during the year.
J. Use of remuneration consultants
The Group did not engage the services of a remuneration consultant during the year.
K. Voting and comments made at the Company’s 2024 Annual General
Meeting
At the 2024 Annual General Meeting (AGM), 36.1% of votes were cast against the adoption of the
Company’s Remuneration Report. This constituted a ‘first strike’ under the Corporations Act.
The Board acknowledges this outcome and has placed significant importance on understanding
and responding to the concerns expressed by shareholders and proxy advisors.
Following the AGM, the Board and management team commenced an extensive shareholder
engagement program, including direct discussions with key institutional investors and proxy
advisory firms. These engagements provided valuable feedback on remuneration practices, cost
management, and alignment of executive incentives with long-term shareholder value creation.
In response to this feedback, the Company has implemented a range of initiatives aimed at
strengthening shareholder alignment. This includes a targeted focus on reducing non-project
related expenditure, thereby ensuring that available funds are directed towards advancing the
Company’s core projects. As a result, during the reporting period the Company achieved a 37%
reduction in general administrative expenses (including office supplies, travel and recruitment
costs) and a 35% reduction in consultant expenditure.
The Board remains committed to continued engagement with shareholders and proxy advisors
to ensure the Company’s remuneration framework, governance practices, and capital allocation
priorities are appropriately aligned with shareholder expectations.
End of the Remuneration Report (Audited)
Signed in accordance with a resolution of the Directors:
Bruce Richardson
Executive Chairman and
Chief Executive Officer
30 September 2025
Annual Report 2025
40
Anson Resources Limited
2.3
Auditor’s Independence Declaration
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
111 Eagle Street
Brisbane QLD 4000 Australia
GPO Box 7878 Brisbane QLD 4001
Tel: +61 7 3011 3333
Fax: +61 7 3011 3100
ey.com/au
Auditor’s independence declaration to the directors of
Anson Resources Limited
As lead auditor for the audit of the financial report of Anson Resources Limited for the financial year
ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Anson Resources Limited and the entities it controlled during the
financial year.
Ernst & Young
Sally-Anne Jamieson
Partner
30 September 2025
Annual Report 2025
41
Anson Resources Limited
42
Annual Report 2025
Anson Resources Limited
3.0 Financial Statements
Contents
3.1
Consolidated Statement of Profit or Loss and other
Comprehensive Income
44
3.2
Consolidated Statement of Financial Position
45
3.3
Consolidated Statement of Cash Flows
46
3.4
Consolidated Statement of Changes in Equity
47
3.5
Notes to the Consolidated Financial Statements
48
3.6
Directors’ Declaration
93
3.7
Independent Auditors Report
94
3.8
ASX Additional Information
100
43
Annual Report 2025
Anson Resources Limited
3.1
Consolidated Statement of Profit or Loss and other
Comprehensive Income
Consolidated
Note
2025
2024
$
$
Other Income
Interest income
53,369
696,937
Expenses
Director and employee benefits expense
(5,074,806)
(4,785,677)
Operations costs
(338,771)
(565,916)
Consultancy, legal and professional fees
(1,176,679)
(1,901,896)
Depreciation
10
(652,498)
(652,258)
Corporate and administrative
(1,540,681)
(2,067,894)
Foreign exchange (loss)/gain
383,662
(439,177)
Loss on derivative instrument at fair value profit and loss
16
–
–
Finance costs
5
(150,680)
(121,013)
Loss from continuing operations before income tax expense
(8,497,084)
(9,836,894)
Income tax expense
6
–
–
Loss from continuing operations after income tax expense
(8,497,084)
(9,836,894)
Other Comprehensive Income:
Items that will not be reclassified subsequently to profit or loss
Changes in fair value of financial assets – fair value OCI
18
96,115
(90,193)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign subsidiaries
434,198
406,487
Total comprehensive loss for the year
(7,966,771)
(9,520,600)
Basic and diluted loss per share (cents per share)
7
(0.62)
(0.77)
The accompanying notes form part of these consolidated financial statements
for the Year Ended 30 June 2025
44
Annual Report 2025
Anson Resources Limited
3.2
Consolidated Statement of Financial Position
The accompanying notes form part of these consolidated financial statements
Consolidated
Note
2025
2024
$
$
Current assets
Cash and cash equivalents
8
2,446,516
8,215,284
Other assets
9
256,881
881,626
Total current assets
2,703,398
9,096,910
Non-current assets
Property, plant and equipment
10
6,477,448
6,693,571
Exploration and evaluation assets
11
41,131,176
36,736,736
Financial assets
12
729,659
451,565
Other assets
9
1,618,678
1,618,738
Total non-current assets
49,956,960
45,500,610
Total assets
52,660,358
54,597,520
Current liabilities
Trade and other payables
13
687,289
1,844,909
Provisions
14
326,512
274,881
Lease liabilities
15
516,523
525,573
Convertible note
16
420,788
360,639
Total current liabilities
1,951,112
3,006,002
Non-current liabilities
Provisions
14
1,440,695
1,393,258
Lease liabilities
15
314,011
539,158
Total non-current liabilities
1,754,705
1,932,416
Total liabilities
3,705,817
4,938,418
Net assets
48,954,541
49,659,102
Equity
Contributed equity
17
105,047,615
97,539,083
Reserves
18
4,680,205
4,396,215
Accumulated losses
(60,773,279)
(52,276,196)
Total equity
48,954,541
49,659,102
as at 30 June 2025
45
Annual Report 2025
Anson Resources Limited
3.3
Consolidated Statement of Cash Flows
Consolidated
Note
2025
2024
$
$
Cash flows from Operating Activities
Payments to suppliers and employees
(8,134,913)
(6,934,767)
Interest paid
(63,460)
(87,327)
Net cash (used in) operating activities
26(i)
(8,198,373)
(7,022,094)
Cash Flows from Investing Activities
Purchase of property, plant and equipment
(305,914)
(4,311,062)
Interest received
53,369
696,937
Payment for exploration and evaluation asset
(3,710,835)
(19,350,267)
Net cash (used in) investing activities
(3,963,380)
(22,964,392)
Cash Flows from Financing Activities
Proceeds from the issue of shares
7,210,000
–
Capital raising costs
(252,200)
(75,000)
Proceeds from exercise of options
–
35,633
Repayment of lease liabilities
(574,375)
(411,599)
Net cash provided by financing activities
6,383,425
(450,966)
Net increase in cash and cash equivalents held
(5,778,328)
(30,437,452)
Cash and cash equivalents at the beginning of the financial year
8,215,284
38,645,427
Effect of foreign exchange on amounts held in foreign currencies
9,560
7,309
Cash and cash equivalents at the end of the financial year
8
2,446,516
8,215,284
The accompanying notes form part of these consolidated financial statements
for the Year Ended 30 June 2025
46
Annual Report 2025
Anson Resources Limited
3.4
Consolidated Statement of Changes in Equity
Consolidated Group
Contributed
Equity
Accumulated
Losses
Share
Based
Payments
Reserve
Financial
Asset-Fair
Value OCI
Reserve
Convertible
Note –
Equity
Foreign
Currency
Translation
Reserve
Total
$
$
$
$
$
$
$
Balance at 1 July 2023
94,856,790
(42,439,302)
3,878,093
90,165
–
110,857
56,496,603
Loss attributable to members of the
parent entity
–
(9,836,894)
–
–
–
–
(9,836,894)
Change in fair value of financial assets –
Fair Value OCI
–
–
–
(90,193)
–
–
(90,193)
Exchange differences on translation of
foreign subsidiaries
–
–
–
–
–
406,487
406,487
Total comprehensive loss for the year
–
(9,836,894)
–
(90,193)
–
406,487
(9,520,600)
Transactions with owners in their
capacity as owners:
Conversion of options
35,633
–
–
–
–
–
35,633
Issued Shares for acquisition1
2,108,537
–
–
–
–
–
2,108,537
Issue of options2
–
–
360,029
–
–
–
360,029
Issue of convertible note
–
–
–
–
15,609
–
15,609
Shares issued to employees
79,123
–
–
–
–
–
79,123
Share based payment for services
–
–
84,168
–
–
–
84,168
Vesting of performance options
459,000
–
(459,000)
–
–
–
–
Balance at 30 June 2024
97,539,083
(52,276,196)
3,863,290
(28)
15,609
517,344
49,659,102
Balance at 1 July 2024
97,539,083
(52,276,196)
3,863,290
(28)
15,609
517,344
49,659,102
Loss attributable to members of the
parent entity
–
(8,497,084)
–
–
–
–
(8,497,084)
Change in fair value of financial assets –
Fair Value OCI
–
–
–
96,115
–
–
96,115
Exchange differences on translation of
foreign subsidiaries
–
–
–
–
–
434,198
434,198
Total comprehensive loss for the year
–
(8,497,084)
–
96,115
–
434,198
(7,966,771)
Transactions with owners in their
capacity as owners:
Conversion of options
–
–
–
–
–
–
–
Issued Shares for acquisition
–
–
–
–
–
–
–
Issue of new Shares
6,957,800
–
–
–
–
–
6,957,800
Issue of options2
–
–
–
187,685
–
–
187,685
Issue of convertible note
–
–
–
–
–
–
–
Shares issued to employees
208,333
–
(208,333)
–
–
–
–
Share based payment for services
–
–
116,726
–
–
–
116,726
Vesting of performance options
342,400
–
(342,400)
–
–
–
–
Balance at 30 June 2025
105,047,615
(60,773,279)
3,429,282
283,772
15,609
951,542
48,954,541
for the Year Ended 30 June 2025
1
On 4 October 2023, 15,060,981 shares were issued to Legacy Lithium Corporation following the completion of the acquisition by the Group of
the Green Energy Lithium Project.
2
Options issued to Long State Investment Limited and movements in their value. Refer to Note 19 for further details.
47
Annual Report 2025
Anson Resources Limited
3.5
Notes to the Consolidated Financial Statements
The material accounting policies adopted in the
preparation of the financial statements are set out
below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
Basis of preparation
Statement of compliance
These general purpose financial statements have been
prepared in accordance with Australian Accounting
Standards (“AASBs”) adopted by the Australian
Accounting Standards Board (“AASB”) and the
Corporations Act 2001. These financial statements also
comply with International Financial Reporting Standards
as issued by the International Accounting Standards
Board (“IASB”).
Basis of measurement
The financial statements have been prepared on the
historical cost basis, as modified by the revaluation of
certain financial assets and liabilities at fair value.
Going concern
The financial statements have been prepared on the
going concern basis, which assumes continuity of
normal business activities and the realisation of assets
and the settlement of liabilities in the ordinary course of
business.
The Group has cash and cash equivalents of $2,446,516
(2024: $8,215,284) and net current assets of $752,286
as at 30 June 2025 (2024: $6,090,907). For the year
ended 30 June 2025, the Group made a loss after tax
of $8,497,084 (2024: $9,836,894) and incurred a net
operating cash outflow of $8,198,373 (2024: $7,022,094).
On 19 August 2025, the Company completed an equity
raise of $5,000,000 (before costs) via a share placement.
Note 2: Material accounting policies
Note 1: General information
Anson Resources Limited is a for-profit listed public
company limited by shares, incorporated and domiciled
in Australia. The financial statements of Anson
Resources Limited are for the consolidated entity
consisting of Anson Resources Limited (the ‘Company’
or ‘Parent’) and its subsidiaries and together are
referred to as the ‘Group’ or ‘Company’. The financial
statements are presented in Australian dollars,
which is Anson Resources Limited’s functional and
presentational currency.
The address of the registered office is: 10 Eagle Street
Brisbane, QLD 4000, Australia. The principal places
of business are in Australia and USA. A description of
the nature of the Group's operations and its principal
activities are included in the Directors' report, which is
not part of the financial statements.
The financial statements were authorised for issue by
the directors on 30 September 2025
for the Year Ended 30 June 2025
48
Annual Report 2025
Anson Resources Limited
The Directors expect that the current cash and cash
equivalents available to the group including funds from
the recent equity raise are sufficient to meet exploration
program commitments and corporate costs. In order to
progress the Group’s planned objective of construction
of the Paradox basin lithium projects, further funding in
the form of debt and/or equity raising will be required.
These conditions indicate a material uncertainty exists
that may cast significant doubt about the ability of the
Group to continue as a going concern.
Based upon the Group’s existing cash resources, the
Directors have reasonable grounds to believe that the
Group will be able to continue as a going concern and
thus the financial statements have been prepared on a
going concern basis, after consideration of the
following factors:
•
The The Group completed an equity raise on 19
August 2025 of $5,000,000 (before costs) via a share
placement;
•
The Group has no loans or borrowings;
•
The Group has a history of raising capital on the
Australia Stock Exchange when funding is required;
•
The Group has applied for a number of Australian
and foreign government grants which historically
have been received;
•
The Group is currently in discussions with a number
of lenders;
•
The Group has the ability to adjust expenditure
and operational plans over the next 12 months
and will only commit to expenditure when there is
appropriate funding in place; and
•
The Group can draw from it’s amended equity
placement facility with Long State Investment,
valid to 31 December 2026, with a total placement
facility of $30,000,000. Under this agreement, the
Group has the ability to draw down $300,000 at the
Group’s discretion at a time, and up to $4,500,000
with written consent. This provides the Group with
additional source of raising funds if required.
Should the Group be unable to continue as a going
concern it may be required to realise its assets and
extinguish its liabilities other than in the normal
course of business and at amounts different to those
stated in the financial statements. The financial
statements do not include any adjustments relating to
the recoverability and classification of asset carrying
amounts or to the amount and classification of liabilities
that might result should the Group be unable to
continue as a going concern and meet its debts as and
when they fall due.
New or amended Accounting Standards and
Interpretations adopted
The Group has adopted all of the new and revised
Standards and Interpretations issued by the Australian
Accounting Standards Board (“AASB”) that are
mandatory for the current reporting period. Any new or
amended Accounting Standards or Interpretations that
are not mandatory have not been early adopted.
There were no standards that had any significant impact
on the Group’s accounting policies.
49
Annual Report 2025
Anson Resources Limited
New accounting standards and
interpretations not yet adopted
Certain new accounting standards and interpretations
have been published that are not mandatory for this
reporting period and have not been early adopted
by the Group. These new accounting standards and
interpretations not yet adopted are being assessed for
any impact to the Group financial statements.
•
AASB 2024-2 – Amendments to AASs: Classification
and Measurement of Financial Instruments Effective
for annual reporting periods beginning on or after
1 January 2026. The Company is in the process of
analysing the key impacts which may include:
i.
Derecognition clarified to occur on settlement
date;
ii. Option to derecognise liabilities settled via
electronic payments before settlement; and
iii. New disclosures for contingent features and
FVOCI equity instruments.
•
AASB 18 – Presentation and Disclosure in Financial
Statements. Effective for annual reporting
periods beginning on or after 1 January 2027. Key
presentation and disclosure requirements include:
i.
New subtotals in the statement of profit or
loss – standardised definitions to improve
comparability;
ii. Disclosure of management-defined performance
measures (MPMs) – ensuring transparency of
non-IFRS measures used by management; and
iii. Enhanced aggregation and disaggregation
requirements – clearer grouping and breakdown
of information to improve understandability.
The Company is working to assess the impact and
changes that these new standards and interpretations
will have on its disclosure and financial reports.
Basis of consolidation
The consolidated financial statements comprise the
financial statements of the Group and its subsidiaries
as at 30 June 2025.
Control is achieved when the Group is exposed to, or
has rights to, variable returns from its involvement
with the investee and has the ability to affect those
returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control
is transferred to the Group. They are de-consolidated
from the date that control cease.
All intra-Group assets and liabilities, equity, income,
expenses and cash flows relating to transactions
between members of the Group are eliminated in full
on consolidation. Accounting policies of subsidiaries
have been changed and where necessary, adjustments
made to the financial statements of subsidiaries
to ensure consistency with the accounting policies
adopted by the Group.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as
transactions with equity owners of the Group. A change
in ownership interest results in an adjustment between
the carrying amounts of the controlling and non-
controlling interests to reflect their relative interests
in the subsidiary. Any difference between the amount
of the adjustment to noncontrolling interests and
any consideration paid or received is recognised in a
separate reserve within equity attributable to owners
of the Group.
Where the Group loses control over a subsidiary, it
derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together
with any cumulative translation differences recognised
in equity. The Group recognises the fair value of
the consideration received and the fair value of any
investment retained together with any gain or loss in
profit or loss.
50
Annual Report 2025
Anson Resources Limited
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated
at the foreign exchange rate ruling at the date of
the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet
date are translated to Australian dollars at the foreign
exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the
profit and loss statement. Non-monetary assets and
liabilities that are measured in terms of historical cost
in a foreign currency are translated using the exchange
rate at the date of the transaction.
Financial statements of foreign operations
The assets and liabilities of foreign operations are
translated to Australian dollars at foreign exchange
rates ruling at the balance sheet date. The revenues
and expenses of foreign operations are translated to
Australian dollars at rates approximating the foreign
exchange rates ruling at the dates of the transactions.
Foreign exchange differences arising on retranslation
are recognised in other comprehensive income and
presented in the foreign currency translation reserve
(FCTR). The foreign currency reserve is recognised
in profit or loss when the foreign operation or net
investment is disposed of.
Other income
Other income is recognised when it is received or when
the right to receive payment is established.
Current income tax
Current tax assets and liabilities are measured at the
amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted
or substantively enacted at the reporting date in the
countries where the Group operates and generates
taxable income.
Current income tax relating to items recognised
directly in equity is recognised in equity and not in the
statement of profit or loss. Management periodically
evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are
subject to interpretation and establishes provisions
where appropriate.
Deferred tax
Deferred income tax is provided on all temporary
differences at the balance sheet date between the
tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all
taxable temporary differences except:
•
when the deferred income tax liability arises
from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a
business combination and that, at the time of the
transaction, affects neither the accounting profit
nor taxable profit or loss, except for transactions
that, on initial recognition, give rise to equal taxable
and deductable temporary differences such as
recognition of an ROU Asset and a lease liability; or
•
when the taxable temporary difference is associated
with investments in subsidiaries, associates or
interests in joint ventures, and the timing of
the reversal of the temporary difference can be
controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
51
Annual Report 2025
Anson Resources Limited
The carrying amount of deferred tax assets is reviewed
at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profit
will be available to allow all or part of the deferred
income tax asset to be utilised. Unrecognised deferred
tax assets are reassessed at each balance sheet date
and are recognised to the extent that it has become
probable that future taxable profit will allow the
deferred tax asset to be recovered.
Deferred tax assets and deferred tax liabilities are offset
only if a legally enforceable right exists to set off current
tax assets against current tax liabilities and the deferred
tax assets and liabilities relate to the same taxable
entity and the same taxation authority.
Cash and cash equivalents
Cash comprises cash at bank and in hand. Cash and
cash equivalents include cash on hand, deposits held
at call with financial institutions, and other short-term,
highly liquid investments that are readily convertible to
known amounts of cash and are held with the purpose
of meeting the groups short term commitments and are
subject to an insignificant risk of changes in value.
Exploration and evaluation assets
Exploration and evaluation expenditures incurred
are capitalised in respect of each identifiable area
of interest. These costs are capitalised to the extent
that they are expected to be recovered through the
successful development of the area or where activities
in the area have not yet reached a stage that permits
reasonable assessment of the existence of economically
recoverable reserves or sale. Accumulated costs in
relation to an abandoned area are written off in full
against profit in the year in which the decision to
abandon the area is made. At the time that a decision
is taken to develop an area with proven technical
feasibility and commercial viability the costs will cease
to be capitalised as exploration and evaluation
assets and existing assets will be transferred to
Property, Plant and Equipment.
Exploration and Evaluation expenditure which do not
satisfy these criteria are expensed.
A regular review is undertaken of each area of
interest to determine the appropriateness of
continuing to capitalise costs in relation to that
area of interest. If, after expenditure is capitalised,
information becomes available suggesting that the
recovery of expenditure is unlikely, the amount
capitalised is written off to profit or loss in the period
when the new information becomes available.
Costs of site restoration are provided over the life of
the project from when exploration commences and
are included in the costs of that stage. These costs
are capitalised within Property, Plant and Equipment.
Property, plant and equipment
Property, plant and equipment is stated at cost less
accumulated depreciation and any accumulated
impairment losses. Cost includes expenditure
directly attributable to the acquisition and
commissioning of the asset. Land is not depreciated.
The present value of the expected cost for the
rehabilitation, restoration and dismantling of an
asset after its use is included within Mine Properties
category if the recognition criteria for a provision are
met.
Costs attributable to assets under construction
are only capitalised when it is probable that future
economic benefits associated with the asset will flow
to the Group and the costs can be measured reliably.
Assets are depreciated or amortised from the date
of acquisition or from the time an asset is completed
and held ready for use. Land is not depreciated.
52
Annual Report 2025
Anson Resources Limited
Depreciation is calculated on a straight-line basis over
the estimated useful life of the assets as follows:
•
Office Equipment: over 2 to 5 years
•
Motor vehicles: over 2 to 5 years
•
Plant and Equipment: 2 to 10 years
•
Mine properties: over related mine/tenement life.
The depreciation and amortisation rates are reviewed
annually and adjusted if appropriate. An asset’s carrying
amount is written down to its recoverable amount if the
asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposal of an item of property,
plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount of
property, plant and equipment and are recognised net
within the profit and loss statement.
Right of use assets
A right of use asset is recognised at the commencement
date of a lease. Right of use assets are measured at
cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease
liabilities. The cost of right of use assets includes the
amount of lease liabilities recognised, initial direct costs
incurred, and lease payments made at or before the
commencement date less any lease incentives received.
Right of use assets are depreciated on a straight-line
basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the
shorter. Where the Group expects to obtain ownership
of the leased asset at the end of the lease term, the
depreciation is over its estimated useful life. Right of
use assets are subject to impairment or adjusted for
any remeasurement of lease liabilities.
The Group has elected not to recognise a right of use
asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of
low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
Right of use assets have been included within
property, plant and equipment within the statement of
financial position.
Impairment of non-financial assets
The Group assesses at each reporting date, whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Group estimates
the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or Cash Generating
Unit’s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an
individual asset, unless the asset does not generate
cash inflows that are largely independent of those
from other assets or groups of assets in which case
the asset is allocated to its appropriate CGU.
When the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset or CGU
is considered impaired and is written down to its
recoverable amount. The Group bases its impairment
calculation on budgets and forecast calculations,
which are prepared separately for each of the Group’s
CGUs to which the individual assets are allocated.
The Group considers annually whether there have
been any indicators of impairment and then tests
whether non-current assets, including property, plant
and equipment, intangible assets and right-of-use
assets, have suffered any impairment. If there are any
indicators of impairment, the recoverable amounts of
CGU’s have been determined based on value in use
calculations or fair value less cost of disposal. The
assessment of impairment indicators and impairment
calculations require the use of assumptions and
estimates.
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An assessment is also made at each reporting date
as to whether there is any indication that previously
recognised impairment losses may no longer exist
or may have decreased. If such indication exists,
the recoverable amount is estimated. A previously
recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the
asset’s recoverable amount since the last impairment
loss was recognised. If that is the case the carrying
amount of the asset is increased to its recoverable
amount. That increased amount cannot exceed the
carrying amount that would have been determined,
net of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal is
recognised in profit or loss unless the asset is carried at
revalued amount, in which case the reversal is treated
as a revaluation increase. After such a reversal the
depreciation charge is adjusted in future periods to
allocate the asset’s revised carrying amount, less any
residual value, on a systematic basis over its remaining
useful life.
Trade and other payables
Trade and other payables represent liabilities for goods
and services provided to the Group prior to the end of
the financial year and which are unpaid. Due to their
short-term nature they are measured at amortised cost
and are not discounted. The amounts are unsecured
and are usually paid within 30 days of recognition.
Provisions
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of
the amount of the obligation. When the Group expects
some or all of a provision to be reimbursed, for example
under an insurance contract, the reimbursement is
recognised as a separate asset but only when the
reimbursement is virtually certain. The expense relating
to any provision is presented in the statement of profit
or loss net of any reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects the risks specific to the liability and the
time value of money. The unwinding of the discount is
included in the interest expense in the statement of
profit or loss.
Provision for Rehabilitation
In accordance with the Group’s environmental policy
and applicable legal requirements, a provision for site
rehabilitation is recognised in respect of the estimated
cost of rehabilitation, decommissioning and restoration
of the area disturbed during mining activities up to the
reporting date but not yet rehabilitated.
When the liability is initially recognised, a corresponding
asset is capitalised, where it gives rise to a future
benefit, and is depreciated over future production from
the operations to which it relates.
At each reporting date the site rehabilitation provision
is re-measured to reflect any changes in discount rates
and timing or amounts of the costs to be incurred.
Additional disturbances or changes in rehabilitation
costs will be recognised as additions or changes to
the corresponding asset and rehabilitation provision,
prospectively from the date of change.
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Employee benefits
Wages, salaries, annual leave and sick leave liabilities
for wages and salaries, including non-monetary
benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the
reporting date are recognised in respect of employees'
services up to the reporting date. They are measured
at the amounts expected to be paid when the liabilities
are settled. Based on past experience, the Group does
not expect the full amount of annual leave classified
as current liabilities to be settled within the next 12
months. However, these amounts must be classified
as current liabilities since the Group does not have an
unconditional right to defer the settlement of these
amounts. Expenses for non-accumulating sick leave are
recognised when the leave is taken and are measured
at the rates paid or payable.
Long service leave
The liability for long service leave for Australian
employees is recognised in the provision for
employee benefits and measured as the present
value of expected future payments to be made in
respect of services provided by employees up to the
reporting date using the projected unit credit method.
Consideration is given to expected future wage and
salary levels, experience of employee departures,
and period of service. Expected future payments are
discounted using market yields at the reporting date
on national government bonds with terms to maturity
and currencies that match, as closely as possible, the
estimated future cash outflows.
Lease liabilities
A lease liability is recognised at the commencement
date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made
over the term of the lease, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the Group's incremental borrowing rate.
Lease payments comprise of fixed payments less any
lease incentives receivable, variable lease payments
that depend on an index or a rate, amounts expected to
be paid under residual value guarantees, exercise price
of a purchase option when the exercise of the option
is reasonably certain to occur, and any anticipated
termination penalties. The variable lease payments that
do not depend on an index or a rate are expensed in
the period in which they are incurred.
Lease liabilities are measured at amortised cost using
the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future
lease payments arising from a change in an index or a
rate used; residual guarantee; lease term; certainty of
a purchase option and termination penalties. When a
lease liability is remeasured, an adjustment is made to
the corresponding right-of use asset, or to profit or loss
if the carrying amount of the right-of-use asset is fully
written down.
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Share-based payment transactions
The Group provides benefits to directors, employees
(including senior executives) and consultants of the
Group in the form of share-based payments, whereby
services are rendered in exchange for shares or rights
over shares (equity-settled transactions).
The cost of equity-settled transactions are measured
at fair value on grant date. Fair value is independently
determined using either the Black-Scholes option
pricing model or Monte Carlo Simulation that take into
account the exercise price, the term of the option, the
impact of dilution, the share price at grant date and
expected price volatility of the underlying share, the
expected dividend yield and the risk free interest rate
for the term of the option, together with non-vesting
conditions that do not determine whether the Group
receives the services that entitle the employees to
receive payment.
The cost of equity-settled transactions are recognised
as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to
profit or loss is calculated based on the grant date fair
value of the award, the best estimate of the number of
awards that are likely to vest and the expired portion
of the vesting period. The amount recognised in
profit or loss for the period is the cumulative amount
calculated at each reporting date less amounts already
recognised in previous periods.
Market conditions are taken into consideration in
determining fair value. Therefore any awards subject to
market conditions are considered to vest irrespective
of whether or not that market condition has been met,
provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum
an expense is recognised as if the modification has
not been made. An additional expense is recognised,
over the remaining vesting period, for any modification
that increases the total fair value of the share-based
compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the
Group or employee, the failure to satisfy the condition
is treated as a cancellation. If the condition is not
within the control of the Group or employee and is
not satisfied during the vesting period, any remaining
expense for the award is recognised over the
remaining vesting period, unless the award is forfeited.
If an equity-settled award is cancelled, it is treated
as if it had vested on the date of cancellation, and
any expense not yet recognised for the award is
recognised immediately. However, if a new award is
substituted for the cancelled award and designated as
a replacement award on the date that it is granted, the
cancelled and new award are treated as if they were a
modification of the original award, as described in the
previous paragraph.
Financial assets
Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), and
fair value through profit or loss. The classification of
financial assets at initial recognition depends on the
financial asset’s contractual cash flow characteristics
and the Group’s business model for managing them.
With the exception of trade receivables that do not
contain a significant financing component or for which
the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair
value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs.
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Anson Resources Limited
In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are ‘solely
payments of principal and interest (SPPI)’ on the
principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an
instrument level. Financial assets with cash flows that
are not SPPI are classified and measured at fair value
through profit or loss, irrespective of the business
model.
Financial assets are derecognised when the rights
to receive cash flows have expired or have been
transferred and the Group has transferred substantially
all the risks and rewards of ownership. When there is
no reasonable expectation of recovering part or all of a
financial asset, its carrying value is written off.
Financial assets designated at fair value through OCI
(equity instruments)
Upon initial recognition, the Group can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
when they meet the definition of equity under AASB
132 Financial Instruments: Presentation and are not
held for trading. The classification is determined on an
instrument-by-instrument basis.
Gains and losses on these financial assets are never
recycled to profit or loss. Dividends are recognised as
other income in the statement of profit or loss when
the right of payment has been established, except when
the Group benefits from such proceeds as a recovery
of part of the cost of the financial asset, in which case,
such gains are recorded in OCI. Equity instruments
designated at fair value through OCI are not subject to
impairment assessment.
The Group elected to classify irrevocably its listed
equity investments under this category.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are
carried in the statement of financial position at fair
value with net changes in fair value recognised in the
statement of profit or loss.
Impairment of financial assets
The Group recognises a loss allowance for expected
credit losses on financial assets which are either
measured at amortised cost or fair value through
other comprehensive income. The measurement
of the loss allowance depends upon the Group's
assessment at the end of each reporting period as
to whether the financial instrument's credit risk has
increased significantly since initial recognition, based
on reasonable and supportable information that is
available, without undue cost or effort to obtain.
Where there has not been a significant increase in
exposure to credit risk since initial recognition, a
12-month expected credit loss allowance is estimated.
This represents a portion of the asset's lifetime
expected credit losses that is attributable to a default
event that is possible within the next 12 months. Where
a financial asset has become credit impaired or where it
is determined that credit risk has increased significantly,
the loss allowance is based on the asset's lifetime
expected credit losses. The amount of expected
credit loss recognised is measured on the basis of the
probability weighted present value of anticipated cash
shortfalls over the life of the instrument discounted at
the original effective interest rate.
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Convertible Note
On issuance of Convertible Notes, the fair value of the
liability component is determined using a market rate
for an equivalent non-convertible note. This amount
is carried as a Current or Non-Current Liability on
an amortised basis until extinguished on conversion
or redemption. The increase in liability due to the
passage of time is recognised as an Interest Expense.
The remainder of the proceeds are allocated to the
conversion option that is recognised and included in
Contributed Equity, net of transaction cost. The carrying
amount of the conversion option is not remeasured in
subsequent years. Transaction costs are apportioned
between the liability and equity components of the
Convertible Note based on the allocation of proceeds
to the liability and equity components when the
instruments are first recognised.
Fair value of measurement
When an asset or liability, financial or non-financial, is
measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would
be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants
at the measurement date; and assumes that the
transaction will take place either: in the principal
market; or in the absence of a principal market, in the
most advantageous market.
Fair value is measured using the assumptions that
market participants would use when pricing the asset
or liability, assuming they act in their economic best
interests. For non-financial assets, the fair value
measurement is based on its highest and best use.
Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available
to measure fair value, are used, maximising the use
of relevant observable inputs and minimising the use
of unobservable inputs. These valuation techniques
maximise, to the extent possible, the use of observable
market data.
Assets and liabilities measured at fair value are
classified into three levels, using a fair value hierarchy
that reflects the significance of the inputs used
in making the measurements. AASB 13 Fair Value
Measurement requires disclosure of fair value
measurements by level of the following fair value
measurement hierarchy:
•
Level 1: Quoted market price (unadjusted) in an
active market for an identical instrument.
•
Level 2: Valuation techniques based on observable
inputs, either directly (i.e., as prices) or indirectly
(i.e., derived from prices).
•
Level 3: Valuation techniques using significant
unobservable inputs. This category includes all
instruments where the valuation technique includes
inputs not based on observable data and the
unobservable inputs have a significant effect on the
instrument’s valuation.
Classifications are reviewed at each reporting date
and transfers between levels are determined based
on a reassessment of the lowest level of input that is
significant to the fair value measurement.
For recurring and non-recurring fair value
measurements, external valuers may be used when
internal expertise is either not available or when
the valuation is deemed to be significant. External
valuers are selected based on market knowledge and
reputation. Where there is a significant change in fair
value of an asset or liability from one period to another,
an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a
comparison, where applicable, with external sources of
data.
Comparatives
Certain comparative information has been reclassified
where appropriate to enhance comparability.
58
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Anson Resources Limited
The preparation of the Group’s consolidated financial
statements requires judgements, estimates and
assumptions that affect the application of policies and
reported amounts in the financial statements. The
estimates and associated assumptions are based on
historical experience and various other factors that are
believed to be reasonable under the circumstances, the
results of which form the basis of making judgements
about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision
affects both current and future periods.
In particular, the most significant uses of judgements,
estimates and assumptions are discussed below.
Recoverability of exploration and evaluation assets
Assessment of the recoverability of capitalised
exploration and evaluation expenditures requires
certain estimates and assumptions to be made as to
future events and circumstances, particularly in relation
to whether successful development of ongoing projects
will be achieved. Such estimates and assumptions may
change as new information becomes available.
Critical to this assessment are estimates and
assumptions as to lithium resources, the timing of
expected cash flows, exchange rates, commodity prices
and future capital requirements. Changes in these
Note 3: Critical accounting judgements, estimates and assumptions
estimates and assumptions as new information about
the presence or recoverability of lithium resources
becomes available, may impact the assessment of the
recoverable amount of exploration and evaluation
assets. If, after having capitalised the expenditure
under the accounting policies, a judgement is made
that the recovery of the expenditure is unlikely, the
amount capitalised is written off in the consolidated
statement of profit and loss and comprehensive income
in the period when the new information becomes
available. The recoverability of the carrying amount of
exploration and evaluation assets is dependent on the
successful development and commercial exploitation
or sale of the respective areas of interest.
Determination of rehabilitation costs
Provision is made for rehabilitation, restoration and
environmental costs when the obligation arises, based
on the net present value of estimated future costs.
The ultimate cost of rehabilitation and restoration is
uncertain, and management uses its judgment and
experience to provide for these costs over the life of
the operations.
The Group makes estimates about the future cost of
rehabilitating tenements which are currently disturbed,
based on legislative requirements and current costs.
Cost estimates take into account past experience
and expectations of future events that are expected
to alter past experiences. Any changes to legislative
requirements could have an impact on the expenditure
required to restore these areas.
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Annual Report 2025
Anson Resources Limited
During the financial year, the Group’s internal reporting
structure was revised.
As a result, the basis for segment reporting has been
adjusted to align with the information now reviewed
by the Chief Operating Decision Maker (CODM). The
CODM evaluates the business as a single operating
segment, and accordingly, the Group is presented as
one reportable segment.
In determining operating segments, the Group has had
regard to the information and reports the CODM uses
to make strategic decisions regarding resources.
Note 4: Segment Reporting
The Chief Executive Officer is considered to be the
CODM and is empowered by the Board of Directors
to allocate resources and assess the performance of
the Group. The financial results from this segment
are equivalent to the financial statements of the
consolidated entity as a whole. During the reporting
period ended 30 June 2025, exploration was primarily
located in the USA, with less expenditure in Australia.
For the year ended 30 June 2025
USA
Australia
Other
Total
$
$
$
$
Segment assets
47,712,497
1,771,685
3,176,176
52,660,358
Segment liabilities
(2,632,496)
(652,533)
(420,788)
(3,705,817)
Included within segment assets:
Additions to exploration and evaluation assets
3,908,395
486,045
–
4,394,440
For the year ended 30 June 2024
Segment assets
44,316,586
1,614,084
8,666,850
54,597,520
Segment liabilities
(3,896,700)
(681,079)
(360,639)
(4,938,418)
Included within segment assets:
Additions to exploration and evaluation assets
21,003,687
455,116
–
21,458,803
60
Annual Report 2025
Anson Resources Limited
Note 5: Expenses
2025
2024
$
$
Finance costs
Interest on convertible notes
55,187
1,154
Interest on lease liabilities
63,135
87,756
Unwinding of the rehabilitation provision
32,032
32,103
Interest on credit cards
325
–
Leases
Short term leases
184,703
221,627
Leases of low values
330
2,767
Director and employee benefits expense
Director and employees salaries and benefits
4,754,784
4,607,849
Bonus share expense (Note 17)
208,333
79,123
Non-executive director consultancy expenses
–
–
Defined contribution superannuation expense
111,688
98,705
Loss before income tax includes the following specific expenses:
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Annual Report 2025
Anson Resources Limited
Note 6: Income Tax
2025
2024
$
$
a.
Income tax benefit
No income tax is payable by the parent or consolidated entities as they
recorded losses for income tax purposes for the financial year.
–
–
b.
Numerical reconciliation between income tax benefit and pre-tax
net loss
Loss before income tax expense
(8,497,084)
(9,836,894)
Income tax calculated at 30% (2024: 30%)
(2,549,125)
(2,951,068)
Tax effect of:
Difference in foreign jurisdiction tax rates
549,388
698,931
Sundry amounts
–
(1,280)
Recognition of convertible note
–
16,213
Section 40-880 deduction
–
–
Non-deductible expenses
35,018
49,028
Under/(over) provision in prior years
–
406,442
Restatement of tax balances from 25% to 30%
–
(1,406,096)
Future income tax benefits not brought into account
1,964,719
3,187,830
Income tax benefit
–
–
c.
Tax losses
Unused tax losses for which no deferred tax asset has been recognised
(as recovery is currently not probable)
16,530,858
14,165,536
d.
Unrecognised temporary differences
Temporary differences for which deferred tax assets have not been
recognised at 30% (2024: 30%):
1,038,034
963,521
62
Annual Report 2025
Anson Resources Limited
Note 8: Cash and Cash Equivalents
2025
2024
$
$
Cash at bank and on hand
2,293,354
5,210,284
Cash equivalents
153,163
3,005,000
2,446,516
8,215,284
Note 7: Loss Per Share
2025
2024
$
$
Basic loss per share (cents per share)
(0.62)
(0.77)
Diluted loss per share (cents per share)
(0.62)
(0.77)
The loss and weighted average number of ordinary shares used in the
calculation of basic loss per share is as follows:
Loss for the year
(8,497,084)
(9,836,894)
No.
No.
Weighted average number of shares outstanding during the year used in
calculations of basic and diluted loss per share:
1,360,999,781
1,282,856,713
Total Instruments
#
Unlisted Options
47,220,001
Performance Rights and Convertible Note
23,150,000
Total Other Instruments
70,370,001
Number of Shares Outstanding at 30 June 2025
1,386,736,539
Total Number of Equity Instruments at 30 June 2025
1,457,106,540
There is no dilution of shares due to options, performance rights and the convertible note, as the potential
ordinary shares are not dilutive and therefore not included in the calculation of diluted loss per share.
Summary of instruments that could potentially dilute but were not included in the calculation of diluted loss
per share.
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Annual Report 2025
Anson Resources Limited
Note 9: Other Assets
2025
2024
$
$
Current
Prepayments
98,918
468,071
Land access security deposit
–
276,976
Other
157,963
136,579
256,881
881,626
Non-current
Office lease security deposits
164,432
199,361
Exploration rehabilitation bonds
1,454,246
1,419,377
1,618,678
1,618,738
Exploration rehabilitation bonds relate to amounts paid by the Group to the state government of Utah within the
USA to commence exploration activities of areas the Group has an exploration permit for. Amounts are repaid by
the state government, in tranches, following completion of any required rehabilitation activities by the Group and
inspection and approval of the rehabilitation area by the state government department.
64
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Anson Resources Limited
Right
of Use
Buildings
Motor
Vehicles
Plant and
Equipment
Mine
Properties
Office
Equipment
Land
Capital
Work in
Progress
Total
$
$
$
$
$
$
$
$
Cost
As at 1 July 2023
1,901,564
176,332
92,557
664,035
94,054
-
-
2,928,542
Additions
–
46,847
403,781
219,367
13,328
3,568,501
392,264
4,644,088
Remeasurement of
rehabilitation provision
–
–
–
471,820
–
-
-
471,820
Disposals/retired assets
–
–
–
–
–
-
-
-
Exchange differences
(9,141)
(1,064)
(558)
(4,007)
(312)
-
-
(15,082)
At 30 June 2024
1,892,423
222,115
495,780
1,351,215
107,070
3,568,501
392,264
8,029,368
Additions
304,815
–
–
64,551
1,098
-
-
370,464
Remeasurement of
rehabilitation provision
–
–
–
(78,370)
–
-
-
(78,370)
Disposals/retired assets
–
–
–
–
–
-
-
-
Exchange differences
32,378
4,805
10,726
28,530
1,335
77,202
8,487
163,463
As at 30 June 2025
2,229,616
226,920
506,506
1,365,926
109,503
3,645,703
400,751
8,484,925
Accumulated
Depreciation and
impairment
As at 1 July 2023
432,915
71,720
86,912
24,596
79,404
–
–
695,547
Depreciation charge for
the year
517,503
37,422
32,007
46,661
18,665
–
–
652,258
Disposals/retired assets
–
–
–
–
–
–
–
–
Exchange differences
(10,661)
(432)
(524)
(123)
(268)
–
–
(12,008)
As at 30 June 2024
939,757
108,710
118,395
71,134
97,801
–
–
1,335,797
Depreciation charge for
the year
513,424
45,846
84,891
–
8,337
–
–
652,498
Disposals/retired assets
–
–
–
–
–
–
–
–
Exchange differences
12,926
1,890
1,705
1,539
1,122
–
–
19,182
As at 30 June 2025
1,466,107
156,446
204,991
72,673
107,260
–
–
2,007,477
Net Book Value
As at 30 June 2024
952,666
113,405
377,385
1,280,081
9,269
3,568,501
392,264
6,693,571
As at 30 June 2025
763,509
70,474
301,515
1,293,253
2,243
3,645,703
400,751
6,477,448
Note 10: Property, Plant and Equipment
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Annual Report 2025
Anson Resources Limited
Note 11: Exploration and Evaluation Assets
2025
2024
$
$
Total Exploration and Evaluation Assets
41,131,176
36,736,736
Reconciliation
Balance at 1 July
36,736,736
15,277,933
Items capitalised during the period
3,710,835
21,455,719
Exchange differences
683,604
3,084
Balance at 30 June
41,131,176
36,736,736
Recoverability of the carrying amount of exploration assets is dependent on the successful exploration and
development of projects, or alternatively, through the sale of the areas of interest. Assets are tested for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. The Company has concluded that no impairment indicators have been identified at 30 June 2025.
Items capitalised during the year primarily related to expenditure on the Paradox Basin Projects, the Paradox
Lithium Project and the Green River Lithium Project. Total expenditure on US projects was $3,617,971 (2024:
$21,003,687) and spend on Australian projects was $92,864 (2024: $455,116).
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Note 12: Financial Assets
Financial assets
2025
2024
$
$
Non-Current
(a) Shares in listed entities (FVOCI)
106,946
16,533
(b) Derivative asset (FVPL)
622,713
435,032
729,659
451,565
Shares in listed entities (FVOCI)
Opening balance
16,533
109,348
Movements in fair value
96,115
(90,192)
Movements in foreign currency
(5,703)
(2,623)
106,946
16,533
Investments in listed entities have been valued using quoted prices in active markets. The fair value of the
underlying asset is denominated in US Dollars. The investment is classified as a Financial Asset and the
Group has made an irrevocable election to account for the equity investment at fair value through other
comprehensive income.
Derivative Asset (FVPL)
During the prior financial year, the Group amended its equity placement facility with Long State Investment to
31 December 2026 with a total placement facility of $30,000,000.
The Group issued 7,500,000 options exercisable at $0.225 expiring 31 December 2026 to Long State Investment
as part consideration of the extension. The Group also paid $75,000 consideration to Long State Investment.
A derivative option has been recognised which is valued at FVPL as part of the transaction, being valued at
$622,713 at 30 June 2025 (2024: $435,032). The fair value of option was determined using a range of valuation
techniques. These valuation techniques aim to maximise the use of observable market data where it is available
and rely as little as possible on entity specific estimates, however the Company notes that valuation of such
assets is inherently uncertain and a number of judgements must be made. Inputs into the valuation included
share price volatility and time to expiration. The derivative option will be revalued at each period end with any
gains or losses being recognised through the statement of profit or loss.
67
Annual Report 2025
Anson Resources Limited
Note 13: Trade and Other Payables
2025
2024
$
$
Current
Trade payables
516,705
1,457,523
Other payables
78,299
214,159
Accruals
92,284
173,227
687,289
1,844,909
Trade payables are unsecured and non-interest bearing and are normally settled on 30-to-60-day terms. The
carrying amounts approximate fair value.
Note 14: Provisions
2025
2024
$
$
Current
Employee entitlements
a
326,512
274,881
326,512
274,881
Non-current
Other provisions
b
10,000
10,000
Rehabilitation
1,430,695
1,383,258
1,440,695
1,393,258
14 (a) Employee entitlements
The current provision for employee benefits includes accrued annual leave, vested sick leave and long service
leave for all unconditional settlements where employees have completed the required period of service and also
those where employees are entitled to pro-rata payment in certain circumstances.
14 (b) Rehabilitation provision
The rehabilitation provision relates to the Group’s rehabilitation obligations in the United States and Australia.
In determining the present value of the provision, assumptions and estimates are made in relation to discount
rates, the expected cost to dismantle and remove the plant from the site and the expected timing of those costs.
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Annual Report 2025
Anson Resources Limited
2025
2024
$
$
At the beginning of the year
1,383,258
664,035
Additions
64,551
219,367
Accretion of interest
32,032
32,103
Change in estimate
(78,370)
471,820
Foreign exchange differences
29,224
(4,067)
Balance at the end of the year
1,430,695
1,383,258
Reconciliation of the carrying amount of the rehabilitation provision is set out below:
Note 15: Lease Liabilities
2025
2024
$
$
Lease liabilities
Balance at the beginning of the year
1,064,731
1,476,330
Additions
304,621
–
Accretion of interest – expense
63,135
87,756
Lease payments
(574,375)
(490,014)
Remeasurement due to rental changes
(36,626)
–
Foreign exchange differences
(9,047)
(9,341)
Balance at the end of the year
830,533
1,064,731
Due within one year
516,523
525,573
Total current
516,523
525,573
Due between one and five years
314,010
539,158
Due after 5 years
–
–
Total non-current
314,010
539,158
The maturity profile of Lease Liabilities recognised at the end of the Financial Year is:
The Group has leases for its office buildings. Lease terms are negotiated on an individual basis and contain a
wide range of terms and conditions. With the exception of short-term leases and leases of low-value underlying
assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease
payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group
sales) are excluded from the initial measurement of the lease liability and asset.
The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see
Note 10). These are disclosed as ‘right of use buildings’ within property, plant and equipment.
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Anson Resources Limited
Note 16: Convertible Note
On 21st June 2024, Anson Resources issued Convertible Notes (Notes) with an aggregate principal amount of
US$250,000. The Notes were issued to Koch Technology Solutions (the Noteholder) as part of a commercial
agreement for the testing of a Li-Pro™ Lithium Selective Sorption (LSS) pilot unit at the Green River Lithium Project.
There has been no movement in the number of these Notes since the issue date.
The Notes are convertible at the option of the Noteholder into Ordinary Shares based on a conversion price of $0.11
per share at any time up to the final maturity date of 30 June 2025. Any notes not converted will be redeemed on 30
June 2025 at the principal amount of the Notes plus any accrued but unpaid interest.
The Notes carry an interest rate of 10% per annum which is payable at expiry.
The fair value of the liability component of the Notes was estimated at the issuance date using equivalent market
interest rate of a similar bond. The net proceeds received from the issuance of the Notes have been split between
financial liability element and an equity component, representing the fair value of the embedded option to convert
the financial liability into equity, as follows:
2025
2024
$
$
Convertible Notes
Balance at the beginning of the year
360,639
–
Nominal value of convertible Notes
–
375,094
Equity component of the convertible Notes
–
(15,609)
Value recognised on inception
360,639
359,485
Interest on convertible Notes
55,187
1,154
Foreign Exchange Movement in Value of Note
4,962
–
Current Liability at 30 June 2025
420,788
360,639
Prior to the end of the reporting period, it was agreed with the noteholder that the conversion of the note would
be paused, pending further commercial discussions between the two companies. Accordingly, the Company has
recorded all movements of the note in the 2025 financial year and an ongoing liability as at 30 June 2025. No Notes
were converted to Ordinary Shares during the 2025 financial year. The number of Ordinary Shares into which the
Notes may convert at 30 June 2025 is 3,469,813.
70
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Anson Resources Limited
Note 17: Contributed Equity
2025
2025
2024
2024
Shares
$
Shares
$
Ordinary shares - fully paid
1,386,736,539
105,047,615
1,290,528,206
97,539,083
Number
of Shares
$
2025 movements in ordinary share capital:
Balance at 1 July 2024
1,290,528,206
97,539,083
Shares issued for Capital Placement
90,125,000
6,957,800
Conversion of Directors performance rights
4,000,000
342,400
Bonus shares issued to employees*
2,083,333
208,333
Balance at 30 June 2025
1,386,736,539
105,047,615
2024 movements in ordinary share capital:
Balance at 1 July 2023
1,270,523,564
94,856,790
Shares issued for acquisition*
15,060,981
2,108,537
Issue of shares on conversion of options at $0.20 each
178,165
35,633
Conversion of Directors performance rights
3,800,000
459,000
Bonus shares issued to employees**
965,496
79,123
Balance at 30 June 2024
1,290,528,206
97,539,083
a. Ordinary shares
Ordinary shares
Ordinary Shares entitle the Shareholder to participate in Dividends and the proceeds on winding up of the company
in proportion to the number of and amounts paid on the shares held. Every Shareholder of Ordinary Shares
present at a meeting in person or by proxy is entitled to one vote, and upon a poll each share is entitled to one
vote. Ordinary Shares have no par value and the Company does not have a limited amount of Authorised Capital.
* On 3 February 2025, 2,083,333 bonus shares were issued to employees of the Company. Their valuation was based on the share price at the date
of the transaction of $0.1 per share.
* On 4 October 2023, 15,060,981 shares in Anson Resources Limited were issued to Legacy Lithium Corporation following the completion of the
acquisition by the Group of the Green Energy Lithium Project. Their valuation was based on the fair value of the land.
** On 5 February 2024, 965,496 bonus shares were issued to employees of the Company. Their valuation was based on the share price at the date
of the transaction of $0.08 per share.
71
Annual Report 2025
Anson Resources Limited
b. Share options
Information relating to the options including details of rights granted, vested and amount lapsed is set out in
Note 19.
c. Performance Rights
Information relating to the Performance Rights outstanding at the end of the Financial Year, is set out in Note 19.
d. Capital risk management
The Group’s objectives when managing capital are to maintain the Company’s ability to continue as a going
concern, so that they can continue to provide returns for shareholders.
The Board reviews the capital structure on a regular basis and considers the cost of capital and the risks
associated with each class of capital. The Company will balance its overall capital structure through new share
issues as well as the issue of debt, if the need arises.
In October 2024 the Company completed a share placement and share purchase plan of $7,210,000 in total, prior
to fees.
As part of the management of capital, in July 2025 the Company amended its equity funding facility, maintaining
total amount at $30 million. Under the terms of the facility, the Company may, at its discretion, call for the
subscriber to subscribe for shares in the Company at any time until 31 December 2026, up to a total placement
amount of $30,000,000. Each placement amount is up to $300,000 in any period of 20 trading days (and up to
$4,500,000 with the prior consent of the subscriber).
Shares issued to the subscriber will be priced at the average of 2 daily volume weighted average prices (VWAP) of
Company shares nominated by the subscriber from those during the 20 trading days which follow a placement
notice being given by the Company to the subscriber (but cannot be priced at less than the floor price agreed
between the subscriber and issuer). A commission of 5% will be payable by the Company at the time of issue.
The Company raised $nil (2024: $nil) under this equity placement facility during the financial year.
72
Annual Report 2025
Anson Resources Limited
Note 18: Reserves
The following table shows a breakdown of the Consolidated Statement of Financial Position line item
‘Reserves’ and the movements in these reserves during the year. A description of the nature and purpose of
each reserve is provided below the table.
Share-
based
payments
Financial
Assets –
FVOCI
Convertible
Note
Foreign
currency
translation
Total
reserves
$
$
$
$
$
As at 1 July 2024
3,863,290
(28)
15,609
517,344
4,396,215
Foreign currency translation of subsidiary
–
–
–
434,198
434,198
Revaluation of financial assets
–
96,115
–
–
96,115
Issue of Options*
–
187,685
–
–
187,685
Shares issued to employees
(208,333)
–
–
–
(208,333)
Issue of convertible Note
–
–
–
–
–
Share based payment for services
116,726
–
–
–
116,726
Vesting of Performance Rights
(342,400)
–
–
–
(342,400)
As at 30 June 2025
3,429,282
283,772
15,609
951,542
4,680,205
*Issue of options relates to options provided to Long State Investment for the equity facility provided and includes movements in their value.
Refer to Note 19 for further details.
Share-
based
payments
Financial
Assets –
FVOCI
Convertible
Note
Foreign
currency
translation
Total
reserves
$
$
$
$
$
As at 1 July 2023
3,878,093
90,165
–
110,857
4,079,115
Foreign currency translation of subsidiary
–
–
–
406,487
406,487
Revaluation of financial assets
–
(90,193)
–
–
(90,193)
Issue of Options*
360,029
–
–
–
360,029
Issue of convertible Note
–
–
15,609
–
15,609
Share based payment for services
84,168
–
–
–
84,168
Vesting of Performance Rights
(459,000)
–
–
–
(459,000)
As at 30 June 2024
3,863,290
(28)
15,609
517,344
4,396,215
73
Annual Report 2025
Anson Resources Limited
Share-based payments reserve
The share-based payment reserve is used to recognise the fair value of any performance rights issued, but not yet
exercised. Fair values at grant date are independently determined using the Black-Scholes pricing model that takes
into account the exercise price, the term of the performance right, the impact of dilution, the Share Price at grant
date, the expected probability of achieving the milestones in relation to Performance Right.
Financial Assets - FVOCI
Changes in the fair value of Equity Investments are taken to this Reserve. Amounts are not reclassified to profit or
loss when the associated assets are sold or impaired.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries.
Convertible Note
This reserve represents the equity component of convertible notes. Refer to Note 16.
74
Annual Report 2025
Anson Resources Limited
Note 19: Share Based Payments
a. Options
During the financial year, options were issued on a 2-1 basis as part of the September 2024 Capital Raise and
Share Purchase Plan exercisable at $0.12 with an expiry date of 16 November 2026. None of these options were
exercised by holders during the reporting period.
During the prior financial year, options were granted to Long State Investment in consideration for their equity
placement facility. A total of 7,500,000 options were granted exercisable at $0.225 with an expiry date of 31
December 2026. Refer to Note 17. None of these options were exercised by Long State Investment during the year.
i.
7,500,000 unlisted options granted exercisable at $0.225 with an expiry date of 31 December 2026.
ii. Unlisted options exercisable at 12c each on or before 16 November 2026, issued as part of an equity
placement agreement. No options were exercised in the 2025 year.
iii. Listed options exercisable at 20c each on or before 31 July 2023, issued as part of an equity placement
agreement and 10,000,000 of these options being issued to brokers as part of the fees for a capital raising.
During the prior year, 178,165 listed options were converted into ordinary shares at 20c each and the
remainder expired.
Note (i)
Note (ii)
Note (iii)
2025
Balance at 1 July 2024
7,500,000
–
–
Issued during the year
–
39,720,001
–
Exercised during the year
–
–
–
Expired during the year
–
–
–
Balance at 30 June 2025
7,500,000
39,720,001
–
2024
Balance at 1 July 2023
–
–
36,080,526
Issued during the year
7,500,000
–
–
Exercised during the year
–
–
(178,165)
Expired during the year
–
–
(35,902,361)
Balance at 30 June 2024
7,500,000
–
–
b. Share options
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Annual Report 2025
Anson Resources Limited
c. Performance Rights
2025
2024
#
#
Balance at the start of the year
15,800,000
21,000,000
Exercised during the year
(4,000,000)
(3,800,000)
Expired during the year
–
(1,400,000)
Issued during the year
11,100,000
–
Balance at end of year
22,900,000
15,800,000
Long Term Incentive Performance Rights are awarded as part of executives’ long-term incentives. The weighted
average share price at the date of exercise for performance rights for the year ended 30 June 2025 was $0.09.
2025
Grant
Date
Expiry
Date
Exercise
price $
1 July
Granted
Exercised2
Expired/
forfeited
30 June
2025
20-Apr-18
18-Apr-25
–
1,600,000
–
(1,600,000)
–
–
20-Apr-18
18-Apr-25
–
1,600,000
–
–
–
1,600,000
12-Nov-19
16-Feb-27
–
1,800,000
200,0001
–
–
2,000,000
12-Nov-19
16-Feb-27
–
1,800,000
200,0001
–
–
2,200,000
12-Nov-19
16-Feb-27
–
2,000,000
200,0001
–
–
2,200,000
12-Nov-19
16-Feb-27
–
2,400,000
200,0001
–
–
2,600,000
12-Nov-19
16-Feb-27
–
2,200,000
300,0001
–
–
2,500,000
12-Nov-19
16-Feb-27
–
2,400,000
–
(2,400,000)
–
–
08-Nov-24
30-Nov-29
–
–
2,000,000
–
–
2,000,000
08-Nov-24
30-Nov-29
–
–
2,000,000
–
–
2,000,000
08-Nov-24
30-Nov-29
–
–
2,000,000
–
–
2,000,000
08-Nov-24
30-Nov-29
–
–
2,000,000
–
–
2,000,000
08-Nov-24
30-Nov-29
–
–
2,000,000
–
–
2,000,000
15,800,000
11,100,000
(4,000,000)
–
22,900,000
1
Performance Right Tranches L, N, P, Q and R, which were previously approved for existing Board members, were issued to Mr. Murray
following his joining of the Board and granted 8 November 2024 with an expiry date of 16 February 2027.
2
The current year movement in performance rights has been adjusted for Tranches J and S. The vesting conditions for Tranche J were
satisfied in March 2025; however, conversion of these rights did not occur until September 2025. Accordingly, the movement will be
recognised in the subsequent financial year, with 400,000 rights for P G Knox offset between tranches to maintain consistency with plan
parameters.
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Annual Report 2025
Anson Resources Limited
2024
Grant
Date
Expiry
Date
Exercise
price $
1 July
Granted
Exercised
Expired/
forfeited
30 June
2024
20-Apr-18
18-Apr-25
–
1,600,000
–
(1,600,000)
–
–
20-Apr-18
18-Apr-25
–
1,600,000
–
–
–
1,600,000
20-Apr-18
18-Apr-25
–
1,600,000
–
–
–
1,600,000
30-Nov-18
29-Nov-23
–
1,400,000
–
–
(1,400,000)
–
12-Nov-19
16-Feb-27
–
1,800,000
–
–
–
1,800,000
12-Nov-19
16-Feb-27
–
2,200,000
–
(2,200,000)
–
–
12-Nov-19
16-Feb-27
–
1,800,000
–
–
–
1,800,000
12-Nov-19
16-Feb-27
–
2,000,000
–
–
–
2,000,000
12-Nov-19
16-Feb-27
–
2,000,000
–
–
–
2,000,000
12-Nov-19
16-Feb-27
–
2,400,000
–
–
–
2,400,000
12-Nov-19
16-Feb-27
–
2,200,000
–
–
–
2,200,000
21,000,000
–
(3,800,000)
(1,400,000)
15,800,000
1
Excludes 1,600,000 performance rights for Tranches J, which met its vesting conditions in March 2025; however, conversion of these rights did
not occur until September 2025.
2
Performance Rights Tranches L, N, P, Q and R, which were previously approved for issue to existing directors, were approved by resolution at
the 2024 AGM to be updated for the issue of Performance Rights to Tim Murray, with an expiry date for Mr. Murray’s rights of 16 Feb-2027.
Total number of
Performance Rights1
Vesting Condition
Expiry date
2,000,0002
Passing first stage battery/cathode manufacturer lithium chemical
acceptance testing
16-Feb-27
2,000,0002
Securing funding for a full scale production plant
16-Feb-27
2,200,0002
Securing an off-take agreement(s) for chemical products other than
lithium or bromine from the Paradox Brine project
16-Feb-27
2,600,0002
Securing a strategic investor to finance boron, bromine and/or iodine
production in an on-site pilot plant program
16-Feb-27
2,500,0002
Divestment, joint venture or financing of any project
16-Feb-27
2,000,000
Market capitalisation of $600m
30-Nov-29
2,000,000
Successful completion of binding off-take agreements for at least 80%
of planned phase one production of lithium from initial Utah Project
30-Nov-29
2,000,000
Satisfactory completion of a final engineering study in relation to the
Green River Project
30-Nov-29
2,000,000
Completion of the construction and commissioning of initial Utah
Lithium Project
30-Nov-29
2,000,000
First commercial shipment of product
30-Nov-29
77
Annual Report 2025
Anson Resources Limited
The Performance Rights issued were for nil cash consideration and nil issue price. The vesting of the Performance
Rights is conditional upon the Group’s achievement of various performance hurdles in relation to the Group’s
projects. The rights expire upon the failure of achievement of performance hurdles or if the executive terminates
employment prior to the vesting date and the Board determines the Performance Rights should be forfeited.
All Performance Rights granted are over ordinary shares, which confer a right of one ordinary share per
Performance Right. The Performance Rights hold no voting or dividend rights and are not transferable. All
Performance Rights issued are to Directors of the Company as detailed in the remuneration report.
The weighted average remaining contractual life of performance rights outstanding at the end of the financial year
was 3 years (30 June 2024: 2 years).
The initial undiscounted value of the Performance Rights is the value of an underlying share in the Company as
traded on ASX at the deemed date of grant of the Performance Right.
Equity-based remuneration paid to Directors and executives is valued based on the vesting conditions.
For non-market based vesting conditions, equity-based remuneration is valued at the share price on the day of
grant (representing the cost to the Group) with no discount applied and amortised over the period during which the
respective performance hurdle may be achieved.
In the event the performance hurdle is achieved before the end of the vesting period, the remaining unamortised
value is immediately expensed.
For market based vesting conditions, the fair value of the performance rights at grant date is determined using a
Monte Carlo simulation model that takes into account the term of the performance rights, the share price at grant
date and expected volatility of the underlying share, the expected dividend yield and the risk-free frate for the term
of the performance right.
d. Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the year were as follows:
2025
2024
$
$
Performance rights issued (Included in director and employee benefits expense)
116,726
84,168
Bonus shares to employees (Included in director and employee benefits
expense)
208,333
79,123
325,059
163,291
The probability of achievement of several milestones and timeframe of achievement is assessed by management on
an annual basis.
e. Loan Funded Share Plan Shares
The Company has established a Loan Funded Share Plan for the purposes of attracting and retaining the services
of Directors and employees of a high calibre. No shares were issued under the Plan in the current financial year
(2024: Nil). As at balance date, a total of 8,750,000 shares remain on issue under the Plan. Refer to note 21 for
further details.
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Annual Report 2025
Anson Resources Limited
a. Commitments
2025
2024
$
$
No later than 1 year
Exploration commitments (i)
280,000
260,000
Contractors – operating
420,788
374,869
Total
700,788
634,869
Later than 1 year but not later than 5 years
Exploration commitments (i)
530,000
550,000
Contractors – operating
–
–
Total
530,000
550,000
i.
The Group must meet minimum expenditure commitments in relation to option agreements over exploration
tenements and to maintain those tenements in good standing. The commitments exist at balance sheet date but
have not been brought to account. If the relevant mineral tenement is relinquished the expenditure commitment
also ceases.
Note 20: Commitments and Contingencies
b. Contingent liabilities
The are no contingent liabilities as at 30 June 2025.
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Annual Report 2025
Anson Resources Limited
Note 21: Related Party Disclosure
Entity Name
Entity Type
Country of
Incorporation
Country
of tax
residence
%
Equity
Interest
2025
%
Equity
interest
2024
Tikal Minerals SA (i) (ii)
Body corporate
Guatemala
Guatemala
100%
100%
Rhodes Resources Pty Ltd (ii)
Body corporate
Australia
Australia
100%
100%
Western Cobalt Pty Ltd (ii)
Body corporate
Australia
Australia
100%
100%
A1 Lithium Inc.
Body corporate
USA
USA
100%
100%
A1 Lithium Technology Inc (iv)
Body corporate
USA
USA
100%
N/A
Paradox Lithium LLC (ii) (iii)
Body corporate
USA
USA
100%
100%
Blackstone Resources NV LLC
Body corporate
USA
USA
100%
100%
UV1 Minerals LLC
Body corporate
USA
USA
100%
100%
Anson Resources (Shanghai)
Limited Company (iv)
Body corporate
China
China
100%
100%
State Exploration Pty Ltd (ii)
Body corporate
Australia
Australia
100%
100%
i.
One share owned by Bruce Richardson, Executive Chairman and CEO, beneficially held on behalf of
Anson Resources Limited. 4,999 shares held by Anson Resources Limited directly.
ii. Dormant entities
iii. Paradox Lithium LLC was setup to facilitate the joint venture with Voyageur (refer to note 20).
iv. Entity was established in the financial year.
a. Subsidiaries
b. Ultimate parent
Anson Resources Limited is the ultimate Australian parent entity and ultimate parent of the Group.
c. Key management personnel (KMP)
Refer to Note 22 for details of compensation to KMP
80
Annual Report 2025
Anson Resources Limited
There were no transactions with related parties or major shareholders during the previous financial year.
d. Transactions with related parties and major shareholders
During the prior financial year, the Company established a subsidiary in China, Anson Resources (Shanghai)
Limited Company, to further negotiations with potential technology and offtake partners. One of the Anson
Resources (Shanghai) Limited employees is a close family member of one of the Company’s major shareholders.
All transactions have been recorded on an arm’s length basis. The amounts outstanding are unsecured and will
be settled in cash.
2025
2024
$
$
Current payables:
-
-
Payroll costs outstanding
5,553
24,748
Amounts expensed to the consolidated statement of profit and loss or other
comprehensive income:
Payroll costs
76,309
24,748
2025
2024
$
$
Amounts expensed to the consolidated statement of profit and loss or other
comprehensive income:
Newport rental property for Director
166,060
206,910
e. Other transactions of KMP
The Company maintains an office in Newport, USA and Bruce Richardson, Director, is required to regularly
visit the office. The Company incurs the costs of his rental property in Newport. The transaction is on normal
commercial terms.
81
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Anson Resources Limited
f. Loan funded share plan
The Company has issued three tranches of shares to KMP under a loan funded share plan (ASNEMP01,
ASNEMP02 and ASNEMP03). The loan funded shares are forfeited on termination of a Director’s employment
prior to the expiration date.
1. On 27 February 2014, the Company issued 3,000,000 shares at 1.4 cents per share to KMP under a loan
funded share plan approved at the Annual General Meeting of the Company held on 28 November 2013
(ASNEMP01).
2. On 10 December 2014, the Company issued 5,000,000 shares at 1.3 cents per share to KMP under a loan
funded share plan approved at the Annual General Meeting of the Company held on 26 November 2014
(ASNEMP02).
3. On 21 December 2015, the Company issued 4,250,000 shares at 0.9 cents per share to KMP under a loan
funded share plan approved at the Annual General Meeting of the Company held on 27 November 2015
(ASNEMP03).
The cost of the loan funded share plan is recognised as a share-based payment expense. The terms of the
loans are:
•
Term of loan: 10 years.
•
Interest rate: 8% per annum.
•
Lien: The Company shall have a lien over the shares until the loan is repaid and the Company shall be
entitled to sell the shares in accordance with the terms of the Employee Share Plan if the loan is not repaid
when due.
•
Payments in relation to shares: Any dividends or capital returns in relation to the shares shall be applied
against repayment of the loan.
•
Proceeds of sale: In the event of sale of the shares all sales proceeds shall be applied against repayment of
the loan.
The cost of the loan funded share plans has been recorded as share based payments to the receiving directors.
Tranches ASNEMP01 and ASNEMP02 of the loan funded share plan reached maturity during the prior and
current financial year respectively. The Company will settle all loan funded share plans in the year ending 30
June 2026 when ASNEMP03, the final tranche of loan funded shares mature. It is noted that the Company is
entitled to enforce the outstanding loans but has determined not to do so at this time as it believes it remains
in the best interests of the Company for the directors to retain their current level of equity exposure, and that
as such, the Company is proposing to seek shareholder approval at the upcoming AGM to extend the loan
term of ASNEMP01 and ASNEMP02 to allow repayment beyond the original term. If the extension/amendment
is not approved at the AGM, the Company intends to consider its rights under the loan terms with regards to
repayment of the loan (which may include exercising its rights to sell the loan shares and apply the proceeds of
sale in repayment of the loan as is set out in clause 9.2.2 of the ESP rules).
Limit of liability: The liability of the employee to repay the loan is limited to the payments received by the
employee in relation to the shares and any proceeds from the disposal of the shares. From the inception of the
loan funded share plan no shares have been issued.
82
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Anson Resources Limited
Note 22: Compensation For KMP
2025
2024
$
$
Short-term employee benefits
2,360,688
1,738,546
Post-employment benefits
194,811
20,140
Share-based payments
174,846
84,168
2,730,344
1,842,854
Refer to the Remuneration Report for further information
Note 23: Events After Balance Date
On July 7, the Company added 100 strategic placer claims at the Green River project, increasing the project land
area by ~10%, with ~28% of these claims falling within the Area of Influence of the company existing Green River
JORC resource.
On 19 August 2025, the Company completed an equity raise of $5,000,000 (before costs) via a share placement.
On 6 September, the Company agreed to an extension of the maturity date of its convertible note with Koch
Technology Solutions, LLC, extending the maturity date from 30 June 2025 to 31 March 2026, all other commercial
terms remain unchanged.
On 24 September, the Company announced the signing of a definitive offtake agreement with LG Energy Solution.
The commercial terms are materially consistent with those set out in the binding memorandum of understanding
executed on 1 May 2024, with the only change being that the supply term is expected to run for five years
commencing January 2028.
Other than the above there has not arisen in the interval between the end of the financial year and the date of this
report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the
Company, to affect significantly the operations of the Group and the results of those operations.
Note 24: Auditor’s Remuneration
2025
2024
$
$
Fees to Ernst & Young:
Audit and review of the financial reports of the Group
173,540
105,159
Fees to Stanton’s International Audit and Consulting Pty Ltd:
Audit and review of the financial reports of the Group
–
25,698
Total auditors’ remuneration
173,540
130,857
83
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Anson Resources Limited
Note 25: Financial Risk Management
The Group’s financial instruments are not complex. Its activities may expose it to a variety of financial risks in the
future: market risk (including currency risk and fair value interest rate risk), credit risk, liquidity risk and cash flow
interest rate risk. At that stage the Group’s overall risk management program will focus on the unpredictability of
the financial markets and seek to minimise potential adverse effects on the financial performance of the Group.
The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk
management framework. Management is responsible for developing and monitoring the risk management policies
and reports to the Board.
The Group holds the following financial instruments:
Note
Fair value
through
OCI
Amortised
cost
Fair value
through
profit &
loss
Total
$
$
$
$
Financial assets
2025
Cash and cash equivalents
8
–
2,446,516
–
2,446,516
Other assets – deposits and bonds
9
–
1,776,641
–
1,776,641
Financial assets – fair value OCI
12
106,946
–
–
106,946
Financial assets – FVPL
12
–
–
622,713
622,713
106,946
4,223,157
622,713
4,952,817
2024
Cash and cash equivalents
9
–
8,215,284
–
8,215,284
Other assets – deposits and bonds
12
–
2,032,293
–
2,032,293
Financial assets – fair value OCI
12
16,533
–
–
16,533
Financial assets – FVPL
–
–
435,032
435,032
16,533
10,247,577
435,032
10,699,142
Financial liabilities
2025
Trade and other payables
13
–
687,289
–
687,289
Lease liabilities
15
–
830,533
–
830,533
Convertible note
16
–
420,788
–
420,788
–
1,938,610
–
1,938,610
2024
Trade and other payables
13
–
1,844,909
–
1,844,909
Lease liabilities
15
–
1,064,731
–
1,064,731
Convertible note
16
–
360,639
–
360,639
–
3,270,279
–
3,270,279
84
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Anson Resources Limited
a. Market risk
Interest rate risk
Interest rate risk is the risk that the Group’s financial position and performance will be adversely affected by
movements in interest rates.
The Group receives interest on its cash management accounts based on daily balances at variable rates. The
Group’s operating accounts do not attract interest. Interest rate risk on cash and short-term deposits is not
considered to be a material risk due to the short-term nature of these financial instruments.
At reporting date the interest rate profile of the Group’s interest bearing financial instruments was:
Cash flow sensitivity analysis for variable rate instruments
With all other variables held constant, the Group’s profit before tax and equity are affected through the impact of
floating and/or fluctuating interest rates on cash, receivables, borrowings and financial instruments as follows:
The Board assessed a 1% movement for the sensitivity analysis based on the currently observable
market environment.
2025
2024
$
$
Fixed rate instruments
Financial Assets
2,446,516
8,215,284
Financial liabilities
1,251,322
1,425,370
2025
2024
$
$
1% +/- reasonably possible change in interest rates
24,465
82,153
85
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Anson Resources Limited
b. Credit risk
The Group is not exposed to any significant credit risk. Cash transactions are limited to high credit quality
financial institutions.
Foreign currency risk
Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities
are denominated in a currency that is not the entity’s functional currency. The Group is exposed to foreign
exchange risk arising from currency exposures to Australian Dollar (AUD) and United States Dollar (USD), arising
from the purchase of goods and services and receivables. The Group does not currently undertake any hedging
of foreign currency items.
Foreign currency rate risk on the Company’s assets and liabilities is not considered to be a material risk.
Sensitivity analysis
A 10% strengthening of the Australian dollar against the above currencies at 30 June would have increased
(decreased) profit before income tax and equity by the amounts shown below. This analysis assumes that all
other variables remain constant. The analysis is performed on the same basis for 2024. The sensitivity of equity
is calculated by considering the effect of any associated financial assets classified as fair value OCI.
The following table illustrates sensitivities to the Group’s exposures to exchange rates:
Profit/loss
Equity
$
$
Year ended 30 June 2025
10% +/- reasonably possible change in US$ (vs AUD)
4,752
4,752
Year ended 30 June 2024
10% +/- reasonably possible change in US$ (vs AUD)
188,511
190,164
86
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Anson Resources Limited
c. Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash
equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the
maturity profiles of financial assets and liabilities.
Remaining contractual maturities
The following tables detail the Group’s remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows
disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in
the statement of financial position.
Within 12
months
Between 1
and 5 years
Over
5 years
Carrying
Amount
$
$
$
$
For the year ended 30 June 2025
Trade and other payables
(687,289)
–
–
(687,289)
Lease liabilities
(516,523)
(324,011)
–
(840,533)
Derivatives and convertible note
(420,788)
–
–
(420,788)
Total as at 30 June 2025
(1,624,600)
(324,011)
–
(1,948,610)
For the year ended 30 June 2024
Trade and other payables
(1,844,909)
–
–
(1,844,909)
Lease liabilities
(583,054)
(560,398)
–
(1,064,731)
Derivatives and convertible note
(413,366)
–
–
(360,639)
Total as at 30 June 2024
(2,841,329)
(560,398)
–
(3,270,279)
87
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Anson Resources Limited
i. Reconciliation of loss after income tax to net cash flows from operating activities:
2025
2024
$
$
Loss for the year
(8,497,084)
(9,836,894)
Adjustments for:
Depreciation
652,498
652,258
Loss on derivative instrument FVPL
–
–
Non-cash employee benefits expense
Share based payments
116,726
84,168
Bonus shares issued
208,333
79,123
Interest income
(53,369)
(696,937)
Non-cash interest expense
87,219
33,257
Unrealised foreign exchange differences
(278,950)
661,888
(7,764,626)
(9,098,137)
Changes in operating assets and liabilities:
Decrease in trade and other receivables
–
–
(Increase) /Decrease in other assets (current)
624,745
1,153,361
Increase /(Decrease) in trade and other payables
(1,157,620)
876,854
(Increase) /Decrease exploration bond
(34,869)
(236,570)
(Increase) /Decrease security deposit
34,929
50,124
Increase in provisions
99,068
157,274
Net cash outflow from operating activities:
(8,198,373)
(7,022,094)
Note 26: Cash Flow Information
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Anson Resources Limited
The ‘Other’ column includes the effect of foreign exchange movements and the accrued but not yet paid interest on
interest-bearing loans and borrowings. The Group classifies interest paid as cash flows from operating activities.
ii. Changes in liabilities arising from financing activities:
1 July
2024
New
Leases /
Notes
Cash
Flows
Other
30 June
2025
Lease liabilities
1,064,731
304,621
(574,375)
35,556
830,534
Convertible note
360,639
–
–
60,149
420,788
Total liabilities from financing activities
1,425,370
304,621
(574,375)
95,706
1,251,322
1 July
2023
New
Leases
Cash
Flows
Other
30 June
2024
Lease liabilities
1,476,330
–
(490,014)
78,415
1,064,731
Convertible note
–
359,485
–
1,154
360,639
Total liabilities from financing activities
1,476,330
359,485
(490,014)
(79,569)
1,425,370
89
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Anson Resources Limited
Note 27: Parent Entity Information
a. Information relating to Anson Resources Limited
2024
2023
$
$
Loss after income tax
(2,313,342)
(2,030,072)
Total comprehensive loss
(2,313,342)
(2,030,072)
2024
2023
$
$
Current assets
1,751,978
6,439,351
Total assets
47,278,730
42,151,029
Current liabilities
(902,890)
(736,028)
Total liabilities
(1,062,905)
(971,851)
Net assets
46,215,825
41,179,178
Contributed equity
105,047,614
97,539,081
Reserves
3,720,330
3,878,874
Accumulated losses
(62,552,120)
(60,238,777)
Total shareholders’ equity
46,215,825
41,179,178
b. Guarantees
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June 2024.
c. Commitments
Commitments of the Company as at reporting date are disclosed in Note 20 (a) to the financial statements.
d. Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.
e. Material accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except
for the following:
•
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
•
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
•
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be
an indicator of an impairment of the investment.
Statement of financial position
Statement of profit or loss and other comprehensive income
90
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Anson Resources Limited
Note 28: Fair Value Measurement
Fair value hierarchy
The following table details the Group’s assets and liabilities, measured or disclosed at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
•
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement date.
•
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.
•
Level 3: Unobservable inputs for the asset or liability.
The following table details the Group’s assets and liabilities measured or disclosed at fair value as at 30 June 2025
and 30 June 2024.
Transfers between level 1 and 3
There were no movements between different fair value measurement levels during the financial year (2024: none).
Level 1
Level 2
Level 3
Total
$
$
$
$
2025
Assets
Financial Assets - FVOCI
106,946
–
–
106,946
Financial Assets - FVPL
–
622,713
–
622,713
Total assets
106,946
622,713
–
729,659
Liabilities
Derivative Liability
–
–
–
–
Total liabilities
–
–
–
–
2024
Assets
Financial Assets - FVOCI
16,533
–
–
16,533
Financial Assets - FVPL
–
435,032
–
435,032
Total assets
16,533
435,032
–
451,565
Liabilities
Derivative Liability
–
–
–
–
Total liabilities
–
–
–
–
Estimates of fair value take into account factors and market conditions evident at balance date. Uncertainty and
changes in global market conditions in the future may impact fair values in the future.
91
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Anson Resources Limited
3.6
Consolidated entity disclosure statement
Entity Name
Entity Type
Country of
Incorporation
Country of tax
residence
% Ownership
by Anson
Resources
Limited
Anson Resources Limited
Body corporate
Australia
Australia
N/A
Tikal Minerals SA
Body corporate
Guatemala
Guatemala
100%
Rhodes Resources Pty Ltd
Body corporate
Australia
Australia
100%
Western Cobalt Pty Ltd
Body corporate
Australia
Australia
100%
A1 Lithium Inc.
Body corporate
USA
USA
100%
A1 Lithium Technology Inc
Body corporate
USA
USA
100%
Paradox Lithium LLC
Body corporate
USA
USA
100%
Blackstone Resources NV LLC
Body corporate
USA
USA
100%
UV1 Minerals LLC
Body corporate
USA
USA
100%
Anson Resources (Shanghai)
Limited Company
Body corporate
China
China
100%
State Exploration Pty Ltd
Body corporate
Australia
Australia
100%
92
Annual Report 2025
Anson Resources Limited
3.7
Directors’ Declaration
1. In the opinion of the Directors:
a. the consolidated financial statements and notes of the Group are in accordance with the
Corporations Act 2001 including:
i.
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its
performance for the year ended 30 June 2025; and
ii. (complying with Accounting Standards and Corporations Regulations 2001;
iii. the financial statements and notes thereto are in accordance with International Financial
Reporting Standards issued by the International Accounting Standards Board;
b. there are reasonable grounds to believe that the Group will be able to pay its debts as and when
they become due and payable; and
c. the consolidated entity disclosure statement required by section 295 (3A) of the Corporations Act
is true and correct.
2. This declaration has been made after receiving the declarations required to be made to the Directors
in accordance with Section 295A of the Corporations Act 2001 for the year ended 30 June 2025.
This declaration is signed in accordance with a resolution of the Board of Directors.
Bruce Richardson
Executive Chairman and CEO
30 September 2025
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3.8
Independent Auditors Report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
111 Eagle Street
Brisbane QLD 4000 Australia
GPO Box 7878 Brisbane QLD 4001
Tel: +61 7 3011 3333
Fax: +61 7 3011 3100
ey.com/au
Independent auditor’s report to the members of Anson Resources Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Anson Resources Limited (the Company) and its subsidiaries
(collectively the Group), which comprises the consolidated statement of financial position as at 30
June 2025, the consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year
then ended, notes to the financial statements, including material accounting policy information,the
consolidated entity disclosure statementand the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2025
and of its consolidated financial performance for the year ended on that date; and
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial
report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material uncertainty related to going concern
We draw attention to Note 2 in the financial report, which describes the principal conditions that raise
doubt about the Group’s ability to continue as a going concern. These conditions indicate that
material uncertainty exists that may cast significant doubt about the Group’s ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matter described below to be the key audit
matter to be communicated in our report. For each matter below, our description of how our audit
addressed the matter is provided in that context.
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Anson Resources Limited
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial report.
Carrying value of exploration and evaluation assets
Why significant
How our audit addressed the key audit matter
As at 30 June 2025 the Group held capitalised
exploration and evaluation assets of $41.1
million as disclosed in Note 11 of the financial
statements.
The carrying amount of capitalised exploration
and evaluation assets is assessed for impairment
by the Group when facts and circumstances
indicate that the carrying amount of capitalised
exploration and evaluation assets may exceed its
recoverable amount.
The determination as to whether there are any
indicators of impairment, involves a number of
judgments including whether the Group has
tenure, will be able to perform ongoing
expenditure and whether there is sufficient
information for a decision to be made that the
area of interest is not commercially viable. The
Directors did not identify any impairment
indicators as at 30 June 2025.
Given the size of the balance and the judgmental
nature of impairment indicator assessments
associated with exploration and evaluation
assets, we consider this a key audit matter.
Our audit procedures included:
▪
Assessed whether the Group’s right to explore
was current, which included obtaining
supporting documentation such as license
agreements.
▪
We have tested a sample of additions to
exploration for the year and assessed
appropriateness of capitalisation.
▪
Assessed the Group’s intention to carry out
significant ongoing exploration and evaluation
activities in the relevant areas of interest
which included reviewing the Group’s Board
approved meeting minutes and enquiring of
management as to their intentions and the
strategy of the Group.
▪
Evaluated the Group’s assessment of whether
the commercial viability of extracting mineral
resources had been demonstrated and whether
it was appropriate to continue to classify the
capitalised expenditure for the area of interest
as an exploration and evaluation asset.
▪
Assessed whether exploration and evaluation
data existed to indicate that the carrying
amount of capitalised exploration and
evaluation assets is unlikely to be recovered
through development or sale.
▪
Assessed the adequacy and appropriateness of
the disclosures included in the Notes to the
financial report.
95
Annual Report 2025
Anson Resources Limited
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s 2025 annual report, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
▪
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001; and
▪
The consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001; and
for such internal control as the directors determine is necessary to enable the preparation of:
▪
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view and is free from material misstatement, whether due to fraud or error; and
▪
The consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
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A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
▪
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
▪
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
▪
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
▪
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
▪
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
▪
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business units within the Group as a basis for forming an
opinion on the Group financial report. We are responsible for the direction, supervision and
review of the audit work performed for the purposes of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
97
Annual Report 2025
Anson Resources Limited
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30
June 2025.
In our opinion, the Remuneration Report of Anson Resources Limited for the year ended 30 June
2025, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
Sally-Anne Jamieson
Partner
Brisbane
30 September 2025
98
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Anson Resources Limited
99
Annual Report 2025
Anson Resources Limited
3.9
ASX Additional Information
Additional information required by the Australian Securities Exchange and not shown elsewhere
in this report is as follows. The information is current as at 8 September 2025.
A. Distribution of Equity Securities
Ordinary share capital
•
1,430,278,756 fully paid ordinary shares are held by 6,952 individual shareholders.
All issued fully paid ordinary shares carry one vote per share and carry the rights to dividends.
B. Substantial Shareholders
Fully paid
Ordinary shareholders
Number
%
Chia Tai Xingye International
167,017,154
11.68%
Range
Holders
Units
%
1 – 1,000
183
24,007
0.00%
1,001 – 5,000
1,007
3,453,333
0.24%
5,001 – 10,000
1,148
9,092,487
0.64%
10,001 – 100,000
3,208
123,492,648
8.63%
100,001 – Over
1,406
1,294,216,281
90.49%
Total
6,952
1,430,278,756
The number of shareholders by size of holding are:
100
Annual Report 2025
Anson Resources Limited
C. Twenty Largest Shareholders
Ordinary shareholders
Number
Percentage
CHIA TAI XINGYE INTERNATIONAL
167,017,154
11.65%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
59,055,850
4.12%
CITICORP NOMINEES PTY LIMITED
31,187,658
2.18%
BNP PARIBAS NOMINEES PTY LTD
27,136,122
1.89%
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
17,361,943
1.21%
BNP PARIBAS NOMINEES PTY LTD
16,541,652
1.15%
RICHARDSON BUSINESS CONSULTANTS PTY LTD
16,378,636
1.14%
JACK THE DOG PTY LTD
15,790,684
1.10%
MR DARREN MICHAEL WARNE
10,500,000
0.73%
BNP PARIBAS NOMS PTY LTD
9,060,896
0.63%
MR ANDREW GRASBY & MRS SUSAN GRASBY
8,700,000
0.61%
MRS XIAOXUAN LI
8,150,000
0.57%
MR LI XIAO
7,650,000
0.53%
MR WINSTON MICHAEL MARTIN
7,400,001
0.52%
MR ADAM ANDREW MACDOUGALL
7,000,000
0.49%
MR CRAIG LAWRENCE GRAHAM
7,000,000
0.49%
MR PETER GREGORY KNOX
6,613,042
0.46%
FINCLEAR SERVICES PTY LTD
6,329,738
0.44%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
6,206,697
0.43%
MR JASWANT SINGH
6,200,000
0.43%
WO WAH INDUSTRIAL INVESTMENT LIMITED
6,000,000
0.42%
Total
447,280,073
31.20%
101
Annual Report 2025
Anson Resources Limited
D. Unmarketable Parcels
There were 1,316 holdings (4,145,734 shares in total) of less than a marketable parcel of ordinary shares as
at 8 September 2025.
E. Voting Rights
The voting rights attaching to ordinary shares are:
On a show of hands, each member present in person or by proxy has one vote, and upon a poll, each share
has one vote.
Options do not carry any voting rights.
F. On-Market Buy Back
There is no current on-market buy-back.
G. Principles of Good Corporate Governance and Recommendations
The Board has adopted and approved the Company’s Corporate Governance Statement, which can be
found on the Company’s website at www.ansonresources.com/corporate.
H. Restricted Securities
There are currently 8,750,000 employee loan plan shares on issue which can be released once the amounts
owing on them are paid.
I. Unquoted securities:
Options exercisable at $0.12 expiring 16 November 2026
39,688,751 on issue with 222 optionholders
Citicorp Nominees Pty Ltd – 24.40% 9,682,500 Options
Options exercisable at $0.225 expiring 31 December 2026
7,500,000 on issue with one optionholder
Patras Capital Pte Ltd – 100%
102
Annual Report 2025
Anson Resources Limited
Project
Lease
Commodity
Holder
Locality
Status
Ajana
E66/89
Base metals and
Critical minerals
Rhodes Resources
Pty Ltd
Western
Australia
Granted
E66/94
Base metals and
Critical Minerals
Anson Resources
Limited
Western
Australia
Granted
ELA66/131
Base metals and
Crititical minerals
Anson Resources
Limited
Western
Australia
Under
Application
Hooley Well
E9/2218
Cobalt, nickel
Western Cobalt Pty
Ltd
Western
Australia
Granted
E9/2219
Cobalt, nickel
Anson Resources
Limited
Western
Australia
Granted
E9/2462
Cobalt, nickel
Anson Resources
Limited
Western
Australia
Granted
The Bull
E70/5420
Ni-Cu-PGE
State Exploration
Pty Ltd
Western
Australia
Granted
ELA70/5619
Ni-Cu-PGE
Anson Resources
Limited
Western
Australia
Under
Application
Paradox Brine
87 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(i)
Paradox Brine
155 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(ii)
Paradox Brine
71 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(iii)
Paradox Brine
191 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(iv)
Paradox Brine
66 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(v)
Paradox Brine
178 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(vi)
Paradox Brine
334 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(vii)
Paradox Brine
228 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(viii)
Paradox Brine
154 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(ix)
Paradox Brine
208 Placer Claims
Lithium
A1 Lithium Inc
Utah, USA
(x)
Paradox Brine
3 Potash &
Mineral Lease
Lithium
A1 Lithium Inc
Utah, USA
(xi)
Paradox Brine
2 Industrial Permit
Lithium
A1 Lithium Inc
Utah, USA
(xii)
Yellow Cat
Project
151 Lode Claims
Vanadium and
Uranium
UV1 Minerals LLC
Utah, USA
(xiii)
Green River
Lithium
628 Placer Claims
Lithium
Blackstone
Minerals NV LLC
Utah, USA
(xiv)
Green River
Lithium
44 Placer Claims
Lithium
Blackstone
Minerals NV LLC
Utah, USA
(xv)
Green River
Lithium
56 Placer Claims
Lithium
Blackstone
Minerals NV LLC
Utah, USA
(xvi)
Green River
Lithium
1 OBA Mineral
Lease
Lithium
Blackstone
Minerals NV LLC
Utah, USA
(xvii)
J. Mineral Tenements
The Group holds the following tenements
Appendix A: Interests in Mining Tenements as at 30 June 2025
103
Annual Report 2025
Anson Resources Limited
i. Anson currently holds a 50% interest in 87 Placer Claims in Utah, USA (the ULI Project).
At the date of this Report, the holder of the remaining 50% interest had not completed the formalities to
transfer the claims to the joint venture company (Paradox Lithium LLC) established for this purpose. Further,
achievement of the milestones which increased Anson’s interest to 50% may be subject to finalisation under the
terms of the agreement to earn-into the ULI Project
These claims are referred to as ULI-13, ULI-14, ULI-14S, ULI-15, ULI15S, ULI16, ULI16S, ULI-30, ULI- 31, ULI-
32, ULI-33, ULI-34, ULI-35, ULI-36, ULI-37, ULI-38, ULI-39, ULI-40, ULI-41, ULI-42, ULI-43, ULI-54, ULI-55, ULI-56,
ULI-57, ULI-58, ULI-59, ULI-60, ULI-60-E, ULI-61-E, ULI-62-E, ULI-63, ULI-64, ULI-64 N, ULI-65, ULI-65 W, ULI-66,
ULI-67, ULI-68, ULI-69, ULI-70, ULI-71, ULI-77, ULI-78, ULI-79, ULI-80, ULI-81, ULI-81 W, ULI-82, ULI-83, ULI-84,
ULI-85, ULI-86, ULI-87, ULI-88, ULI-89, ULI-90, ULI- 91, ULI-92, ULI-93, ULI-93 E, ULI-94, ULI-95, ULI-96, ULI-97,
ULI-97 E, ULI-98, ULI-98 N, ULI-99, ULI-100, ULI-101, ULI-102, ULI-102 N, ULI-103, ULI-104, ULI-105, ULI-105 N,
ULI-106, ULI-107, ULI-107 N, ULI-108, ULI-109, ULI-110, ULI-111, ULI-112, ULI-113 and ULI-114.
ii. Anson currently holds a 100% interest in 155 Placer Claims in Utah, USA. Under the terms of an earn-
in agreement for the ULI Project, these placer claims may be subject to area of interest provisions of the
agreement to earn-into the ULI Project.
These claims are referred to as ULI201, ULI202, ULI203, ULI204, ULI205, ULI206, ULI207, ULI208, ULI209, ULI210,
ULI211, ULI212, ULI213, ULI214, ULI215, ULI216, ULI217, ULI218, ULI219, ULI220, ULI225, ULI226, ULI227, ULI228,
ULI229, ULI230, ULI231, ULI232, ULI233, ULI234, ULI235, ULI236, ULI237, ULI238, ULI239, ULI240, ULI241,
ULI242, ULI243, ULI244, ULI245, ULI249, ULI250, ULI251, ULI252, ULI253, ULI254, ULI255, ULI256, ULI257,
ULI258, ULI259, ULI260, ULI261, ULI262, ULI263, ULI264, ULI265, ULI266, ULI267, ULI268, ULI269, ULI273,
ULI274, ULI275, ULI276, ULI277, ULI278, ULI279, ULI280, ULI281, ULI282, ULI283, ULI284, ULI285, ULI286,
ULI287, ULI288, ULI289, ULI293, ULI294, ULI295, ULI296, ULI297, ULI298, ULI299, ULI300, ULI301, ULI302,
ULI303, ULI304, ULI305, ULI306, ULI307, ULI311, ULI312, ULI313, ULI314, ULI315, ULI316, ULI317, ULI318, ULI319,
ULI320, ULI321, ULI322, ULI323, ULI324, ULI325, ULI326, ULI330, ULI331, ULI332, ULI333, ULI334, ULI335,
ULI336, ULI337, ULI338, ULI339, ULI340, ULI341, ULI342, ULI343, ULI344, ULI345, ULI350, ULI351, ULI352,
ULI353, ULI354, ULI355, ULI356, ULI357, ULI358, ULI359, ULI360, ULI361, ULI362, ULI369, ULI370, ULI371,
ULI372, ULI373, ULI374, ULI375, ULI376, ULI379, ULI380, ULI381, ULI382, ULI383, ULI384, ULI385, ULI386.
104
Annual Report 2025
Anson Resources Limited
iii. Anson currently holds a 100% interest in 71 Placer Claims in Utah, USA. Under the terms of an earn-in
agreement for the ULI Project, these placer claims may be subject to area of interest provisions of the agreement
to earn-into the ULI Project.
These claims are referred to as ULI501, ULI525, ULI549, ULI573 ULI597, ULI621, ULI645, ULI646, ULI647, ULI648,
ULI653, ULI654, ULI655, ULI656, ULI661, ULI662, ULI663, ULI664, ULI665, ULI666, ULI667, ULI668, ULI669, ULI670,
ULI671, ULI672, ULI673, ULI674, ULI675, ULI676, ULI677, ULI678, ULI679, ULI680, ULI681, ULI682, ULI683, ULI688,
ULI689, ULI690, ULI691, ULI696, ULI697, ULI698, ULI699, ULI700, ULI701, ULI702, ULI703, ULI704, ULI705, ULI706,
ULI707, ULI708, ULI709, ULI710, ULI711, ULI712, ULI713, ULI714, ULI715, ULI716, ULI717,ULI718, ULI719, ULI720,
ULI721, ULI722, ULI723, ULI724, and ULI725.
iv. Anson currently holds a 100% interest in 193 Placer Claims in Utah, USA.
These claims are referred to as, ,ULI649, ULI650, ULI651, ULI652, ULI 652W, ULI657, ULI658, ULI659, ULI660,
ULI660W, ULI726, ULI727, ULI728, ULI729, ULI730, ULI731, ULI732, ULI733, ULI734, ULI735, ULI736, ULI737, ULI738,
ULI739, ULI740, ULI741, ULI742, ULI743, ULI744, ULI745, ULI746, ULI747, ULI748, ULI749, ULI750, ULI751, ULI752,
ULI753, ULI754, ULI755, ULI756, ULI757, ULI758, ULI759, ULI760, ULI761, ULI762, ULI763, ULI764, ULI765, ULI766,
ULI767, ULI768, ULI769, ULI770, ULI771, ULI772, ULI773, ULI774, ULI775, ULI776, ULI777, ULI778, ULI779, ULI780,
ULI781, ULI782, ULI783, ULI784, ULI785, ULI786, ULI787, ULI788, ULI789, ULI790, ULI791, ULI792, ULI793, ULI794,
ULI795, ULI844, ULI845, ULI846, ULI847, ULI848, ULI849, ULI850, ULI851, ULI852, ULI853, ULI854, ULI855, ULI856,
ULI857, ULI858, ULI859, ULI860, ULI861, ULI862, ULI863, ULI864, ULI865, ULI866, ULI867, ULI868, ULI869, ULI870,
ULI871, ULI872, ULI873, ULI874, ULI875, ULI876, ULI877, ULI878, ULI879, ULI880, ULI881, ULI882, ULI883, ULI884,
ULI885, ULI886, ULI887, ULI888, ULI889, ULI890, ULI891, ULI892, ULI893, ULI894, ULI895, ULI896, ULI897, ULI898,
ULI899, ULI900, ULI901, ULI902, ULI903, ULI904, ULI905, ULI906, ULI907, ULI908, ULI909, ULI910, ULI911, ULI912,
ULI913, ULI914, ULI915, ULI916, ULI917, ULI918, ULI919, ULI920, ULI921, ULI922, ULI923, ULI924, ULI925, ULI926,
ULI927, ULI928, ULI929, ULI930, ULI931, ULI932, ULI933, ULI934, ULI935, ULI936, ULI937, ULI938, ULI939, ULI940,
ULI941, ULI942, ULI943, ULI944, ULI945, ULI946, ULI947, ULI948, ULI949, ULI950, ULI951, ULI952, ULI953 and
ULI954.
v. Anson currently holds a 100% interest in 66 Placer Claims in Utah, USA.
These claims are referred to as CLOUD001, CLOUD002, CLOUD003, CLOUD004, CLOUD005, CLOUD006,
CLOUD007, CLOUD008, CLOUD009, CLOUD010, CLOUD011, CLOUD012, CLOUD013, CLOUD014, CLOUD015,
CLOUD016, CLOUD017, CLOUD018, CLOUD019, CLOUD020, CLOUD021, CLOUD022, CLOUD023, CLOUD024,
CLOUD025, CLOUD026, CLOUD027, CLOUD028, CLOUD029, CLOUD030, CLOUD031, CLOUD032, CLOUD033,
CLOUD034, CLOUD035, CLOUD036, CLOUD037, CLOUD038, CLOUD039, CLOUD040, CLOUD041, CLOUD042,
CLOUD043, CLOUD044, CLOUD045, CLOUD046, CLOUD047, CLOUD048, CLOUD049, CLOUD050, CLOUD051,
CLOUD052, CLOUD053, CLOUD054, CLOUD055, CLOUD056, CLOUD057, CLOUD058, CLOUD059, CLOUD060,
CLOUD061,CLOUD062, CLOUD063, CLOUD064, CLOUD065 and CLOUD066.
105
Annual Report 2025
Anson Resources Limited
vi. Anson currently holds a 100% interest in 178 Placer Claims in Utah, USA.
These claims are referred to as CANE001, CANE002, CANE003, CANE004, CANE005, CANE006, CANE007,
CANE008, CANE009, CANE010, CANE011, CANE012, CANE013, CANE014, CANE015, CANE016, CANE017, CANE018,
CANE019, CANE020, CANE021, CANE022, CANE023, CANE024, CANE025, CANE026, CANE027, CANE028, CANE029,
CANE030, CANE031, CANE032, CANE033, CANE034, CANE035, CANE036, CANE037, CANE038, CANE039, CANE040,
CANE041, CANE042, CANE043, CANE044, CANE045, CANE046, CANE047, CANE048, CANE049, CANE050,
CANE051, CANE052, CANE053, CANE054, CANE055, CANE056, CANE057, CANE058, CANE059, CANE060, CANE061,
CANE062, CANE063, CANE064, CANE065, CANE066, CANE067, CANE068, CANE069, CANE070, CANE071,
CANE072, CANE073, CANE074, CANE075, CANE076, CANE077, CANE078, CANE079, CANE080, CANE081, CANE082,
CANE083, CANE084, CANE085, CANE086, CANE087, CANE088, CANE089, CANE090, CANE091, CANE092,
CANE093, CANE094, CANE095, CANE096, CANE097, CANE098, CANE099, CANE100, CANE101, CANE102, CANE103,
CANE104, CANE105, CANE106, CANE107, CANE108, CANE109, CANE110, CANE111, CANE112, CANE113, CANE114,
CANE115, CANE116, CANE117, CANE118, CANE119, CANE120, CANE121, CANE122, CANE123, CANE124, CANE125,
CANE126, CANE127, CANE128, CANE129, CANE130, CANE131, CANE132, CANE133, CANE134, CANE135, CANE136,
CANE137, CANE138, CANE139, CANE140, CANE141, CANE142, CANE143, CANE144, CANE145, CANE146, CANE147,
CANE148, CANE149, CANE150, CANE151, CANE152, CANE153, CANE154, CANE155, CANE156, CANE157, CANE158,
CANE159, CANE160, CANE161, CANE162, CANE163, CANE164, CANE165, CANE166, CANE167, CANE168, CANE169,
CANE170, CANE171, CANE172, CANE173, CANE314, CANE175, CANE176, CANE177, and CANE17.
vii. Anson currently holds a 100% interest in 334 Placer Claims in Utah, USA. Under the terms of the earn- in
agreement referred to in point (i) above for the ULI Project, 88 of these placer claims may be subject to area of
interest provisions of the agreement to earn-into the ULI Project.
These claims are referred to as CLOUDIII001, CLOUDIII002, CLOUDIII003, CLOUDIII004, CLOUDIII005,
CLOUDIII006, CLOUDIII007, CLOUDIII008, CLOUDIII009, CLOUDIII010, CLOUDIII011, CLOUDIII012, CLOUDIII013,
CLOUDIII014, CLOUDIII015, CLOUDIII016, CLOUDIII017, CLOUDIII018, CLOUDIII019, CLOUDIII020, CLOUDIII021,
CLOUDIII022, CLOUDIII023, CLOUDIII024, CLOUDIII025, CLOUDIII026, CLOUDIII027, CLOUDIII028, CLOUDIII029,
CLOUDIII030, CLOUDIII031, CLOUDIII032, CLOUDIII033, CLOUDIII034, CLOUDIII035, CLOUDIII036, CLOUDIII037,
CLOUDIII038, CLOUDIII039, CLOUDIII040, CLOUDIII041, CLOUDIII042, CLOUDIII043, CLOUDIII044, CLOUDIII045,
CLOUDIII046, CLOUDIII047, CLOUDIII048, CLOUDIII049, CLOUDIII050, CLOUDIII051, CLOUDIII052, CLOUDIII053,
CLOUDIII054, CLOUDIII055, CLOUDIII056, CLOUDIII057, CLOUDIII058, CLOUDIII059, CLOUDIII060, CLOUDIII061,
CLOUDIII062, CLOUDIII063, CLOUDIII064, CLOUDIII065, CLOUDIII066, CLOUDIII067, CLOUDIII068, CLOUDIII069,
CLOUDIII070, CLOUDIII071, CLOUDIII072, CLOUDIII073, CLOUDIII074, CLOUDIII075, CLOUDIII076, CLOUDIII077,
106
Annual Report 2025
Anson Resources Limited
CLOUDIII078, CLOUDIII079, CLOUDIII080, CLOUDIII081, CLOUDIII082, CLOUDIII083, CLOUDIII084, CLOUDIII085,
CLOUDIII086, CLOUDIII087, CLOUDIII088, CLOUDIII089, CLOUDIII090, CLOUDIII091, CLOUDIII092, CLOUDIII093,
CLOUDIII094, CLOUDIII095, CLOUDIII096, CLOUDIII097, CLOUDIII098, CLOUDIII099, CLOUDIII100, CLOUDIII101,
CLOUDIII102, CLOUDIII103, CLOUDIII104, CLOUDIII105, CLOUDIII106, CLOUDIII107, CLOUDIII108, CLOUDIII109,
CLOUDIII110, CLOUDIII111, CLOUDIII112, CLOUDIII113, CLOUDIII114, CLOUDIII115, CLOUDIII116, CLOUDIII117,
CLOUDIII118, CLOUDIII119, CLOUDIII120, CLOUDIII121, CLOUDIII122, CLOUDIII123, CLOUDIII124, CLOUDIII125,
CLOUDIII126, CLOUDIII127, CLOUDIII128, CLOUDIII129, CLOUDIII130, CLOUDIII131, CLOUDIII132, CLOUDIII133,
CLOUDIII134, CLOUDIII135, CLOUDIII136, CLOUDIII137, CLOUDIII138, CLOUDIII139, CLOUDIII140, CLOUDIII141,
CLOUDIII142, CLOUDIII143, CLOUDIII144, CLOUDIII145, CLOUDIII146, CLOUDIII147, CLOUDIII148, CLOUDIII149,
CLOUDIII150, CLOUDIII151, CLOUDIII152, CLOUDIII153, CLOUDIII154, CLOUDIII155, CLOUDIII156, CLOUDIII157,
CLOUDIII158, CLOUDIII159, CLOUDIII160, CLOUDIII161, CLOUDIII162, CLOUDIII163, CLOUDIII164, CLOUDIII165,
CLOUDIII166, CLOUDIII167, CLOUDIII168, CLOUDIII169, CLOUDIII170, CLOUDIII171, CLOUDIII172, CLOUDIII173,
CLOUDIII174, CLOUDIII175, CLOUDIII176, CLOUDIII177, CLOUDIII178, CLOUDIII179, CLOUDIII180, CLOUDIII181,
CLOUDIII182, CLOUDIII183, CLOUDIII184, CLOUDIII185, CLOUDIII186, CLOUDIII187, CLOUDIII188, CLOUDIII189,
CLOUDIII190, CLOUDIII191, CLOUDIII192, CLOUDIII193, CLOUDIII194, CLOUDIII195, CLOUDIII196, CLOUDIII197,
CLOUDIII198, CLOUDIII199, CLOUDIII200, CLOUDIII201, CLOUDIII202, CLOUDIII203, CLOUDIII204, CLOUDIII205,
CLOUDIII206, CLOUDIII207, CLOUDIII208, CLOUDIII209, CLOUDIII210, CLOUDIII211, CLOUDIII212, CLOUDIII213,
CLOUDIII214, CLOUDIII215, CLOUDIII216, CLOUDIII217, CLOUDIII218, CLOUDIII219, CLOUDIII220, CLOUDIII221,
CLOUDIII222, CLOUDIII223, CLOUDIII224, CLOUDIII225, CLOUDIII226, CLOUDIII227, CLOUDIII228, CLOUDIII229,
CLOUDIII230, CLOUDIII231, CLOUDIII232, CLOUDIII233, CLOUDIII234, CLOUDIII235, CLOUDIII236, CLOUDIII237,
CLOUDIII238, CLOUDIII239, CLOUDIII240, CLOUDIII241, CLOUDIII242, CLOUDIII243, CLOUDIII244, CLOUDIII245,
CLOUDIII246, CLOUDIII247, CLOUDIII248, CLOUDIII249, CLOUDIII250, CLOUDIII251, CLOUDIII252, CLOUDIII253,
CLOUDIII254, CLOUDIII255, CLOUDIII256, CLOUDIII257, CLOUDIII258, CLOUDIII259, CLOUDIII260, CLOUDIII261,
CLOUDIII262, CLOUDIII263, CLOUDIII264, CLOUDIII265, CLOUDIII266, CLOUDIII267, CLOUDIII268, CLOUDIII269,
CLOUDIII270, CLOUDIII271, CLOUDIII272, CLOUDIII273, CLOUDIII274, CLOUDIII275, CLOUDIII276, CLOUDIII277,
CLOUDIII278, CLOUDIII279, CLOUDIII280, CLOUDIII281, CLOUDIII282, CLOUDIII283, CLOUDIII284, CLOUDIII285,
CLOUDIII286, CLOUDIII287, CLOUDIII288, CLOUDIII289, CLOUDIII290, CLOUDIII291, CLOUDIII292, CLOUDIII293,
CLOUDIII294, CLOUDIII295, CLOUDIII296, CLOUDIII297, CLOUDIII298, CLOUDIII299, CLOUDIII300, CLOUDIII301,
CLOUDIII302, CLOUDIII303, CLOUDIII304, CLOUDIII305, CLOUDIII306, CLOUDIII307, CLOUDIII308, CLOUDIII309,
CLOUDIII310, CLOUDIII311, CLOUDIII312, CLOUDIII313, CLOUDIII314, CLOUDIII315, CLOUDIII316, CLOUDIII317,
CLOUDIII318, CLOUDIII319, CLOUDIII320, CLOUDIII321, CLOUDIII322, CLOUDIII323, CLOUDIII324, CLOUDIII325,
CLOUDIII326, CLOUDIII327, CLOUDIII328, CLOUDIII329, CLOUDIII330, CLOUDIII331, CLOUDIII332, CLOUDIII333
and CLOUDIII334.
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viii. Anson currently holds a 100% interest in 228 Placer Claims in Utah, USA.
These claims are referred to ULI2 001, ULI2 002, ULI2 003, ULI2 004, ULI2 005, ULI2 006, ULI2 007, ULI2 008, ULI2
009, ULI2 010, ULI2 011, ULI2 012, ULI2 013, ULI2 014, ULI2 015, ULI2 016, ULI2 017, ULI2 018, ULI2 019, ULI2 020,
ULI2 021, ULI2 022, ULI2 023, ULI2 024, ULI2 025, ULI2 026, ULI2 027, ULI2 028, ULI2 029, ULI2 030, ULI2 031, ULI2
032, ULI2 033, ULI2 034, ULI2 035, ULI2 036, ULI2 037, ULI2 038, ULI2 039, ULI2 040, ULI2 041, ULI2 042, ULI2 043,
ULI2 044, ULI2 045, ULI2 046, ULI2 047, ULI2 048, ULI2 049, ULI2 050, ULI2 051, ULI2 052, ULI2 053, ULI2 054, ULI2
055, ULI2 056, ULI2 057, ULI2 058, ULI2 059, ULI2 060, ULI2 061, ULI2 062, ULI2 063, ULI2 064, ULI2 065, ULI2 066,
ULI2 067, ULI2 068, ULI2 069, ULI2 070, ULI2 071, ULI2 072, ULI2 073, ULI2 074, ULI2 075, ULI2 076, ULI2 077, ULI2
078, ULI2 079, ULI2 080, ULI2 081, ULI2 082, ULI2 083, ULI2 084, ULI2 085, ULI2 086, ULI2 087, ULI2 088, ULI2 089,
ULI2 090, ULI2 091, ULI2 092, ULI2 093, ULI2 094, ULI2 095, ULI2 096, ULI2 097, ULI2 098, ULI2 099, ULI2 100, ULI2
101, ULI2 102, ULI2 103, ULI2 104, ULI2 105, ULI2 106, ULI2 107, ULI2 108, ULI2 109, ULI2 110, ULI2 111, ULI2 112,
ULI2 113, ULI2 114, ULI2 115, ULI2 116, ULI2 117, ULI2 118, ULI2 119, ULI2 120, ULI2 121, ULI2 122, ULI2 123, ULI2 124,
ULI2 125, ULI2 126, ULI2 127, ULI2 128, ULI2 129, ULI2 130, ULI2 131, ULI2 132, ULI2 133, ULI2 134, ULI2 135, ULI2
136, ULI2 137, ULI2 138, ULI2 139, ULI2 140, ULI2 141, ULI2 142, ULI2 143, ULI2 144, ULI2 145, ULI2 146, ULI2 147,
ULI2 148, ULI2 149, ULI2 150, ULI2 151, ULI2 152, ULI2 153, ULI2 154, ULI2 155, ULI2 156, ULI2 157, ULI2 158, ULI2
159, ULI2 160, ULI2 161, ULI2 162, ULI2 163, ULI2 164, ULI2 165, ULI2 166, ULI2 167, ULI2 168, ULI2 169, ULI2 170,
ULI2 171, ULI2 172, ULI2 173, ULI2 174, ULI2 175, ULI2 176, ULI2 177, ULI2 178, ULI2 179, ULI2 180, ULI2 181, ULI2
182, ULI2 183, ULI2 184, ULI2 185, ULI2 186, ULI2 187, ULI2 188, ULI2 189, ULI2 190, ULI2 191, ULI2 192, ULI2 193,
ULI2 194, ULI2 195, ULI2 196, ULI2 197, ULI2 198, ULI2 199, ULI2 200, ULI2 201, ULI2 202, ULI2 203, ULI2 204, ULI2
205, ULI2 206, ULI2 207, ULI2 208, ULI2 209, ULI2 210, ULI2 211, ULI2 212, ULI2 213, ULI2 214, ULI2 215, ULI2 216,
ULI2 217, ULI2 218, ULI2 219, ULI2 220, ULI2 221, ULI2 222, ULI2 223, ULI2 224, ULI2 225, ULI2 226, ULI2 227 and
ULI2 228.
ix. Anson currently holds a 100% interest in 154 Placer Claims in Utah, USA.
These claims are referred to as SM65, SM66, SM67, SM68, SM69, SM70, SM71, SM72, SM73, SM74, SM75, SM76,
SM77, SM78, SM79, SM80, SM81, SM82, SM83, SM84, SM85, SM86, SM87, SM152, SM153, SM154, SM155, SM156,
SM157, SM158, SM159, SM160, SM161, SM162, SM163, SM164, SM165, SM166, SM167, SM168, SM169, SM170, SM171,
SM172, SM173, SM174, SM239, SM240, SM241, SM242, SM243, SM244, SM245, SM246, SM247, SM248, SM249,
SM250, SM251, SM252, SM253, SM254, SM255, SM256, SM257, SM258, SM259, SM260, SM261, SM326, SM327,
SM328, SM329, SM330, SM331, SM332, SM333, SM334, SM335, SM336,SM337, SM338, SM339, SM340, SM341,
SM342, SM343, SM344, SM345, SM346, SM347, SM348, , SM405, SM406, SM407, SM408, SM409, SM410, SM411,
SM412, SM413, SM414, SM415, SM416, SM417, SM418, SM419, SM420, SM421, SM422, SM423, SM424, SM425,
SM426, SM427, SM428, SM429, SM430, SM431, SM432, SM433, SM434, SM435, SM492, SM493, SM494, SM495,
SM496, SM497, SM498, SM499, SM500, SM501, SM502, SM503, SM504, SM505, SM506, SM507, SM508, SM509,
SM510, SM511, SM512, SM513, SM514, SM515, SM516, SM517, SM518, SM519, SM520, SM521 and SM522. .
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x. Anson currently holds a 100% interest in 208 Placer Claims in Utah, USA.
These claims are re referred to GE 1, GE 1A, GE 1B, GE 1C, GE 1D GE 1E, GE 1F, GE 1G, GE 2, GE 2A, GE 2B, GE
2C, GE 2D GE 2E, GE 2F, GE 2G, GE 3, GE 3A, GE 3B, GE 3C, GE 3D GE 3E, GE 3F, GE 3G, GE 4, GE 4A, GE 4B, GE
4C, GE 4D GE 4E, GE 4F, GE 4G, GE 5, GE 5A, GE 5B, GE 5C, GE 5D GE 5E, GE 5F, GE 5G, GE 6, GE 6A, GE 6B, GE
6C, GE 6D GE 6E, GE 6F, GE 6G, GE 7, GE 7A, GE 7B, GE 7C, GE 7D GE 7E, GE 7F, GE 7G, GE 8, GE 8A, GE 8B, GE
8C, GE 8D GE 8E, GE 8F, GE 8G, GE 9, GE 9A, GE 9B, GE 9C, GE 9D GE 9E, GE 9F, GE 9G, GE 10, GE 10A, GE 10B,
GE 10C, GE 10D GE 10E, GE 10F, GE 10G, GE 11, GE 11A, GE 11B, GE 11C, GE 11D GE 11E, GE 11F, GE 11G, GE 12,
GE 12A, GE 12B, GE 12C, GE 12D GE 12E, GE 12F, GE 12G, GE 13, GE 13A, GE 13B, GE 13C, GE 13D GE 13E, GE
13F, GE 13G, GE 14, GE 14A, GE 14B, GE 14C, GE 14D GE 14E, GE 14F, GE 14G, GE 15, GE 15A, GE 15B, GE 15C,
GE 15D GE 15E, GE 15F, GE 15G, GE 16, GE 16A, GE 16B, GE 16C, GE 16D GE 16E, GE 16F, GE 16G, GE 17, GE 17A,
GE 17B, GE 17C, GE 17D GE 17E, GE 17F, GE 17G, GE 18, GE 18A, GE 18B, GE 18C, GE 18D GE 18E, GE 18F, GE
18G, GE 19, GE 19A, GE 19B, GE 19C, GE 19D GE 19E, GE 19F, GE 19G, GE 20, GE 20A, GE 20B, GE 20C, GE 20D
GE 20E, GE 20F, GE 20G, GE 21, GE 21A, GE 21B, GE 21C, GE 21D GE 21E, GE 21F, GE 21G, GE 22, GE 22A, GE
22B, GE 22C, GE 22D GE 22E, GE 22F, GE 22G, GE 23, GE 23A, GE 23B, GE 23C, GE 23D GE 23E, GE 23F, GE 23G,
GE 24, GE 24A, GE 24B, GE 24C, GE 24D GE 24E, GE 24F, GE 24G, GE 25, GE 25A, GE 25B, GE 25C, GE 25D GE
25E, GE 25F, GE 25G, GE 26, GE 26A, GE 26B, GE 26C, GE 26D GE 26E, GE 26F, GE 26G, GE 11, GE 11A, GE 11B,
GE 11C, GE 11D GE 11E, GE 11F, GE 11G, GE 12, GE 12A, GE 12B, GE 12C, GE 12D GE 12E, GE 12F, GE 12G, GE 13,
GE 13A, GE 13B, GE 13C, GE 13D GE 13E, GE 13F, GE 13G, GE 14, GE 14A, GE 14B, GE 14C, GE 14D GE 14E, GE
14F, GE 14G, GE 15, GE 15A, GE 15B, GE 15C, GE 15D GE 15E, GE 15F, GE 15G, GE 16, GE 16A, GE 16B, GE 16C, GE
16D GE 16E, GE 16F, GE 16G.
xi. Anson currently holds a 100% interest in 3 SITLA Potash and Mineral Salts Lease in Utah, USA. These
claims are referred to as ML-53853-OBA, ML-54099-OBA, and ML-54253-OBA.
xii. Anson currently holds a 100% interest in 2 SITLA Industrial Permit in Utah, USA. These claims are referred
to as SULA1872 and 1930.
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xiii. Anson currently holds a 100% interest in 151 lode claims.
These claims are referred to as YELLOWCAT002, YELLOWCAT011, YELLOWCAT012, YELLOWCAT013,
YELLOWCAT014, YELLOWCAT015, YELLOWCAT017, YELLOWCAT018, YELLOWCAT019, YELLOWCAT020,
YELLOWCAT021, YELLOWCAT022, YELLOWCAT023, YELLOWCAT024, YELLOWCAT025, YELLOWCAT039,
YELLOWCAT041, YELLOWCAT042, YELLOWCAT043, YELLOWCAT044, YELLOWCAT045, YELLOWCAT046,
YELLOWCAT047, YELLOWCAT048, YELLOWCAT049, YELLOWCAT050, YELLOWCAT051, YELLOWCAT052,
YELLOWCAT053, YELLOWCAT054, YELLOWCAT055, YELLOWCAT056, YELLOWCAT057, YELLOWCAT058,
YELLOWCAT059, YELLOWCAT060, YELLOWCAT061, YELLOWCAT073, YELLOWCAT074, YELLOWCAT076,
YELLOWCAT078, YELLOWCAT080, YELLOWCAT082, YELLOWCAT083, YELLOWCAT084, YELLOWCAT085,
YELLOWCAT120, YELLOWCAT121, YELLOWCAT122, YELLOWCAT123, YELLOWCAT124, YELLOWCAT125,
YELLOWCAT126, YELLOWCAT127, YELLOWCAT128, YELLOWCAT129, YELLOWCAT130, YELLOWCAT131,
YELLOWCAT132, YELLOWCAT133, YELLOWCAT162, YELLOWCAT163, YELLOWCAT164, YELLOWCAT165,
YELLOWCAT166, YELLOWCAT167, YELLOWCAT168, YELLOWCAT169, YELLOWCAT170, YELLOWCAT171,
YELLOWCAT172, YELLOWCAT173, YELLOWCAT174, YELLOWCAT175, YELLOWCAT196, YELLOWCAT197,
YELLOWCAT198, YELLOWCAT199, YELLOWCAT200, YELLOWCAT201, YELLOWCAT202, YELLOWCAT203,
YELLOWCAT204, YELLOWCAT205, YELLOWCAT206, YELLOWCAT207, YELLOWCAT208, YELLOWCAT209,
YELLOWCAT210, YELLOWCAT211, YELLOWCAT213, YELLOWCAT231, YELLOWCAT232, YELLOWCAT233,
YELLOWCAT234, YELLOWCAT235, YELLOWCAT236, YELLOWCAT237, YELLOWCAT238, YELLOWCAT239,
YELLOWCAT240, YELLOWCAT241, YELLOWCAT242, YELLOWCAT243, YELLOWCAT244, YELLOWCAT246,
YELLOWCAT267, YELLOWCAT268, YELLOWCAT269, YELLOWCAT270, YELLOWCAT271, YELLOWCAT272,
YELLOWCAT273, YELLOWCAT274, YELLOWCAT275, YELLOWCAT276, YELLOWCAT277, YELLOWCAT278,
YELLOWCAT284, YELLOWCAT308, YELLOWCAT309, YELLOWCAT310, YELLOWCAT311, YELLOWCAT312,
YELLOWCAT313, YELLOWCAT314, YELLOWCAT315, YELLOWCAT316, YELLOWCAT317 and JM#1 to JM#22.
xiv. Anson currently holds a 100% interest in 628 Placer Claims in Utah, USA.
These claims are referred to as GR 1, GR 2, GR 3, GR 4, GR 5, GR 6, GR 7, GR 8, GR 9, GR 10, GR 11, GR 12, GR 13,
GR 14, GR 15, GR 16, GR 17, GR 18, GR 19, GR 20, GR 21, GR 22, GR 23, GR 24, GR 25, GR 26, GR 27, GR 28, GR 29,
GR 30, GR 31, GR 32, GR 33, GR 34, GR 35, GR 36, GR 37, GR 38, GR 39, GR 40, GR 41, GR 42, GR 43, GR 44, GR
45, GR 46, GR 47, GR 48, GR 49, GR 50, GR 51, GR 52, GR 53, GR 54, GR 55, GR 56, GR 57, GR 58, GR 59, GR 60,
GR 61, GR 62, GR 63, GR 64, GR 65, GR 66, GR 67, GR 68, GR 69, GR 70, GR 71, GR 72, GR 73, GR 74, GR 75, GR
76, GR 77, GR 78, GR 79, GR 80, GR 81, GR 82, GR 83, GR 84, GR 85, GR 86, GR 87, GR 88, GR 89, GR 90, GR 91,
GR 92, GR 93, GR 94, GR 95, GR 96, GR 97, GR 98, GR 99, GR 100, GR 101, GR 102, GR 103, GR 104, GR 105, GR
106, GR 107, GR 108, GR 109, GR 110, GR 111, GR 112, GR 113, GR 114, GR 115, GR 116, GR 117, GR 118, GR 119,
GR 120, GR 121, GR 122, GR 123, GR 124, GR 125, GR 126, GR 127, GR 128, GR 129, GR 130, GR 131, GR 132, GR
133, GR 134, GR 135, GR 136, GR 137, GR 138, GR 139, GR 140, GR 141, GR 142, GR 143, GR 144, GR 145, GR 146,
GR 147, GR 148, GR 149, GR 150, GR 151, GR 152, GR 153, GR 154, GR 155, GR 156, GR 157, GR 158, GR 159, GR
160, GR 161, GR 162, GR 163, GR 164, GR 165, GR 166, GR 167, GR 168, GR 169, GR 170, GR 171, GR 172, GR 173,
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GR 174, GR 175, GR 176, GR 177, GR 178, GR 179, GR 180, GR 181, GR 182, GR 183, GR 184, GR 185, GR 186, GR
187, GR 188, GR 189, GR 190, GR 191, GR 192, GR 193, GR 194, GR 195, GR 196, GR 197, GR 198, GR 199, GR 200,
GR 201, GR 202, GR 203, GR 204, GR 205, GR 206, GR 207, GR 208, GR 209, GR 210, GR 211, GR 212, GR 213, GR
214, GR 215, GR 216, GR 217, GR 218, GR 219, GR 220, GR 221, GR 222, GR 223, GR 224, GR 225, GR 226, GR 227,
GR 228, GR 229, GR 230, GR 231, GR 232, GR 233, GR 234, GR 235, GR 236, GR 237, GR 238, GR 239, GR 240, GR
241, GR 242, GR 243, GR 244, GR 245, GR 246, GR 247, GR 248, GR 249, GR 250, GR 251, GR 252, GR 253, GR 254,
GR 255, GR 256, GR 257, GR 258, GR 259, GR 260, GR 261, GR 262, GR 263, GR 264, GR 265, GR 266, GR 267, GR
268, GR 269, GR 270, GR 271, GR 272, GR 273, GR 274, GR 275, GR 276, GR 277, GR 278, GR 279, GR 280, GR 281,
GR 282, GR 283, GR 284, GR 285, GR 286, GR 287, GR 288, GR 289, GR 290, GR 291, GR 292, GR 293, GR 294, GR
295, GR 296, GR 297, GR 298, GR 299, GR 300, GR 301, GR 302, GR 303, GR 304, GR 305, GR 306, GR 307, GR
308, GR 309, GR 310, GR 311, GR 312, GR 313, GR 314, GR 315, GR 316, GR 317, GR 318, GR 319, GR 320, GR 321,
GR 322, GR 323, GR 324, GR 325, GR 326, GR 327, GR 328, GR 329, GR 330, GR 331, GR 332, GR 333, GR 334, GR
335, GR 336, GR 337, GR 338, GR 339, GR 340, GR 341, GR 342, GR 343, GR 344, GR 345, GR 346, GR 347, GR
348, GR 349, GR 350, GR 351, GR 352, GR 353, GR 354, GR 355, GR 356, GR 357, GR 358, GR 359, GR 360, GR 361,
GR 362, GR 363, GR 364, GR 365, GR 366, GR 367, GR 368, GR 369, GR 370, GR 371, GR 372, GR 373, GR 374, GR
375, GR 376, GR 377, GR 378, GR 379, GR 380, GR 381, GR 382, GR 383, GR 384, GR 385, GR 386, GR 387, GR 388,
GR 389, GR 390, GR 391, GR 392, GR 393, GR 394, GR 395, GR 396, GR 397, GR 398, GR 399, GR 400, GR 401, GR
402, GR 403, GR 404, GR 405, GR 406, GR 407, GR 408, GR 409, GR 410, GR 411, GR 412, GR 413, GR 414, GR 415,
GR 416, GR 417, GR 418, GR 419, GR 420, GR 421, GR 422, GR 423, GR 424, GR 425, GR 426, GR 427, GR 428, GR
429, GR 430, GR 431, GR 432, GR 433, GR 434, GR 435, GR 436, GR 437, GR 438, GR 439, GR 440, GR 441, GR 442,
GR 443, GR 444, GR 445, GR 446, GR 447, GR 448, GR 449, GR 450, GR 451, GR 452, GR 453, GR 454, GR 455,
GR 456, GR 457, GR 458, GR 459, GR 460, GR 461, GR 462, GR 463, GR 464, GR 465, GR 466, GR 467, GR 468, GR
469, GR 470, GR 471, GR 472, GR 473, GR 474, GR 475, GR 476, GR 477, GR 478, GR 479, GR 480, GR 481, GR 482,
GR 483, GR 484, GR 485, GR 486, GR 487, GR 488, GR 489, GR 490, GR 491, GR 492, GR 493, GR 494, GR 495,
GR 496, GR 497, GR 498, GR 499, GR 500, GR 501, GR 502, GR 503, GR 504, GR 505, GR 506, GR 507, GR 508, GR
509, GR 510, GR 511, GR 512, GR 513, GR 514, GR 515, GR 516, GR 517, GR 518, GR 519, GR 520, GR 521, GR 522,
GR 523, GR 524, GR 525, GR 526, GR 527, GR 528, GR 529, GR 530, GR 531, GR 532, GR 533, GR 534, GR 535, GR
536, GR 537, GR 538, GR 539, GR 540, GR 541, GR 542, GR 543, GR 544, GR 545, GR 546, GR 547,GR 548, GR 549,
GR 550, GR 551, GR 552, GR 553, GR 554, GR 555, GR 556, GR 557, GR 558, GR 559, GR 560, GR 561, GR 562, GR
563, GR 564, GR 565, GR 566, GR 567, GR 568, GR 569, GR 570, GR 571, GR 572, GR 573, GR 574, GR 575, GR 576,
GR 577, GR 578, GR 579, GR 580, GR 581, GR 582, GR 583, GR 584, GR 585, GR 586, GR 587, GR 588, GR 589, GR
590, GR 591, GR 592, GR 593, GR 594, GR 595, GR 596, GR 597, GR 598, GR 599, GR 600, GR 601, GR 602, GR 603,
GR 604, GR 605, GR 606, GR 607, GR 608, GR 609, GR 610, GR 611, GR 612, GR 613, GR 614, GR 615, GR 616, GR
617, GR 618, GR 619, GR 620, GR 621, GR 622, GR 623, GR 624, GR 625, GR 626, GR 627 and GR 628.
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xv. Anson currently holds a 100% interest in 44 Placer Claims in Utah, USA.
These claims are referred to as GFU 1, GFU 2, GFU 3, GFU 4, GFU 5, GFU 6, GFU 7, GFU 8, GFU 9, GFU 10, GFU 11,
GFU 12, GFU 13, GFU 14, GFU 15, GFU 16, GFU 17, GFU 18, GFU 19, GFU 20, GFU 21, GFU 22, GFU 23, GFU 24, GFU
25, GFU 26, GFU 27, GFU 28, GFU 29, GFU 30, GFU 31, GFU 32, GFU 33, GFU 34, GFU 35, GFU 36, GFU 37, GFU 38,
GFU 39, GFU 40, GFU 41, GFU 42, GFU 43 and GFU 44.
xvi. Anson currently holds a 100% interest in 56 Placer Claims in Utah, USA.
These claims are referred to as GRU 1, GRU 2, GRU 3, GRU 4, GRU 5, GRU 6, GRU 7, GRU 8, GRU 9, GRU 10, GRU 11,
GRU 12, GRU 13, GRU 14, GRU 15, GRU 16, GRU 17, GRU 18, GRU 19, GRU 20, GRU 21, GRU 22, GRU 23, GRU 24, GRU
25, GRU 26, GRU 27, GRU 28, GRU 29, GRU 30, GRU 31, GRU 32, GRU 33, GRU 34, GRU 35, GRU 36, GRU 37, GRU 38,
GRU 39, GRU 40, GRU 41, GRU 42, GRU 43, GRU 44, GRU 45, GRU 46, GRU 47, GRU 48, GRU 49, GRU 50, GRU 51,
GRU 52, GRU 53, GRU 54, GRU 55 and GRU 56.
xvii. Anson currently holds a 100% interest in 1 SITLA Potash and Mineral Salts Lease in Utah, USA. This OBA claim
is referred to as ML 54440-OBA.
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Anson Resources Limited
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Level 3, 10 Eagle Street
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