REG - Ascent Resources PLC - Exclusive Licence with Neometals

Ascent ResourcesAnnouncement

20/03/2026 07:00

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RNS Number : 3985X  Ascent Resources PLC  20 March 2026

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20 March 2026

Ascent Resources plc

("Ascent" or the "Company")

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

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

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

Key terms of the licence include:

·      Exclusive rights for UBC to conduct brine-related activities,
with ownership of any minerals extracted under relevant authorisations
remaining with UBC.

·      An initial term aligned with the project life, extending until
the earlier of expiry of underlying permits/leases, cessation of commercial
operations (including rehabilitation), or termination provisions, with an
automatic termination if commercial extraction has not commenced by the
seventh anniversary.

·      UBC to pay an annual access fee of US$200,000, plus a permitting
fee of up to US$1.9 million (funded by Omaha Value Inc on behalf of UBC) upon
grant of material approvals for commercial brine extraction.

·      A gross smelter return royalty of 2.5% to 3.5% (depending on
timing of final investment decision) on sales of lithium and potassium
products derived from brines extracted within the covered acreage being the
subject of the licence.

·      Security arrangements, including first-ranking security over
certain infrastructure in favour of UBC, and pre-executed non oil and gas
producing well transfer forms to protect rights under the licence, enabling
UBC to assume direct ownership or operation of those wells if required under
certain licence events or defaults.

·      Ascent (via AHL) and its affiliates are restricted from granting
overlapping rights to third parties during the term.

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

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

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

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

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

Enquiries:

 Ascent Resources plc                      info3@ascentresources.co.uk

 Jean-Michel Doublet
 Zeus, Nominated Adviser & Broker          0203 829 5000

 James Joyce / James Bavister
 Fortified Securities, Joint-Broker        0203 411 7773

 Guy Wheatley
 Shard Capital Partners LLP, Joint-Broker  0207 186 9952

 Damon Heath

 

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