REG - Ascent Resources PLC - JORC Exploration Target Defined by Neometals

Ascent ResourcesAnnouncement

24/04/2026 07:00

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RNS Number : 7504B  Ascent Resources PLC  24 April 2026

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24 April 2026

Ascent Resources plc

("Ascent" or the "Company")

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

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

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

In consideration, Ascent is entitled to:

·   A Gross Smelter Return ("GSR") royalty of 2.5% to 3.5% (determined by
the timing of final investment decision) of gross revenue from sales of
lithium and potassium (potash) products produced from brines extracted within
the Covered Acreage by UBC; and

·     4,900,000 unlisted options in Neometals Ltd exercisable at 10 cents
each (3-year term).

Neometals' announcement can be found here
(https://app.sharelinktechnologies.com/announcement-preview/asx/fa525b737288c18b354e503816f34977)
.

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

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

Dave Patterson, CEO of Ascent Resources, commented:

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

 

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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