REG - Ascent Resources PLC - Option Agreement for exploitation in Utah

Ascent ResourcesAnnouncement

26/11/2025 07:00

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RNS Number : 9724I  Ascent Resources PLC  26 November 2025

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26 November 2025

Ascent Resources plc

("Ascent" or the "Company")

Option Agreement for the exploitation of critical mineral-rich brines in Utah

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company,
is pleased to announce that it has, together with its partner American Helium,
LLC ("AH"), entered into an option agreement ("Option Agreement") with
Neometals Ltd (ASX: NMT) and its partner Omaha Value, LLC (together
"NMT/OMA").

The agreement grants NMT/OMA a 60-day exclusive option (extendable by mutual
consent) to negotiate a definitive access and use licence over Ascent and AH's
portfolio of existing oil and gas wells and leases in the Paradox Basin, Utah,
for the purpose of exploring and potentially extracting lithium and potash
from critical mineral-rich brines.

Key benefits of the proposed arrangement

·      Represents a new monetisation pathway for Ascent's large Paradox
Basin acreage position with no upfront drilling or development cost to the
Company;

·      Provides access to deep, artesian brines previously intersected
during historic oil, gas and helium exploration;

·      Leverages the critical mineral status of lithium and potash,
which may qualify for accelerated permitting and potential US federal funding;

·      Utilises existing wellbores and infrastructure, significantly
reducing time and cost versus drilling new wells.

Financial terms of the Option Agreement

The following terms are gross and corresponding benefits to be shared between
Ascent and AH pro-rata of their respective interests in the portfolio, i.e.
Ascent 49% and American Helium 51%.

·      Exclusivity fee: US$50,000 (payable within five business days);

·      Option exercise fee (if exercised): US$50,000;

·      Permitting fee: US$1.9 million payable on grant of relevant
mineral leases, and pro-rated if fewer wells are available;

·      Annual licence fee: US$200,000 (payable in arrears);

·      Royalty on future brine production: 2.5% of gross revenue,
increasing to 3.5% if commercial extraction has not commenced within five
years of mineral lease grant.

Strategic rationale

This transaction highlights the embedded multi-commodity potential of Ascent's
Utah and Colorado acreage across hydrocarbons, helium, CO2 sequestration and
now critical mineral-rich brines. By partnering with an experienced
lithium-focused developer in Neometals and a well-resourced local partner in
Omaha Value, Ascent can unlock additional value from its existing asset base
at minimal cost and dilution to shareholders.

Next steps

NMT/OMA will now undertake technical, legal and commercial due diligence
during the 60-day exclusivity period. The Company will update the market on
material developments as appropriate.

There is no certainty that the option will be exercised or that binding
definitive agreements will be entered into.

 

Enquiries

 Ascent Resources plc                      info3@ascentresources.co.uk

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

 James Joyce / James Bavister
 Novum Securities, Joint Broker            0207 399 9400

 Jon Belliss / Colin Rowbury
 Fortified Securities, Joint-Broker        0203 411 7773

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

 Damon Heath

 

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