Anson Resources Limited announced a major upgrade to its JORC Code 2012 compliant Mineral Resource estimate (Mineral Resource) for its Paradox Lithium Project (Project) in Utah, USA. The delivery of the Mineral Resource upgrade represents a significant achievement in the development pathway of the Project, and it will now be incorporated into the Project's Detailed Feasibility Study (DFS) which is being finalised by global engineering group, Worley, for release in the near future. The new, upgraded Mineral Resource is: 788,300 tonnes of lithium carbonate equivalent (LCE) and 3,523,000 tonnes of bromine, including; Indicated Resource of 239,200 tonnes of LCE and 1,192,000 tonnes of bromine; and Inferred Resource of 549,300 tonnes of LCE and 2,331,000 tonnes of bromine.

The new, upgraded Mineral Resource represents: a 324% increase on the previously reported Lithium Mineral Resource; including a 378% increase in the Indicated Resource on the previously reported Lithium Mineral Resource; and a 248% increase on the previously reported Bromine Mineral Resource. The previous Paradox Mineral Resource was calculated from just the brine aquifers of Clastic Zones 17, 19, 29, 31 and 33 of the four wells previously re-entered by Anson. The new, upgraded Mineral Resource was calculated from the Company's recent drilling and sampling at the Long Canyon No.

2 well. Anson's resource expansion drilling campaign also included drilling at the Cane Creek 32-1 well, the results of which are not included in the upgraded Mineral Resource. The Company also plans to commence its `Western Expansion' strategy by re-entering historic drillholes in the western areas of the Project.

This may result in a significant increase in the block model grades and ultimately the product tonnages for the clastic zones, and also the new Mississippian units where there are little previous recorded assays. With the Cane Creek 32-1 well sampling program of the Mississippian units almost completed and subject to sampling results, additional Indicated Resources will be added to the completed resource upgrade and at the same time converting some of the Inferred resource of the Long Canyon Unit 2 well to the Indicated category, see Figure 2. Further drilling programs in the `Western Expansion' strategy aim to create additional Indicated Resources but will also result in the Indicated to Inferred Resource ratio being significantly increased as the already delineated Inferred Resources are converted to the Indicated category. The drilling of the Mississippian units by Anson in the Long Canyon Unit 2 well represents a "new discovery".

This drilling program identified for the first-time a large lithium rich aquifer in the Mississippian units. The thickness of this aquifer is 70m to 170m in the project area. The specific yield of this aquifer determined for the first time from historic core has an average of 7.1% due to the numerous vugs and fracturing in the unit which facilitates the flow of brine across the project area.

In addition, it has been determined by Anson through research of historical drilling logs that the pressure in the Mississippian Units is similar to that in Clastic Zone 31. These attributes provide conditions suitable for the extraction and processing of the lithium-rich brine in a similar manner to that already developed for the Paradox Formation clastic zones. The Project is located within a mature oil and gas district with brines that historically contain high published concentrations of lithium.

The Paradox Formation, host to these brines, is a Pennsylvanian aged evaporite sequence deposited during multiple transgressive/regressive cycles. Following deposition, the basin was subject to structural alteration due to the further basin development. Deep structures which developed in this time, such as the Roberts Rupture which strikes to the north-east through the claims, potentially create a conduit for rising heated fluids.

The Paradox Formation presents the factors required for genesis of a brine hosted lithium deposit. The Paradox Basin brine aquifers geologic model has similarities to brine concentrations in Tertiary aged closed evaporative basins, as well as those associated with brine aquifer hosted in older Carboniferous and Palaeozoic sediments which can be associated with hydrocarbon deposits. However, the formation of lithium rich bearing saline brines have several common primary characteristics: An arid climate; A closed basin with an evaporative centre (playa/salar); Tectonically driven subsidence; Heat flow, generally associated with igneous or geothermal activity; Contact with lithium source rocks; Presence of one or more groundwater aquifers through which fluid can circulate; and Sufficient time to concentrate salt minerals within the groundwater for creation of a brine fluid.

Anson has re-entered 4 historic oil wells to depths of up to 8,300 feet in the Paradox Lithium Project area. The wells have an average spacing of 1.6km (ranging between 1.3km and 3.0km). The bores have delineated an aquifer containing hyper-saline brine with total dissolved salts (TDS) ranging between 350,000 mg/L and 410,000 mg/L; the brine is enriched with respect to lithium.

The sampling of the supersaturated brines from the clastic zones of the Paradox Formation have yielded concentrations up to 253 ppm lithium and 5,041 ppm bromine. Pumping tests have allowed determination of the hydraulic properties of this aquifer. Four separate flow tests have been completed at rates ranging between 3L/s and 12L/s, for periods of 4 to 12 hours.

No pumping was required due to the artesian flow. Flow tests allowed determination of the aquifer permeability and associated potential parameters for brine-abstraction.